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Real issues: affordable housing A luxury for 44 pc Indians Are policy planners and key stakeholders of the realty sector serious about providing affordable homes to lakhs of Indians? Vivek Shukla takes a look as the countdown to the Union Budget begins  With Union Finance Minister Pranab Kumar Mukerjee currently working on the Union Budget for the next financial year in the imposing North Block building designed by master designer Harbert Baker also known for developing many techniques for cheap housing, one only expects that he would give ample sops to encourage affordable housing in India.
The builders, more often than not, only concentrate on costly and luxury homes for the simple reason that they earn more money from them.
Decor trends
Green house
Vaastu wisdom
REALTY GUIDE
Sound back up
Realty bites
Solar power for Chandigarh
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Real issues: affordable housing Are policy planners and key stakeholders of the realty sector serious about providing affordable homes to lakhs of Indians? Vivek Shukla takes a look as the countdown to the Union Budget begins However, are our policy planners and key stakeholders of the realty sector serious about providing affordable homes to lakhs of Indians? This is really a very important question given that these days, talking and discussing about affordable homes has become a fashion with people even remotely associated with the realty sector having a viewpoint on this. It goes without saying that the term 'affordable housing' sounds alluring. The UPA Government, which suffered a drubbing in the recent state assembly polls, had come to power on the plank of dedication to the cause of 'Aam Aadmi'. It is widely expected that the budget, this year, will have steps to boost housing for the common man. When we talk about affordable homes, we must ask - affordable for whom? Is it affordable for those earning Rs 8,500 to Rs 40,000 per month, who comprise 44 per cent of our populace and fall both in the formal and the informal sectors? And if so, where are the flats for these 44 per cent and where are the builders building those? And, critically, where are the banks which will dole out loans to this section? The answer for all these questions is the same — as good as none.
The land factor Noted advocate and author of Affordable Housing Arun Mohan is of the view that the supply of housing for the middle class and below deserves a more benevolent eye of the government for whom the prime focus ought to be on making the land available. "Land for construction of flats is in short supply — far short of what it should be. In order to supply land, the development or the master plan should cover a fairly large area. It will need to cover a much larger area so that the current requirements, those of 20 or even 50 years hence can be visualised, and the plan is prepared accordingly", says Mohan. It goes without saying that buying a cheap house (Rs 25 lakh or less) in cities and metro towns has become extremely difficult. The builders, more often than not, only concentrate on costly and luxury homes for the simple reason that they earn more money from them. "Honestly, realty players are ready to build affordable homes and are hopeful of the government providing suitable incentives for development of integrated townships. It is not easy build homes of homes for the middle class, lower middle class and the economically weaker sections of society unless the government provides us land on cheap rates. Without the active support of the government, I do not think that things will improve in this front," feels Sanjay Khanna, director of Kailash Nath Developers Pvt. Ltd. To solve the issue of affordable housing in India, Alimuddin Rafi Ahmed, Managing Director ILD group, strongly feels that “we have to develop techniques so that we can build affordable homes. We have seen in Kerala where the legendary architect ‘Laurie’ Baker has done wonders in providing techniques for cheap housing. It may be recalled that Laurence Wilfred ‘Laurie’ Baker was an award-winning British-born Indian architect, renowned for his initiatives in cost-effective and energy-efficient architecture and for his unique space utilisation and simple but beautiful aesthetic sensibility. He made a name for himself both in sustainable and organic architecture.
Going for the CREAM Experts feel that all advertisements about housing projects coming up issued whether by the builders or the local development authorities, bank finances are for those who comprise the top creamy layer of society — these cater to just about 4 per cent of population. While the lower 52 per cent will have to wait for the country to develop further, the remaining 44 per cent of the population, or the great Indian middle class, is a victim through absence of laws and they have been denied their due - an opportunity for an ownership of flats. In whichever strata or class a person is born, housing must be notionally considered a fundamental right — a right step has been taken with regard to education by making it a fundamental right. The rest depends on a person's skills, labour, determination, and also, to an extent, on his destiny. The issue perforce has to be addressed from the standpoint of annual household income. Presently, only those with Rs 5 lakh plus annual income (or less than 4 per cent of the population) are attended to. Unless we attend to the 'middle class' (44 per cent), which we easily can, we can never hope to attend to the 52 per cent poorer masses. Samir Jasuja, CEO of Prop equity argues that there are three areas that deserve urgent attention to provide affordable homes: One, availability of land for housing; two, availability of flats which are affordable; and, three, availability of bank finance. Lastly, there is also a huge challenge to build good quality homes at the right location and at an affordable price for those who need these most.
