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Sunrise destination
Tier II and III cities have remained in focus this year as far the growth of the realty sector is concerned. With industry biggies zeroing in on these cities seeing their huge market potential, it is the tier II and III cities that virtually set the benchmarks of realty sector growth in a region. The Yamuna Nagar-Jagadhri area in Haryana is one such pocket which has seen a steady growth as far prices and new projects are concerned. The twin cities have over 21 large and medium enterprises and approximately 1,249 registered factories employing over 50,000 people. The large number of middle and upper middle class professionals residing in the area has jacked up demand in the residential segment making Yamuna Nagar a realty hub for developers as well as investors.
LAUNCH PAD
tax
tips
REALTY GUIDE
Green
house
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Sunrise destination
Tier II and III cities have remained in focus this year as far the growth of the realty sector is concerned. With industry biggies zeroing in on these cities seeing their huge market potential, it is the tier II and III cities that virtually set the benchmarks of realty sector growth in a region. The Yamuna Nagar-Jagadhri area in Haryana is one such pocket which has seen a steady growth as
far prices and new projects are concerned. The twin cities have over 21 large and medium enterprises and approximately 1,249 registered factories employing over 50,000 people. The large number of middle and upper middle class professionals residing in the area has jacked up demand in the residential segment making Yamuna Nagar a realty hub for developers as well as investors.
Locational advantage, good connectivity to the major cities of the region and the state government's proactive industrialization policy are some of the other factors that have created an ideal environment for the real estate sector to bloom here. As per real estate brokers operating in the city the prices have shown a steady climb over the past year. "There has been an increase of 20-40 per cent in the residential segment over the past few months", tells Taranjit, Senior Executive (Marketing), Jai City. Giving example of prices in the Jai City project he says, "the price per sq yd was between Rs 7,000 and 7,500 per sq yd last year but now it is around Rs 9,900 per sq yd". The coming up of new HUDA sectors like Sector 22, 23, 24A have also given a fillip to the market in 2011, he adds. Another factor which has led to increase in real estate prices here is the fact that the market here is dominated by investors. "As the prices are still not very high, investors sometimes go in for bulk buying
like in the case of flats the investors prefer striking a deal for a full tower and then sell the individual units later on", says Taranjit. "Investors have a big stake in the realty market here and that is leading to jacked up prices which is not a good sign for an end user", says Amarjeet Mehta, who had a tough time hunting for an affordable house in the city to settle after retirement.
Projects and pricing While Ansal Group's 100-acre Sushant City project in Sector 12, Aerens 54-acre Jai City on the Jagadhri-Bilaspur road in Gulab Nagar area, are already being developed, the latest developer to enter the area is the Omaxe group with its 186-acre project on the state highway towards Bilaspur from Jagadhri. The proposed project has entrance on Bilaspur Road and Jagadhri-Pabni Road. Commenting on the group's foray into yet another sun-rise destination, Avneet Soni, Director (Marketing) Omaxe Ltd said, "Yamuna Nagar fitted into our vision of catering to the housing needs of tier II & III towns that have shown immense potential and opportunities alike. A budding industrial town, which has now become the cynosure of all corporate houses; Yamuna Nagar will give us an opportunity to serve the mid-income and upper income professionals in the city." The MGL group is likely to come up with its project by January, 2012. "The coming up of a number of big projects in the vicinity of the city bears testimony to the fact that people want to move into open and greener areas as the city area is congested and polluted", says K.K. Aggarwal, Director, Jai City. "When our project was launched five years back, people were not very forthcoming about buying property in projects coming up on the outskirts of the city but now things have changed drastically", he adds. This shift is revealed in the price appreciation witnessed in these projects. Sushant City, was officially re-launched in March, 2011 at Rs 4,800 basic price, "but since then the price has appreciated by almost Rs 1700 i.e. approximate growth of 35 per cent within a span of nine months", informs a company spokesperson. Though the main target
for developers here remains the mid segment, there is plenty of choice for those looking for luxury of villas and independent houses also. Sushant City and Jai City have an assortment of plots, villas, duplex and flats on offer. At Jai City villas are in the range of Rs 49.5 lakh (for a 250 sq yard unit) and duplex in Rs 55 lakh to Rs 71 lakh price bracket depending on the size of the plot. Flats
in G+2 format are priced at around Rs 25 lakh for ground floor and upper floors are in Rs 20-22 lakh bracket. The developers are providing all the latest facilities apart from vast open spaces to lure more and more buyers. Lush green gated communities with wide roads, world-class club facilities, shopping complex, school, medical facilities, reserved parking, underground drainage
system, 24x7 power back-up, security and water, parks, jogging tracks, amphitheatre etc are lined up for the residents of Yamuna Nagar in the new age cities that are coming up in the city's vicinity.
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LAUNCH PAD Upcoming real estate developer ABA Group recently launched India's first upside down architecture club house - Carcalla - at its integrated township Orange County in the heart of Indrapuram on main NH-24. This unique club house spread over an area of 10 acres will comprise an interesting mix of state-of-the-art innovative Roman architecture and India's first upside down building. To harness maximum benefits from one of the fastest growing cities of the country, this club house will offer facilities like spa, steam, sauna, jacuzzi, gym, swimming pool, café lounge and bar under one roof.
