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On road to prosperity
Ever since the state government has identified 4,000 kanals for the Central University of Jammu near Suchani village in Samba district in 2008, the prices of land and property have seen a steady increase in more than a dozen villages here. From Rs 9 lakh per kanal in 2009, the price of one kanal of land on Raya Road that leads to Suchani has now shot up to anything between Rs 15 lakh and Rs 20 lakh per kanal.
tax tips
living with vaastu
OFFICE decor
Sahara joins hands with Turner Construction
Realty bite
Project watch
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On road to prosperity
Ever since the state government has identified 4,000 kanals for the Central University of Jammu near Suchani village in Samba district in 2008, the prices of land and property have seen a steady increase in more than a dozen villages here. From Rs 9 lakh per kanal in 2009, the price of one kanal of land on Raya Road that leads to Suchani has now shot up to anything between Rs 15 lakh and Rs 20 lakh per kanal.
The state government had announced the Central University project near Suchani over a couple of years ago and within this period the land holdings of the people here have become virtual goldmines for them. "The prices of land along the six km-long stretch of link road on Jammu-Pathankot national highway that leads to Suchani and further to the site of the Central University have shot up to Rs 50,000 to Rs 1 lakh per marla depending upon the location," said Ajay Gupta, an employee of the Forest Department. "I am bargaining hard for a one kanal plot along this road and am ready to pay Rs 12 lakh but the going rate is more than Rs 15 lakh, he added. If some land owners here are demanding hefty prices for their land holdings, others have simply stopped selling their lands because they expect that once the university comes up the prices will shoot up tremendously and they will also have an opportunity to start some profitable ventures on their land, said Gupta. The site where the university has to come up is just six km from the national highway, 22 km from Jammu Airport and about 23 km from Jammu city. The open and scenic environs and the promise of proper infrastructure to be in place once the university project takes off, has added to the attraction of this area for those living in the congested city areas of Jammu. There are many city residents who are ready to buy plots here to construct houses once the area develops. Thus it is not only the investors who are eyeing this area but end users also and as a result the realty market has consolidated further. "Though I live in Jammu city, I have been trying hard to purchase land on this road, which in the coming years, will definitely become a source of income for me and my family," said Suresh Sharma, a banker by profession. "I frequently invest money in real estate and sell plots after two to three years and make some profit, but here at Raya I want to keep the land for a longer time as once the university is set up this area will be the most sought after by people", he added. Raj Kumar Sharma, an employee of Jammu University, who hails from Jammu, says that investing hard-earned money in the realty here was a profitable venture. "Though I own a house in the Nanak Nagar area I would like to purchase a plot here to run a hotel in future," said Sharma. Yogeshwar Singh Jamwal, a resident of Suchani village, said in the wake of Central University project land owners in Suchani, Badori, Rajinderpura, Raya, Gurah Salathia, Smailpur, Nathwal, Sangwal, Badwal, Ranjiri, Meen Sarkar, Meen Charakan and Patti have started anticipating hefty returns of their lands. "As there are a number of enterprising Rajput families here, they have big plans up their sleeve. They want to construct hotels, restaurants, shops and other commercial establishments as they know that the university would create a market for all these amenities," said Singh. "The moneyed people from Jammu are also eager to purchase land here", he added. And the development and construction activity has already started in the area. A colony for the retired defence forces' personnel is already coming up in the area. "This has added to the realty potential of the area as the temptation becomes irresistible for the educated class to own a plot here to construct a house or set up a business venture later on", said Singh.
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Smart investment
Effective investment in residential property requires the chosen location to meet certain parameters. Fundamentally, the area should have good social infrastructure, availability of adequate public transport and sufficient economic activity to sustain development and growth. These parameters apply equally to investment in NA-certified land approved for residential development and flats in a residential project.