A BOOST FOR AFFORDABLE ABODES
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Decor trends Longing for walls with more depth, character and sophistication? With so many methods, textures and products available, there is a wide palette of possibilities to personalise a room with a unique wall finish
With an array of choices in colours and textures for the décor-minded home owner, simply painting a wall in a solid colour is no more satisfactory. The latest trends in interior and exterior wall covering and painting techniques have witnessed a radical shift from plain painted surfaces to more textured and visually elegant walls. The traditional methods of sponging, ragging, and stenciling are simply outdated. Longing for walls with more depth, character and sophistication homeowners now have a chance to lend an element of fun and frolic to their homes. With so many methods, textures and products available, there are thousands of possibilities to personalise a room with a unique wall finish.
Trendy textures Lending the room a contemporary flair, textured paint has become a trendy wall accessory giving creativity a new expression. Depending on the finish used, textured paint can create a visual colour effect to suit taste as well as space. Natural elements such as sand, pebble, glass, or even straw can be used with specialty plaster for customised compositions. The textures can range from fine to rough and can be done in patterns or consistently across the walls. Speaking volumes about your personalised style, textured walls are perfect addition of glamour and drama to trendy urban homes.
A splash of metallic Adding a splurge of luxury and opulence, the use of metallic and pearlescent coatings on the interior walls is fast gaining popularity as a trendy wall covering. Owing to their metallic nature, the coatings add depth to wall surfaces. Currently in rage, pearlescent coatings are hugely popular and attract a growing fellowship due to their iridescent quality. With the unique ability to provide a lustrous finish with impressive colour changes based on the angle from which the painted surface is viewed, metallic coatings add shimmer and sparkle to interior wall surfaces.
Mural magic Using art for wall is a creatively diverse category and using murals on walls are sure to turn any home into an artful sanctuary. Adding a refreshing touch, murals can be painted on a whole wall using canvas or simply on the actual wall depending on the design space and homeowners convenience. If you are planning to shift in the near future then a removable option is the best. A canvas mural can be secured on a wall, with the edges camouflaged with paint.
The finishing touch As the name suggests interior paints with different finishes can lend old walls a new shiny look. Ranging from gloss, matte to satin finish, each type of paint serves a different purpose and rightly dresses up the wall for that gorgeous effect. With its ability to soak light, the matte finish works well at camouflaging small wall bumps, cracks or other perfections. Low-sheen paint, with only a slight hint of shine or gloss the eggshell finish is good for walls and holds up better with cleaning than flat finish paint. Often used on doors, trims and cabinets in kitchens and bathrooms semi gloss paint can be easily cleaned and lays down a nice, subtle shine, without being too glitzy. The durable flat, matte finish, a good choice for powder rooms and halls, as it holds up to occasional cleaning. Creating customised compositions that reflect personal styles have become easy with trendy wall coverings. Depending on the layout, the available space and the intent of pre specified design objective, the overall effect these modern day finishes and wall coverings create are undoubtedly trendy, dramatic modern and aesthetically pleasing. The writer is Director, Studio a+i
SOME DIY TRICKS
Trendy twists
Make a statement with wallpaper Making a sort of comeback, wallpapers in appealing finishes, textures and myriad colour options and offer endless design possibilities. Ranging from subtle classics to bold and colourful prints, wallpaper can be used as a mere accent to create a feature wall or cover all walls within a given space. Another interesting way to cover walls is the use of fabric. Lending the room a rich look fabric or wallpaper combined with an overall theme for the room can create an interesting mix of ideas. For example cushions covered in striped fabric can be thrown against a vertical striped wall. A word of caution though: too much colour coordination should be kept at bay.
