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Tryst with transparency Say it with lights Tax
tips REALTY GUIDE REALTY BYTES Bonsai
- IV Transplanting a bonsai is a delicate and precision-based task
Low sale volumes
and sluggish pace of realty sector has made developers take different steps
to stay in business in tough times Premium realtor
Jaycee eyes low-cost housing
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The recent SC ruling on GPA means an end to benami deals and black money in the realty sector, writes B.K. Sanghi The clash of interests of investors and end users has always been a sore point of the realty sector in our country. The deft and clever moves of investors generally lead to price escalation making the genuine buyers pay more. The recent SC ruling making GPA transactions invalid has been hailed as a step towards safeguarding the interests of end users. The ruling comes down heavily on the blackmarketeers who were siphoning the gains of their "parallel economy" into benami transactions. They may have held sway in the field of real estate for a long time but the SC ruling has come out in favour of the genuine buyers by making it easier for them to obtain property for themselves at reasonable rates. The government exchequer is also set to gain from this ruling as the large scale fraudulent sales, which were being effected earlier on SA/GPA/Will transactions, robbed the government of stamp duty. This would further result in the buyer getting a more realistic and reasonable rate for the property that he/she wants to buy or sell.
The judgement As per this landmark judgment all immovable property can, from now onwards, only be transferred or conveyed by a registered deed of conveyance. Further, it was noted by the court that the amendments made to the Registration Act and stamp laws by some of the states had managed to plug the loss of revenue generated through the levying of stamp duty on these transactions. At the same time the court had also advised the states to reduce the stamp duty to promote its payment and help in making the ultimate price of the property more realistic. While directing the courts to desist from treating transactions through SA/GPA/Will as "completed or concluded transfers", the SC has further asked the civic bodies like the municipal corporations and development and revenue authorities not to effect mutations in such cases.
Impact The news initially lead to a sort of panic among realty players at different levels because the essence and weight of the ruling was misconstrued, misunderstood or in many cases misrepresented. It would definitely be prudent for buyers to have their agreements registered by paying the stamp duty because their unregistered deeds would now have no legal validity. Even in cases where the property was under-construction, one would have to get the agreement/deed registered barring which the title would remain with the original owner. It would be most difficult and improbable for the buyer to obtain any relief from the court, if the transaction/ exchange of money was based on an unregistered agreement because the title would continue to remain with the seller until and unless it was transferred in the name of the new owner. People going in for such transactions should take advantage of the regularisation offers being made by competent authorities like the DDA. The prospective buyers should, however, avoid such transactions altogether. These are some of the newer precautions that need to be taken and there is virtually no need for panic or misgivings on the issue. Acknowledging the fact that making a declaration that "GPA sales, SA and Will transfers were not legally valid modes of transfer" was likely to bring about mayhem in the market, the SC has ruled that the largest proportion of owners, buyers and sellers should be given sufficient time to regularise the transactions by obtaining deeds of conveyance. With almost immediate effect all purchases and even lease of immovable property will have to be effected by a 'deed of conveyance/ assignment of lease'. The court ruling will, however, not affect the validity of sale agreements and powers of attorney executed in genuine transactions. For example, a person may give a power of attorney to his spouse, son, daughter, brother, sister or a relative to manage his affairs or to execute a deed of conveyance. Similarly there will be no effect on the validity of deals in cases where people have granted power of attorney to a developer or a builder empowering him to execute agreements of sale or conveyances in regard to individual plots or undivided shares in the land relating to apartments in favour of prospective purchasers. Thus, the ruling has, at long last, ensured the establishment of clear titles to property, thereby safeguarding the interests of the consumers. The judgment would most definitively have an impact on prices in the unauthorised segment, especially among the weaker sections and particularly in the case of almost 1,500 unauthorised colonies attached to most of the state capitals and cities. This would lead to a correction in prices in the secondary market which will be beneficial for the economically weaker sections in the long run.
