Rise of the ‘golden mini’ cities 
A number of upcoming projects have made the Pinjore-Kalka stretch of NH-22 a realty destination of choice, reports Pradeep Sharma

The realty scene in the periphery of the tricity has been booming with Zirakpur, Dera Bassi, Kharar and Mullanpur buzzing with activity. The area along the Pinjore-Kalka stretch of the NH-22 has also joined the ranks of these “golden mini cities”. The picturesque area nestled in the Shivalik foothills has caught the fancy of Haryana Government-controlled Haryana Urban Development Authority (HUDA) and several big realtors are also cashing in on the desire of end users and investors to own property in the periphery of tricity.

Brimming with choice

With at least half a dozen major realtors, besides HUDA, launching their residential and commercial projects here, this area has become an attractive proposition for prospective buyers. A wide array of projects in the area is likely to spice up the real estate market in the otherwise lackluster property market in the tricity area over the past one year.

A purview of the upcoming projects reveals that there is something to suit every pocket here with options including freehold residential plots, group housing flats, low rise apartments, villas, commercial space etc. With so much to choose from, the customer is set to be the king. However, the developers, too, will benefit as the area is very close to Panchkula, the road connectivity is very good and more and more prospective buyers are now scouting the periphery areas for buying a house.

HUDA obviously would be the major developer in the area with its much-awaited Pinjore-Kalka Urban Complex spread over an area of nearly 650 acres set to be launched shortly. Suprisingly, HUDA was the first to announce its intention to develop the area as Pinjore-Kalka Urban Complex about four years ago. However, the project ran into rough weather with the Union Ministry of Environment and Forests raising objections.

But now the stage is set for the project to get rolling. “The layout plans for the three sectors are in the final stages of approval by the Haryana Government following which HUDA’s residential and commercial urban complex would be opened to the public,” said Panchkula’s District Town Planner Hitesh Sharma.

Plus factors

The strategic location on the Zirakpur-Shimla highway, and the sylvan environs have been the major USP of the area for big realtors. “It is being looked as one of the major residential markets in the area with Baddi— a hub of over 3,000 industries — just half an hour’s drive away. Currently, a major section of working population in Baddi commutes daily from Panchkula and Kalka,” says B.K Sanghi, president of the Haryana GH Federation.

This coupled with the completion of the four-laning project of Zirakpur-Parawanoo highway and Pinjore bypass would ease traffic flow on the NH-22. As currently the area is not densely-populated, the low-rise group housing accommodation will attract the middle and lower middle class hoping to have a home in the region.

Big players in the race

Even as HUDA gears up to launch its project, DLF and Ireo groups have already entered the fiercely-competitive realty scene here. Both these realty giants had already set the ball rolling for the development of their projects over an area of around 200 acres each. In fact, the emphasis in both the projects seems to be on integrated townships comprising residential, commercial and recreation al facilites, including clubhouses, schools and hospitals.

While the DLF Valley, Panchkula, is situated on a flat terrain amidst scenic surroundings with river bed, hills and forests ensuring a tranquil and peaceful abode, Ireo’s sprawling villas promise a “neighbourhood feel”.

Mumbai-based realty major Rahejas Group, too, is in the process of launching a project here. Another realty group — Evershine — has been given a licence to develop a nine-acre commercial complex.

The existing real estate developers, including Amaravati Developers, are also in the process of expanding their projects. Experts feel that the new complex would go a long way in de-congesting Panchkula township which is currently bursting at the seams as major Haryana Government offices have been shifted to this district headquarters.

With property prices being much less than those in Chandigarh, good connectivity and planned development on the cards, the property scene in Panchkula has revved up off late particularly in the newly-developed sectors in Panchkula Extension (from Sectors 22 onwards). Thus the urban complex, where prices are still lower than those in other parts of Panchkula can cater to the future housing needs of the area.