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Green house Adenium, a genus from Africa and Arabia referred to as desert rose, is not only grown for its swollen caudex but also for its beautiful flowers that give the plant a majestic look. As the genus has evolved in a huge area, various different forms of this have developed. The species range from shrubs with caudices to small trees with swollen trunks up to 3 metres tall. These plants adapt to pot culture very well and should be ideally grown in clay pots that allow water to evaporate through the porous walls lowering the temperature during peak summers. Whether grown as natural dwarf bonsais or small trees, these make eye-catching specimens. The beauty of the caudex increases as it ages. The flowers range from pink to red and bloom from the beginning of spring to autumn.
Nutritional needs For healthy caudex and good flower development, adeniums need free draining porous compost with a lot of nutrients and full sun. Such compost will enable the plant to take up nutrition with each watering for good growth and form.
Seasonal care Most people tend to lose these beauties during winters by over watering or by keeping the plants in the open without any shelter from dew. During summer these plants can be watered daily like any other house plant but during winters in our region these need not be watered from December to February. Keep the pots in a verandah or in some sheltered place to protect them from dew.
Growth cycle The plant shows maximum growth during first 4-5 years and hence the development of its caudex and more number of branches during this period need emphasis. The plants grown in a deep pots or in beds, develop a carrot- like caudex which is not desirable. The secret to getting better results for overall development of a larger caudex lies in growing the plant for the first three years in a shallow bowl-shaped container without exposing the caudex. Then with each re-potting lift the caudex a bit enabling the plant to form more roots that will go down. To get more number of branches for better foliage formation, pinch the growing tips of branches twice in the growing season. Seed-grown plants develop better caudex than the plants grown from cuttings. For further boosting the growth, a teaspoonful of NPK in equal proportion and some micro-nutrients should be added to
the plant twice in a growing season.
Proper propagation Propagation is carried out by seeds, cuttings and grafting. Large scale propagation of adeniums for commercial purposes is usually done by grafting. Mature Adenium obesum plants are used as the stock material for adenium grafting. Adenium swazicum, arabicum, multiflorum, somalense, oleifolium and boehmianum species develop into excellent specimen plants.
Caudex BOUNTY Adenium arabicum:
It has an exceptionally beautiful thick caudex formation having multiple branches emerging directly from the caudex with hardly any differentiation between the trunk and the branches. It makes the largest squat caudex of all species. With porous and nutritious compost the formation of caudex is quicker and in 4 to 5 years a good specimen plant can be developed. Its leaves are comparatively larger with a broad surface and leathery appearance. The plant loses its leaves early in winter months. Plants grown under full sun to partial shade conditions give a compact look of a miniature tree. It flowers profusely with red to pink tinge to enhance the beauty of a uniform canopy of leaves. Bonsai lovers can create a bonsai of it in a short time. Besides creating and decorating a plant in pot, mature arabicum can be grown in rockeries.
Adeniums with largest leaves Adenium boehmianum:
It is a beautiful slow growing but easy-to-grow adenium having wide glossy leaves that are 10 to 15 cm long and are the largest in the genus. The species tend to bloom in clusters near the branch tip later than other species. The flowers are trumpet-shaped and range from pink to deep purple. This is the most slender caudex-forming species with multiple stems emerging from it. The beautiful flowers and the leaves compensate for such caudex
formation.
Adenium compost Adeniums need special compost which is porous and rich in nutrients Add the following to a cubic foot of the mixture of mature cow dung manure, coal cinder powder (Rakhee) and coarse sand in equal proportion. To obtain usable compost, allow the moist mixture to rot for a week's time in a closed container.