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Say it with lights Traditional touch As traditional is the buzzword in this period, earthen diyas can add the traditional aura to your décor. Over the years the humble earthen diya has undergone a complete makeover. You just need to have an eye for the different and unique while scouting the markets. The markets are full of designer diyas that come in different shapes and sizes. They are brightly painted and accessorised with beads, sequins, glass pieces, gotta, glitter etc and look awesome. Bright colours such as reds, pinks, oranges, gold and yellows are mostly used to bring the festive feel to your homes. Place these beautifully decorated diyas liberally around the house especially at the entrance. Add rows of diyas at the entrance for a welcoming look. You can even add diyas to your rangoli or surround a cluster of diyas with flower petals.
Contemporary chic
If your home decor is more modernistic and minimalist then fret not as the Diwali fervor can be incorporated in this decor too. Scented candles are a great option to decorate your home with. Your indoors will not only look good but smell good as well. These come in various shapes, sizes and colours. You can also make your own scented candles in earthen diyas or small glass containers. Glass oil lamps are a great choice for modern decor. These have coloured oils of different density mixed together and are very chic and stylish and add a dash of colour and a lot of light to your home. Subtly lit crystal decorations also enhance a contemporary decor. Use one in your living room and it will become the centre of attraction for friends and family visiting you to wish Diwali. Lantern magic You can pick up lanterns made of cloth that are beautifully decorated with embroidered motifs and decorative mirrors. Among the choice available in the market, Moroccan lanterns are the perfect way to bring a unique and subtle touch to an outdoor patio or front-door entrance or to create a magnificent entryway. Paper lanterns are also an ideal way to decorate your home while coloured glass or stained-glass lanterns add a mystic charm to any decor. Wood and cane lanterns are also easily available and look
good.
These lanterns can be lit with candles from within or if you prefer then you can have a low voltage bulb installed in them. If you have a lawn area, hang three to five lanterns in varying lengths from a tree to create an amazing effect. Light on my table With Diwali come the sweets and dry fruits that are a must to welcome your guests. Make the display special. Decorate your table with bright table sheets or runners and napkins. Use a lot of silk and brocade to add colour. Display your food along with beautifully decorated flowers and tea-lights. For a traditional look you can use brass plates and glasses or serve sweets on a banana leaf. You can also burn candles in small glasses filled with rose petals or broken glass bangles. As times change so do our choices and priorities. For the past few years the trend of green and smoke-free Diwali is catching up. People are contributing their bit by decorating with energy efficient electrical lights. The markets are flooded with varieties of string and rope lights. These are in demand as they are faster to install, cleaner and safer. You can drape rice lights around tree trunks or over small shrubs to create a cheerful atmosphere. Illuminate railings and handrails of your house or the perimeter of your front door. Add a few dancing light balls along with the usual strings of light and be innovative. Don't just stick to white light, add multi-coloured lights to make your house look festive. So get all lighted up and without burning a hole in your pocket make your home a neighbour's envy this year. — The writer is Proprietor, The Finishing Touch and Director,
Landscapes Plus Pvt. Ltd
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Tax tips
Q. If an ancestral house which is very old is first demolished and the plot is then sold, will the LTCG on its sale be treated as that from a residential house or from a plot? What are the options to save tax in either scenario? How can one show the income in IT Return? — Rakesh Pandey A.
The reply to your query will depend on the nature of the capital asset which has been sold. In case you have sold the house and the demolition is effected by the purchaser, you would be entitled to claim the exemption of the capital gain arising on such a sale under Section 54 of the Income-Tax Act 1961 (The Act). You will be required to utilise the amount of capital gain so arising towards the purchase or construction of a residential house within the prescribed period so as to claim the exemption. In case the demolition is made by you and thereafter the plot is sold, you would be able to claim the exemption under Section 54F of the Act. In such a case, the net consideration will have to be utilised for construction or purchase of a residential house within the prescribed period. The following options can be exercised to save the tax leviable on the capital gain so arising.
In case the plot is sold, the amount of net consideration (sale consideration less expenditure incurred wholly and exclusively in connection with the sale) will have to be utilised for purchase or construction as the case may be within the period indicated herein above. In both the above cases, so much of the capital gain/net consideration as is not utilised for the purchase or construction of a residential house before due date of filing tax return for the year in which the capital gain arose, shall have to be deposited in a bank account under capital gain scheme. The amount so deposited can be utilised for the purpose of purchase or construction of a residential house.