Advantage Pinjore-Kalka urban complex

n Strategically located on NH-22.

n Residential, commercial, recreational and group housing options.

n With four-laning of the highway, faster connectivity to major towns in the region is in the offing.

n Panoramic view with Shivaliks in the backdrop.

Pinjore-Kalka

AMRAVATI ENCLAVE

Plots 30,000 to 35,000 per sq yd

Flats 2800 to 2900 Per sq ft

DLF VALLEY

Plots 48,000 to 50,000 per sq yd

Flats 3,250 to 3,300 per sq ft

IREO Five River

Plots 37,500 to 38,000 per sq yd

Pinjore & Around

Plots 25,000 to 26,500 per sq yd

Flats 2000 to 2100 per sq ft

Kalka & around

Plots 20,000 to 23,000 per sq yd

Flats 2,000 to 2,150 per sq ft

Please note: Price may vary according to the “age” of the building and its location.
Source: Nirmal Infrastructures, Mohali
nirmalinfrastructures@yahoo.com

Property peek
What’s on offer

n Townships with state-of-the-art amenities.

n A 9-acre commercial complex to cater to residents entertainment needs.

n A “special zone” for prospective high-end residential and commercial property seekers

n HUDA’s 650-acre residential, commercial and group housing three-sector complex

Loan terms to go soft
Mortgage guarantee to ensure better home-loan terms 
S.C. Dhall

Home loans may soon come at better terms with the concept of mortgage guarantee set to take off in March. Mortgage guarantees will ensure softening of interest rates as well as more credit availability for retail home loan borrowers.

India’s first mortgage guarantee company will soon become operational. All the shareholders, technical services and subscription agreements have been executed among the four joint venture partners as of February 3. The four-way joint venture will be named India Mortgage Guarantee Company.

Technical partner

While NHB will take a 38 per cent stake in the company, and be the largest shareholder, US-based Genworth Financial will be the technical partner with 36 per cent stake. The Asian Development Bank and International Finance Corporation have approved and taken 13 per cent each in the company.

With mortgage guarantee, which is basically a risk-mitigant, a home-loan borrower may be able to reduce his equity for taking a loan. This is because the guarantee will provide the lender the freedom to lend more under the permitted loan-to-value norms. A mortgage guarantee company provides credit guarantee to housing finance companies and banks on behalf of home loan borrowers. The guarantees are invoked in case of default by home loan borrowers.

The guarantee fee is the main revenue stream for a mortgage guarantee company. The guarantee fee could be either fully borne by the borrower or shared between the borrower and the lender.

A few years back the RBI had come out with separate regulations for mortgage guarantee.

Kitchen comfort
A fully loaded kitchen with plenty of storage space is light years ahead of its predecessors
Shobita Shivshankar

Deepanjali Sahai is a self-confessed designer-label junkie. Jewellery, dresses or shoes, she buys the best and the price is never a consideration.

So, when she got married and moved into her husband’s new apartment in Mumbai’s Lokhandwala, she felt something was lacking in the otherwise well-planned place. And that something was a place she was going to spend a lot of her time in — the kitchen. It was plain and very basic.

She contacted a professional kitchen designer for her dream kitchen. The designer carefully studied the area, understood the needs of the household and then began working on the design. He gave a layout plan that incorporated work surfaces and storage spaces. The idea was to have proper places for cabinets, sinks, ovens and mixies and other gadgets.

It is little wonder then that an increasing number of upwardly mobile housewives are fast realising that in the modern world a fully loaded kitchen with plenty of storage space is light years ahead of its predecessors.

Hang Up

In case storage is a problem hang as many things as is aesthetically possible without making a clutter. Put up racks on the wall for hanging stuff on. Remember the back of the cabinet door can also function as a place to hang things. If you like a little greenery then pots can be hung from the ceiling, although make sure that they are not low enough for people to bang their heads into.

Divide & Cook

Another useful idea for storage is to use dividers for different things in the kitchen. Have drawers for spoons, forks and spatulas and different ones for knives, peelers and slicers. Never put sharp objects in congested drawers. Items that are not required frequently should be relocated to a small labelled bottles or plastic zip log bags and put in a separate drawer.

