GMADA goes vertical
New scheme of luxury flats in Mohali is sure to give private builders a run for their money, reports Rajmeet Singh

In what is being billed as a first-of-its-kind initiative by any government housing agency, 4,500 flats in Sector 88, Mohali being offered under "Purab premium apartments" scheme floated by the Greater Mohali Area Development Authority (GMADA) is set to pose a serious challenge to the private builders in the region who have had a virtual monopoly in offering luxury flats here. The flats have been priced between Rs 39 lakh and Rs 69 lakh.

Though GMADA will ultimately be constructing around 6,300 flats, only 4,500 flats are being offered under the scheme as of now. Throwing a gauntlet in private players' arena, GMADA is introducing many new concepts with this scheme. These include provision for car parking under the green belts, all apartments facing north-east direction ensuring sufficient infusion of natural light.

In another first, GMADA in its 20-page brochure has even given a detailed schedule of the standardised fittings and the names of the manufacturers whose products will be used in the flats. "We have promised the best quality in construction to the applicants. The flats would be finished in a record time of 36 months and would be capable of withstanding an earthquake of up to 7 on the Richter scale. There would enough flats to end speculation", said the Chief Administrator of GMADA, Saravjit Singh. The scheme that opened on December 12, 2011 will close on January 12, 2012.

As per the plan finalised so far, the flats have been categorised in type 1 (one bedroom), type 2 ( two bedroom) and type 3 (Three bedroom). All the flats have been provided with one servant quarter each. Based on the pattern of luxury flats, the servant quarters have been provided independent of the flats. Basing the design on Vaastu, all the areas in each of the apartments have been designed to let fresh natural air flow though and with movement of sun in view.

To woo more applicants, GMADA has also relaxed the eligibility criteria of domicile for the applicants. Persons residing anywhere in the country can apply for the flats. This change is in contrast to the previous decision of GMADA in Mullanpur Eco City scheme to harden the eligibility criteria by only allowing the residents of Punjab and Chandigarh to apply.

Officials believe that the high-rise towers would not only generate more revenue, but also tackle the problem of land scarcity in the wake of high land acquisition costs and give a fillip to the upcoming projects of private realtors also. GMADA is paying around Rs 1.69 crore to the landowners whose land has been acquired in Sector 88.

GMADA is keen on targeting the IT professionals who would be requiring affordable accommodation for the upcoming IT City and related industry. To curtail the role of speculators and speculation, a lock-in period of five years has been fixed for selling the flats by the allottees. The entire cost of the flat has to be paid within three years of allotment.

On the pattern of Mullanpur Eco City, the date of draw, date of refund to the unsuccessful applicants and other schedule has been printed in the brochure. Sources said talks were on with the banks for offering housing loans on attractive terms to the successful applicants.

n The flats will have 24-hour water supply, no overhead water tanks, automatic switching common generator back up for fans and other gadgets, underground electric cabling,

n Three all-weather 25 metre indoor swimming pools, 8 lawn tennis courts, 2 skating rings, 8 indoor badminton courts. walking tracks, a community centre, a club and finger print based entry control are among the facilities promised by GMADA.

HIGHLIGHTS

n As many as 4,500 high-end flats on offer in 15-storey towers

n Eligibility criteria relaxed; no more restricted to Punjab residents only

n Online finance for applicants by 14 banks

Real Talk
More plots on offer at Mullanpur
Geetu Vaid

The mercury may be dipping in the tricity region but the heat seems to be on as far as the realty market here is concerned, especially in the Mohali district area. New launches and project extensions by private builders as well as by GMADA have kept the investor interest smoking hot in areas like Mullanpur. With GMADA sitting snugly over the success of its Eco City project which saw a whopping 1,58,227 applications for 840 plots of different sizes, the private builders having projects in the vicinity have also gone in an over drive.

Country's largest real estate player DLF launched 200 more plots in its Hyde Park Estate earlier this week by adding about 25-30 acres to its existing 117-acre Phase I in which the group has already sold 800 plots. "There had been a huge demand by prospective buyers after the sellout of the initial offer of around 800 plots of 350 and 500 sq yd sizes. Hence the decision to offer a limited number of more plots of the same sizes as an extension of the Estate," said DLF India's Vice-Chairman and MD, Mohit Gujral. The price of plots in this fresh phase has been kept at Rs 32,000 per sq yd (excluding EDC, IDC and preferential location charges) as against Rs 25,500 for the first phase that was launched about 10 months back. The group which has close to 500 acres in its kitty in the area plans to invest around Rs 2,700 crore in the Mullanpur project and increase its land bank to around 1,000 acres. Revealing the group's ambitious plans for the area Gujral said that Mullanpur project was the group's major anchor after Gurgaon and would be a much better development than that. In an interview with Real Estate Gujral talks about his group's plans for the region. Excerpts:

Your group has been mostly offering plots in its different projects of late. Is it a strategy to deal with financial crisis due to the high debt burden?