Don't ignore sale transaction — Gopal A. Your queries are replied hereunder:
Right lock-in period Q.
What is the lock-in period of bank capital gain account? — Mukesh Garg A. I presume that your query is for ascertaining the period up to which the amount deposited under capital gain scheme account is to be utilised for purchase/ construction of a residential house. In case the deposit pertains to a capital gain arising on the sale of a residential house and the deposit has been made for the purchase of a residential house so as to utilise the amount of capital gain for such purpose, the amount deposited under capital gain scheme should be utilised within the period of two years after the date of sale. In case of construction, the allowable period being three years after the date of sale, the amount can be withdrawn and utilised for construction before the period of three years expires. Residential building in commercial zone Q. I have a residential building which comes under commercial use zone declared by the authorities. I would like to lease it out as I am planning to move out of the area. I wanted to know if there's any procedure to convert an existing residential building to Commercial one. — Sudheendranalam A.
On the basis of the facts in the query, it seems the area in which your property exists has been declared as a commercial use zone by the municipal authority. If that be so, you have to get it regularised by making an application to the relevant authority for allowing to you to use the same as a commercial property. This should normally involve the payment of conversion charges fixed by the authority. The relevant website of the authority should reflect the details with regard to the amount payable for such regularisation. Delayed possession Q. In order to save tax on my long-term capital gain under Section 54 in March, 2008, I had invested the same by making down payment to a reputed builder for a flat in his newly launched project in May, 2008. The builder had promised to deliver the flat in 30/36 months. As things stand today, the project may not be completed before 50 months. My queries are:
— Jyoti, Ludhiana A. The amount paid to a builder by you will be construed as purchase of a flat. In such a case, the applicable period is two years after the date of sale. Since the flat has not been handed over to you within a period of two years after the date of sale, the exemption claimed by you will result in the tax being charged on the capital gain. You will be liable to pay tax in the year in which the period of two years expire. The period of two years will be counted from the date of sale of the residential house. Co-borrowers' share Q. I and my son are buying one flat. We both are co-borrowers in the loan taken for the purpose. Which one of us will get the benefit of IT exemption for principal and interest amount repaid. — C Krishanamoorthy A. In case both of you are joint owners, the deduction in respect of principal and interest can be availed by both of you provided the loan documents are in the name of both the borrowers. Further, it would be advisable that the payment in respect of interest and the principal is made by each one of you from the respective bank accounts. The writer can be contacted at sc@scvasudeva.com
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REALTY GUIDE Q. What is irrevocable GPA? How is it valid after one's death? — Mukesh Chand A.
The term irrevocable GPA is a misnomer. In fact, GPA can never be irrevocable as it could be revoked at any given moment by the owner who delegates powers to the power of attorney to someone on his behalf. The GPA cannot be valid after a person's death as the GPA elapses after the death of the person who executed it. It is only the registered Will that is valid after the death of a person. Don't succumb to blackmailing Q.
We took Rs 1 lakh as token money against the sale of our house. The total sale price was fixed at Rs 2.12 crore. As per the agreement the agreement to sell was to be finalised by a fixed date. Now three months have passed and the buying party has not come to finalise the deal and make final payment. When we contacted them they demanded Rs 5 to 10 lakh from us. What should we do in this case? — Sukhram Singh A.
