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realty turf: panipat So who's buying in Panipat? The realty scene in Panipat is witnessing a unique phenomenon. While on the one hand the property prices here have seen appreciation over the past few years, there are virtually no end users in the market. It is, in fact, the investors who are driving the property market in the city. As per market watchers Panipat seems to have become the favourite place of those with extra cash wanting to park their funds in real estate in the NCR region. It is because of this that despite being touted as the next boomtown of Haryana, a major property boom continues to elude this industrial hub of the state. The city has been contributing significantly to the GDP, but that has done little to give a fillip to the property business here.
real talk
Ground Realty
Cost of property defines home loan eligibility
Tax tips
Guest coloumn
launch pad
reality bites
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realty turf: panipat
The realty scene in Panipat is witnessing a unique phenomenon. While on the one hand the property prices here have seen appreciation over the past few years, there are virtually no end users in the market. It is, in fact, the investors who are driving the property market in the city. As per market watchers Panipat seems to have become the favourite place of those with extra cash wanting to park their funds in real estate in the NCR region. It is because of this that despite being touted as the next boomtown of Haryana, a major property boom continues to elude this industrial hub of the state. The city has been contributing significantly to the GDP, but that has done little to give a fillip to the property business here.
According to experts more than 70 per cent of the land holdings and apartments in Panipat are in the name of financers and investors who have come here from Delhi and Gurgaon, where the property prices are far higher when compared to those in Panipat. Pritam Singh, who owns a property business in the heart of the city, says, "Group investors in HUDA sectors had pushed the realty prices to a new high with some plots being offered at an exorbitant price of Rs 80 lakh for 350 sq yd. However, as there are no end users ready to pay this price, very few transactions have actually materialised in the city. As group investors can hold on to their properties for a longer duration, the prices are unlikely to come down sometime soon." So it is like a war of nerves between the investors and end users with each waiting for the other party to blink and bow out first. But this kind of scenario will not be beneficial for the end users in the long term, feels Pritam Singh. Few takers As far as the sale of apartments is concerned, there is certainly more supply than the demand at present. One of the major reasons for poor demand in this segment is the fact that the apartment culture is yet to be accepted fully by the residents of the city, who still prefer open spaces like a terrace of their own instead of living in multi-storeyed flats. Naresh Puri, a city-based real estate agent says, "The availability of flats is not the reason for the very few property transactions in this segment. Even the established townships of Ansal API and Eldeco City that are located along the NH1 have not been very successful in terms of sale of flats if one considers the number of residents actually living there." Giving another reason for the poor response to flats here, Krishan Singh, a property consultant in the city says, "The overhead charges, including the external developmental charges and the internal development charges along with the monthly maintenance charges that at times run up to Rs 3,500 a month have also made private townships a little less popular amongst the end users." Vikram, who has been dealing in property for the past one decade, said property prices in Panipat had been rising constantly over the past couple of years, but this rise itself had started affecting the business as there were no "real" buyers for the expensive properties. He said, "Basically, it is only the investors and financiers from Delhi and Gurgaon who buy and sell property in Panipat as they find the land prices here lesser as compared to those in other areas in the NCR region."
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Parsvnath Paliwal City being promoted by Parsvnath Developers has come up near the Devilal Choudhary Park in sector 38-39 of
Panipat. The township involves an estimated investment of Rs 235 crore and was said to have all the facilities, including schools, multiplex, shopping malls. However, 70 per cent of the project is now in the hold of investors. Similar is the case of the TDI City which is located in the same sectors.