Pull-Out Shelves

One of the most useful storage space designs these days is the shelf that pulls out completely. This not just makes it more accessible but gives you far more storage space. It is most useful for putting your china, glassware and cutlery. In fact, even your less-used gadgets can be put in one of the racks that can be conveniently pulled out when required.

Spice It Up

Storage of spices needs special attention as these are required frequently. You should not be hunting around for your favourite oregano and basil while making pasta, neither should you be foraging for the dhania powder or hing when doing a daal tadka. Clearly marked out racks should hold your spices and they should be at eye level. A better idea would be to put spices on revolving racks that are easily available in the market.

Pantry Pertinence

The pantry is one of the most vital places in the kitchen and its importance cannot be understated. Care should be taken that it doesn’t take up too much space and packs in all that you plan to store. For convenience, a pantry should be next to the refrigerator so that food items can be shifted with ease. Store your food in similarly sized containers so that they fit into the pantry easily.

Plan to have enough space in your pantry not just to store raw foodstuff and items that don’t require refrigeration you must also have extra space so that you can store stuff that you can use sometime later. In fact keeping things organised with plenty of storage space will help you to be more efficient, save time and above all keep your kitchen and pantry looking snazzy and smart.

It is no secret that a well-planned kitchen makes cooking a far more pleasant activity. So why sigh and despair looking at your drab kitchen. If you have the will then call up a specialist who will give it a new life and sparkle. Or better still use your own imagination and creativity to design your dream kitchen. — NF

The seven Commandments

PLANNING

A kitchen should cater fully to the individual needs of the family. Don’t let a designer thrust ideas which you are not comfortable with.

WORK SURFACES

Remember to place the sink and cooking oven in line or at right angles linked by a spacious working surface. The refrigerator and storage cabinets should be easy-to-reach and can be placed wherever they suit your need.

STORAGE

It is always a good idea to have the maximum storage space and minimum floor area. Otherwise you would be constantly walking from one end to another. The utensils and containers should be at an arm’s length from the cooking range so also the masalas, oil and other edible stuff used in cooking.

VENTILATION

The smell of cookery can permeate the whole house. So a kitchen must have a window and an exhaust fan. But you must not leave doors open otherwise the exhaust will not be able to operate efficiently and effectively.

LIGHTING

Good lighting, natural and artificial, is vital for the kitchen. Enlarge a window, replace small panes with a single sheet of glass and spotlight work areas. Remember, kitchen lighting is serious business as it can effect your cooking skills.

EATING AREAS

Easy access to the kitchen is vital. Perhaps a hatch to the dining room may be old-fashioned, but it’s still a good idea.

WALLS & FLOORS

Easily washable floor and walls and not having nooks and corners where dust and grime can settle arethe main priorities in kitchen planning. Always remember to have storage space for keeping dusters, brooms and mops.

Green house
Maj Gen C.S. Bewli ...
An exuberant array

Agaves, the natives of Mexico are perhaps the most familiar of all succulents. These stem succulents are regarded as rosette perennials. Most of the species are generally slow-growing plants that grow well in porous compost.

These flower once in their lifetime — on reaching maturity — and generally die afterwards. These hardy and easy-to-grow succulent plants offer a wide selection of shapes, sizes and forms. The long leathery and fleshy leaves with terminal spines have great longevity and give an ornamental look. These take 8 to 20 years to reach maturity and vary from dwarf species of 10-12 cm in diameter to huge plants of almost three metres in diameter.

The bigger varieties such as agave americana, make striking landscape plants that look majestic in large spaces. The smaller species such as agave filifera, parviflora, titanota, stricta ‘nana’ and victoria reginae are excellent pot plants for green houses and mini gardens. The medium-sized plants such as agave parryi, attenuata and bovicornuta that form outstanding rosettes are suitable for landscaping as well as planting in containers. These plants form an important element in each garden as they remain beautiful throughout the year. Because of their conspicuous and unique look, they are much sought after. Propagation is done from seeds, vegetative offsets or through stolons. For good growth, these plants should be fed with nitrogen fertiliser once in spring.

