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Tax tips
Launch pad
Ground Realty
Living with vaastu
DECOR TREND
REALTY BITE
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Tricity revels in its flat preference
Gone are the days when end users and investors scouted for freehold property for living or for investment purposes. With thousands of apartments coming up in Chandigarh and satellite towns of Panchkula and Mohali and other peripheral towns, these seem to have upstaged the freehold property in the realty market. “With land getting scarcer in Chandigarh and its periphery, plotted colonies are a thing of the past.With Chandigarh and periphery getting a cosmopolitan look with the advent of people from all over India, apartments with state-of-the-art amenities are the new buzzword for the professional people”, says Taran Inder Singh of Manohar Singh and Company, which is coming up apartment complexes in Mohali and Mullanpur Urban Estate. In the backdrop of skyrocketing prices of land with the coming of the major realtors to the region, the multi-storeyed apartments are the new fad among the end users. Security and availability of other modern amenities in the gated communities tilt the balance in favour of the apartments as compared to freehold plots. In fact,Le Corbusier’s architectural wonder, Chandigarh, known for open spaces and palatial houses, has taken lead in this direction. While the realty sector is in a slowdown mode as far as freehold plots and houses are concerned, the cooperative group housing societies flats in four sectors, Sectors 48 to 51, continue to be a favourite with buyers.
Similarly, the flats constructed by the state-owned Chandigarh Housing Board remain in demand. Realtors claim that the apartments provided value for money to the buyers belonging to the middle and lower middle classes for whom owning a freedhold property is fast becoming a distant dream. Besides the prohibitive land cost, the cost of construction is also going out of the reach of common man. Though the realty market is in recession at present yet thousands of apartments are being constructed in Chandigarh and its neighbouring areas like Dera Bassi, Kharar, Mullanpur and Baddi. These flats will fulfill the demand in residential segment in the years to come when people would ultimately start residing there. Suprisingly more and more small towns, including Barotiwala, Ropar, Morinda, Lalru, Parwanoo and Kurali are being added to the categories of towns where big realtors are coming up with mega housing complexes. Even in the mega townships, where residential plots are being offered to high end buyers, a substantial chunk of land is reserved for the construction of apartments. With Metro link proposed for Chandigarh and other peripheral towns, connectivity is not going to be a major problem in the coming years. Observers said Chandigarh and the areas in its vicinity are set to emerge as the Chandigarh Capital Region on the pattern of the National Capital Region around Delhi in the years to come and there would be huge demand for affordable residential units. “The thousands of apartments in Chandigarh and other nearby areas would fill that gap between demand and supply of quality affordable housing in near future,” says Puneet Mittal, promoter of Mittal’s Township in Shivalik City, Kharar. And it is not without reason that the state-governed agencies are taking up the construction of apartment complexes to cash in on the rising demand. Recently, Greater Mohali Area Development Authority(GMADA) came up with housing project of 4,500 flats in Sector 88 of Mohali under the brand name “Purab Premium Apartments” to rub shoulders with private builders and claim its pound of flesh in the ever-growing market for apartments in the township. In Haryana, the state-owned housing board is already undertaking the construction of multi-storeyed flats. In the backdrop of the concept of nuclear families, small apartments — studio apartments,one bedroom and two bedrooms — are increasingly being preferred. Since small dwelling units also entail small investments, a substantial number of investors also eye these as compared to costly larger flats. Apartments vs
freehold property
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Tax tips
Q. We sold our ancestral house in June, 2011. I got a share of — Rajiv Nabha A. Your queries are replied hereunder:
Procedure for Power of Attorney Q. My daughter-in-law had booked a flat with Himuda in Baddi. The possession of the flat is likely to be offered sometime in June, 2012. My daughter-in-law is an NRI and she may not be in a position to come to India to take possession of the flat. I understand that she can give a power of attorney in my favour so as to avoid delay in taking of possession of the flat. I am residing in Delhi. Kindly advise as to what formalities would be required to be completed by my daughter-in-law (outside India) and by me in Delhi for executing of the POA in my favour so that there is no hitch in getting the possession of the said flat. My daughter-in-law is in USA. — Vishnu Pathak CLU expense is not revenue expenditure — Aritika A. The land would always be treated as capital asset within meaning of Section 2(14) of the Act whether the same is used for industry or any other purpose. In my opinion, the amount of conversion charges paid for the change of use of land from the industrial to commercial purpose would be treated as a cost of improvement to the capital asset. It is a decided principle that cost of improvement includes any expenditure incurred to increase the value of the capital asset. Accordingly, in my view such an expenditure would go to increase the value of the asset and therefore cannot be classified under the category of a revenue expenditure.