Care of adeniums
The writer is President of the National Cactus and Succulent Society of
India
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Vaastu wisdom Q. Is there any correlation between heart problem and the direction in which one sleeps? — Jitender naresh, chandigarh A. Research has shown that those who sleep with head in southern direction wake up with all physical freshness. Direction of a person while sleeping also has importance in Vaastu shastra. One should never sleep with head towards the North Pole and legs towards the South Pole. However, sleeping with head in the east and feet towards the west is considered good for mental peace and generates good thoughts and spirituality. Changes in study room for better performance Q. My brother is very intelligent but doesn't get good marks in examinations. Will a change in his study room improve his performance? How can Vaastu help us in this regard? — Madhuri sharma, shimla A. One should face north, east or the north-east direction while studying for better concentration and good results. The best locations for study-room are the north, east, or north-east. These directions attract the positive effects of Mercury (increasing brain power), Jupiter (increasing wisdom), Sun (increasing ambition), and Venus (helps in bringing about creativity in new thoughts and ideas). Books may be kept in the southwest side of the room. Door of the study-room should ideally be in the east, north, or the northeast direction. Keep a small copper vessel filled with water under your brother's bed where his head is or by the side of the bed or on the side-table every night before going to sleep. Ask him to see his image in the pot and throw the water in a Tulsi or any other green plant every morning. Or make a black circle on a paper and fix it on the eastern wall of his study-room. Ask him to concentrate on the black spot for 3 to 5 minutes before stating studies. Essentially he must sit on chair and not on the bed with right posture while studying. Try these steps and you will soon get positive results.
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REALTY GUIDE B K Sanghi email your queries to realestate@tribunemail.com ...
— Priyanka Chawla A. Investing in the tricity region is not going to be a bad decision in any case. Though the Chandigarh region is picking up slowly, it is among the fastest growing ones with high per capita income regions of the country. With an average Rs 1,20,912 per capita (as per 2011 Census), it ranks second in the country only after Goa. The recent and gradual influx of national and international business giants and IT multinationals like Quark, Infosys, Dell, IBM, Tech Mahindra etc have made the City Beautiful a hub of growth and an attractive destination for professionals, and thus the realty scene holds a lot of promise. You have to make a decision as per your investment goals. If you are looking for quick returns then don't make any hasty move right now. However, if your goal is to make long-term investment then you can look for a good deal as whatever is in the market for sale is priced low and prices are going to appreciate in the next few months. Your decision will also depend on the area where you want to invest. With Punjab elections over, the property prices in areas around Chandigarh falling in Punjab are going to appreciate and political stability in the state augurs well for the
realty sector in Mohali, Mullanpur, Zirakpur, Dera Bassi areas. Property Tracker |
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Investing in real estate back home gives stability to NRIs, writes Om Ahuja Recently an acquaintance – a fund manager by profession – relocated to India to set-up a domestic PE fund here. He had invested in a Mumbai residential property strategically located close to the primary business district and an international school for his kid. This investment, done a few years back, helped him crystallise his plans for relocation to India and start his venture without spending time in finding the right location, house and school. What I found most interesting was that he had not even considered eventually relocating to India when he bought this apartment. He had simply done it for investment five years previously. To date, I have not met a single NRI who is not keen to buy real estate in India. Home ownership in this country is one of the most satisfying means available to them to stay connected to their motherland. Very often, such investments in their country of origin help them to maintain their relationships back home while they make their fortunes abroad. A few weeks back, I met another NRI businessman – earlier based out of Madrid and now relocating to NCR on the heels of the Euro crisis – who was seeking to build a local business base here. Achieving this while resettling family on all fronts has not been an easy task for him. He is on the lookout for the ‘best’ location for a residential property in NCR and naturally finds the cost of properties in the prime areas staggering and beyond belief. He had not considered investing in a property earlier. Completely out of sync with the market dynamics back home, he blithely assumed that his foreign-earned savings would make finding a luxurious home a breeze. He was ill prepared for the astronomical ticket sizes that now prevail.
The way of the NRI Over the past few years, we have noted that NRIs are investing in residential real estate specifically in large Indian cities to build a back-up base in the country. This particularly applies to NRIs with professional/entrepreneurial ambitions who intend to set up businesses in these cities in the future. Post the 2008-2009 global financial crisis, India has stood out as a showcase example of financial stability, specifically in terms of its conservative banking sector. More than anything else in the past, the GFC caused NRIs to seriously contemplate owning homes in India as their rattled confidence in all things foreign gave way to a yearning for familiarity and stability on both on the personal and professional fronts.