It is a strategy surely, but not because we are facing any severe financial crunch. Our debt burden may look enormous on paper but if you see our assets and land bank all over the country then it is not something which is going to rock the DLF boat. But yes, plotted developments are low cost intensive and are ideal for areas that would take some time to come up. Like in the case of Mullanpur, we are beginning by offering plots and along with that the process is on to put in place the infrastructure required for a bustling city. The road network and sewerage are being laid, green areas are being developed so that in the next 18 to 24 months when we actually handover possession to buyers, there is a system in place for the next stages of the city to take shape. By offering plotted developments in our projects we are trying to lessen the constructional challenges for the company as we have large commitment of built up projects. This move is meant to de-stress the work and take a sort of breather for maybe a year and then gather momentum.

So does that mean that there is a radical change in your business model?

No, there is no radical change in the business model. It is just fine tuning of policies as per the market sentiment. You can say that we anticipated a sort of slowdown and went in for "construction-lite" model for a little while till the time things improve. It is having a dynamic and fluid approach which is the key to growth in any business venture as one has to keep balancing and re-balancing as per the prevailing sentiment. We have a multi-bag product so we keep juggling. At present there is good demand for plots in this region so we are catering to that segment of buyers. In Mullanpur we will most likely move on to the next level of buyers by offering built up options early next year.

As different states have different policies, what has your experience been as DLF currently has two projects in the region one in Panchkula and this one in Mullanpur, Punjab?

Haryana is more mature towards building activity basically because of its extensive experience in Gurgaon. Punjab, however, hasn't had that degree of experience and not many big realty players have moved to the state but it is very proactive.

What is your take on the government's move to bring in regulation for the sector?

As far as the land acquisition part is concerned I think there should be some differentiation between the private and public players. When we buy land directly fom farmers then there is no ambiguity about changing its use later on, it is clear right in the beginning that it will either be for residential or commercial purposes and the price paid is fair price for that particular time. Secondly, to hold only the developer responsible for delays in the completion of projects is wrong as there are so many clearances and permissions required from different government agencies and these are the major factors that cause delay. So these factors should also be factored in, in case there is a delay in completing a project. Actually, I believe that the market at present is self-regulatory. There is already a lot of transparency as buyers have become smart, the banks don't sanction loans unless they are sure about the builders' credentials as well as the viability of the project so where is the need to hang the sword of penalties and punishment over developers' heads. It seems the government action in this regard has come a little late as a lot of the problems which the Bill reportedly proposes to tackle have already been factored in.

So you feel there is no need for the Bill?

I am not completely against it but it should be an evolving and dynamic system rather than a rigid regime thrust on the sector. It is very essential to have regulations at the time of approvals. For example take the case of Haryana, it has a very good model as per which 30 per cent of the money in a project goes into an escrow account, meaning that money can only be used for that particular project so the developers can't siphon off money from one project to another. So the government's endeavour should be to pick up the best practices from different states and put these into the framework of the Act. Apart from this there should be a wider participation of the developer lobby rather than projecting them as black sheep.

Tax Tips
Selling inherited property
S. C. Vasudeva

Q. I had inherited a house from my father in 2010. The house had been built by him about 20 years back. The residential house has since been mutated in my name. I intend to sell the same as I am migrating to Canada. Would there be any implications of income tax on the sale of this house? Can I save tax payable on the gain arising on the sale of the house? — Rahat Bhushan

A. The gain arising on the sale of a residential house would be in the nature of a long-term capital gain and would be taxable. However, as your father had purchased the house 20 years ago, you would be entitled to the cost indexation benefit from the year when the house was constructed by your father. The indexed cost so arrived at shall be deductible from the amount of the sale price and the balance amount of gain would be taxable @ 20.6% (Income-tax 20% plus education cess @3% thereon). The above rate of tax is applicable in case of a long-term capital gain.