Q. I am a regular reader of The Tribune and am living in Dehradun. My query is related to Income Tax on rented property. Now, we both have started living with our son in Dehradun and intend to rent out our DDA flat in Delhi. I want to know whether the rental income from the said flat would be treated as my income or my wife's income for the purpose of Income Tax. My wife is a housewife and has no other income from any source. Please also advise as to who will be treated as the owner of the said flat after the transfer of flat in my wife's name? — Jasbir Singh Jolly A. The rental income arising from the letting out of the flat transferred by you to your wife would be includible in your total income. This is in accordance with the provisions of Section 64 of the Act. She will be treated as the owner of the flat but any income arising from such flat shall be includible in your income. I may add that accretions to income arising from rental of the flat shall, however, be taxable as your wife's income.
Adjusting interest payment in company accounts Q. A showroom has been bought by four co-owners in their names by raising loan from NBFC. The loan has been taken in the name of the four co-owners and the company. The said showroom is being used for carrying out the business of the company in which the four co-owners are Directors. Initially, the company was paying rent to the co-owners (directors) for the said showroom but later on the showroom and the corresponding loan have been accounted for in the books of account of the company and the company is paying installments of the said loan and interest thereon. Kindly advise whether the payment of interest will be allowed as a deductible expense to the company? — Vikram Jeet Singh The writer can be contacted at sc@scvasudeva.com
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Park Place
DLF expanded its footprint further by launching Park Place, Jalandhar, earlier this week. This is the first residential project by DLF in North Punjab. The project will comprise a luxury apartment complex on GT Road towards Phagwara. It will have 5.4 lakh sq ft of residential and commercial area and a Club House in a high street area. The project, which is to have five towers going up to 12 storeys, will offer 3 and 4 BHK, duplex and penthouses. Designed by Hafeez Contractor, the project is an outcome of a study of many International residential complexes, and a survey conducted locally and with NRIs. The total number of dwellings in this luxury development is around 235. Speaking on the occasion Mohit Gujral, Vice Chairman and Managing Director, DLF India Limited, said, "Jalandhar is an important location for us and, we value its residents' aspirations of luxury homes. Park Place is in continuation to our constant endeavour to offer the best of homes to the people."
Corporate Park Cosmic Structure Pvt Ltd unveiled their upcoming prestigious project Cosmic- Corporate Park at Quantum, Centre Stage Mall , Noida. It is India’s first absolute Green building with LEED gold certification in Greater Noida. Speaking about the project Managing Director of the group Sushant Muttreja said, “Cosmic Corporate Park has 7-star luxury feel. It has 7 theme restaurants, spa, swimming pool, gym and all facilities. It has ultra luxurious office space spread over 7 lakh sq ft offering small to large format offices to cater to everyone’s need.”