Rules of engagement
No one can exactly predict the fate of any currency, or the stability of any economy. Economies are notoriously ‘subject to market risk’ – for instance, no one had expected that west Asia would see political uncertainty a few years back. However, when it comes to personal and career stability, there must be no margin for error. The current trends suggest that more NRIs are taking important decisions with regard to owning residential real estate in India as bulwarks in uncertain times. — The writer is CEO – Residential Services, Jones Lang LaSalle India
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Realty bites In a bid to make the registration process hassle-free, Maharashtra government has decided to pitch aggressively for an amendment to the Indian Registration Act (IRA), 1908, for delegation of powers to banks to register certain property documents.
Citizens may soon be able to avoid long queues at stamp duty and registration offices and register lease/rent agreements at a nearby bankng leave and license agreements, deeds of mortgage and hypothecation (pledging a mortgage as collateral for a loan). The amendment is part of the state’s 57-point wishlist for the upcoming budget session of the Parliament. . Assigning such powers to banks will reduce the burden on stamp duty and registration offices and make the process more citizen-friendly. The state wants amendments for online submission of documents and making attachment of court decrees mandatory while registering a property document. The state legislature has consented to the move. Lobby luxury Super luxury housing project Neptune in Sector 70A,Gurgaon, which is professionally managed by SCSL Buildwell Pvt. Ltd will be introducing one of the largest lobbies in the world in any residential building. "The 13,000 sq ft lobby with ceiling height of 18 feet will be a unique feature of the project", said Surinder Lal Chopra, Managing Director, SCSL Buildwell Pvt. Ltd. Neptune has been conceptualised by a team of IIM Ahmedabad alumnus and offers 6,363 sq. ft 5-BHK flats. DLF's special discount for women The DLF group has offered a special scheme on DLF's residential developments, as a salutation to women, who are not just great homemakers, but smart money managers too. The scheme, meant specially for women, offers discounts up to 3 per cent on residential developments in Jalandhar, Panchkula, New Chandigarh, Bangalore, Chennai, Shimla and Kochi. DLF is creating seven premium residential developments across these five cities. From a case to case basis, discount value varies from Rs. 75,000 and, going upwards to Rs 16 lakh. The offer is valid only on direct bookings till March 31, 2012. Speaking about the tribute offer to women, Ananta Singh Raghuvanshi, Director, Sales and Marketing, DLF India Ltd., said, "The scheme aims at encouraging women to be a part of DLF's ongoing developments." JLL bags five awards International property consultancy Jones Lang LaSalle India, has bagged five real estate-specific awards. At the Real Estate Awards ceremony organised by the Stars of the Industry Group in February JL L, India, was awarded with the ‘International Property Consultant of the Year’ awards in the commercial as well as residential segments. The firm also received the award for ‘Employer of the Year in Real Estate’. Anuj Puri, Chairman and Country Head of JLL also received the citation of ‘Real Estate Icon of India’. Additionally, the firm was also honoured with the ‘International Property Consultant of the Year - Retail’ award at the annual Asia Retail Congress, held in Mumbai in February.