In order to mitigate most of the investment risk, one should restrict one's residential property to Tier 1 and select Tier 2 cities. It is also most prudent to invest in properties where the price tag falls between Rs 2,500-5,000 per sq ft, since such a price tag provides downside protection against any capital value erosion. Simply put, the cost of construction and minimum cost of land literally makes this price segment price safe, and almost guarantees capital appreciation.
Guidelines
If all the above precautions have been taken, the property should have appreciated at a consistent rate of 15 per cent per annum for three years. It is important to remember that one can almost never sell at the peak, just as it is impossible to always catch the lowest price.
Best cities for
residential property investment Some of the markets that currently show the highest residential property investment potential: North India
NCR, Lucknow, Chandigarh and Jaipur East India Bhubaneswar, Kolkata and Guwahati West India Ahmedabad, Mumbai, Pune and Nasik South India Hyderabad, Bangalore and Chennai Within these cities lie the opportunities for a higher delta of capital value appreciation, depending on the demand and supply dynamics of their micro markets and also the quality of the development, reputation of the developer, strategic value of the location and timely completion of projects. The writer is CEO - Business, Jones Lang LaSalle India
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tax tips
Q. I am a retired Army officer. I booked flat with the Army Welfare Housing Organisation (AWHO) in 2000. The flat was ready in October 2009. I have made payments as under.
8/2001 1,24,126 11/2001 1,39,887 1/2002 1,39,887 9/2002 1,39.500 11/2003 2,52,000 3/2004 2,52,000 3/2005 2,52,000 11/2005 2,52,000 4/2006 1,89,000 12/2008 5,77,053 10/2009 2,19,679 The total Payment of Flat 23,57,483 till completion in October, 2009. After the decision of the Supreme Court that Registration will be done on Jayantri rate and not on the cost of flat, registration was done for 47,82,000. Amount spent 2,39,100. Total amount spent over a period of nine years includes registration amount - 25,96,553. Registration done for 47,82,000 Can I sell the flat after three years i.e. after 12/12, and buy a small flat from the amount of long -term capital gain and get the balance money for my old-age expenditure? If the flat can be sold for 60,00,000 after December, 2012 what amount will be considered as long-term capital gain. S.P. Marwaha A. Your queries are replied hereunder:- (a) You can utilise the amount of capital gain for buying a small flat with the amount of capital gain and retain the balance amount for your old-age expenditure. (b) It is not possible to compute the amount of capital gain at this stage because the cost price of the flat will have to be indexed on the basis of cost inflation index notified and applicable for the year of sale. Such an indexed cost would be computed and deducted from the sale consideration. The balance amount would be the long-term capital gain. The cost inflation index for the financial year 2012-13 is yet to be notified and therefore, it is not possible to work out the long-term capital gain for the transaction of sale which will take place in December, 2012. However, on the basis of index applicable for the financial year 2011-12, long-term capital gain would work out at Rs 19,70,348.
Claim deduction for repaying loan
Q. My father and I took loan of Rs 3 lakh for construction purposes from HDFC in January, 2007 against a property, which is in the name of my father. We both signed the loan agreement document. My father passed away in January, 2009. From February, 2011 onwards I have been repaying the loan though post-dated cheques from my bank account. The property in question is still in the name of my father.
I am a Punjab Government employee. My query is that can I claim tax exemption for the said property loan. Kulvinder Singh A. You should be entitled to claim deduction in respect of the payment of loan provided the residential house has become a house owned by you by virtue of inheritance and the income from such property has been reflected in your tax return. This is in view of the fact that the deduction under Section 80C of the Income-tax Act, 1961 (The Act) is allowable to an individual assessee who has made a repayment of loan raised from a specified institution for the purpose of purchase or construction of a residential house, the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head). Therefore, in case you comply with the above requirement, you would be able to claim the deduction in respect of the repayment of the loan under the aforesaid Section.
Gift to daughter
Q. I constructed a house during the financial year 1985-86 (three-storey) on a 169 sq. yd plot and got the same assessed from the Income-Tax Department. My daughter's husband died a few years back and she was left alone with her minor son.