Green Tree Homes and Ventures Pvt Ltd. recently launched an eco friendly micro township, Green 201, in Pudupakkam, Chennai.The project has contemporary design and prominent eco-friendly features. The unique feature of this project is a garden on each of the floors of the 15-storey towers. The project offers spectacular view of the surrounding area, optimum space utility, no wall sharing between apartments for better privacy and a roof top clubhouse for recreation. Speaking at the launch ceremony Pon Ravichandran, Director, Green Tree Homes and Ventures Pvt Ltd, said, “With the growing urbanisation of the city and the steep increase in pollution levels it is becoming hard to find a house free from all the pollution. Green 201 is a step towards creating eco friendly homes for better living for Chennaites. It is a unique blend of value engineering and excellence in architecture and is a milestone in township design”. A leaf-shaped amphitheatre, fully landscaped terrace, rooftop swimming pool, gym, tennis and table tennis courts, a senior citizen’s lounge, meditation zone, acupuncture path are some of the key features promised by the developer.
ATS Koccon The ATS Group recently launched ATS Kocoon, its first residential project in Sector 109, Gurgaon. A luxurious 1.1 million sq ft high-rise apartment complex in the heart of New Gurgaon ATS Kocoon will introduce the residents of the millennium city to high quality, comfortable homes with all modern amenities at an affordable price. The 12.2 acre project will have approximately 450 apartments. The project is a joint development with the landowner, Chintels Group. Speaking on the occasion Getamber Anand, Managing Director, ATS Group remarked, “With the launch of ATS Kocoon, we aim to bring our decade long legacy of providing better way homes through quality in-house construction, well thought out spaces and trust, to discerning consumers in Gurgaon. Our residential projects, as always, will provide consumers an exclusive lifestyle experience that will redefine the concept of affordable luxury.” “Gurgaon is an excellent real estate destination for developers, customers and investors alike and we aim to offer many more state-of-the-art residential projects to its residents in the years to come.” ATS Group is likely to launch two more residential projects in Gurgaon early next year. The company has achieved financial closure for this project. The company has already invested Rs 200 crore to acquire land parcels in the city and is likely to invest over Rs 400 crore to develop these projects. The company is open to more investments in Gurgaon and is in the look-out for appropriate land parcels in the region. ATS Group is currently developing over 12 mn sq ft of group housing projects in Noida, Indirapuram and a large township of approx 300 acres in Derabassi, near Chandigarh. The company also has land parcels in Dehradun and Goa. — As per information provided by the developer
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Ground Realty Throughout the construction of a house, embedment of inserts remains an important activity. At every stage of construction, one or the other insert is to be embedded in the walls, slabs or floors. A forgotten insert may lead to dismantling of some portion of completed structure causing delay in completion, extra expenditure and inconvenience to the house owner. It is, therefore, important that the architect and the house builder remain fully vigilant about embedding the inserts. A possible list of inserts, if prepared in the beginning, comes in handy and acts as a reminder to all concerned. Let’s have a look at various inserts to be embedded in walls, slabs and floors during the construction of a house:
Electric conduits and switch boxes Conduits and boxes to run the wires and cables need to be embedded in the walls and slabs during construction. This activity requires planning and placing of electricity-run gadgets. The location of air conditioners, LCDs, switch boards, fans, refrigerator, washing machine, microwave oven, geysers, water filter, computers, power plugs, chandeliers and aquarium, if any, should be decided first. An appliance should be as close as possible to a three-pin socket. The embedment of conduits and boxes, thus, has to be made accordingly.
Phone wire conduits The location of landline phones should also be pre-decided and the conduits to run the phone wires should be embedded accordingly. Phone wires shouldn't be run in the conduits meant for electricity wires as these wires cause lot of disturbance in phone lines. As far as internet connection is concerned, the modem and wi-fi can be provided at one computer location but provision of phone extensions in different rooms will demand laying of conduits to run phone wires.
DTH cable conduits These days, there is a trend of having an LCD in each room of the house. While the large sized LCD is located in the lobby, the rooms have comparatively smaller LCDs to cater to the programme choice of each member of the family. For such an arrangement, separate cable needs to be run to the set-top box in each room from the dish antenna. These cables demand embedment of conduits for the DTH cable. Some DTH operators have now started providing cable signal through telephone connection and such an arrangement doesn’t require embeding of conduits in the walls. However, a disadvantage of this system is that if the telephone connection is out of order, the cable connection to LCDs also goes phut.