It seems that you have taken an advance of Rs 1 lakh for selling the house and the purchaser seem to be not genuine. If you have not issued a receipt for Rs 1 lakh then there cannot be any legal complications. However, if you have issued a receipt for Rs 1 lakh to the purchaser of the house then there could be legal complications. You should issue a legal notice to the purchaser asking him for the performance of the aggrement to sell. If he does not comply with the terms of the agreement, then you should make a draft of Rs 1 lakh in his favour and send it to him with a legal notice. In the notice you should clearly mention that the purchaser had failed to perform his part for which his advance of Rs 1 lakh could be forfeited. It should also mention that you are refunding the advance amount only as a goodwill gesture. You should not succumb to blackmailing tactics of the purchaser who is demanding Rs 5 to 10 lakh as such tactics by unscrupulous persons are a routine in the real estate trade. This column appears fortnightly. Readers can send their queries at Real Estate Desk, The Tribune, Sector 29, Chandigarh (by post) or through e mail at realestate@tribunemail.com
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REALTY BYTES Hospitality company Toshali Resorts International will invest over Rs 115 crore in the next three years in new projects and may sell about 20 per cent stake to raise funds to finance the expansion. Delhi-based Toshali Resorts, a part of TK International that operates three resorts - one each in Goa, Puri and Shimla - will soon start construction of a 100-room hotel property in Bhubaneswar, Orissa. "We have a Rs 100-crore hotel project coming up in Bhubaneswar and have also taken long lease for four properties of the Orissa government in the Buddhist Circuit which will be operated by us with an investment of around Rs 15 crore," Toshali Resorts International Director Marketing Harihar Patra told PTI. Asked about the financing plans for the projects, he said the company is considering equity dilution of up to 20 per cent to raise the funds required for expansion. "We may also look at other ways of raising funds such as bank loans and commercial borrowings," Patra added. The company's current annual turnover is Rs 22 crore and is expected to grow around 30-35 per cent annually once the new projects are operational, he added. The new hotel project in Bhubaneswar is likely to start in the next couple of months and will take three years to get completed.
Unity Infraprojects bags 402 cr orders Infrastructure developer Unity Infraprojects has secured new projects worth Rs 402.80 crore. The company has bagged an order worth Rs 135.28 crore from Rail Vikas Nigam, Jharkhand, which is in connection to the third line being established between Goelkera and Posoita in the state. Unity Infraprojects was also awarded a Rs 47.94 crore contract for developing a commercial structure by Marvel Edge Realtors at Viaman Nagar, in Pune, and a Rs 135.77 crore order from RITES in Karnataka for construction of school buildings at Gulbarga. Apart from these, it has also bagged the contract for laying the Botad branch canal in Gujarat from Sardar Sarovar Narmada Nigam, which is valued at Rs 83.81
crore.
TDI launches business centre The group's first Business Centre in this region is spread across 1.6 acre with built-up area of 3 lakh sq.ft. (approx.). It will have about 1.75 lakh sq ft office space and is a part of 300-acre (approx.) TDI City, Sectors 117-118. The project is likely to be finished in three years' time. "In its recent initiative to attract private investment and materialise the dream of Mohali Master Plan, the Punjab Government has approved many infrastructure projects of repute and these steps will provide a perfect environment for businesses to take root and thrive here. The need for commercial space is going to increase once people start moving in the residential areas and our project is aimed at providing a good business hub to businessmen and a good avenue to investors", said Sanyam Dudeja, COO, TDI (Punjab) while talking about the trend of investing in commercial property. "While residential property is a good investment for long-term as price appreciation is more, commercial property is a stable investment for those looking for an assured regular income", he added. The group is providing two payment plans for those investing in the project. The assured return plan promises an 11 per cent return till possession to those paying 90 per cent of the cost at the time of booking. So if a unit price is Rs 40 lakh and the buyer pays Rs 36 lakh initially then he'll get Rs 11,000 per month till possession is handed over. And in the construction-linked plan the investor has to make part payments from time to time as the project progresses. Lodha Group announces