You can claim exemption under Section 54 of the Act in case you utilise the amount of capital gain towards the purchase or construction of a new residential house. The exemption would be allowable only if the residential house is purchased within one year before or two years after the date of sale. For construction of the residential house a period of three years is allowed. The amount of exemption will be equivalent to or lower than the amount of the long-term capital gain and the cost of the new house, as the case may be.

Alternatively, you can claim exemption if you invest the amount of capital gain in the acquisition of tax-saving bonds within six months of the date of the sale.

Husband is a legal heir

Q. An old woman died without making a Will regarding her property. What are the rules regarding inheritance in such case. Will her husband be one the legal heirs or not? — Ajit Parshad

A. In accordance with the provisions of Section 15 of the Hindu Succession Act 1956, the property of a female Hindu dying intestate devolves according to the rules of Section 16 of the Act firstly upon sons and daughters (including children of any pre-deceased son or daughter) and the husband, secondly upon the heirs of the husband, thirdly upon the mother and father, fourthly upon the heirs of the father and lastly upon the heirs of the mother.

As would be evident from the above, husband is one of the legal heirs. 

Buy 1 house to avoid litigation

Q. I sold an SCO recently, this was a commercial property. Can I purchase two houses from the money I got as a capital gain, or I will have to purchase a commercial property? Please explain. — Bhupinder

A. There is a difference in judicial opinion on the subject. It would, therefore, be advisable to buy one residential house so as to avoid litigation. The capital gain arising on the sale of a commercial property would be exempt from the capital gains tax provided the net consideration realised on the sale of commercial property is utilised towards the acquisition of a residential house within two years of the date of sale of the commercial property. No exemption would be available in case the sale proceeds of a commercial property are utilised for the acquisition of another commercial property. 

Loan for under-construction flat

Q. I booked an under-construction flat a year ago. I also took a loan against the said flat. Am I entitled to claim deduction of interest payable on such loan during the period the flat is under construction? — Rajiv

A. You will be able to claim the deduction of interest paid in respect of the amount borrowed during the period for which the flat is under-construction. The deduction of interest payable on the loan during the construction period can be claimed in five equal installments starting from the year in which the possession of the house is taken. I may add the total amount of interest allowable is limited to Rs 1,50,000 in case the house is self-occupied.

Caught in a bind

Q. I purchased a semi-finished four marla new house at Zirakpur by raising a loan of 14 lakh from Vijaya Bank, Zirakpur, in May, 2010. Now the house is complete and I took possession in October 2011. I am a Central Government employee posted at Chandigarh.

My banker gave me provisional statement for principle and interest without mentioning U/S 80cc and 24b under which I am eligible for the rebate.

My department is not entertaining my rebate application due to this. Who is right, department or the bank? How can I claim the rebate? Or I am not eligible for the rebate. What should I do? — Sahil

A. Your department would have taken into account the details of other income (including loss under head "income from house property" but not any other loss) provided you had declared your other income to the department on a plain paper duly verified in accordance with the requirements of Rule 26B of the Income-tax Rules 1962. A banker is not supposed to allow rebate under Section 80C or Section 24 of the Income-tax Act 1961. The banker will give you a certificate with regard to the amount borrowed by you and the interest paid/ payable for the financial year. The deduction in respect of the repayment made towards the loan raised for the construction of a residential house and interest paid on such a loan can be taken into consideration for deduction of tax at source in case details of other income are filed with the employer. You also have an option to claim deduction under Section 80C of the Act in respect of the amount repaid during the financial year ended March 31, 2011 by filing a tax return. The due date for filing such return was July 31, 2011. However, you can file the return by March 31, 2012 without levy of any penalty. It may be added that the deduction for the amount of interest paid during the construction period of the residential house would be allowed to you in five installments beginning from the year in which the construction of the house is completed. 

Avoid treading tricky turf

Q. Can an NRI settled aboard buy a house outside India so as to save tax payable on the capital gain arising on the sale of a residential house in India? — Anil

A. The issue with regard to the allowability of exemption under Section 54 of the Act, if the gain arising on the sale of a residential house situated in India is invested in the purchase of a residential house outside India, is debatable. This is in view of the judgment of Mumbai Income-tax Appellate Tribunal which has taken a view that such an exemption is allowable. However, as against this, Ahmedabad Bench of Income-Tax Appellate Tribunal has taken a contrary view. It would, therefore, be advisable to avoid litigation. It will be advisable in your case to invest the amount of capital gain in the acquisition of tax-saving bonds within six months of the sale so as to claim exemption from taxability of such a capital gain. The bonds have a lock-in period of three years and carry interest @ 6 per cent p.a. Investment in such bonds can be made to the extent of Rs 50 lakh in a financial year.