AC drain pipes Fan hook boxes Provision of ceiling fans in the rooms is essential in Indian weather conditions. For this provision, fan hook boxes need to be embedded in RCC slabs during construction. Location of fan hook boxes should be checked and decided carefully and these should not be too close to the walls.
Rain water pipes The roof drainage plan should be prepared before raising the walls of the house and rainwater drainage pipes should be embedded accordingly in the walls. Depending upon the area of the roof, it may have to be divided into segments and slope of each segment has to be aimed towards a rainwater pipe. Preference should be given to providing rainwater pipes in the walls near the recharge well of rainwater harvesting system.
Soil and waste drainage pipes The soil and waste drainage pipes are also to be embedded in walls during construction. For this purpose, the location of seat, shower and wash basin in each toilet should be decided beforehand and then their drainage should be aimed towards an external wall for further connection of floor traps and pipes to gully traps or inspection chambers.
Inserts for cupboard lights Many people prefer to provide lights in the cupboards which turn on when the cupboard shutters are opened. Provision of such lights demand embedment of conduits in the walls for connection to these lights.
Inserts for railings Railing is to be provided in the houses along the staircase flights, all along the well of double height lobby and in the balconies. Such railings demand provision of inserts in the RCC steps, slab or beams to provide anchorage to railing structure. Provision of these inserts should be planned carefully and the inserts should be evenly placed and thoroughly checked before concreting work begins. In case some railing or mesh structure over the boundary wall is to be provided, inserts should be embedded in the boundary wall masonry during its construction.
Kitchen chimney exhaust pipe The exhaust pipe for the chimney to
be provided in the kitchen should be embedded in the wall, if possible, during
construction itself.
Main gate inserts In order to provide them better strength and anchorage, the inserts to hang main gate
of the house should be embedded in the main gate pillars during their construction itself. Leaving slots in the pillars and later
filling them with concrete after embedding the inserting will not be an equally
strong arrangement.
Gas pipe inserts The LPG pipe needs to be inserted in the walls up to the location of the burner after deciding the placement of gas cylinders. This arrangement should also be kept in view during the raising of structure of the house.
Door and window frames Door and window frames can be erected in position either during the raising of masonry walls or at a later stage. In case, it is planned to erect the frames along the construction, wood should be purchased well in advance, dried or got seasoned and frames should be ready for erection by the time the DPC over the foundations is laid. Otherwise, space to embed the frame holdfasts should be left in the wall jambs.
Wall hung seats pipes Inserts to support and drain the wall hung seats of the toilets should be embedded with utmost care in the walls. As the chinaware is purchased by the house builder at a later stage, the seat is not available at the time of embedment of inserts for it. Therefore, the plumber has to use his experience and position the inserts carefully. Otherwise, the seat may get located too high or too low than its desired height of 16 inches from the floor. — This column appears fortnightly
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Builders step on user friendly staircases Those were the days when veteran writer and journalist Khushwant Singh used to invite friends, journalists and others for a chat at his Sujan Singh Road flat. More often than not, those who used to visit there always talk about the spacious staircases of Sujan Singh Park, the first multi-storeyed residential complex of capital named after Singh's grandfather. Talking about these in buildings, one can really marvel the spacious staircases in building of Indian Institute off Planning Administration in New Delhi. The exterior staircase of the Rashtrapati Bhawan and Parliament House in New Delhi are made of sandstone. That shows that even earlier some architects were designing better and bigger staircases. However, much in contrast to those staircases of Khuswant Singh’s apartment, all of us have seen small and dark staircases in old homes and even in newly constructed buildings. It is really a tough call to climb them. Interestingly, although staircases are considered integral to living and working in high-rise buildings, most people are not aware of the basic structure or components that make up a staircase. Architects say that the best staircases are those in which the difference between thread riser is not much. Apart from that, two people should be able to climb these together. According to B.S. Meshram of capital's Institute of Town Planners, "All high-rises must have a minimum of two staircases, each at a distance from each other. The minimum width of these staircases will be based on the type of the building. Residential buildings (dwellings)— 1.6 meters.