Rs 10,000-cr project in Mumbai Real estate developer Lodha Group recently announced over Rs 10,000 crore investment in a new project in Mumbai. The project, titled New Cuffe Parade, will come up at Wadala and is spread across 23 acres over the next five to seven years. The project will comprise commercial as well as residential towers, company Chairman and Managing Director Abhisheck Lodha told reporters in Mumbairecently. The 23-acre plot is part of the 250-acre land bank that the company had bought from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 4,053 crore. Last year, the authority had invited bids for developing a 101-storeyed iconic tower at Wadala on design, build, own, operate and transfer (DBOOT) basis. While other three bidders Sunteck India, Indiabulls Real Estate and Gaurhari Estate had quoted Rs 3,465 crore, Rs 3,327.50 crore and Rs 2,251.99 crore, respectively, Lodha had quoted Rs 4,053 crore and emerged as the highest bidder. According to sources, Lodha, however, had to scrap the plan of constructing an iconic tower after it failed to receive clearance from the Directorate General of Civil Aviation (DGCA). The company is facing similar problem for the 17-storeyed World One project at Worli in central Mumbai where the DGCA granted permission only for 90 floors. An international agency is still studying the proposal for the other 27 storeys. Speaking about the New Cuffe Parade project, Abhisheck Lodha said, "The project will be a planned development by the best minds in urban planning, making it a world-class destination". The project in its first phase will consist of a pair of 63-storeyed towers, and will have 15 acres of green space. "While 75 per cent of the land will be dedicated to development of gardens, on the remaining 25 per cent, 70 per cent will be development of residential towers and 30 per cent for commercial and retail space," he said. The project is designed by WOHA, a leading green architects for high-rise buildings. Possession time Panchsheel Buildtech Pvt. Ltd, a leading real estate company of NCR has started the possession of its project, “Wellington” located in India’s first global city, Crossings Republik, Ghaziabad. Wellington is spread over an area of eight acres and is a part of 360-acre township. The project comprises 2, 3 BHK apartments and penthouses, area ranging from 1050 sq. ft. to 2900 sq. ft. There are eight towers with 1,450 units. While handing over the keys to customers Anuj Chaudhary, Director, Panchsheel Buildtech Pvt. Ltd, said, “I am delighted to hand over the keys and welcome the buyers to their new homes at Wellington. The project was a dream of not only for us but also for the people who bought their flats in this project”.
— PTI
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Bonsai - IV
A bonsai cannot be kept in the same soil over a number of years because the soil becomes poor in nutrients needed by the tree. The soil also becomes impermeable to air and water and gradually gets used up, leaving the plant pot bound with a matted network of roots with hardly any soil surrounding these. Ultimately, the regeneration of roots slows down and stops eventually until the roots are cut back from time to time. How often this is done depends upon the age and species of the plant. As a rule of thumb, fast growing and fairly young plants should be transplanted once in a year and old specimens and slow growing ones will last two to three years in the same soil. Best time to transplant Transplantation of most of the tropical species of plants can be done at any time of the year, but the best season to transplant is undoubtedly the beginning of the spring and up to the time when the first buds break i.e. when the plant is about to start growth again. This gives the plant the best possible opportunity to absorb the root shock and re-establish itself quickly.
Using feritlisers As the environment of a bonsai is artificial since it grows in a small amount of soil,it is easy for a bonsai to become deficient in nutrients needed to sustain life. Bonsai uses carbon, hydrogen and oxygen derived from the air to manufacture food. The main elements nitrogen, phosphorous and potash along with some trace elements are added to the bonsai compost as fertilisers once in 4-5 weeks during the growth period to accelerate the growth. The health of a bonsai will further improve if some bone meal, a slow releasing phosphorous fertiliser and neem cake manure mixed with some wood ash are also added to the bonsai soil once in 4-5 weeks during the growth period.
Ornamentation Moss and ground cover Moss and other living miniature plants greatly complement the mini trees and give an impression of a velvety carpet. A bonsai having its soil covered with moss looks much more mature, firmly rooted and more stable. Moss not only enhances the beauty of a bonsai but also prevents the moisture from evaporating from the soil too rapidly. Rocks and driftwood with some theme result in a beautiful complement to the bonsai. To further add to the bonsai design miniature sculptures such as huts, birds, animals and many others made from porcelain can be used. Care should be taken to ensure that the colour and size of these sculptures complement the tree rather than overdoing and dominating it.
Trays When the tree starts to approach bonsai status, it is time to find a tray that complements the design and brings out the beauty of the plant. Changing to a better tray is often the quickest way to improve the quality of bonsai. Bonsai trays are available in various sizes, shapes, colours and materials in different price range. The shapes may be round, oval, square, rectangular or hexagonal with different textures. Selecting the right kind of tray is a very challenging job to ensure that the style and shape of tray matches the bonsai plant. The concept of such selection of the tray is same as selection of a frame for painting.
Display Displaying bonsai is an art and for a good bonsai presentation, it should be placed on a sleek looking stand/table to view at an ideal viewing height.