— TNS
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Tax tips
Tax liability will depend on stamp-duty valuation Q. I am living in my flat at present. My query is regarding a piece of land whose fair value was Rs 16,500 as of April 1, 1981. It was sold on February 10, 2012 for Rs 33 lakh. The valuation for stamp duty was Rs 40.92 lakh. Kindly clarify the following points:
—
R.K. Gupta A. Your queries are replied hereunder:
Can I get tax rebate on second home loan? Q. I am a government employee and have availed a housing loan of Rs 6 lakh for construction in 2004. During its repayment, I have availed the income tax benefits on interest (with maximum ceiling of Rs 1.5 lakh) and principal amount. I completed the repayment of this loan in the current financial year (2011-12). Now I wish to take another housing loan for purchasing of flat in my name. I want to know whether the income tax rebate/deduction will be applicable on second home loan in my name also. If not then what are the alternative to avail of income tax benefits on the second home loan. — Pardeep garg A. There is no bar to claiming the deduction in respect of interest paid/payable on the amount borrowed for the construction of a house even though you have availed a loan earlier and have repaid the same in full in the year 2011-12. It may be added that the limit for deduction of interest paid/payable on amount borrowed against the income from house property to the extent of Rs 1.5 lakh is in respect of a self-occupied house. No such limit is applicable in case the residential house is let out. Can my father claim LTCG exemption? Q. My father had bought a plot from a private builder in 2008, under a letter of allotment, after making full and final payment and executing a sale deed and power of attorney. However, no registration of the plot was got done in the government/revenue records. Now after three years, he wants to sell the said plot on a value higher than the purchase value and wants to re-invest the entire consideration for buying another residential property. My question is whether he would be eligible for exemption of paying long-term capital gain tax on the same? — Neharika Dhar A. You would be entitled to claim due exemption from the taxability of long-term capital gain arising on the sale of plot even though the due mutation of the plot was not effected in the revenue records. This is because even a 'right in property' is covered with the definition of the term 'capital asset'. I may add that exemption from taxability can be claimed provided the conditions prescribed in the provisions of Income-tax Act 1961 (The Act) are complied with. No exemption for short-term gain Q. HUDA allotted a plot to me in an urban estate for Rs 15,70,000. The cost of the plot was to be paid in seven yearly installments. The entire amount was paid Between April 2004 and November 2011. The Conveyance Deed was made in December 2011 on which charges of Rs 1,10,000 were paid. In January 2012 I sold the plot for Rs 45 lakh. Kindly advise me on the following points:
A. The facts in the query do not indicate as to when the possession of the plot was taken by you. In case the possession was handed over to you at the time of the execution of the Conveyance Deed, the amount of capital gain would be treated as a short-term capital gain, which would be brought to tax at the normal slab rates by adding the same to your other total income. Replies to your queries are therefore based on this presumption:
The reply given hereinabove is equally applicable to other issues raised by you.
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Solar power for Chandigarh
With a view to turn Chandigarh into a solar city, the UT Administration has decided to set up a solar cell that will offer consultancy to departments to add features that will help tap solar energy in the upcoming buildings.
This cell has been created for development of renewable energy and energy conservation programmes. The Energy and Resources Institute (TERI) has drafted an action plan for transforming Chandigarh into a solar city. The project is said to be funded by the Government of India (GoI). It will also receive a similar grant from the administration or Chandigarh municipal corporation. The report submitted by TERI points out energy efficiency measures of upto 20 per cent for residential as well as commercial sectors With the success of this project, Chandigarh will derive considerable amount of energy through renewable resources and also implement other energy efficient measures. The report also recommends setting up a grid-based 25 Mega Watts solar photovoltaic (PV) plant in segment model and put up panels in 12 gardens in the city. So, solar energy will be generated by setting up panels in the gardens and then uploading power to the main grid. Chandigarh has an increased consumption of electricity and solar-based electricity can then be put in place. There’s well-knit set up of wires across the city and does not require parallel network for solar energy. Streetlights, indoor lights or portable lighting systems called solar lanterns will be put up across the city as a renewable and pollution free resource, under the solar photovoltaic energy programme. Solar photovoltaic technology helps convert solar energy into electricity and the installation is said to be less time consuming. As per reports, a government agency based in Chennai plans to set up a solar atlas of India that would help speedy development of solar power projects.
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With Union Finance Minister Pranab Kumar Mukerjee currently working on the Union Budget for the next financial year in the imposing North Block building designed by master designer Harbert Baker also known for developing many techniques for cheap housing, one only expects that he would give ample sops to encourage affordable housing in India. And closer home in Punjab, where the Akali-BJP alliance has once again been voted back to power, one hopes that the government would work sincerely in this direction so that the people of the state can think of buying their dream homes at reasonable rates.
Q.
There is a complete deadlock in the sale purchase of properties for the past six months in the tricity area. Now at last some genuine buyers/sellers have started appearing in the market, but they are also indecisive. Everyone says it is wait-and-watch time. I want to invest in property so how long should I wait?
