real issue: gurgaon high rises
Safety 
A tall order
Sunit Dhawan

With bustling big cities reaching saturation levels in accommodating the ever-increasing tribe of urban settlers, vertical expansion has become the norm. Gurgaon, the Millennium city, is growing vertically at a rapid pace with the number of floors in the residential projects rising exponentially in the past few years with major builders like DLF, Ansals, Ireo having high rise projects in the city. There are a total of 700 high rise buildings in Gurgaon.

All the hype about disaster management with specific reference to high-rise structures notwithstanding, many such buildings continue to flout the norms meant for the safety of the people living therein.

However, in their quest to make more and more money as soon as possible, the property developers and builders seem to have put the safety norms on the backburner. The largely indifferent attitude of the government authorities coupled with rampant corruption in government offices, has, by and large, aided and abetted the builders’ apathy for the safety aspects.

All the hype about disaster management with specific reference to high-rise structures notwithstanding, many such buildings continue to flout the norms meant for the safety of the people living therein. All the rhetoric and high-flying seminars and events about disaster management have, no doubt, created awareness about quake-resistant buildings, fire-safety mechanisms and disaster mitigation but, sadly, the ground realities remain more or less the same, owing to the lackadaisical approach of the local administrators in the actual implementation of the resolves made at these seminars.

Lately, some activity has been noticed in the administrative circles following a hue and cry raised by the media and voluntary social organisations and supported by the judicial activism.

The Gurgaon Municipal Corporation recently adopted a tough stance on fire-safety norms in high-rises and got court cases filed against quite a few violators. According to officials, there were a total of 70 buildings in the district that were not adhering to fire-safety norms.

Apart from fire safety, another very important factor in high rises is the provision of lifts and proper mechanism to run these smoothly. “The builders usually cut corners while putting lifts in high rises thus endangering the lives of residents. I had to give up the idea of buying an apartment in a 25-floor project recently because the builder was not able to provide me with the details of the elevator company whose product was going to be used in this project,” says Rajesh Bansal, who works in a telecom company in Gurgaon. He says that the buyers should be provided with full details of the safety measures being taken by the developers during the construction of a project. Not only this, the use of sub-standard material in balcony railings and balustrades in staircases is also rampant and there have been cases of small children falling down from upper floors. “The overall architectural design has to be very meticulously aligned to the safety provisions that are mentioned in official files and papers”, adds Bansal.

Then, there are several finer points that need to be dealt with delicately and meticulously in the larger interest of the people.

“Constructing earthquake-resistant buildings is a complicated process that involves a thorough study of several distinct areas, including soil-bearing capacity studies, wind- resistance analysis and usage of designed grades of steel and concrete. The Indian Standard Codes do exhaustively lay out the various ways of constructing earthquake-resistant structures and the national seismic code also makes recommendations. However, overall control of the developer is paramount to ensure that these systems are followed diligently. It is important that independent consultants are hired and given ample time to cross-check the soil profile and structure’s ability to withstand earthquakes. Moreover, additional systemic safeguards can be put in place by hiring technical project consultants and proof consultants to oversee the development, along with proper monitoring efforts by the developer,” maintains S.K. Sayal, director and CEO of Alpha G:Corp realtors.

Gurgaon falls under seismic zone IV on the dangerous Sohna Fault and to reduce damage in the event of an earthquake in the city, the Municipal Corporation of Gurgaon (MCG) will be directing private developers to evaluate the structural designs of their high-rise buildings and furnish a structural stability certificate by April 30. The certificate will prove that the buildings are safe and constructed as per the National Building Code. The developers have also been asked to prepare a Contingency and Response Plan for their high-rises and deposit the same with MCG by May 15.

What is actually required is a sustained drive, so that exemplary punishment is meted out to those adopting a casual approach towards residents’ safety and a positive trend is established.