Daily care
To be concluded
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Living with vaastu Who does’nt want to escape from the worries of the world and have a tension-free sleep and stress-free life? It is your bedroom, where you retire and relax after the fatigue of the whole day . Vaastu helps to ensure harmony in the home. The designing of bedrooms, location, placement of bed, colour scheme, direction and placement of doors, windows, and furniture, set up of electronic gadgets, etc.are very important points. The first thing that you see when you enter your bedroom should give you the feeling of peacefulness and serenity. Such feelings can be enhanced by a photograph, inspiring quote, painting, sculpture or even flowers. Locate these things at such a place that the moment you enter your bedroom, your gaze falls on them. Dimensions: Square and rectangle shaped bedrooms are perfect for peace and prosperity. Irregular shapes should be completely avoided. Southwest direction is just perfect for a bedroom. Other bedrooms can be constructed on the eastern or northern side of the master bedroom. Location: The master bedroom should be on the southwest or northwest side of the house. If there is an upper storey in the house, then the master bedroom should be on this floor, in the southwest corner. Adult married children can also use this room. Younger children, however, should not use it because that will cause trouble in the household. Doors and windows: The door of bedroom should be in the east or the north. Windows in the east and north of the room are beneficial. The bedroom door should open at least 90 degrees, to fully allow positive opportunities to flow to you. This is because the door of your bedroom is symbolic of the opportunities life presents to you. Bed position: One must sleep with head pointing towards the south to avoid disturbed sleep. Beds should be of good quality wood and metal bed should be avoided. The bed should be placed in such a way so as the foot of the bed is towards north and does not face the door. It should not touch walls. So keep a distance of 2 or 3 inches from the walls. n Avoid placing bed in corners or under the beam. The space under the bed should be clean and clutter free. Due to paucity of space you can use box bed. n Keep storage space clean and clutter free. Do not keep utensils and metal in storage space. This may cause mental stress and diseases. n The children’s bedrooms should be in the northwest or west. The younger children’s bedroom can also be on the east side of the house, Newly married couples should not use a bedroom on the east side. n Guest bedrooms are best located in the northwest corner, but can also be located in the
northeast corner. Direction to sleep: One should sleep with head facing east or south in one’s own house. If one is staying in someone else’s house, or while traveling, then he should sleep with his head facing west. One should never sleep with his head facing north. Upon rising from bed, the right foot should be placed on the floor first. If one is to study in the bedroom, the east side should be used. The wardrobe should be located on the northwest or southwest side of the bedroom. Don’t sleep in direct alignment with sharp corners. This can create stress in your nervous system. In a room that has sharp corners, you will never be able to experience peace, unless you soften them by placing plants in front. To be concluded — The writer is a Chandigarh-based Vaastu
consultant. Readers can send their suggestions/queries at
realestate@tribunemail.com
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Low sale volumes and sluggish pace of realty sector has made developers take different steps to stay in business in tough times With the real estate industry facing a slowdown, developers are now taking recourse to social media to promote their properties and attract buyers. "We use the social media to the optimum potential to market our properties. We use these platforms to create awareness and engage our customers proactively. This has increased our sales by 20-25 per cent," Tata Housing Development Company Marketing Head Rajeeb Dash said. Social media websites like Facebook, Twitter, YouTube, Flickr and Linkedin, among others, are rated as the most popular sites for both B2B, as well as B2C interactions. The Lodha Group has also turned to the social media and mobile service routes to attract new buyers. "Our intention is to leverage the large pool of users active on the social media, inform, engage and interact with them and the peer groups, thus creating a positive aura around our brand and influence buying decisions over a period of time," Lodha Developers Senior Marketing Vice-President Samujjwal Ghosh said. "Given the increasing penetration of the Internet, developers and marketers have found success in brand building, lead-generation and sales through the use of mass-based social media platforms, as well as real estate specific platforms like 99acres.com, iProperty.com and Magicbricks.com, among others," Maharashtra Chamber of Housing Industry Secretary Boman Irani said. Apart from the regular social media sites, portals like Groffr.com and Grouphomebuyers.com have also gained popularity among home buyers. "These websites facilitate home purchase in a cost effective and efficient manner through the power of group buying, wherein developers can offer discounts against assurance of getting many customers. "This will not only help buyers in getting discounts, but will also help the developers in selling their inventories and getting funds to support new projects, which have been stuck due to lack of finances," Group Infracom Managing Director Hem Tejuja said.