Speaking on the occasion Amit Modi, Director, ABA Builders Ltd said, "Delhi NCR is one of the most upcoming cities in India and has proven to be the fastest growing industrial hub. The city has always longed for adequate world-class living space catering to lifestyle living requirements. Hence, ABA Builders Ltd has taken this opportunity to fulfill the same and create an all encompassing club - Carcalla and spa requirement, with a plethora of facilities for our residents. Targeting the upper-middle class, this will not only cater to the demand of club house requirement of the residents but will also bring in a lot of high-end facilities at their doorstep. Besides offering the international lifestyles of the truly rich and famous, the other main attraction of the club house is its unique UPSIDE DOWN structure and Roman architecture."
Supernova at Noida Supertech Limited has announced the launch of 'Supernova', a project which the company claims to be North India's biggest mixed-use development spread across 5 million sq. ft. area in Sector 94, Noida. Supernova will have residences, service apartments, hotels, shopping malls, office spaces and recreational centres. Speaking at the launch R. K Arora, Chairman & Managing Director of Supertech Limited said, "With the dream of providing a world-class architectural masterpiece, we are launching this spectacular project, which has five state-of-the-art world class towers including the India's tallest mixed use development that has 80 floors, which stands 300 meters high". "After the successful launch of North Eye, we are very ecstatic to launch yet another landmark project, which will redefine the living, shopping and working lifestyles of people. To make this project a complete world class project, we have associated with the best brands and companies in the respective verticals" said Mohit Arora, Director of Supertech Limited. This mixed use development is spread over an area of 17 acres. The structural architecture, layouts, technologies, comforts are all crafted by world renowned London architects Benoy. The project is certified by LEED - Green Building and is designed as per the vaastu rules. Supertech will be investing Rs 2,000 crore on the construction of this project and expect to deliver the project in 42 months. — TNS
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Construction work begins at Ireo Rise, Mohali Bhoomi pujan ceremony was held for the IREO Rise project in Mohali earlier this week. The ceremony marked the commencement of the construction work for 400 apartments of the project being built by IREO, the first and the largest private equity fund dedicated to the Indian real estate sector. The ceremony was attended by over 200 customers and officials from Ireo. The entire project involves the construction of over 700,000 sq ft of area, which is expected to be completed by 2013.
Located in Sector 99, Mohali. Ireo Rise is located just minutes from downtown Mohali. The project is designed by international architects, and comprises a range of mid-rise and low-rise homes. Speaking on the occasion, an Ireo spokesman said, "This project is part of our overall commitment to the Punjab market where we are developing multiple projects totaling over 1,000 acres, including large integrated townships at Ireo Waterfront in Ludhiana and Ireo Five River in Panchkula. We are delighted to commence work of this much awaited project in Mohali which promises to be one of its kinds in the region.
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tax tips Also clarify whether the fair market value as on April 1, 1981 shall be ascertained from the Revenue Department/ Malka Patwari, as per Registry rate of year 1981 or by approved valuer appointed by the government. Are there any other ways of ascertaining the fair value? — Rishu Kapoor A.
Your queries are replied hereunder: n
A residential house big or small would include land appurtenant thereto. n
The fair market value as on April 1, 1981, should be ascertained
by obtaining a valuation report from an approved valuer who has been authorised to value an
agricultural land.
Matter of WILL Q. My father died on July 13, 2011. His only source of income was through agriculture. He has about Rs 9 lakh in his account and I, as a nominee of the account, have got the money. I, however, transferred this amount into my mother's account. My query is: n
Do I have to add the details of this monetary gain in my IT Return. n
Further, my mother is senior citizen (above 70 years of age). She is a pensioner but has never filed IT Return. She has a PAN number. Kindly let me know if the amount added in her account is to be accounted as income or not for calculation of her income tax. — Jasdeep Singh Grewal A.
It has not been clarified by you in the query whether your father had executed a Will in favour of your mother or the amount has been transferred by you to her bank account out of love and affection for her. In case a Will was executed in her favour, she has to include the amount of interest earned on the amount of Rs 9 lakh inherited by her from her husband. In case the income from interest and pension is more than the amount of Rs 2,50,000 (maximum amount up to which income tax is not payable by a Senior Citizen) for the year ended March 31, 2012, she would be liable to file a tax return and pay tax on her total income exceeding the said amount. She would also be liable to pay advance tax in case the amount of tax payable for the year exceeds Rs 10,000. In case no Will has been executed, the amount of Rs 9 lakh will have to be apportioned equally between both of you and each one of you will have to include the amount of interest on such apportioned amount in his/her total income and pay tax in case the total income exceeds the limit up to which tax is not payable by either or both of you. Invest to save tax on LTCG Q. I booked a residential flat in March 2006, and paid a sum of Rs 55 lakh out of which the loan component was Rs 25 lakh. I got the possession of the flat in December 2007. I am being offered a sum of Rs one crore for the flat now. If I sell it today what would be the position of the capital gain arising on such a sale. Can I buy tax-saving bonds to avoid the tax liability? — Gian Prakash A. As you have taken the possession of the flat in December 2007, the capital gain arising on the transfer of the flat would be a long-term capital gain and the amount of gain would be taxable @ 20% plus education cess of 3% thereon. It should be possible for you to claim exemption by investing the capital gains in bonds. Such bonds have to be purchased within six months of the date of sale of the residential house.