Property prices rise high

The property prices in the millennium city have appreciated by almost 30-35 per cent over the past 12 months, especially in the residential sector, and so have the rental values. The main reason for this has been cited as the developers’ move of going slow on the execution of ongoing projects resulting in a drop in supply of apartments in the city market. 

“Residential property prices on the upcoming southern peripheral road connecting to NH8 have seen considerable appreciation over the past few months. This location holds great investment potential thanks to enhanced connectivity that NH8 provides to Manesar and Dwarka. In particular, residential properties along the Dwarka Expressway have attracted interest from the mid-income buyer group. As prices soar in upcoming locations of Gurgaon such as Golf Course Extension, Sectors 70 and Sector 78, buyers have been looking at these alternate locations”, says Santhosh Kumar, CEO, Operations, Jones Lang LaSalle India.

Gurgaon also has a very buoyant office space demand and with MNCs in hiring mode the demand for residential property is going to remain robust and so will be the prices, say experts.

callous construction
Who cares for labourers?

While the issue of residents' safety, at least, raises concerns in certain quarters, , society and government are largely unconcerned about the safety of the construction workers who actually make these buildings.

Many construction labourers are killed, while others are rendered disabled for life owing to the lack of safety provisions at the construction sites, more so in case of high-rise buildings. And, what could be worse, the victims of such tragedies do not get any substantial compensation for the irrecoverable losses suffered by them on account of callous and apathetic attitude of the authorities concerned.

"The labourers of the unorganised sector are the worst sufferers, as they mostly come from other states and hardly have any support base in the region where they are working," observes CPM's Haryana secretary Inderjit Singh, who is associated with several trade organisations working for the welfare of workers.

He points out that the Comptroller and Auditor General of India (CAG) had recently slammed the Haryana Government for not spending Rs 376.98 crore on the welfare of building and other construction workers, with funds remaining unutilised. The CAG had rapped the state authorities for not achieving the objective of regulating the employment and service conditions of building and other construction workers.

In its audit finding, a government auditor found that the Haryana Building and Other Construction Workers Welfare Board (HBOCWWB) had received Rs 383.70 crore from the government departments and public sector undertakings as proceeds of cess between 2007 and February, 2011.

However, the department spent merely Rs 5.62 crore on welfare schemes, while the balance amount of Rs 376.98 crore, besides interest of Rs 17.24 crore earned on bank deposits during 2007-10, was lying unutilised in the banks.

However, the Haryana Labour and Employment Department reasoned that the beneficiaries were not coming forward because most of construction workers belonged to other states and went back to their native places once their work was complete.

The plight of construction workers clearly indicates that much is needed to be done in this regard. — SD

Decor trends
Taste the tile trend
Sachin sehgal ...

Arrival of avant garde design and innovations in the use of tiles in recent times has inspired designers, manufacturers and home owners to be enormously creative in redefining tiles to become a part of the design process. Typically, thought of as a 'necessity' to prevent water damage in the kitchen and bathroom, the modern line of art tile is now being used to create unique and luxurious settings. Adding a zest of life and a burst of colour to the modern home décor, the art of tiling is the latest fashion statement!

STYLE QUOTIENT: The oak wood look tiles inspired by nature.

With an ever-expanding offering of tiles now available in every size, colour, texture, material, price range, the trend to use contemporary tiles to enhance spaces has replaced the traditional style of painting walls. Moreover, attributes such as permanency without maintenance, easy cleaning, durability and varied graphic illustrations has also made a large population switch to both wall and floor tiles.

Swamped with a variety of tiles both in the branded section and the local market, there is a tile available to suit every pocket and mood. Take the retro design tiles for instance; these, with their boldness of colour and art deco elements can be used to add colour to a stark minimalistic design bringing the retro alive. The use of large natural stone tiles with varied imagery featured on the wall between the kitchen counter and upper cabinets can easily make the kitchen look more stylish and contemporary.