— PTI
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Premium realtor Jaycee eyes low-cost housing Premium property developer Jaycee Homes plans to enter the affordable housing segment by developing around 2 million sq ft of area over the next four years, a top company official said. "Given the current slowdown in the real estate industry, getting into affordable housing segment is a clever idea. We have a land bank of over 4 million sq ft, out of which, we plan to use 2 million sq ft for developing affordable housing projects in the Mumbai region," company's Director Diipesh Bhagtani said. The company has executed over 250 projects across the western and central suburbs of the metropolis such as Versova, Andheri (W), Santacruz (W), Juhu, Vile Parle, Chembur, Kanjur Marg, Bhandup, Powai, Thane, Mira Road and Dahisar. "We have been in the premium segment for over 15 years. But now, we are seeing a fall in the number of customers for premium housing. At the same time, there has been considerable demand for affordable homes. We have land banks in Kalyan, Dombivali and Mira Road, where we plan to develop affordable houses," he said. He said, the company is also looking at government's rental scheme projects, implemented by the Maharashtra Housing and Area Development Authority (MHADA). "We are looking at the affordable housing schemes of the government, where we can get more FSI and we will hand over one FSI to the government. We are also looking at Mhada's rental schemes. So, wherever we have land outside Mumbai, we are looking for developing it under the scheme," he said. The company has also put up two proposals for development in Mira Road and is planning to acquire new property in Thane for the same, he said. Jaycee also aims to become a Rs 2,000-crore firm over the next four years, from the currently Rs 200 crore turnover. “We already have a few projects in the pipeline, which are slated to be launched in the next six months. In addition, if we get prompt approvals from the government for our proposed affordable housing projects, we can easily achieve this target of a ten-fold growth,” he said.
— PTI
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The clash of interests of investors and end users has always been a sore point of the realty sector in our country. The deft and clever moves of investors generally lead to price escalation making the genuine buyers pay more. The recent SC ruling making GPA transactions invalid has been hailed as a step towards safeguarding the interests of end users. The ruling comes down heavily on the blackmarketeers who were siphoning the gains of their "parallel economy" into benami transactions. They may have held sway in the field of real estate for a long time but the SC ruling has come out in favour of the genuine buyers by making it easier for them to obtain property for themselves at reasonable rates.
A bonsai cannot be kept in the same
soil over a number of years because the soil becomes poor in nutrients needed
by the tree. The soil also becomes impermeable to air and water and gradually
gets used up, leaving the plant pot bound with a matted network of roots with
hardly any soil surrounding these.
Living
with vaastu
Welcoming the move, builders across the board endorsed that the SC ruling was a step towards bringing transparency in property deals. The SC had clamped these conditions only after assessing the views of the Punjab, Haryana, Uttar Pradesh and Delhi stating that, "the four states have responded and confirmed that SA/GPA/Will transfers need to be discouraged as they lead to loss of revenue [stamp duty] and increase in litigations due to defective title". 
To add that festive touch to your home it is not mandatory to go in for major decor changes, it is the subtle shifts and additions that can bring in the Diwali spirit in your home. Using different lighting styles is one such way to add that magic to your home.
Classy designer and decorative lanterns are a rage this time. Low-voltage luminaries such as handcrafted lanterns, post lanterns, wall lanterns, hanging lanterns, landscape lanterns and chandeliers are in trend this year. These lanterns are available in a variety
of materials. 
Q.
On September 15, 2009 I sold a vacant plot of land for Rs 22.90 lakh and this plot was purchased in 1997 at a cost of Rs 1.66 lakh, including cost of fencing and water connection. But the document bear sale of land for Rs 28,000. Stamp duty Rs 2,677+Rs 3,000 regular expenses.
Apart from providing a lot of choice to homebuyers, a number of residential and integrated city projects in and around Mohali have also increased the scope for commercial property growth in the area as the growing population of the city will need retail and office space soon. Thus a number of commercial projects have been launched in the city over the past few months. The latest to be announced earlier this week was the TDI Business Centre by Taneja Developers and Infrastructures Ltd. 