(For row housing with two storey's, the minimum width shouldl be 0.75 meters). Residential hotel buildings —1.5 metres. Assembly buildings like auditoria, theatres, and cinemas — 2 meters. Educational buildings — 1.5 metres. Institutional buildings — 2 meters. All other buildings — 1.5 meters The staircase used to be the most neglected aspect until recently. With the décor aspects gaining attention now, and defined spaces getting all the focus, staircase is a sought-after area for designers to show their talent. Dr Najma Rizvi, a former faculty member of the School of Planning and Architecture, says that architects and builders should not underestimate a staircase. It should not be considered as another connectivity to the upper floors. "One must keep in mind the fact that it has structural value just as it can be made to ooze aesthetic significance. It connects, it divides, and makes way for movement to other floors above, so workmanship, placement and decorative elements that could make it look like a centerpiece should be kept in mind," she concludes. "We don’t consider staircase as the only safe means of escape during fire emergencies. Lifts and escalators are not considered as exits. Hence, all the well-known realty firms give lot of importance to staircases when they plan some high rise," informs Sunil Jindal, CEO of SVP group. These staircases should be enclosed, and at least one of them should be on the exterior walls of the building and should open directly to the exterior or interior open space or to an open space of safety. The staircases need to be constructed of brick or reinforced concrete with a minimum of two-hour fire rating. Sanjay Khanna, Director of Kailashnath Projects Pvt Ltd, says, "As a builder it is difficult to ignore the importance of staircase because if users find difficulty in climbing then they would think twice before buying a flat or apartment”. Staircases also need to be ventilated. They also need to be enclosed with smoke-stop swing doors on the exit to the lobby. These doors need to have at least a two-hour fire resistance to prevent smoke and fire from entering the staircases, and vice versa. To prevent the entry of fire and smoke, extension of the staircase to the basement is prohibited. A separate staircase, not connected to the main staircase, should connect the basement to the upper floors. Meshram says that there can be straight-run staircases, quarter-turn staircases, three-quarters turn staircases, double return staircases, winding, circular and spiral stairs, elliptical stairs and the geometrical staircases. Explaining the several design factors that are being looked as being a trend, experts explain that concealing staircases is history. The structural elements are now designed to reveal. As far as the material is concerned, concrete staircases are now being replaced by the transparency of glass and the sleekness of steel. Steel, glass and wood are progressively being used for staircases.
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Living with vaastu As a number of readers have raised queries regarding properties on T-points, we take up remedial measures to deal with the negative energy found in such buildings. It is not comfortable to live in a house that is located at a T-junction. They are generally considered inauspicious and are considered vedhi shool (road spear) in Vaastu. A road that runs into the face of a plot/house is known as a T-point. A road that runs straight into the face of house is considered obstruction and symbolises a spear that obstructs the good fortune of house. Vaastu recommends avoiding such plots as it has been observed in many cases that such houses do not prosper. Normally, there are eight types of T-points out of which four have less negative effect. All T-point plots are not bad and inauspicious, and they can be considered on the basis of their placement in a particular direction. T-point on one side of a plot can be considered by determining the right direction. On the other hand a plot having T-point on the two sides is never recommended and is said to be bad for occupants' health, fortune and relationships. Why so? As per ancient Vaastu wisdom energy should flow slowly. If it is allowed to accelerate, which happens if it flows in a a straight line, then the resultant fast flow becomes destructive and anyone coming in its path is sure to be hit. A T-point is an example of how energy can accelerate and then be brought to a sudden stop by the house located at the intersection. The occupants are the ones that will bear the brunt of the destructive energy. Logically, too, it makes sense as there have been many cases of cars crashing into such homes either due to mechanical malfunction, drunken driving or simply due to carelessness of drivers. Also during the night time the headlights from vehicle at the intersection can disturb the occupants. If the T-point is located in a busy area then air and noise pollution can affect the health of the occupants of the house. However, if the T-point is located in a quiet neighborhood, the destructive effect is much lesser. House/plot at the end of a lane or at a dead end is also not very auspicious for the occupants. In my Vaastu practice I studied more than 500 cases where the street was either closed later on or the house was already situated at the dead end of the street. In such houses the growth of the family was stalled, financial position came to the lowest ebb. The elders suffered from melancholia, children left the parents alone. In five such cases there had been murders of the occupants. Interestingly, in USA a film titled Last House On Dead End Street (1977) was based on the real life experience of residents of such a house. In Vaastu, such a situation is not considered comfortable for living. If you are already staying in such a house on T Point and cannot move then here are some of the remedial measures that may be beneficial.