Germ-free range for bathrooms are some of the customer friendly options available in the market

Mix and match of textures and designs also results in fascinating combinations. The decision as to how much of the room's surface is covered plays a vital role in determining the desired effect. For example, iridescent glass mosaic tiles adorning the walls of a small bathroom can make the area appear larger and brighter instantly. Not only is the light forced to bounce around the room, encouraging a constant flow of energy and vibrancy, it also creates a powerful and dramatic impact aesthetically.

When looking for soothing tones, neutral yet sophisticated natural stone tiles are perfect to create a warm welcoming ambience. Light tan coloured walls splashed with natural stone tiles not only accentuate the pale backdrop in a manner that is interesting to look at but calm the senses at the same time. Tiles in softer tones coordinated with a design scheme running seamlessly and effortlessly through all the rooms can create a rather visually stunning interior design pattern.

Right selection

While selecting tiles one should always check out the various finishes and designs available in the market depending on the style that needs to be incorporated. The different styles can be: classic, traditional or ultra modern.

Wall style

However, with innovations and technological advancement, the use of tiles in recent times is no more restricted to the kitchen and bathroom alone. Feature walls can be integrated in other areas like bedroom, lounge and office, lobby etc. Tiles that boast of striking patterns, enchanting murals and alluring textures cater perfectly to this trend, allowing one to create a stunning area that draws attention and becomes the focal point of that particular room.

Market full of choice

With a plethora of tiles available in the market ranging from ceramic, glazed, vitrified, porcelain, designer and polished cement, chequered, vitrosa and wooden ceramic tiles, the time to experiment and have a little fun with tiles has truly arrived. These tiles are easily available with brands like Kajaria, Johnson, Asian, Varmora Granito, Nitco, RAK Ceramic, Romano, Somany and many others.

It is always good to be in step with what is currently in vogue, but every time you create something with the trend, make sure its beauty lies eternally. Its time to soak in the world of tiles and transform your home.

— The writer is Director Studio a+i

Money matters

Ceramic tiles known to be heat and corrosion resistant are available for approximately Rs 50 per sq.ft, whereas designer ceramic tiles in wooden finishing can cost anything above Rs 1000 per sq.ft.

Exhibiting a glazed look and classic shine, vitrified tiles that are mainly used in commercial buildings, can cost approximately between Rs 50 and Rs 200 for a 2ft by 2ft tile.

Mostly used in kitchens, swimming pools, wash rooms and pooja rooms, the glass mosaic tiles with conventional and glossy look are priced at Rs 180 and above per sft.

Hand-made roof tiles and arches, a perfect example of creative functionality, can range from Rs263 to Rs 288 per sft. Most of the hand-made tiles are used for the exterior parts of buildings like walls, steps and elevations.

Ground Realty
Pay attention to electrical fittings
Jagvir Goyal ...

Electricity is a no less than a boon for the mankind. Its judicious use in the house can lead to comfortable living. But this will become possible only if proper planning is done at the time of construction of a house. Here are some valuable suggestions in this regard:

Embedments in RCC:

While chase cuts can be easily made in brick masonry to embed conduits for electricity wires and other fittings in the walls, it is extremely difficult to make such cuts in RCC (Reinforced Cement Concrete) at a later stage. It is, therefore, important that the necessary embedment of conduits and fittings is made in the RCC work before the laying of concrete. In houses, RCC is laid in roof or floor slabs, door lintels and projections and basement walls (in case a basement is planned). The conduits and fittings should be embedded in these structural components before the laying of concrete.

The conduits

Major network of conduits to be embedded in RCC shall consist of the ones laid for running electricity wires. In addition, separate conduits for running telephone cables and LCD or TV cables will also have to be laid.

The fittings

The fittings to be embedded in RCC shall mainly consist of fan hook boxes. In addition, light boxes may have to be embedded. The need to embed the light boxes arises when concealed lights are to be provided in the slabs, sunshades, lintel projections or walls. In those areas of the house where false ceiling is to be provided, there is no need to embed light boxes in the slabs as the lights can be provided in the false ceiling itself.