The writer can be contacted at sc@scvasudeva.com

REALTY GUIDE
Weak case
B K Sanghi

Q. I live in Sector 18, Chandigarh. I have four brothers and we have a 500 sq yd ancestral house in Greater Kailash in New Delhi. My father died five years ago without leaving a will. I was the co-owner of the house. About one year back one of my brothers got some documents signed from me. These included a GPA. That time I didn't know the meaning of "Relinquish". But now I have been told that as per those documents I have no share in the above said property. What should I do to get my share in the property? — Suman Malhotra

A. Legally you stand to lose your property. Before signing any doucments related to property you should have consulted an advovate. However, you should explore the possibility of an amicable settlement with your brother/s in the presence of your relatives and friends. As a last resort you can approach a court and file a case of cheating and fraud against your brother. But your legal case seems to be week since you have wilfully signed the property papers.

GPA muddle

Q. I purchased a plot in a Lal Dora of village on agreement to sell and got a GPA (duly registered) in the office of Tehsildar. As Lal Dora has no revenue record, is it necessary for me to got the land registered (mutation done) in my name? I have made a house on the said plot and am living there.

I had purchased another plot on sub GPA. I am having the GPA of the plot holder and sub GPA given by the GPA holder also. Both the GPAs are registered and both the persons making GPA and Sub GPA are alive. This plot is in revenue records also. But the Tehsildar is not doing the registry on sub attorney. While I myself have sold land purchased in sub attorney and tehsldar registered the sale decd at Dera Bassi.

Kindly advise me the Act on which I can convince the tehsildar, Panchkula, to register the sale deed. — Rajinder Kumar, Panchkula

A: Recently the Supreme Court has given a judgment that all the immovable property from now onwards can only be transferred or conveyed by a registered deed of conveyance only. Transactions of the nature of GPA sales’ or ‘SA/GPA/Will transfers’ do not convey title and do not amount to transfer, nor can they be recognized as valid mode of transfer of immoveable property. The courts will not treat such transactions as completed or concluded transfers or as conveyances as they neither convey title not create any interest in an immovable property.

There is no Act under which you can convince the tehsildar to register the sale deed. In Haryana, the revenue department never recognised the sub power attorney and you can’t quote Derabasi (Punjab) example in Haryana for this purpose.

PROJECT WATCH 
Bhoomi Pujan at Imperial Heights

Bhoomi Pujan ceremony was organised at the project site of the Imperial Heights project in Sector 115, Greater Mohali, recently. The 6-acre project will have affordable 3 BHK penthouses, 3/2BHK and studio luxury apartments. The 3BHK apartments are in 1840.23 sq ft and 1737.98 sq ft area, while 2 BHK are in 1159.50 sq feet and studio apartments are in 401.35 sq ft area.

Imperial Heights is the first premium group housing project under the banner of WWICS Estates Pvt. Ltd., an associate company of WWICS.

The symbolic digging followed by foundation stone and brick laying ceremony was also performed at the site.

The project will be equipped with a world-class club house and swimming pool, table tennis, billiards/pool room, cards/carom room, library, mini-theatre, business center, community hall and coffee lounge and will have fully Wi-Fi enabled complex.

Being an environmental friendly building, it will also have rainwater-harvesting facility and provision for piped gas supply.

Springdale in Dharuhera

The Vardhamn Real Estate and Promoters group has announced its first residential project "Springdale" in Dharuhera, Haryana.

Speaking about the project, Jaideep Aggarwal, Director, Vardhman Real Estate, said, "We have an expertise in building commercial projects for the past 30 years, and we understand the customers’ needs perfectly.So using this experience we are launching our first residential project in Dharuhera, which has emerged as one of the prime locations for living after Gurgaon and Manesar. It has great potential and offers a promising future for real estate investment due to its close proximity to Delhi offering the best value for money and is a very good option for investors".

— As per info provided by developers

Green house
Graft to speed up growth 
Maj Gen C.S. Bewli

Cactus seedlings on their own roots normally take five to six years to form mature plants. To speed up the growth, the seedlings when grafted on pereskiopsis take about three years for maturity. Unlike other cacti, pereskiopsis is a fast growing cactus having leaves.