The writer is a Chandigarh-based Vaastu consultant. Readers can send their suggestions/queries at
realestate@tribunemail.com.
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IN CONVERSATION
In response to the above evolving needs of the modern home buyer, the real estate market in India is also undergoing a paradigm shift where new age developers are increasingly investing significant time and resources towards the concept of green buildings. Asha Sharma, who is heading the Environment, Health and Safety operations of real estate group IREO, shares some of the initiatives taken by the group which is the single largest FDI based private equity fund investing in the Indian Real Estate sector. Excerpts: What are the initiatives undertaken by Ireo for adopting this concept in its projects? New age developers such as Ireo have been at the forefront of driving industry adoption of green technologies. Along with innovations in architectural design, township planning and home automation technology, investment in green buildings is now at the heart of Ireo's product philosophy. As a founding member of the Indian Green Building Council, Ireo’s green initiatives are now an integral design input across its multiple residential and integrated townships. The group’s landmark projects like Grand Arch, Victory Valley and Skyon in Gurgaon are all proposed to be IGBC green-certified, and are designed with around 25 per cent of the area allocated for landscapes/green areas to make the environment cleaner, healthier and also aesthetically better for residents. How is you group making green homes a reality? Our building programmes are focused on three key goals of
What practical measures are being taken to achieve these goals in your projects? As far as resource efficiency is concerned we are focusing on conservation and effective utilisation of energy and water . Typical Ireo constructions have more than 50% of exposed roof area with high solar reflectance material to reduce the heat island effect and maximise the energy efficiency of the buildings. High quality double glazed windows to protect apartments from thermal extremes and lessen overall energy consumption need are being used. With the same objective, apartments are also fitted with energy efficient central air conditioning system with variable refrigerant flow (VRF). There is provision for almost 20 per cent of the total water requirement to be heated through solar water heating. All DG Sets installed for the100 per cent power back up, are certified by the Central Pollution Control Board for Emission and Noise Compliance. Use of solar powered street lights and landscape lights, as well as energy efficient (BEE Star Label) luminaries is another step in this direction. Similarly, water conservation is practiced by ensuring that 100 per cent of available rainwater is recharged through rain water harvesting structures. Efficient flow and flush fixtures in the buildings help to reduce wastage in the indoor water usage. Waste water is treated at the Sewage Treatment Plant (STP) with tertiary treatment based on MBBR technology. Treated wastewater is then reused / recycled for landscaping, DG cooling make-up and flushing. To ensure health and productivity a typical apartment design at Ireo ensures that maximum of the total floor area receives direct sunlight. The fresh air ventilation system ensures adequate outdoor air ventilation. Use of Low VOC paints and adhesives help to minimise the adverse health impacts on building occupants. Lastly, special care has been taken for the prohibition of smoking in common areas Solid Waste Management (SWM) planning is another key part of the green building efforts. It starts with at-source segregation of Waste (Organic and Inorganic), which is collected in a special trash room on each floor that in-turn connects to the scientifically designed chute system/service lift. The garbage chutes are connected to an innovative Ireo Centralised SWM facility dedicated to the segregation and treatment of waste from all Ireo projects. This includes recycling of inorganic waste and the disposal of only the rejects and inerts at HUDA landfill site, hence reducing the load on land. Further compost generated from the SWM is utilized as manure for IREO projects
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DECOR TREND The traditional Indian design for windows consists of a grill and mesh fitted on a wooden frame. The windows thus fitted are inadequate due to poor insulation, low strength and inability to withstand high temperatures and rains. They tend to fade under the onslaught of sun and UV and are prone to termites. The Villa window marks a change from the past. It consists of an engineered UPVC frame that can accommodate a grill for security and a mesh to