I sold the top floor of my house during the financial year 2010-11 through a registered sale deed for Rs 26, 00,000 and purchased a flat at Zirakpur (Punjab) for a sum of
Rs. 27, 00,000 through a registered sale deed in my own name in the same financial year. I brought my daughter and her son to Zirakpur in this new flat during June 2011. I executed an affidavit sworn before a Magistrate in Chandigarh for having given the said flat to my daughter and her son for their residence and also executed a Will in their favour duly registered with the Registrar at Chandigarh. Now please let me know if there is any tax liability on me for having purchased a second house out of the proceeds of part sale of my first house, which is self-occupied. I have no rental in come from the flat from my daughter and I shall gift this flat to her after a period of three years or so, if I am alive. I am a senior citizen 74 years of age and have two sons and a daughter.
M.K. Arora A. There would not be any tax liability in respect of the long-term capital gain arising on the sale of top floor of your residential house which was constructed in the financial year 1985-86 as you have utilised entire amount of sale proceeds (though requirement is to utilise the amount of capital gain) for the purchase of a residential house within the specified period. The other house purchased by you in Zirakpur can be claimed as self-occupied whereby the annual value of the said house would be taken as nil. There would not be any tax liability in respect of such house also.
Right way to invest sale proceeds
In case I sell one half of my land in one financial year and invest the sale proceeds in the purchase of big residential house in the same financial year, then can I purchase a second big residential house out of the sale proceeds in the next financial year also out of sale proceeds of second half of my land. Ashok Kapoor A. Your queries are replied hereunder:
Choice between Will and Gift Deed
Q. Kindly guide me on the following points:
b. Now, I wish to relinquish my partnership in his favour. Please guide me how best to do this without incurring any expenses such as taxes, builder's charges etc. Would a Will be adequate, or I should submit just a disclaimer to the builder in favour of my son before taking possession of the flat or is there any other convenient and economical method to carry out this?
c. Further, I am original allottee of a self-acquired society flat in Delhi, which I wish to give to one of my sons after my death. How do I ensure this, so that there are no taxes / stamp duty or any other problem later on?
d. When a person inherits a property through a Will does he have to pay some stamp duty/ taxes and / or mutation charges etc?
e. Which is better and hassle-free way to leave property for one's son , a Will or a gift deed?
R. Chauhan
A. Your queries are replied hereunder:
You may also check up the bylaws of the society which are applicable for the transfer of flat in case of death of a member of the society. You can, thus, take the necessary precautions so as to ensure that your son is enrolled as a member of the society and becomes an owner of the flat after your death without any hassle.
The writer can be contacted at sc@scvasudeva.com
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REALTY GUIDE
Destination Zirakpur
Q. Is this the right time to invest in a property in Zirakpur? I visited Zirakpur and there are so many upcoming projects and offering very lucrative offers and I am confused. Kindly advise me what would be the future of these projects? Sushil Kumar, Amritsar A. Over the past few years Zirakpur has come up as a residential and commercial hub in the tricity region. It is just a few minutes drive from Chandigarh and is close to the airport also, and because of its location and the development work as per the new master plan the prices of property here have appreciated well in the past few years. Along with this there is ample choice as a number of projects have come up here. So it is the right time to invest in Zirakpur. Whenever there is confusion about choosing the right builder or project to invest in you should check the builder's previous project delivery record; check with the local broker about the project rates; see the floor plans and all approvals; check which bank is approving loans. All these factors should help you in analysing the worth of any project.