Vertical conduits

These days, people prefer to provide split ACs in rooms. In case of split ACs, the outdoor units are normally installed on the roof of the house, while the indoor units are hung on the walls in the rooms. In such cases, it is important to embed 2-inch diameter conduits in the walls and RCC slab to adjust the AC piping. The conduits being of 2-inch diameter are embedded in masonry walls in advance as it is not advisable to cut the chase in walls for 3 to 4 inch depth at a later stage to embed these conduits.

Electrical planning

For embedding the conduits and fittings in slabs, lintel projections and sunshades, electrical planning drawings need to be prepared well in advance. Only then, the exact location of fans and concealed lights shall be known and fan boxes and light boxes can be embedded exactly at those locations. Similarly, the drawings will show the exact location of split air conditioners and 2-inch diameter conduits can be embedded accordingly.

Not only that, the exact location of LCDs or TVs in the rooms should also be marked. This will help in right laying of the conduit for running TV cable through it. The location of telephone sets in the rooms should also be shown on the electrical-planning drawing. This will allow the embedment of conduits to run the telephone cable in the RCC slabs.

Electrical fittings

In addition to fans, concealed lights, ACs, LCDs and telephones, a number of other electrical fittings are provided these days. These include wall lights, tube lights, 3 pin 5 ampere sockets, 3 pin 15 ampere sockets, bed lights, dress lights, exhaust fans in toilets and kitchen, geysers, call bells and chandeliers. To connect all these fittings to the mains, electrical conduits need to be embedded in the slabs. The general practice for this work is to lay a conduit from the mains to the centre of each room and to further lay one conduit from the centre of the room to each wall of the room.

Level of the fittings

Once the embedment of electrical conduits and fittings has been made in RCC work, the exact level of each fitting in room should be worked out. This will help in right cutting of the chase in walls to embed conduits, switch boxes and wall fittings to hang wall lights, wall tubes and other fittings. The levels of the fittings should be decided carefully.

Right levels

In a room of 10’ to 10’6” height, the wall lights should normally be at 7’9” height from the floor level of a room. The tubelights should also be at this level. Bed lights should be kept 4’6” from the floor level and their exact location should be carefully decided by keeping the location and the width of the beds in view. The dress lights should normally be at 7’ height. The height of switch boards should be 4’6” from the floor level. Their locations should be near the entrance of the room so that one may easily switch on a light while entering a room in the dark. However, the switch board for bed lights should be 3’6” from the floor level as it is convenient to operate them while sitting or lying on the bed.

Tabulated information

The drawing showing electrical provisions should preferably include tabulated information covering all the fittings and their levels while their locations should be marked on the plan of the house. Still better if some symbol is assigned to each fitting and the locations are shown in the plan by using these symbols. Such a drawing is very easy to refer and read.

The last word

Whenever you are embedding concealed light boxes in the slabs, sunshades, verandah roofs or any projections, add an extra thin layer of concrete over these fixtures. The light boxes are 5-inch deep and fan boxes are 4-inch deep. The RCC slabs are normally 5 to 5.5 inch deep. While the fan box gets fully embedded in RCC, the top of light boxes is almost flush with top of RCC and often become a source of leakage in rains. Therefore, a little extra concrete should be deposited over these light fixtures to prevent any leakages.

— This column is published fortnightly

Split AC level and location
Level and location of split ACs in the rooms should be decided very carefully. The top level of indoor wall unit should be 7’9” to 8” from the floor level. The location of split AC should not be above the bed. It should preferably be on a side wall. As the conduit for split AC is to be embedded in the wall, care should be taken that the AC is located on a wall that extends up to the roof of the house. Sometimes, it so happens that the conduit is embedded in the ground storey wall but at first floor level, there is no wall above the wall in which the conduit has been embedded. In such cases, either the conduit pipe goes waste or it has to be given a complicated route to connect it to outdoor unit located on the roof. 