prevent insects from entering the rooms. Fenesta’s advanced UPVC blend makes the windows weather proof and provides insulation against noise and dust. It saves on air-conditioning costs and has negligible maintenance. These windows are availble in a variety of sizes and allow users to create bay windows at any angle. Home owners can also create bay windows that are combinations of sliders and casements. Contemporary designs like glass to glass joints that allow windows to join at the corners without any members further add elements of style. Announcing the launch Sanjay Gupta, Zonal Head North of the company said, “As a product, villa window is unique not only to India but probably to the world. It has always been Fenesta’s endeavor to design windows that are suited for India’s unique requirements. Villa windows not only address these unique requirements but also expand the design palette available to architects and end users.
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REALTY BITE "By 2020, India's population is estimated to increase to 1.38 billion, with 500 million of urban population, which is estimated to generate unprecedented demand for quality real estate and infrastructure," said a report "Real Estate and Construction Professionals in India by 2020" by Royal Institution of Chartered Surveyors (RICS). "A sustained period of shortfall in annual supply, coupled with an increasing year on year demand, could result in a cumulative demand of nearly 45 million core professionals, over 2010-20, with a cumulative demand-supply gap of approximately 44 million core professionals, over the same period," it added. According to the report, almost 123 million of additional urban population is likely to require professional assistance for construction of houses by 2020. "India would need nearly 4 million civil engineers, 396,000 architects and 119,000 planners on an average, over the next decade. However the corresponding average supply available would only be 642,000 civil engineers, 65,000 architects and 18,000 planners," the report said. The report stated factors such as shortage of colleges and seats, orthodox academic structures with limited room to adapt to innovation and market needs, lack of trained faculty and availability of better pay scales in other fields and countries responsible for the gap. RICS recommended the government to improve regulatory framework, consider passing Foreign Institutions Entry and Operations Bill, 2007 and allocating funds and incentives for skill development in critical area to increase annual supply of professionals and address skill-set gaps in existing manpower. For private sector, it recommended encouragement of internships, collaboration with academia and professional bodies and investment in continues professional training and development of staff. "The contribution of the built environment on the economy accounts for approx 17.5 percent of GDP (2009-10). With a projected area requirement of almost 95 billion square feet between 2010-20 across the real estate sector, manpower requirements becomes one of the most critical elements that will drive this growth," said Sachin Sandhir, managing director, RICS South Asia. "Given that the industry is already beginning to be impacted by a demand-supply mismatch, the projected shortage of various built environment professionals becomes a cause for significant concern as it threatens the sustainability of high growth sectors of real-estate, construction and infrastructure," he added. — IANS
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DLF expanded its footprint further by launching Park Place,
Jalandhar, earlier this week. This is the first residential project by DLF in North Punjab. The project will comprise a luxury apartment complex on GT Road towards
Phagwara. It will have 5.4 lakh sq ft of residential and commercial area and a Club House in a high street area. The project, which is to have five towers going up to 12
storeys, will offer 3 and 4 BHK, duplex and penthouses.
Throughout the construction of a house, embedment of inserts remains an important activity. At every stage of construction, one or the other insert is to be embedded in the walls, slabs or floors. A forgotten insert may lead to dismantling of some portion of completed structure causing delay in completion, extra expenditure and inconvenience to the house owner. It is, therefore, important that the architect and the house builder remain fully vigilant about embedding the inserts. A possible list of inserts, if prepared in the beginning, comes in handy and acts as a reminder to all concerned.