Sour deal Q. I had booked a 3BHK flat in my wife's name in June, 2008 in Panchkula. I booked it by paying Rs 2,50,000 by way of cheque and Rs 1,50,000 in cash. Subsequently, the builder gave me a receipt-cum-allotment letter stating that the flat has been booked and I will have to pay him the remaining amount as per the progress of the project else he will have the right to cancel the booking or charge interest on it. I started receiving reminders for paying the balance money, but I did not pay because the project did not take off as promised. Later on in 2009 I wrote a letter stating that I wish to cancel the booking as the project had failed to progress as per the schedule given initially and asked the builder to return the booking amount. On receiving my letter the builder immediately sent me a legal notice stating that I should pay him the balance amount and also denied having received Rs 1,50,000 in cash from me. Though I did not acknowledge the legal notice, I contacted him and asked about the cash payment made to him. He, however, advised me to sell off the said flat through an estate agent soon but I could not do so since the market was slack. About 10 days back I went to him and again reminded him about the facts and pleaded him to repay the amount paid to him by me. But he refused to do so and rather asked me to pay him an interest of Rs250 per sq. ft. over and above the cost of the flat. Moreover, I also understand that the flat which I had booked has already been sold to some other party. Can I do recover my money from the builder? Virendar Pal A. If the Builder has issued the receipt for the cash or acknowledged the said amount then your amount of Rs 1,50,000 is safe besides Rs 2,50,000 paid by way of cheque and the cheque along with receipt of Rs 1,50,000 is sufficient to prove that the builder has received a sum of Rs 4,00,000 from you. If the project has not been started or not completed as per the terms of the agreement, then the builder is under obligation to refund the entire amount along with interest on your demand. For that you can file a complaint with the District Consumer Forum of your area that has the jurisdiction to settle the disputes of up to Rs 5,00,000.
This column is published fortnightly. Readers can send their queries at Real Estate Desk, The Tribune, Sector 29, Chandigarh (by post) or through e mail at realestate@tribunemail.com
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Green house
The selection of suitable plants is very important for attractive landscaping. A few well-selected plants grown at proper locations have more impact than trees planted at random.
Some of the succulents which have gained popularity as landscaping plants in the recent years are plants of the genus pachypodium. Some pachypodiums are caudiciform, where as others are stem succulents. All these ornamentals are much sought after and highly valued for their long lasting and beautiful flowers and amazing caudices. Even young pachypodiums will amaze you with their prolific floral display. The trumpet shaped white, red or yellow flowers appear at the stem tips of plants aged 6-8 years. Pachypodium in Greek means 'thick rooted'. It is a native of Africa and Madagascar. There are 25 known species, of which five species come from South Africa and 20 from Madagascar. They range from pachypodium brevicaule, not more than a couple of inches off the ground to pachypodium geayi, which grows up to 15 ft. Madagascar is best known for its lush green forests and endangered lemurs, but the island's west coast hosts another equally endangered species of Pachypodium plants. By storing water in their thick tuberous trunks these prickly beauties survive the hot and dry climate. Most of the pachypodium species are rugged and easy to grow. They grow well in porous compost and thrive during summer with hardly any care. During winters these plants shed their leaves and go into dormancy. This week we focus on two species of pachypodium lamerei and geayi that have withstood the test of being one of the best landscaping plants.
Grace in your garden Both lamerei and geayi are surely not cacti as is normally assumed. These are, in fact, stem succulents and are among the fastest growing pachypodiums. These grow best in cultivation. One can easily mistake geayi with lamerei. The trunk of geayi is thicker and metallic grey, where as that of lamerei is thin and shiny silver. They have a beautiful vertical trunk which is covered in clusters of three spines, spiraling around them. The stems are usually solitary and branch only after reaching a height of about 12 ft when grown in open. With the branches, the plant reaches about 15 ft in height and forms a beautiful crown with lanceolate leaves about 1 ft long and 2 inches wide. The leaves of lameri are dark green, and those of geayi are bluish dark green. In pot culture, the plant attains a height of about 5 ft. and needs a nutritious and well-drained soil. Long lasting, white and scented flowers are borne on the crowns of mature plants. Propagation is usually done through seeds. The seed pod resembles banana. As these species are fast growing, other slow growing species of pachypodium are grafted on to these species to expedite their growth. The writer is President of the National Cactus and Succulent Society of India
PLANT CARE
EYE CATCHERS
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living with vaastu
Life becomes joyful and peaceful if your life partner is compatible and environment is congenial. Improper positioning of some items or direction may cause unpleasantness in married life. Vaastu principles can act as a catalyst in improving the marital life.