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Living
with vaastu In authentic texts on Vaastu, great emphasis has been given on directions which are favourable to keep pets. Ancient but not very popular texts on Vaastu, like Vrahamihir Samhita, Aparajita Parijat, and Mannollas give specific guidelines about the directions in which one should have the resting areas of pets like dogs, parrots, pigeons etc. Even ayurvedic texts on pet health have references to directions mentioned in Vaastu Shastra for better health and behaviour of pets at home. It has been found that dogs and cows kept in certain directions either got ill or their behaviour became highly anxious. While in certain other directions they remained healthy, affectionate and less attention seeking. And these facts from documented case studies amazingly match the guidelines given in the ancient Vaastu Shastra texts. Ideally, dogs and cows (even buffaloes) kept in northwest, north, east, and south-southeast remain more cheerful, healthy and well-behaved. On the contrary if kept in northeast, east-southeast, south-southwest directions, they remained continuously ill, irritated and had a short life. Apart from these pets, if you have parrots and pigeons at home, ideally, their cages should be placed in the same directions. In Dubai, people are fond of keeping eagles as a pet. Eagles kept in southwest direction are found to have the highest intellectual and a sharp vision. And, the owners were successful in most of the hunting activities. On the contrary, if their cages were placed in directions that were beneficial for dogs and cows, they became lazy, and their performance suffered. Recent studies in the field of geo-biology, have shown that there are two types of natural earth energy fields that influence life on the planet. People sleeping in the zone of negative earth energy fields suffered from incurable diseases. On the other hand, people sleeping on positive earth energy fields were found to be healthy - physically and mentally. But in the case of pets, observations in relation with earth energy fields have revealed interesting facts. Cats, ants, and reptiles always choose negative earth energy fields for deciding their habitat. On the other hand, dogs, cows, horses, and eagles always choose positive earth energy fields for their habitat. Based on these facts, it has been found that even in a built up environment like a home cats always sit in negative earth energy fields and dogs always sit on positive earth energy fields. Probably, even today, they have those instincts to sense the environment which most of the humans have lost. For those keeping horses should avoid having a stable in northeast, southeast, south-southwest and west of northwest. Observations made on race horses have revealed that those kept in these directions were never able to win a race, their performance was low and they remained unhealthy most of the time. While horses kept in other directions not only won the races most of the times but also remained healthy and attentive to the commands of their jockeys. — The writer is Chairman of
MahaVastu Group
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real
talk
With the realty market not in a buoyant mood in the first few months of 2012 regional real estate groups have been facing a number of challenges in the form of increasing material and labour costs, financial crunch, low sales and customer confidence. The property market in the tricity region has also remained stagnant and even in a correction mode over the past few months. Gopal Bansal, Director of the BCL Homes Limited, a group that has a number of housing and commercial projects coming up in Chandigarh’s periphery under the brand name Chinar, shares his views on the current scenario in the sector in the country in general and in the tricity region in particular.
How is the tricity region poised in the current scenario? The realty market in Chandigarh’s peripheral towns like Zirakpur, Dera Bassi and Kharar is largely driven by the end users. Because of this reason the demand for affordable and quality housing has remained constant here and so have the prices. There has only been a marginal correction in some areas. In fact, prices are likely to start appreciating over the next six months and with the lowering of interest rates on home loans this is a good time for end users to finalise deals as the current low prices won’t last for long. Will this trend be there all over the country or only in the tricity region? With “roti, kapda and makaan” being the basic necessities of life, the realty sector is set to stage a major comeback in the near future all over the country. The rise of the nuclear family system has resulted in an increased demand for residential units. At the regional level, Chandigarh and its vicinity is emerging as the Chandigarh Capital Region (CCR) on the pattern of the National Capital Region (NCR). Better projects and affordable prices will make Chandigarh’s vicinity the most sought-after area in the years to come. The proposed Chandigarh Metro project will ease commuting problems to a large extent prompting people to shift to the peripheral towns for better lifestyle. Which are the upcoming areas in the city’s periphery that are good options for investors as well as the end users? In view of its location close to Sector 20 of Panchkula along the Zirakpur-Shimla highway, the Peer Mushala area of Zirakpur is emerging as a major housing and commercial hub. Adherence to the urban planning norms, better architecture and low pollution levels have put this area on higher level of living standards. And a healthy competition between the bigger and small developers is working to the benefit of the end users and investors. The development of the infrastructural facilities will complement the living standards in this area over the next few years. How do you view Punjab
Government’s policies vis-à-vis the housing sector? The SAD-BJP government seems to be committed to facilitating the growth of the real estate sector, which is bringing huge revenue and employment opportunities, in the state. However, rationalisation of the stamp duty structure is the need of hour. What are your group’s expansion plans? While we have already given possession of our two projects — Chinar Apartments and Chinar Heights at Peer Mushala (Zirakpur), one housing (Chinar Homes) and one commercial (Chinar Business Centre) both at Zirakpur, are at different stages of development. Besides these two other housing projects — Chinar City and Chinar World — are also on the anvil.