Location of light points
In the bedrooms, the light points shouldn’t be located on the walls opposite the walls having the LCDs. Otherwise their reflection in the LCD panels won’t allow you to watch them. In staircase, certain lights should be located in skirting area to illuminate the steps. In bathrooms and dressing areas, the lights shouldn’t be located opposite the mirrors. Add lights inside the cupboards that switch on automatically as you open the shutters. In the kitchen, the cooking area and storage area should have sufficient lighting. The house entrance area, the name and number plate should be kept well lit. In a nutshell, each light should be located carefully, keeping the location of other fittings and the room provisions in view.

Aquarium
If you wish to maintain an aquarium in your drawing room, lobby or any other room, plan a separate switch board for it. An aquarium requires many sockets to run the filters, air pumps, lights and water heaters.

living with vaastu
Tank up positive balance
Madan Gupta Spatu ...

A lot of confusion arises while deciding about the placement/direction of overhead water tank due to divergent views expressed by architects, masons and vaastu experts. Here are some vaastu principles that should be kept in mind while placing an overhead water tank.

* The best position is west or south-west. The NE position may lead to financial crunch, mental tension and other problems. The vaastu reason in such cases is that SW corner becomes heavy and ensures balance of positive energies resulting in advantageous position.

* The overhead tank should be two feet above the uppermost slab or floor. If made of concrete, white marble or tiles in side keep the tank clean.

* Plastic water tanks should ideally be avoided but these days it has become easier to install and replace them. Black and Blue OHWT absorb Solar Energy faster.

* Let there be separate tanks for water meant for drinking purpose and for toilets/bathrooms.

* Solar geyser should be placed above the level of OHWT in a style that ensures proper flow of water. Other electrical gadgets or supportive machinery should be installed in SE direction.

* Seepage and leakage on the roof due to OHWT should be immediately repaired as it is not good from vaastu as well as for durability of the house also.

* NE must be avoided for this purpose. OHWT in SE corner brings loss of wealth or accidents in the same house. West corner which is direction of Lord Varuna (God of water and rains) is the most beneficial.

* If there is no choice or space, then tanks of small sizes can be placed.

* No OHWT should be fixed in the middle (Brahmsthan) as it may keep the home owner away from home.

— The writer is a Chandigarh-based Vaastu consultant

email your queries to vaastu@tribunemail.com

tax tips
Can I seek exemption from paying capital gains tax? 
S. C. Vasudeva 
email your queries to sc@scvasudeva.com ...

Q. I have earned a long-term capital gain of Rs 20 lakh after selling my house. And I have started constructing a new double-storey house. In order to avail of the exemption on LTCG tax this construction has to be completed within three years. Two years have elapsed since the sale of the said house and I have managed to get only one storey of the house constructed so far. I have spent Rs 25 lakh on this (total for plot and construction work). Now I am not very sure whether the construction of the second storey would be completed within the remaining time. Total LTCG of Rs 20 lakh has already been invested in constructing the new house and I can even start living in that house, if necessary. At present I am living in a rented house.

* What is the position regarding availing exemption from LTCG tax?

* Should I continue with the construction of the house and still claim exemption by showing that the house has been completed?

* What would have been my tax liability if I had bought a flat from a builder on the condition that possession would be granted to me in two years?

* If even after the payment of the full cost of the flat, the builder failed to give possession within the time promised, then should I ask for the Possession Certificate for the incomplete constructed flat from the builder to claim the exemption? 
— narpinder parkash khanna

A. Your queries are replied hereunder:

* The exemption under Section 54 of the Income-Tax Act 1961, (The Act) is available in case the long-term capital gain is utilised towards the construction of a residential house and such construction is completed within three years after the sale of a residential house. Therefore, in case the first storey of the house is complete and you have already utilised the amount of long-term capital gain on the construction, it would be advisable to shift to the said house and start living there as the period of three years has not lapsed on the basis of the facts given in the query. The completion of the first storey of the house would enable you to avail the exemption under the aforesaid section.

* Once the entire amount of capital gain has been utilised towards the construction of a residential house, the construction of further storeyes would have no effect on the availing of the exemption under Section 54 of the Act.