A proper balance, brings joy, smoothness, minimises problems in relationships etc. Balance the five elements (earth, water, fire, air and space) in your home because each of these five elements is associated with each direction.
The writer is a Chandigarh-based Vaastu consultant.
Readers can send their suggestions/queries at realestate@tribunemail.com.
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OFFICE decor
OVER the past few years office interiors segment has been flooded with new trends, styles and directions for increasing efficiency and productivity. With the emergence of modern day office as a strong branding tool, mobility, flexibility and sustainability are the three key areas that require focus while planning office interiors and ambience. Office interiors now are meant to woo, impress and influence employees, potential clients, associates and other visitors.
Reflecting the need of the 21st century workforce, offices have increasingly become crucial in retaining employees as this seems to affect the output of workers. Today's workers might have smaller office spaces but they definitely have more activities to choose from. There is now space for break out areas, library, resource center, yoga rooms and as well as all the little private rooms.
Less privacy, more flexibility While designing office interiors flexibility, less privacy and more collaboration seem to be the current flavor. As private, enclosed offices are fast disappearing, and cubicles are getting smaller, Open Plan office with clear open sight lines and lower partitions (that make the cubes feel bigger when they offer a panoramic view) are making in ways in the workspace. The freed-up space gets morphed into bigger common spaces and hence more places for collaborations. This trend has grown from the awareness that fewer of us are genuinely solo workers. More of us work in teams and informal small groups. As a result, effective workplaces will feature places where two, four and six workers can settle in for a 20-minute discussion, without the formality of reserving space. These spaces are there, waiting to be used and in the 21-century office they will be.
Small amenities, big comforts Although smaller, more flexible offices and cubes might mean the loss of individual privacy and comfort free spaces are used to deliver sweeter amenities. Spatial areas like yoga room double up as prayer or meditation rooms. Furnishings tend to be simple, a few chairs, some cushions on the floor, but even sparsely equipped rooms are enough to de stress cluttered minds. Other new amenities are shower rooms, game rooms (with a pool table and maybe gaming consoles) and even dedicated gyms. As many workers put in longer days at the office, the company tries to reciprocate by providing more of what employees want. Small amenities that blend in the office interiors may make the difference in how any given employee feels about his or her workplace and organisation, so companies are keen to provide special comforts that make staff feel appreciated.
Going green Another trend that's catching up and is in line with the need of the hour is the use of green. Spaces are being opened up to more natural light thus creating energy-efficient office interiors. Green materials can now be found in carpets, furniture finishes and even paints. The current trend for interiors is to use large open space designs that incorporate solar panels, atriums and tall windows. More and more businesses are now opting for sustainable, environmentally sensitive offices. Furniture made from recycled content, organic fabrics and energy star business equipment that uses less electricity have become commonplace. In most cases, they are price competitive with ordinary, non-green counterparts. With more manufacturers rushing to produce green goods, green is here to stay for long.
Back to the basics The new trend has been going back to the basic colour schemes and using natural hues. The best office interiors today use a neutral colour scheme that's balanced with artwork that reflects the company's personality and image. Colour is very important as it has a huge effect on employees' concentration and moods. Warmer colours like beige or light brown for office interiors tend to create a comfortable and relaxing feel while using natural colours, like blue or grey create a relaxing quiet aura.