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Decor
trends
Are you proud of the way you have done up your home? Going by a new study conducted by a British real estate agency Planet Homes not many are satisfied with the 'look' of their house. The pressures of modern living sometimes make people forget to turn their homes into their havens. If you really want to enjoy your home, then
the time has come to invest some energy into infusing your personality in your abode. But first
of all you have to understand how you want to transform your home. Do you know your home style? If not, read on and find out…. Cosy retreat How to Create the
cosy look The luxe effect Are you one of those who like to invest a lot of energy in maintaining an ornate home? If heavy furniture, intricately woven drapes and elaborate carpets are what you fancy, then you have a penchant for the luxurious look. These homes are opulent with the furniture being mostly classic. Rich fabrics, tassels and trims adorn curtains and the walls usually have a grand finish. Flooring is hardwood or marble adorned with an antique rug and an ornate corner cabinet. Warm colours in the kitchen, a dining table with black stone/granite top gives the home a plush look. There is nothing like a fireplace to create this look. Wrought iron lighting, chandeliers and a bookcase full of hardbound tomes blend in perfectly. Use silverware and bone china plates with gold rims in the dining room. A candle stand as a centerpiece can add charm as can a silk tablecloth, place mats and napkins all in muted colours. Accessorise with crystal vases and pairs of antique lamps with silk shades.
Ultra-modern style Innovative building concepts are gaining ground in If you have a flair for things modern then your house should reflect your personality. Go for top-of-the-line appliances and bespoke furniture. Most of the stuff in such homes should have the label of exclusivity. Beauty and functionality come together in this decorative style with emphasis on big windows and warm colours. But modern design does
not necessarily mean discomfort. These sleek homes should be easy to live in. How to create the look Place a big coffee table
in your living room and top it with smoked glass. Use ultra modern furniture but with plush seating in warm, muted tones. The floors should be polished and gleaming. Kitchen should have appliances built into walls. Exquisite decoration pieces, comfortable leather upholstery in fresh colours and rugs in geometric patterns. Add some personal touches like lamps with glossy shades and artfully arranged lights. A canvas of modern art can add colour to the home. Contemporary chic The contemporary look suits those people who lead an easy and comfortable lifestyle while being informal. If you like uncluttered, open and airy homes then you are a contemporary at heart. Your home should sport a neat look with elegant furniture. The minimalist, "less is more" appearance is best characterised by geometric designs, simple lines, soft colours, glass doors and windows for natural light to flow in. How to create the look To create the contemporary look, choose furniture keeping basic geometry and earthy tones in mind. Carpet should be simple with clean cuts. Soft lighting is critical so invest in glass doors and windows. You will need plenty of storage space for that minimalist look.