Agave parviflora

Plant facts: This is a low-growing and stemless dwarf species, whose single head hardly exceeds 6 inches in height. It is a compact thick leaved rosette forming perennial with rigid and pointed dark green leaves having beautiful white markings. Smooth leaf margins have conspicuous white curling fibres along the edges.

Growing grace: It does well in our climate and can tolerate hot sun in summer and extreme cold in winter. To get a compact rosette, it should be grown in a sunny and airy location. Propagation is through seeds as well as through offsets which come on mature 7-8 year old plants. Flower spike is 3-6 ft long with cream-coloured flowers, and appears only on a mature plant. It should be grown in porous soil mix. It should be watered freely during summer but in winters water only when the top soil gets dry. The plant grows well even without fertilisation, however, it should be fertilised once in spring with nitrogen fertiliser.

Agave stricta ‘nana’

Plant facts: Agave stricta ‘nana’ is a dwarf and slow-growing striking symmetrical rosette of many yellowish green narrow, pointed, needle-like leaves. The plant gives look of a spiny ball of compact leaves with terminal spines. The leaves reach upto a length of 25 cm when grown in pot and love exposure to full sun.

Growing grace: For the rosette to remain compact and beautiful, the plant should be grown in porous soil mix and a tight watering schedule shpuld be followed by allowing the compost to dry between two waterings in summer. In winter, the requirement of watering is reduced. Flower spike, which appears on a mature plant, is about 1.2- metre tall with maroonish flowers. Because of its small size, it is an excellent plant for containers and for landscaping mini gardens. These plants add a distinct flavour to the garden due to their yellowish-green colour. Propagation is from seeds or offsets.

Health metre

n Remove the dead and diseased leaves periodically.

n Grow in a sunny and airy location.

n Grow in wider pots. As the plant grows bigger the pot size should be changed accordingly.

n Take care of the terminal spines from hail and other external damage as they don’t regenerate.

n Remove offsets for overall beauty of the plant, these can be grown separately.

n Don’t over water for the crown to remain compact, allow the plants to dry before watering.

n To get healthy leaves, nitrogen manure should be added once in growing season.

Pick of the week

Tile style

RAK ceramics’ two new collections of tiles — Nanopix and RAK Slim — have added to the wide choice availble to home builders. The digital printing technology-based Nanopix range has been created by infusing artwork, digital image or photographs into ceramic and vitrified tiles. These tiles are ideal for indoor and outdoor applications on floor as well as on walls. This collection is inspired from high-end stone materials and world class buildings, and is available in sizes 60 x 60 cm & 45 X 90 cm in 40 different shades.

RAK Slim, on the other hand, is a collection of ultra-thin fully-rectified vitrified wall tiles that measure less than one-fifth of an inch (4.5 mm). It comes in a 24"x12" (60 mm x 30 mm) format. This collections is available in 12 high-design colours with a natural finish. Slim porcelain tiles are lightweight and easy to handle for fast and accurate installations. These are perfect for being used as indoor wall tiles or for exterior cladding projects, and also be specified as TILE ON TILE concept in large and heavy commercial areas.

Classy glaze

Marbonite GVT recently launched the "Glazed Vitrified - GVT" Infinity collection in India. This collection imprints the “no boundary” concept to offer limitless possibilities in design and style to add elegance to home decor. The range comes in earthern colours, textured finishes and petrous designs. Moreover, the homogenous natural granity stone body of these tiles makes these tough, durable, highly scratch-resistant and 100 per cent stain-proof. The glaze on the surface is composed of specially selected and handpicked hard minerals. —TNS

tax tips
S. C. Vasudeva email your queries to sc@scvasudeva.com ...
Two tax exemptions at a go?