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REALTY GUIDE
Q. My parents owned some agricultural land in Punjab. They expired sometimes back and had not executed a Will. We are four brothers and sisters whose names are recorded in the jamabandi as equal share holders but no specific plot/khasra is mentioned against our names. I want to sell my share of the land. Please advise as to what formalities am I required to fulfill in
this regard.
— G.S. Hayr A. For selling your share in the property, you to have
first get the partition of your individual share done. This can be done on a plain paper through document writer or this can even by done by self-drafting. You will need two witnesses to certify the actual partition done by you. Since jamabandi had been done, the Patwari concerned will enter the partition in the revenue record. Only after that will you be able to sell your share in the property.
Legal inheritance Q. As per law a US citizen can't buy agriculture land in India. I am an Indian citizen and my son is a US citizen. Can he inherit my agriculture land in Punjab? Can I transfer my agriculture land in his name during my lifetime? — Sushma Chaturvedi A.
Yes, a person residing outside India can hold immovable property acquired by way inheritance from a person resident in India as per the provisions of Section 6(5) of the Foreign Exchange Management Act 1999.Your son is entitled to your agricultural land during your lifetime. However, you will have to abide by the rules and regulations of the
aforesaid Act.
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Green house Hardy cacti are not just unimpressive thorny plants. Beautiful shapes and blooms are the features that make these owner’s pride and the centre of attraction of any collection of plants in gardens, small or big. The beautiful and most sought after forms of cristates and monstrose in cacti are, in fact, freaks of nature. These forms are created when the normal genetic makeup of the cactus is disturbed. Cristates The genetic mutation forces the cells of the only apical growing tip of the cactus to multiply and fan out into a series of growing points resulting in formation of cristate, resembling a brain or roosters comb. Monstrose A monstrose is formed when the genetic mutation in cactus forces the growing tips to grow all over the plant. Growth originates from these growing tips all over the stem or branches causing irregular growth by giving twisted and gnarled shapes. These mutants in cacti are the most coveted plants because they develop forms which are much more attractive, interesting. These also cost more than the normal cacti. They are generally grafted to look robust and have a tendency to revert to normal growth pattern if the normal portion is not removed carefully during the growth season. Watering cacti Cacti are not desert plants as is commonly believed. Besides deserts, they grow in the steppes, grasslands, tropical forests, semi deserts and the high plateau of Mexico and Andes. During the active growing season i.e. summers water must not be ignored just because they are cacti that endure drought. Cacti need to be watered when the soil approaches dryness and this may call for bi-weekly watering. The potted plants should be submerged in a basin full of water once in a month, and taken out once the air bubbles stop arising from the soil for their better growth. When cactus is not getting enough water, its epidermis begins to wrinkle due to the shrinking of water storing tissues in the plant. During winters, a natural dormancy period, they may be left for a month without water. The best time to water is in the evening in summers and in the morning in winters.
Garden in a bottle
Creating a Terrarium n
Select a suitable glass container and add first layer of pebbles and coarse sand for good drainage, which also serves as a catch all for excess water.
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Upcoming real estate developer ABA Group recently launched India's first upside down architecture club house - Carcalla - at its integrated township Orange County in the heart of Indrapuram on main NH-24. This unique club house spread over an area of 10 acres will comprise an interesting mix of state-of-the-art innovative Roman architecture and India's first upside down building. To harness maximum benefits from one of the fastest growing cities of the country, this club house will offer facilities like spa, steam, sauna, jacuzzi, gym, swimming pool, café lounge and bar under one roof.
Q. My parents owned some agricultural land in Punjab. They expired sometimes back and had not executed a Will. We are four brothers and sisters whose names are recorded in the jamabandi as equal share holders but no specific plot/khasra is mentioned against our names. I want to sell my share of the land. Please advise as to what formalities am I required to fulfill in
this regard.
Q. Thanks a lot for your reply published in the Real Estate (dated October 15, 2011) in connection with my query regarding saving of capital gain tax on the sale of agricultural land. Will you kindly clarify the purchase of a 'big house'? Does the term include land appurtenant thereto (i.e. land of ¾ kanals or more or to what extent).
Among the choices best suited for small apartments and balcony gardens are terraniums. Terrarium or a bottle garden is a miniature landscape grown in a glass container where cacti and succulents thrive in their own self-maintained small ecosystem. For the terrarium to look best for a longer time, the cacti selected should be small sized in different shapes, sizes and varieties. Foliage of green, variegated and colourful succulents may also be planted. The finishing touch may be given by adding small rocks and miniature animals, birds and huts.