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Ground
Realty Salt addition Remedy No sure remedy is available for efflorescence removal. Till the time, the moisture is retained by the bricks, efflorescence recurs again and again. Walls turn white very soon. If plastered, the efflorescence penetrates the plaster and appears on its surface. However, in some cases the following methods have met success and can be tried for getting rid of efflorescence: Dry brushing and wetting of walls Repeated dry brushing and wetting of new masonry surface helps in removing efflorescence to a large extent. On drying, the brick surface turns white. Rub off the white salt with the help of a broom or a fiber brush. Don’t use a wire brush. Now, apply lots of water to it and allow the wall to dry. Repeat this cycle many times till most of the salts come out. Do the plastering of walls when the white layer vanishes or begins to fade. Using tamarind water Another method often tried to remove efflorescence involves the application of ‘imli’ water on the walls. Large quantity of tamarind is dissolved in water and the solution thus prepared is applied on the affected walls. Some people have tried using ‘imli’ water even for preparing the mortar for plastering of walls. However, this method hasn’t shown sure results though some reduction in efflorescence has been noted. Using acid solutions Recently, a weak solution of hydrochloric acid has been used to remove efflorescence from walls. This solution is known as ‘Muriatic’ acid. However, extreme caution should be taken while using this acid as it can cause skin and eye burns and its fumes are toxic. Phosphoric acid is also used to remove efflorescence from walls. It is less dangerous than Muriatic acid. An acid solution is made by adding acid to water and not water to acid. One part acid should be added to 10 parts of water. The acid solution should be applied with a brush. The use of sprayer should be avoided. Efflorescence disappears on applying the acid solution. After this a mild detergent solution should be applied on the walls and these should be washed to neutralise the effect of acids. Use richer mix Plastering of walls is done with a cement sand mix of 1:5 where one part of cement is mixed with five parts of sand. Use a richer mix, say 1:4 for plastering work. Ceilings are normally plastered with 1:4 mortar or 1:3 mix. Use only 1:3 mix for ceiling. A richer mix helps in lessening the shora problem. Use washed sand One should use washed sand in masonry construction. Contaminated sand often contains sulphates which cause efflorescence. These sulphates get washed away during washing of sand. Use of washed sand helps in reducing the efflorescence problem. Use special products The application of certain special products produced by water proofing companies also arrests efflorescence to a large extent as these products act as sealers and seal the pores in bricks, preventing the salts from traveling to the surface. Use water softener Water used for construction should be soft water that is fit for drinking purpose. Water sample should be got tested to know if it is potable or not. In case the water is hard, a water softener can be got installed at the submersible pump outlet. Use of a water softener will also help in saving GI pipes from corrosion. Protect GI pipes The salts mixed with soil by the brick kiln owners effect GI pipes also. GI pipes are often used for water supply network in a house and are embedded in the walls. The salts in bricks cause corrosion of GI pipes and after some time, damp patches begin to appear on the walls. In order to protect GI pipes, apply water-proof paint on the outer surface of GI pipes before embedding them in walls. Another way to protect them is to wrap cello tape on the pipes. Rolls of 2 inch wide cello tapes are available for Rs 30 per roll and the expenditure is not much even if all the GI pipes are wrapped in them. Another way of protecting GI pipes is to fill concrete around them by cutting a deeper chase in the walls. Using second hand bricks Efflorescence problem has made people run after second-hand bricks. As and when an old building is dismantled, the first thing that gets sold is the bricks that are taken out from the dismantled masonry. These bricks have undergone many weathering cycles and the salts present in them have already emerged and exhausted themselves. Second-hand bricks also cost less. Using concrete blocks Wherever possible, a house builder should try using pre-cast concrete blocks instead of bricks in his house. These blocks do not suffer from efflorescence problem. — This column is published fortnightly
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Cost of property defines home loan eligibility
The cost of the property that you are planning to buy has a direct impact on your loan eligibility. Find out how.