Q.I own a house in Karnal, and my wife is the joint owner of that house. We both had taken a loan of Rs 11 lakh from the SBI in 2007 for purchasing the plot and had constructed the above mentioned house in the same year. I remained posted in Karnal from April 1, 2011 to July 7, 2011 and was transferred to Kurukshetra after July 7, 2011 where I am living in a rented accommodation. During the financial year 2011-12, me and my wife have paid Rs 64,124 as interest and Rs 1,15,876 as principal amount to the bank. I deducted only 50 per cent of the interest amount (being my share) i.e. Rs 32,062 from my gross salary towards loss from my house property while computing my income tax for the financial year 2011-12. My rental liability for the period from July 7, 2011 to March 31, 2012 will be Rs 45,000, whereas the HRA received from the government will be only Rs 44,162. As I have paid rent during the financial year, I also deducted HRA amount of Rs 44,162 from my net salary under Section 10 apart from the interest amount of loan repayment.

However, the accounts officer in my office is not agreeing with this computation, and she is of the opinion that out of two deductions, benefit of only one can be availed of.

Now my question is that whether I am entitled to the above two deductions as I have lived for some part of the year in Karnal in my own house and in a rented accommodation in Kurukshetra after getting transferred there? My wife and children have, however, stayed in Karnal throughout this financial year and my wife’s posting is also in Karnal district. — Rajiv Anand

A.The Section 10(13A) of the Income-Tax Act, 1961 (The Act) deals with the exemption allowable in respect of any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on the payment of rent for residential accommodation occupied by the assessee to such extent as may be prescribed. The exemption is allowable provided the residential accommodation occupied by the assessee is not owned by him and the assessee has actually incurred expenditure on the payment of rent in respect of residential accommodation occupied by him.

On the basis of the facts given in the query, it is evident that the residential accommodation at Kurukshetra is not owned by you and you have actually paid a sum of Rs 45,000 as rent for this accommodation. You are, therefore, entitled to claim the exemption of house rent allowance to the extent permissible under Section 10(13A) of the Act read with Rule 2A of the Income-tax Rules 1962. The exemption under Section 10 (13A) of the Act is independent of the deduction allowable under Section 24 of the Act with regard to the payment of interest on the amount borrowed for the construction of a residential house. The Accounts Officer of the organisation in which you are employed has not correctly appreciated the provisions of the Act. In this connection, you may invite her kind attention to provisions of the Sections referred to herein above. These Sections do not place any bar on the claiming of the two deductions. 

Can a Will ensure legal right to property?

Q. I want to get some clarification regarding making a Will. If I make a Will in favour of my daughter will it be sufficient for her to get legal possession of the flat where I am living at present or will she have to do complete some formalities to get a clear title which can’t be contested by relatives etc? Will it be necessary for her to get the property registered in her name after my death? Will she have to pay any stamp duty, etc, on occupying the flat? — Gurdip Singh

A.It will be possible for her to get the mutation of the flat done in her favour on the basis of the Will provided the society or the builder of the complex in which the flat is situated don’t insist for a probate of the Will. In such a case she will have to approach the court for obtaining a probate of the Will. This would require the payment of stamp duty. It would also require the help of a lawyer for doing the needful. The probate so obtained would enable her to get the legal title to the property.

A Will can be contested by any interested party. However, such a party may not be able to succeed in the court unless it can be proved that the Will was obtained by fraud or coercion. 

Borrower’s share decides rebate claim

Q. I had taken a home loan jointly with my father . The property, too, is in our joint names. I have read in your column that in case of a joint loan any co-borrower can claim any per cent of rebate on the Interest paid to the bank. Suppose now my father claims rebate for 70 per cent of the total interest paid, and the rest 30 per cent is claimed by me. My father is going to retire after three years. After that can I claim the entire benefit of rebate on interest paid by us to the bank? — Saurabh Bhardwaj

A.I have gone through the earlier replies to the queries published in these columns and have not come across any reply which suggests that the deduction for interest against income from house property can be claimed as per the discretion of a borrower in case of a joint home loan. The claim for deduction of interest would depend upon the share of each of the co-owners in the property against which a joint home loan has been obtained.