In this case pereskiopsis is stock and the seedling to be placed on top of the stock is scion. The pereskiopsis plant should be about 10 cm in height. Remove all the leaves except two three at the base for better photosynthesis. Slice the pereskiopsis 1-2 cm from the top with a razor blade, ensuring that the cut is even.

Take a clean seedling and slice it roughly into half, again ensuring that the cut is even and the required portion of the seedling remains on the blade.

Pereskiopsis grafting

Place the seedling scion with the tweezers on top of the stock ensuring that the vascular bundles of both are superimposed as nearly as possible. Put a little pressure with the finger and count up to ten to ensure that no air is left under the scion and contact is good.

Shift the grafted plant to a high humidity area for about a week's time and then gradually shift to sunlight.

Transplantation of cacti

Correct potting of the plants is as important as the preparation of soil mix. All other efforts to grow the plant will be futile if potting is not done correctly. Most of the cacti and succulents grow quite slowly and need less frequent repotting unlike the foliage plants.

The best time to transplant is undoubtedly the spring, when the cacti is about to start growth again.

Steps for transplanting

n The plant should be watered one day before it is to be repotted, so that the soil mix is just damp and not soggy.

n Invert the plant with the pot and hold the plant firmly with a newspaper to avoid thorns with one hand and tap the edge of the pot on any flat raised surface with the other hand. The plant will come out of its pot with a root ball intact and without damage to the roots.

n Remove the crocks from the base of the root and untangle them gently.

n For potting, place a concave crock in the pot with the concavity facing downward so that the hole of the pot is covered and not plugged. Add 2 cm layer of grit and fill one third of the pot with the moist cactus compost. Hold the plant with one hand and the roots are evenly spread away from the middle of the pot. Take a scoop of moist cactus compost with the other hand and pour in gradually all around the plant leaving a centimeter of top space free.

Tap the pot gently

n The compost must not be compacted with hands as this will damage the roots. Finally about 2 cm of space should be left out between the compost level and top of the rim for the purpose of watering.

n Place the freshly potted plant in a partially shaded and airy place. The plant should not be watered for 4-5 days to allow healing of any damage caused to the roots. For first watering soak the entire pot in Bavistin solution (2 gms per litre of water) and further watering should only be done when the top soil is dry.

n After a week of potting, gradually shift the plant to a more sunny and airy location.

Cactus and succulent rockery

A rockery full of cactus and other succulent plants can be created within your own garden. Most of these plants are xerophytes and need a sunny location, relatively lesser care and infrequent watering. In a small area a large collection can be maintained. (see pic)

In some books cacti are described as desert plants, which is far from truth and synonymous to this description, it may be apt to assume that Rockery is an area where theses plants are landscaped and grown.

Light and aeration

Ideally, hardy cacti should be grown in full sun for good growth and healthy flowers. If it is not possible to get enough sunlight, the natural light should be supplemented by fluorescent lighting source to avoid etiolation on plants. For not so hardy or softer species, filtered sunlight is required to avoid sunburns. The place where plants are kept should also have good amount of ventilation for their balanced growth.

Why go for grafting

n To accelerate the growth rate of slow growing species.

n To ensure survival of difficult to grow plants with weak root systems.

n For healthy growth of variegated and brightly coloured plants.

n For cristates and monstrose to remain healthy.

n Handy tool in the hands of conservationists in saving the endangered species.

n To accelerate the growth of plant for commercial use.

n To save some severely rotted or diseased plants. 

Living with vaastu
Enhance efficiency at workplace
Madan Gupta Spatu

Office is mainly built to generate financial growth of business. Here are some tips which may prove to be beneficial for the economic and financial growth of an organisation. The arrangement of furniture and the direction that one faces while sitting are important aspects of vaastu guidelines for office and employees.

n When first setting up your business premises choose an office or work space in a prosperous neighborhood. y Make sure the entrance to your building or premises looks inviting rather than nondescript. You may need to make some simple cosmetic changes to achieve this effect. Avoid premises at the end of a T intersection.

n The best site for a building is in a corner, with the entrance diagonal to the corner itself. You should choose a rectangular or square plot for your office.

n Make sure that the height of the building is equal in all sides.

n Overhead tank should not be located in the northeast.

n Boss should sit in south-west facing east or north. The seating arrangement of senior executives, should be in southern, western and southwestern portions of the office.