The bank which finances your house purchase naturally wants you to put in a contribution towards the cost of the house so that you have a stake in its continued maintenance. This also ensures that if the value of the house goes down in future, the bank's outstanding loan amount is lower than the market value of the property. Hence, if a house costs Rs 30 lakh, the bank may require you to fund at least Rs 6 lakh from your own sources, while the remaining Rs 24 lakh is provided as loan subject to your eligibility. The amount that you are expected to put in is called margin money. Apart from this margin money you will be bearing expenditure towards stamp duty and registration charges which are no longer included as a part of your loan amount as earlier. Effectively you will have to arrange for margin money plus some additional amount to pay the stamp duty and registration charges. Even if your income is enough to justify a higher loan, the bank will give a maximum loan based on its margin requirements. For instance, if your income justifies a loan amount of Rs 40 lakh, and you are buying a house that costs Rs 30 lakh, the bank may restrict the loan to Rs 24 lakh (maximum up to 80 per cent of the property cost) depending on its down-payment policy. The down payment can also vary depending on the age of the property. If the property is older, the down payment requirement may be higher. Age of the building: One should not have any problem in getting a loan for a re-sale property provided the condition of the house is good and the valuer certifies the value as well as balance life being more than the loan tenure. However, certain banks have some restrictions based on the age of the apartment at the time of the maturity of the loan. Unaccounted component: In some real estate transactions, a portion of the cost is not accounted for in any of the documents related to the purchase. Thankfully, this practice is on the decline, especially where the property is bought from reputed builders. No bank takes this unaccounted amount in calculating the cost of the property while determining the loan amount eligibility. Amenities agreement: Some home buyers enter into a lower agreement value for minimising the payment of stamp duty that is applicable on transfer of property. They sign an amenities agreement or a furnishing agreement to account for the balance purchase price. However, such transactions have a direct bearing on the loan amount that a bank will be willing to provide. Lenders will finance up to maximum of 80 per cent (90 per cent for loan amount below Rs 20 lakh) of the agreement value or the property value as determined by them, whichever is lower — The writer is Product Manager,
Apnapaisa.com. Apnapaisa is a price & features comparison engine for loans & investments.
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Loan
zone Q. I am planning to take a home loan but am confused about the different basis adopted for calculating the interest. What is the difference between daily reducing, monthly reducing and yearly reducing loan interest offers? — gurpreet singh A. The home loan interest rates differ from bank to bank and generally range from about 9.25% to around 12 %. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted. Annual reducing In this system, the principal, for which you pay interest, reduces at the end of the year. Thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. This means the EMI for the monthly-reducing system is effectively less than the annual-reducing system. Monthly reducing In this system, the principal, for which you pay interest, reduces every month as you pay your EMI. Daily reducing In this system, the principal, for which you pay interest, reduces from the day you pay your EMI. EMI in the daily reducing system is less than that in the monthly-reducing system. Types of loans Q. What are the different types of home loans available? A. Some key types of home loans available are: Home purchase loan: This is a common loan for purchasing a home. Home improvement loan: This loan is given for implementing repair works and renovations to your home. Home construction loan: This loan is available for the construction of a new home. Home extension loan: Home extension loans are given for expanding or extending an existing home. For example, addition of an extra room, etc. Home conversion loan: Available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some additional funds are required. Through a home conversion loan, an existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan. Land purchase loan: This type of loan is sanctioned for the purchase of land, for both home construction or investment purposes. Bridge loan: It is designed for people who wish to sell the existing home and purchase another. This loan helps finance the new home, until a buyer is found for the old home. Balance transfer loan: Balance transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest. Refinance loan: This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home. Stamp duty loan: This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property. Loans for NRIs : This loan is tailored for requirements of NRIs who plan to build or buy a home in India.