In the absence of any mention in the ‘sale deed ‘ with regard to the share of each of the co-owners, it is presumed that each one owns to the extent of one half of the property. Accordingly, a deduction for interest paid / payable can also be claimed in the same ratio. It may, therefore, not be possible for you to exercise discretion so as to claim the deduction to the extent of 70 per cent by your father and 30 per cent by you unless and until your father and you are owners of the house property in that ratio.

Clarification

Q. I have gone through your reply to my query in Real Estate (dated January 28, 2012). It is quite clear except that how the 1/5 share allotted to second brother on the death (August 1, 1996) of eldest brother will be dealt with. Since second brother has also expired on July 4, 2011, will it go to the two sisters who are alive or will get distributed among all (living sisters, expired eldest sister’s children and expired youngest brother’s widow/daughter) equally. — Kuldip Singh

A.It had been clarified in the reply that on the death of the second brother on July 4, 2011, his 1/3rd share in the property would devolve on the two remaining sisters in the ratio of one half each. No part of such property would devolve on the expired elder sister’s children or expired youngest brother’s widow or daughter. As explained in the reply this opinion is based on my reading of the provisions of Section 14 and 15 of the Hindu Succession Act, 1956. It would be advisable to seek opinion of a senior lawyer dealing with the subject.

REALTY GUIDE
B K Sanghi email your queries to realestate@tribunemail.com ...
Power of Attorney can be endorsed abroad

Q. My son is an NRI and is currently living and working in Singapore. He is planning to buy a flat/plot in India for constructing a house. As it is not certain that he will be able to meet the officers concerned in the government officers or the developer’s personnel during his short visits to India, I wish to transact on his behalf through General Power of Attorney (GPA). For this purpose I need clarifications on the following: n Is such a transaction permissible? n Can my son execute GPA with the Indian Embassy of the country of his residence? What will be the modalities of framing such GPA vis-a-vis my signature? — Krishna Dev Uppal

A.Yes such transactions permissible. An Indian citizen living outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farmhouse.

 Your son can execute GPA (General Power of Attorney) in your favour for completing the formality for a valid transaction.

1. GPA Attestation should be by a Notary or diplomatic agents in the Indian Embassy.

2. Foreign Power of Attorney should be got stamped by the Collector after its receipt in India within the prescribed time of three months generally called endorsement of GPA in India.

3. Registration or endorsement of power of attorney authenticates the deed of power of attorney.

Will permission to mortgage hamper getting an NOC?

A.Just getting a permission letter by HUDA to mortgage the property will not have any impact on the ownership of property or the issuance of an NOC.

Your title is clear and you are the bonafide owner of the said property. If you want to be doubly sure on this, you should return the original permission by HUDA for mortage to be placed on your file accompanied by an affidavit stating that you had not availed the loan.

vaastu wisdom
madan gupta spatu email your queries to vaastu@tribunemail.com ...
Divine dilemma

Q. I have rented a beautiful and spacious house for living in Karnal, but the pooja room is under a staircase. I’m on the ground floor and the people staying on the first floor have made a duplex and their staircase is right on top of my pooja room. They have actually built a bar under their stairs, and my prayer room has a concreted level area on top of it. My query is: Can I use this room as a prayer room or shift the idols to some other place? — Kiran Mehan

A.The direction and location of prayer room has been discussed in detail in our previous columns. You can also search these articles by logging in to www.tribuneindia.com and selecting Real Estate section. However, the position of pooja room in your case is not in accordance with Vaastu principles. It is advisable to shift it to the northeastern corner of the house. You can fix a small readymade wooden temple on a wall if there is not enough space in that portion of the house. There should be no stairs or toilet above the prayer area.