n Pantry should be in south-east or north-west.

n Marketing departments should be in north-west.

n Northern and eastern zones would be appropriate for seating the middle level officers. Reserve the northwest portion for the field staff.

n If it is a bank or a financial institution cashier's seat should be in north.

n Purchase department and other should be in south or west.

n Computer room should be in south-east.

n The accounts department should be located in the southeast direction.

n The right place for reception counter is northeast portion of the office. The receptionist should sit facing the north or east direction.

n Ensure that the telephone and side-tables are positioned in the south-west corner of the office.

n Make sure that you do not keep any obstacle in the opening of any door of your office.

n It is suggested that the staff should work while facing the north or east directions.

n The employees should not sit under a beam. In case the beam cannot be avoided, it is best to cover it with a wooden board.

n Central zone of office premises should be kept empty.

n Store all the important documents in an almirah or safe, which should be placed in the southwest direction.

n It is advisable to have a rectangular desk for the owner of the company.

n Boring or tubewell installation in the southern direction of the office is not recommended.

n The appropriate location for the toilet is northeast and southwest directions.

n Make sure that your office is not built near a temple, graveyard or hospital.

n Doors and windows of the office should be positioned in the north and east direction.

n Place a picture of a lake, waterfall or any other water scene on one of the walls in your wealth corner. Water represents energy flow.

n Use an aquarium or a small fountain if you prefer.

n Place a green, smooth-leafed plant (e.g., a jade plant) on a shelf in this corner. You can substitute an artificial plant if you tend to neglect fresh ones. The allusion to growing wealth is obvious.

n Sit in the corner farthest from the entrance to the room to have a "command" position.

n Sit in line with the door, as you will be in the path of negative energy.

n Keep your back toward a corner or a wall for support. If a post protrudes from the corner or wall, correct it by covering it with a hanging plant's draping foliage.

n Sit with a tall building behind you to provide the support of a "mountain" if your back is to a window.

n Do not face away from the door if you are conducting business from home. Business will symbolically come to you through the door, so don't turn your back on it. Do not arrange your workspace so that you look straight out into a corridor or see the stairs, storage rooms, closets, elevators, escalators, or toilets.

— The writer is a Chandigarh-based Vaastu consultant. Readers can send their suggestions/queries at realestate@tribunemail.com.

REALTY BITES
Possession process on at Palm Springs

Emaar MGF Land Ltd. (EMGF), recently announced the receipt of completion certificate and started giving possession at its luxury residential project The Palm Springs, Gurgaon. The Palm Springs is a 15.5 acre luxury residential project on Golf Course Road in Gurgaon. The development offers amenities like a clubhouse, spa, health club and cinema. Other features are advanced security technology, including intercom, CCTV, smart card access and perimeter security.

While The Palm Springs Villa comprise 37 units (which represent approximately 50% share of the total units in the project) ranging from 5,875 square feet to 7,050 square feet in size, the The Palm Springs Apartments has 117 flats and penthouses (which represent approximately 50% share of the total units in the project) ranging from 2,650 square feet to 6,150 square feet in size. The Palm Springs, recently awarded the "Best Luxury Residential Project - North" by Zee Business- RICS Real Estate Awards 2011, is a wholly self-contained and amenity rich property. It is a harmonious blend of lifestyle options; from low rise luxury villas to spacious apartment towers situated in acres of elegantly landscaped gardens and parks.

Speaking on the occasion Sanjiv Saddy, Executive President, Emaar MGF Land Ltd said, "The Palm Springs has set a new benchmark in luxury residential projects, in the entire NCR region. The strategic location of the property is one of its best features. The Golf Course Road is the most sought after addresses in Gurgaon. We have used state-of-the-art technology and provided features like small cinema, crèche, swimming pool etc within the complex."

110-cr apartment project to be ready by Jan

Real estate developer Vijay Shanthi Builders would hand over the keys of the apartments of the Rs 110 crore-project 'Infiniti' coming up at Sriperumbudur, in 2012.

The project "Infiniti is fully sold out. The work for the project is 80 per cent complete and the keys would be handed over from January 2012", the Chennai-based company said in a filing to the BSE.

Infiniti consists of 588 premium apartments between 365 sq ft to 1,059 sq ft. It is spread across 4.10 lakh sq ft at Chettipedu Village in Sriperumbudur, it added. — PTI