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Tax
tips
Q. My grandfather and his two brothers had inherited agricultural land in a remote village. As my father was the only son, he inherited the agriculture land of my grandfather. He had four children - one son (myself) and three daughters. He willed the land in my favour and it was transferred in my name. Now I want to sell it and put the amount in fixed deposits in bank. I am a retired officer and am paying income tax on pension. If the interest of the fixed deposits is added to my pension, then I will have to pay heavy tax. Kindly advise how I should invest the amount received from the sale of this land in order to save tax. I have one son and two daughters. All of them are married. Kindly clarify:
A). If I deposit the sale proceed of land in the joint account of my son, wife, daughter-in-law and myself, then will that be treated as a separate property under the Hindu Undivided Family and myself as Karta of this HUF? b) If deposit the amount in fixed deposits, then do I have the option to include the interest in my annual income throughout the deposit period or include the interest in the income of the year in which FD matures. —
J.S. Minhas
A.It will be appropriate for you to ascertain whether the agricultural land inherited by you from your father is situated: n in any area that is within the jurisdiction of municipal limit or a cantonment board that has a population of not less than 10,000 according to the last preceding census figures of which have been published on the first day of the year in which you intend to sell the land; or n in any area within such distance, not been more than 8 km, from the local limits of the municipality or cantonment board referred to in (a) above as Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify by way a notification in the Official Gazette In case the agricultural land is situated outside the above mentioned areas, any profit arising on the sale of the agricultural land will not be taxable. In case the agricultural land is situated within the area mentioned hereinabove, it would be advisable to get the fair market value of such agricultural land ascertained as on April1, 1981. The fair value so ascertained shall be indexed to the year of sale and the amount of difference between such indexed cost and the sale price would be the amount of long-term capital gain. The amount of capital gain, if invested towards the purchase of tax-saving bonds within six months of the date of sale of the agricultural land would enable you to save tax on the amount of long-term capital gain. Such bonds have a lock-in period of three years and carry interest @ 6% p.a. The bonds can be purchased for maximum amount of Rs 50 lakh in a financial year. You also have an option of utilising the net consideration for the purchase or construction of a residential house within the specified period. The exercise of this option would also enable you to save tax on the amount of long-term capital gain. It would not be possible for you to save tax on the capital gain in case the sale proceeds are deposited in the joint account of your son, wife, daughter-in-law and yourself. In case the agricultural land is treated as an HUF property, on account of its being ancestral property, the issue with regard to the taxability would remain the same unless all the assets of HUF, if any, are totally partitioned and thereafter each one of the owners sells his or her share of the property. In such a case, each one of them would be assessable separately in respect of his/her share of capital gain. Each of such persons would be able to purchase bonds of Rs 50 lakh and seek benefit of exemption from taxability to the extent mentioned above. You can declare interest on due basis for each of the years. This treatment would enable you to pay tax over the period of the fixed deposit as against the payment of tax on total amount of interest in the year of maturity of the fixed deposit.
What will be the index cost of my plot? Q. I am thankful to you for clearing my doubts regarding the utilisation of capital gain in this column (dated April 4, 2012). The exact amount of capital gain could not be computed as the index cost was to be deducted from the sale value of Rs 45 lakh. The detail of instalments paid between April 2004 and November 2011 is as follows: Original cost of the plot : 9,60,000 Enhancement cost : 6,10,000 Total cost : 15,70,000 Details of the payment made are as under: Date of Payment
Amount Paid
28-04-2004
52,632
17-06-2004
99,795
21-06-2005
96,214
10-07-2006
96,576
22-02-2007
5106
07-05-2007
14,220
29-08-2007
1,01,267
28-04-2008
1,96,792
01-06-2009
1,90,000
27-04-2010
1,07,398
05-11-2011
6,10,000
Total amount paid
15,70,000
The possession of the plot was taken in October, 2007. The Conveyance Deed was executed in December, 2011 on which charges of Rs1,10,000 were paid. The plot was sold in January, 2012 for Rs 45 lakh. Kindly advise me what will be the index cost and how much will be the net capital gain amount. —
Rajiv Sharma A. The indexed cost of the plot on the basis of the figures given in the query would work out at Rs 20,59,584. The amount of capital gain would be Rs 24,40,416. The indexed cost has been computed with reference to the payments made in various years. Ownership issue Q. I have purchased a flat in Kharar in the name of my wife but loan is in my name, and I am paying it. Am I eligible for rebate in income tax for the interest amount on the loan. I am not a co-owner only a borrower and my wife is not working. — Rajesh Sharma A. You would be able to claim deduction of interest paid/payable in respect of the amount borrowed for the purchase of flat provided the income from the said house property is tendered for taxation in your tax return. You will thus have to make a declaration that you are the real owner of the house and your wife is only a benami. Is change in DDA records required? Q. I had purchased a DDA flat in Delhi and I got the registry done in my name. I want to know whether the change is required to be made in DDA records also or not? Also please tell me if I should get the change made anywhere else also. —