Discard waste items

Q. I constructed a new house four years ago. After the woodwork was completed, a lot of waste wooden pieces were left, which I kept to burn at the time of Lohri every year. But even after four years a lot of this waste wood is lying with me, and I have kept it in the north corner on the roof of the house. Someone recently told me that I should not keep wooden waste on the roof as per Vaastu principles. Is it true? If so, then where should I keep this wood? — Nripander Parkash Khanna

A.Keeping waste material like old newspapers, wood, broken glass, and furniture, defective or irreparable electronic items on the rooftop or in the east is not advisable as this material attracts negative energy. You should get rid of such unutilised or useless items, preferably on Saturdays. However, if you want to keep such items and materials for future use, then these should be kept in the southern direction.

Mumbai loses sheen

Mumbai has lost its sheen of being in the top 10 most expensive office locations in the world for the first time in six years and slipped to the 15th position in the new list compiled by global realty consultant Cushman & Wakefield. “Mumbai’s Nariman Point drops to 15th most expensive central business district (CBD) office location from its previous 8th position... This is also the first time in over six years that Mumbai fell out of the top 10 rent rankings," Cushman & Wakefield (C&W) said in a statement. As of December 2011, the occupancy cost in Mumbai’s CBD stood at $73.3 per sq ft, registering a decline of 8 per cent it added.

"The decline of Mumbai’s CBD rentals is reflective of two very important aspects — firstly, that other micro markets across Mumbai are witnessing a growth vis-a-vis the CBD.

“Secondly, that there is a certain amount of rationalisation in rentals in locations that had seen unprecedented rise in peak periods of 2007-08,” C&W Executive Director Ravi Ahuja said.

Nariman Point has seen a steady and planned decline in the last few years as other micro markets like Bandra-Kurla Complex (BKC) and Lower Parel recorded a corresponding rise, he added.

“BKC was consciously planned to decongest the CBD over a period of time and we see this phenomenon setting in,” Ahuja said.

According to the study by C&W, Hong Kong, London and Tokyo remained firm in the top three positions with rentals of $244, $ 239 and $197 per sq ft in each year, respectively. The new entrants in the 2012 list are Beijing and Sydney.

While Beijing is at the 5th position with an annual rental of $130 for every sq ft, Sydney was at the 7th place with an occupancy cost of $119 for a sq ft a year, C&W said.

Commenting on the scenario in India, Ahuja said, "The trend of shift in focus from the CBD to other locations is also visible in the prime office markets in NCR and Bangalore, where suburban and peripheral locations are witnessing a rise in activities.” These markets have cost advantages over traditional locations and offer greater value in terms of social and civic infrastructure, besides a good talent pool from the vicinity, he added.

“Thus we are likely to see this phenomenon continue for another few quarters,” Ahuja said. — PTI 

Launch pad

Eugenia Evergreens

Acron Developers recently launched luxury villa project ‘Eugenia Evergreens’ in Goa. Located in the picture perfect village of Moira, the development encompasses 15 spacious villas spread over four acres. Each villa is designed for its’ own individual eco-friendly green rating by the Indian Green Building Council and comprises approximately 4000 sq ft of built-up area on approx. 9000 sq ft of private garden. All the villa owners will be entitled to privileges like home care, housekeeping and maintenance and pet care.

Sushma Grande

Sushma Buildtech Limited has launched Sushma Chandigarh Grande. The project is located on the Chandigarh - Ambala National Highway. The project has been designed by architectural firm R204DESIGN, USA. The project will be spread over an area of 12 acres and will have premium 3BHK, 4BHK, Garden Apartments and luxury penthouses.

Luxury floors at DLF Valley

The DLF group launched additional premium independent floors in its Panchkula Valley project in Pinjore- Kalka Urban Complex, Sector 3, earlier this week. The new luxury floors will have additional features like modular kitchen, wardrobes etc. These features come in addition to the already available format of an integrated Township at the project. A limited number of 108 luxury floors on offer will be available in 1365 sq ft and 1575 sq ft area with basic prices starting from Rs 55 lakh. — TNS