* In case you had purchased a flat and it is not completed within the period of two years after the sale of the residential house, even though full payment had been made towards the purchase or construction of the flat, the exemption under Section 54 of the Act may not be allowed. The obtaining of possession certificate would not help because utilisation of the long-term capital gain should be towards the purchase of a 'habitable' residential house within the specified period in order to avail exemption under Section 54 of the Act.

How much capital gain have I earned?

Q. I had purchased a constructed a single-storey house in 2000 for Rs 4 lakh and paid Rs 24,000 as stamp duty to register it in my name. We renovated this house and constructed first floor by raising a bank loan.

I sold this house in August 2011, for Rs 26 lakh and repaid the bank loan amount. How much capital gain have I earned in this transaction and what is the limit to pay tax on it or to purchase another property? — Gurpartap Singh Juneja

A. You have not indicated the amount spent on the construction of the first floor and the year in which such construction was completed. The amount of long-term capital gain can be computed after deducting the indexed cost of the single-storey house and the indexed cost of the improvement to the said house in the shape of addition of first floor. The details in respect of the year of construction and cost of construction of first floor are also not given in the query. It is, therefore, not possible to compute the exact amount of long-term capital gain as well as the tax payable thereon.

You can definitely save the amount of tax payable on the long-term capital gain arising on the sale of the residential house provided another residential house is purchased within a period of one year before or two years after the sale of the earlier residential house. Tax on the long-term capital gain should have been paid in three installments i.e. on September 15, December 15 and March 15. In case the amount of capital gain arises in a month after the first or second installment was due, the amount of tax should be paid in installments due after such date. In case long-term capital gain arises in the month of March, the entire amount of tax leviable on such gain should be deposited on or before the due date of installment. In case the amount of tax is not paid in the installments as aforesaid, it can be paid along with the amount of interest as per the provisions of the Act at the time of filing the tax return.

Can HUF be made benami owner of flat?

Q. I and my wife have booked an apartment in joint names and both of us will be contributing towards the payment of this apartment. Both of us also have a HUF of which I am the karta. We also want to utilise some funds from our HUF towards the payment for this apartment. Please clarify if we can take interest-free loan from our HUF for the above mentioned purpose, or if we can make the HUF benami owner to the tune of funds that we will utilise towards the payment for this apartment. — R.K. singh

A. Your queries are replied hereunder:

* You can take interest-free loan from your HUF provided the HUF is not making any payment of interest in respect of funds borrowed by the HUF. In case interest paid funds are utilised for advancing interest-free loan to you and your wife by the HUF, there is a likelihood of disallowance of interest paid by the HUF on its borrowings in the assessment of HUF.

* It would not be advisable for you to make HUF as benami owner of the property as it may be hit by the provisions of the amended Benami Transactions (Prohibition) Act 1988.

Will it be right to construct on plot in wife's name?

Q. In reply to a query published in these columns (dated March 24, 2012) it was mentioned that the amount of net consideration can be used for construction of a house apart from its purchase. My query is:

Is it in order to use the 'amount of net consideration' for construction on a plot owned by wife. — Gurdip Sidhu

A. The time limit for the purchase of tax-saving bonds is six months from the date of sale of the capital asset. An exemption is allowable from the taxability of a long-term capital gain in case the net consideration received or accruing on the sale of a capital asset other than a residential house is utilised towards the purchase or construction of a residential house within the specified period. Such exemption can be allowed only if the residential house is in the name of the person who has sold the capital asset. In case you intend to construct a house on a plot owned by your wife, it would be advisable to get a lease of the plot executed in your favour so as to comply with the provisions of Section 54F of the Act. 

Buying a farmhouse in habitable condition can help save tax

Q. I want to purchase a farmhouse (having a five-room residential house and land 160 marla land) from Rs 50 lakh got from the sale of some land. Can I do so to avoid capital gain tax?