IN CONVERSATION
Apartment culture, which was almost an alien concept in Chandigarh and its periphery till a few years back, is finally taking roots in the region with the end users and investors taking fancy to independent flats and floors. 
The amount of capital gain arising on the sale of the residential house should be utilised towards the purchase of a new residential house within one year before or two years after the date of the sale of the residential house.
A. Your daughter-in-law will have to execute a Power of Attorney in USA in your favour and sign the same in the presence of the officer concerned of the Indian Embassy based in the state in which she is residing. She will have to check up with the Embassy the designation of the officer who is authorised to attest such Power of Attorney under the relevant Act of the State where she is living. The officer will attest her signatures. The Power of Attorney so executed will have to be adjudicated in India so that the same can be accepted by the authorities in India. The Power of Attorney so executed can be adjudicated at Delhi also but it will be advisable to get it adjudicated in the office of the Sub-Registrar having jurisdiction over Baddi. You will have to visit Baddi to take the possession of the flat on behalf of your daughter-in-law.
Q. Conversion of land use from industrial to commercial doesn't tantamount to creation of an asset/enduring benefit. Kindly advise whether the said expenditure will be revenue or capital? 
I am 68 years old and my
total income from pension/interest etc is below the taxable income of Rs 2.5 lakh. I was allotted a flat by DDA in Delhi in 1986. Till recently, the said
flat was self occupied. As I am not keeping good health, I transferred the said flat in
my wife's name in April 2011, as DDA rules permit transfer of flat within close family
members like son/daughter/ wife, on executing certain documents like an affidavit/indemnity bond both from the transferor and transferee and registering the said documents in the Registrar's Office. The DDA also issued me a letter confirming the transfer of said flat in my wife's name.
A. Section 36(1)(iii) of the Act provides that the amount of interest paid in respect of capital borrowed for the purpose of business or profession shall be allowed as deduction from the profits and gains of business or profession provided that the amount of interest paid in respect of capital borrowed for acquisition of an asset for the extension of existing business or profession for any period beginning from the date on which capital was borrowed till the date on which such asset was first put to use, shall not be allowed as deduction. On the basis of the facts given in the query, it would not be possible to argue that the amount borrowed for the acquisition of the property had been borrowed for the purpose of business of the company. This is because the borrowing was by the co-owners and not by the company. Further there is no privity of contract between the company and the NBFC. Therefore, in my opinion, deduction of the interest paid on the borrowings made in the name of the Directors would not be allowed as deduction against the profit of the company. The accounting of loan and showroom in the books of account of the company without a proper transfer of property to the company should not make any difference to the issue of allowing interest as deduction against the profits of the company.
In case of split air conditioners, drain pipes of the ACs are also to be embedded in the walls. While the conduits for electricity wires are embedded by the electrician, the drain pipes are embedded in walls by a plumber. These pipes can be embedded at a later stage also after the installation of the AC units, but in that case care has to be taken that wall finish is restored to its original form after the drain pipes are put in place.
In keeping with global trends India, too, has seen significant evolution in awareness about eco friendly homes amongst home buyers as a result of greater exposure to international living standards and increasing affluence. Home buyers are now increasingly focusing on a more holistic understanding of quality of life delivery, whereby there is now greater consciousness that quality of the ambient infrastructure and environment is almost as important as the quality of the home itself. There is increasing demand for integrating more eco-friendly technologies that save natural resources and result in lower utility bills. Green buildings have, therefore, now moved well beyond being a mere fashion statement. 
Fenesta, India’s largest windows and doors company, launched villa windows in New Delhi recently. Villa window integrates the traditional Indian window design of grill and mesh (popularly made out of wood) with UPVC, the new-age window material pioneered by the company in India. 
With India’s population estimated to increase to 1.38 billion by 2020 leading to potential future growth of the real estate sector, the industry is likely to face a demand and supply gap of 44 million core professionals by 2020, a study said.