Ajay Aggarwal A. As the registration has been effected by the Delhi Development Authority in your favour, there is no need for you to ask the DDA to give effect to such registration in their records. In case the flat has been purchased from another allottee, then it may be necessary to get the necessary mutation done in your favour in DDA's records. Should I utilise entire sale proceeds to buy a new house? Q.I bought a residential plot in 2008 for Rs 15 lakh. Now, I want to sell this plot for Rs 40 lakh and re-invest the money in another residential property. What is the minimum amount that I should re-invest in order to be eligible for exemption from the long-term capital gains tax? Will it be the entire amount of Rs 40 lakh or at least 25 lakh i.e 40 lakh-15 lakh (15 lakh being the amount used for buying the property which is to be sold). —
Shashi Mehra
A. You will have to utilise the entire consideration of Rs 40 lakh less expenditure, if any, incurred wholly and exclusively in connection with the sale of the plot for the purchase of a residential house in order to save the tax on the amount of capital gain arising on the sale of the plot.
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Guest
coloumn
Housing is one of the most fundamental demands that influence the quality of life. Access to acceptable living conditions is an elementary human need. This affects individuals at many levels as it provides shelter, safety, security and for most of us represents' the most significant investment that we will ever make during our lifetime. In India however, housing developments have primarily been targeted in select pockets and are yet to fully translate into mass housing initiatives. Also, despite the significance of housing supply to the national economy and general well-being, housing has long been associated with a lack of supply, fragmented industry structure, overall risk-averse attitudes, reluctance to innovation, skills shortages, a slow up-take of sustainability parameters and a near unresponsive planning mechanism. These features, coupled with the existing housing shortfall, specifically within the LIG and EWS segments impose significant challenges for the industry, today as well as in the future. The huge demand-supply gap highlights the opportunities for delivering good quality, affordable and sustainable homes. This needs to be connected to a number of drivers for change such as political, socio-cultural, technological and environmental development. This radical change in approach is all the more relevant considering climate change, demographics and the demand for housing across segments. All this has resulted in a fundamental shift in the expectations from the real estate and construction industry in delivering homes that cater to quality, quantity, locality, affordability and sustainability parameters. Paradigm shift Internationally, we are already experiencing a change in markets and structure of the industry, influencing an evolution in the approach to house building. In the more developed markets of the world, to a large extent, there has been a paradigm shift from conventional site-based construction methods towards a more dynamic development approach that encompasses greater use of off-site production technologies, industrialised techniques and systematic building philosophy. Marked examples supporting this change have increasingly been represented in the use of pre-cast concrete panelised systems, timber framed construction, and a range of offsite production technologies, including modular buildings, volumetric preassembly, non-volumetric pre-assembly and sub-assembly and component techniques that have extensively been implemented in countries such as the US, UK and other European markets. The uptake in such construction methods in these regions has also been driven by the concern on the impact of construction processes on the environment and local communities. Consequently, several consumers have been analysing the sustainability impacts of how we build, operate and maintain the built environment. Winds of change In India, while the technology has been around for some time, it is still fairly nascent, with consumer awareness relatively low in comparison to other world markets. However, with the country's urban population rising at a higher rate than the total population, concerns about the ability of metropolitan areas to compete for jobs and human capital that will continue to fuel economic growth, have made housing an absolute priority for the nation. Ideal solution Hence, given the constraints on land acquisition in urban areas, coupled with the inherent project execution challenges and shortages in human resource capabilities, off-site construction technologies could definitely be considered as a boon; where the traditional 'brick and mortar' construction is giving way to potentially large opportunities for modern methods of construction, such as prefabricated structures and materials to be incorporated in order to build homes quickly and more cost effectively. Overall, moving to such building solutions helps reduce costs by standardising and pooling resources which allows for optimisation of materials and labour. This in turn, helps avoid material waste in comparison to tract housing projects where up to 30 per cent of materials can go unused. Pre-fab construction also allows for sustainable materials to be used while remaining cost effective, as precision and quantities increase. Additionally, building cycles work relatively faster as construction is unhampered by weather or other environmental concerns. Roadmap for future India Concept House', is a housing solution that is looking to change the Indian housing market. RICS in partnership with Sam Circle Venture, KieranTimberlake and ProjectWell have provided a framework within which a concrete panel-based integrated system of a single dwelling unit, which is sustainable, affordable and quick to erect has been conceived. Using the latest technology and materials, these homes targeted specifically at the affordable housing segment in Tier II and III cities will help reduce construction time by up to 90 per cent with construction costs pegged at
Rs 900-1,200 per sq ft.