I have also sold my residential house (a very old one) and I want to purchase a new residential house in which my contribution shall be the full amount received plus my son's contribution to the extent of Rs 5 lakh. Can I purchase the new residential house jointly in my and my son's name to avoid capital gains tax? Kindly clarify. — Asha Rani

A. n You should be able to claim exemption under Section 54F of the Act provided the 'net consideration' received or accruing on the sale of the plot is utilised for the purchase of a farm house within a period of two years after the date of sale of the plot. So long as the farmhouse is in habitable condition, the exemption under Section 54F of the Act cannot be denied provided all other conditions specified in the said Section are complied with.

n You can purchase a residential house in joint names by utilising your share of long-term capital gain accruing on the sale of the residential house. Please note that in order to claim exemption under Section 54 of the Act, your share in the joint property should be at least equivalent to the amount of long-term capital gain which has been utilised towards the purchase of residential house in joint names.

loan zone
How much tax exemption can a co-borrower claim?
S. C Dhall 
email your queries to realestate@tribunemail.com ...

Q. I have a home loan in which I am a co-applicant. However, the total EMI amount is being paid by me. What is the total income tax exemption that I can avail of? — nishant chawla

A. You can claim income tax exemption if you are a co-applicant in a housing loan as long as you are also the owner or co-owner of the property in question. If you are the only person repaying the loan, then you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, then you will get tax benefits in proportion to your share in the loan.

Ways to sell property with outstanding loan

Q. Can I sell the property, even when the home loan is outstanding ? — Shivam Lamba

A. Yes, you can sell the property with the consent of the lender. This consent letter usually mentions the amount at which the home loan can be considered fully paid off. This amount is inclusive of pre-payment charges as applicable and calculated at a future date to give you enough time to find a buyer. Based on this letter, you can negotiate with potential buyers.

If the buyer wants to take a loan to purchase the property, the process is much simpler if he approaches the same lender. Then the lender does not need to release the title papers to another lender before getting the payment.

If the buyer wants to make an outright payment - he can make the payment to the bank directly on the basis of the consent letter and the balance amount is paid out to you. The property papers will be released only after the bank has recovered the entire loan amount, including the pre-payment charges

studio appartments
guest column
Small but sensible investment
Sanyam Dudeja

With a booming IT sector, the tricity is now abuzz with increased economic activity and job creation that has fueled the demand for rented properties. Apart from this, the area is also an educational hub that attracts thousands of students from the neighbouring towns and states each year. This vast contingent of young professionals as well as students need an independent place to stay and thus hostels, PGs and shared flats are some of the choices available to them. But in all these independence has to be sacrificed and this has brought the tricity at the threshold of a new genre of housing. The trend of studio apartments that is a rage in metro cities is now just waiting to set foot in the tricity region. Though for those used to the vast and spacious Chandigarh houses a 400 to 600 sq ft apartment may appear to be a bit cramped up choice, there certainly is a lot of demand in this segment.

Good investment
Studio apartments are also good investment options for those wanting to buy a second home. These do not require huge capital investment and also are good options for rental income. So for an investment of Rs 15 or 20 lakh one can not only get a reasonable rental income but can also be assured of capital appreciation of the property. For first time buyers,, too studio apartments are a good option as these help one in getting that first foot on the city property ladder.

Affordable and practical
Studio apartments are typically very affordable. In the city's periphery, the small-sized apartments or studio apartments are prized between Rs 15 lakh and Rs 18 lakh.

Living in a tiny space can also be very practical, especially since one gets to save a lot of money on utilities. Generally, living in a 'studio' adds up to a lower monthly rent and lower electricity bill and easy maintenance. Studio apartments are ideal for minimalist living.