Colour coordination Office interiors should be considered a part of the branding strategy. Today, companies are using office interiors to distinguish themselves from competitors, stand out to customers and make an impact. A simple way of branding office interiors is to sample the colour scheme from your corporate logo and use this in the overall office interior design. As global giants like Google are pioneering setting up cool and fun offices that offer flexi workplaces, cafeterias, breakout areas and yoga rooms workplaces are no more viewed as the outer domain. The cascading recognition of the success of these interiors has made sure that others want to hop aboard this trend. Offices are no longer just about where we work, they also reflect something important about who we are, and that means clear thinking has to go into creating tomorrow's workspace! The writer is Director, Studio a+i
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Commercial property on shaky ground After a sharp growth for about two years, the commercial property market in the country witnessed a slowdown in the last quarter of 2011, as sentiments were hit by tight liquidity and uncertain demand conditions, says a survey.
"... market sentiment seems negative - it points more towards a slowdown in the commercial property segment, rather than anything more material, especially as the market is now levelling off after having risen substantially over the past two years," a survey conducted by RICS on Indian Commercial Property said. In its Q4 2011 Commercial Property Survey, RICS said that expectations for both investment and demand have been downgraded. The report further said that the investor demand fell for the third consecutive quarter during the October-December period of 2011. In addition, expectations for future transaction activity also declined and the fall in investor appetite has also led to capital value expectations remaining negative. RICS said the sentiment in the occupier market has also turned a little more negative, after significant rise in rents through 2010 and the first half of 2011. However, falling tenant demand and rising supply of space leads to a further deterioration in the rental outlook. "During 2011, we witnessed a continuing slowdown in supply of prime office space coupled with a decline in office space take up. This sentiment was indicative of the larger scenario of uncertainty within the corporate sector both in India and in the global market which impacted demand," Anshuman Magazine, Chairman at RICS South Asia Board, said. He further said the continuing volatility in the global and Indian financial markets, coupled with rising inflation and interest rates, had led corporates and developers to be cautious in their expansion plans. "The tight liquidity situation, high interest costs and uncertain demand were deterrents for the developers to construct. It would be safe to say that this sentiment would remain, till the global and the Indian economic situation stabilises," he added. Globally, expectations in both the investment and occupier markets have been downgraded in an increasing number of countries, the report said. The quarterly survey was conducted among 900 real estate firms to gauge the developing trends in the commercial property investment and occupier market.
PTI
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Sahara joins hands with Turner Construction
The Sahara Group sewed up a joint venture earlier this week with US-based Turner Construction and a private equity firm Acropolis Capital to undertake $ 25 billion worth projects of Sahara Prime City over the next two decades.
Sahara Prime City is the real estate arm of the Rs 1.30-trillion privately held diversified Sahara Group. "Sahara Turner Construction will provide integrated construction services and will lead the construction of the chain of Sahara City Homes' integrated townships and other projects of Sahara India Pariwar," Sahara Group chairman Subrata Roy told reporters in Mumbai. "It is planned that the construction volume of Sahara Prime City will reach $25 billion over the next 20 years of which $2.5 billion will be completed over the next five years. Sahara Turner Construction will be the preferred contractor for the execution of this entire volume of work, and will also play role as a project management company," Roy added. The partners did not disclose the financial details of the joint venture. While Acropolis has been roped in as a private equity partner for the new company, Turner - which was the project manager for the iconic Burj Khalifa in Dubai - will provide expertise in the construction field, Roy said, adding, "an investment of about $100 million will be made over the coming years for undertaking projects". The company will lead the construction of the chain of 'Sahara City Homes' integrated townships and other projects of Sahara India Pariwar, he said. "All our projects under the real estate firm will be undertaken by the new venture. The new company will not limit itself to the Sahara projects but will also pursue third-party building-construction projects. We want to emerge as a multi-product and integrated construction services company which covers the life cycle of building infrastructure and real estate projects," Roy said. Currently, Sahara has a 63 per cent stake in the new company while the rest is held by Turner and Acropolis. "The investment pattern will change depending on the projects we undertake," Roy said. Turner, on the other hand, has spent around $1 million in setting up the partnership, its president and chief executive Nicholas Billotti said, adding, "we look forward to making a significant contribution to the construction market in one of the world's fastest growing economies." Roy further said the collaboration with Turner will continue in its future ventures including entering the infrastructure sector. "We will continue our association with Turner in our future ventures as well. We are in talks with the company's sister concerns which are into the infrastructure segment for a similar collaboration to bring the best quality services in the sector to the country," Roy said.