Change in consumer outlook
The way people look at their home has changed over the years. In the past, a home was considered the place one bought to live with one's family, and where one spent the sunset years. But now a shift has taken place in the way people have started treating their homes. They now see a homes as an opportunity to make money through rental income, and a 'studio's is a good option. Hence the increasing trend of people are buying a studio apartment and investing in real estate. 

launch pad
'Royal' treat for Amritsar

Ansal Buildwell recently unveiled its plans to offer 85 villas in its 150-acre Ansal City project in Amritsar. The integrated city project is coming up on the GT Road and the new offering -Royale Villas - in 216 sq. yd (181 sq. mtrs.), 293 sq. yd (245 sq. mtrs.) and 533 sq. yd (446 sq. mtrs.) options will be available in the price range of Rs 49 lakh to Rs 73 lakh. Giving details of the villas K.K.Tripathi, V. P. (Sales and Marketing), said, "these villas will offer world-class facilities and an international lifestyle to the residents of Amritsar at a very affordable price".

Phase III of Satya Villa De in Ghaziabad

After the successful completion of Phase I and construction of Phase II in full swing, Ascent Buildtech Pvt. Ltd, recently launched Phase III of Satya Villa De at Raj Nagar Extension, Ghaziabad. Being constructed on approximately 2.3 acres, the third phase will consist of 355 units of 2, 3 and 3+1 servant BHK options in varied sizes of 985 sq. ft., 1199 sq. ft., 1450 sq. ft., 1530 sq. ft. and 1777 sq. ft., respectively. Speaking at the occassion, Suresh Gogia, Chairman and Managing Director of the company said, "We are expecting to deliver this phase in 36 months from the date of commencement of construction". The introductory price in this phase is Rs 2,099 per sq. ft.

Orris Curio City

Orris Infrastructure Private Limited recently announced the launch of a 200-acre township on the Yamuna Expressway with an investment of at least Rs 800 crore over the next eight years. "Orris Curio City attempts to engage all art enthusiasts and present to them a unique living style that is intrinsically 'artsy'. The choicest art and architectural styles will be deployed throughout the township to ensure that art becomes an intrinsic part of the living at Orris Curio City", said Amit Gupta, Managing Director, Orris Infrastructure Private Limited. In the first phase, the Gurgaon-based firm is offering 850 plots.

Asked about project cost, Gupta said the company had bought the land for Rs 700 crore from the authority to be paid over the next eight years. "We will require another Rs 100 crore for the development commercial space and infrastructure in the township," he said.

The township will be using extensive art styles in design and will witness an amalgamation of several schools of art — Middle East, European and Contemporary. It will offer the residents the options of 650, 500, 360, 300 and 240 sq yd plots. The township will have a mix of plotted development, villas, group housing, commercial establishments, club, institutions, Hi-street and luxury retail, 5-star hotel etc. Each zone will have different style of architecture thus lending individuality and a unique character to the zone.

Orris has a land bank of about 1,200 acres in the national capital region (NCR). It had received a private equity investment of Rs 80 crore from Kotak Realty Fund six months back, Gupta said.

— As per information provided by the developers

Ireo-Banyan Tree tie up for Ludhiana project

Ireo, which is India's largest private equity fund dedicated to the Indian real estate sector, recently announced its inaugural partnership with internationally acclaimed Banyan Tree Hotels and Resorts to open a world-class Angsana Club and spa at its premium 500-acre township in Ludhiana - Ireo Waterfront.

Angsana is a signature brand of the Banyan Tree Group. The club is being designed by Singapore-based architectural firm, WoW Architects. The Banyan Tree Group is a leading international developer and operator in the hospitality and spa industry, and is currently managing/sharing ownership interest in 30 resorts and hotels, over 60 spas and more than 70 retail galleries, as well as two golf courses worldwide. The Angsana Club and spa in Ludhiana, the first of its kind in India, will be built over an area of over 6 acres and will offer a variety of experiences in its 5-star boutique-style premises. The estimated development cost for the project will be upward of Rs 50 crore and the spa and club is likely to commence operations in 2015. Speaking on the occasion Madhukar Tulsi, President, Ireo, said, "The Club will set a benchmark in India and will help our customers enjoy the same international levels of hospitality as their peers do all over the globe."