PTI
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Realty bite
Realty firm AMR Infrastructure is developing an integrated township at Greater Noida with an investment of Rs 1,200 crore.
"The 25-acre project includes IT office space, residential units and a shopping mall. The shopping area will be a kind of adventure sports mall, where over 45 kinds of activities will be offered," AMR Infrastructure Managing Director Kapil Aggarwal said recently. Asked about investment, he said, "The total cost of the project is Rs 1,200 crore. We have already put in Rs 600 crore". The company would fund these investments through internal accruals and sales to customers, he added. AMR, which is part of Delhi-based R.C Jewellers, would develop 10 lakh sq ft of IT space, while the adventure mall will be constructed in an area of 10.5 lakh sq ft. "We will also offer 800 fully-furnished service apartments inside the project. We have planned to sell the flats at a rate of Rs 4,000 per sq ft," Aggarwal said. Elaborating on the project, he said the adventure mall will offer various facilities such as helicopter joyrides, hot-air ballooning, remote-controlled airplanes, remote-controlled Formula 1 cars and reverse bungee jumping.
PTI
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Project watch
The DLF group recently launched the fourth phase of its 209-acre DLF Valley project in Panchkula. In the fourth phase 57 plots in various sizes ranging from 400 sq yd to 800 sq yd and a limited number of independent floors are being offered to buyers.
The expected average price for plots will be Rs 40,000 per sq yd and of independent floors Rs 5,000 per sq ft. Construction of all of the first three phases of DLF Valley, the largest single settlement in the Kalka-Pinjore belt, is proceeding at a hectic pace. Speaking on the occasion Mohit Gujral, Vice-Chairman and Managing Director, DLF India Ltd, said "more than 1,800 independent floors of various sizes ranging from 1,450 sq ft to 4,100 sq ft offered in the first three phases of the township project had been sold out. By the time the entire township is fully occupied, we expect more than 24,000 residents to inhabit DLF Valley, making it the single largest settlement in the area". On the product mix, Gujral said that DLF Valley predominantly comprises of independent floors and plots. The subsequent phases will confine to group housing and commercial spaces". The DLF Valley, Panchkula was launched in February 2010 with a promise to deliver within two years. TNS
Realty group Gaursons India Ltd. performed bhoomi pujan of its new project Gaur Cascades at Raj Nagar Extension (RNE) ealier this week. It is one of the very few projects in Delhi NCR that are brought in the market after getting all the approvals in place.
Speaking on the occasion, Manoj Gaur, MD, Gaursons India Ltd, said that the group will ensure complete transparency for the benefit of buyers, " We assure our investor/buyers that they will get whatever they will be promised and in whatever manner they are promised. Being the part of CREDAI we want to implement CREDAI's mission of transparency and this project is a step in that direction." Spread across 10 acres, this project will have varied options of 2 BHK, 3BHK and 4 BHK in various sizes starting from 1,190 sq.ft. to 2,400 sq.ft. There will be around 1,080 units and the price starts at Rs 2,700 per sq.ft. TNS
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Green house
12/2000 20,000
Q. Kindly let me know the legal position in case I invest the whole of sale proceeds of long-term capital gains in the specified assets in the name of myself, my wife and two children to avoid capital gains tax. Similarly, to avoid capital gains tax on account of sale proceeds of my agricultural land in the urban area (long-term capital gain), can I purchase a big house with land appurtenant thereof within the specified period in my name only or in the joint names of my wife and children. Kindly clarify?
a. One of my sons has booked a flat with a builder in Punjab with his own funds. The flat is under construction. At the time of booking he included me as a joint applicant. The agreement with the builder also contains this arrangement.