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launch
pad
Panchsheel Buildtech Pvt. Ltd announced the launch of low-rise independent floors recently. Strategically located at the main Hapur Road (NH-24) Ghaziabad, the project will be spread over an area of 16 acres. It will comprise 3 BHK independent floors in the ground +4 format, available in 1380 sq ft. built up area. The price starts from Rs 36.3 lakh onwards. The key features of the project include reserved parking with lift facility, club house with all modern amenities etc.
Commercial plots in Mohali Taneja Developers & Infrastructures Ltd. (TDI) is offering more 'Commercial Plots' in TDI City-I, Sector 117, 118 & 119, Mohali. These plots are located on the upcoming 200 feet wide Airport Road in the TDI Township. As an integrated feature of the 300 acre (approx.) TDI City, these plots are best suited for small business, fashion retail, restaurants, salons, pharmacies, and other retail services. These units are designed to offer an optimal platform to target customers for a wide range of retail business or corporate set up. Mezzaria in Noida Mahagun India (P) Ltd., will soon be launching its luxury project Mahagun MEZZARIA in Sector 78, Noida. In Mezzaria, Mahagun is coming up with a concept of having homes high above the ground. The apartments will be built around 25 ft above the ground level and the area below these flats will give a feeling of openness and bring in a lot of natural light. In this project units will be available in 3 BHK (2350 and 2850 sq.ft.), 4 BHK (3200 and 4150 sq.ft.) and 5 BHK (4570 sq.ft.). The project has been designed Hafeez Contractor and will be a certified green building conforming to the 'Gold' standard.
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reality
bites
As many as 5,00,000 houses are under construction in the national capital region (NCR) market , the largest residential market in the country, and half of these are slated to be ready for possession by next year, according to property consultant Knight Frank.
In its market overview, the consultant said NCR did not witness a steep decline in launches last fiscal despite global economic slowdown and high mortgage rates in India. “Nearly 86,000 residential units entered the market in FY 2012... Nearly 40 per cent of the units launched, fall in the Rs 25-50 lakh ticket size,” Knight Frank said in a report. Ghaziabad contributed to about 34 per cent of the number of project launched, followed by Gurgaon and Noida. “Developers were able to gauge the pulse of the market and launched more affordable and mid-segment projects than premium projects in FY 2012,” it added. Knight Frank research report found out that nearly 5,00,000 units were under various stages of construction in the NCR market as of March 2012. “NCR is the largest residential market in the country by sheer volume of residential units launched. It currently has higher number of units compared to the other five metropolitan cities of Mumbai, Chennai, Bangalore, Kolkata and Hyderabad put together,” the consultant said. About 50 per cent of the upcoming supply in the NCR market is expected to be ready for possession by 2013, as a bulk of projects were launched towards the end of 2009 and early 2010. Nearly 57 per cent of the upcoming supply falls in Noida and Greater Noida. Gurgaon constitutes nearly 19 per cent of the upcoming supply and about 94,000 units are slated to enter this market by 2015. Accolades for Tata Housing project Tata Housing Development Co. Ltd. bagged five awards under various categories at the prestigious Asia Pacific Property Awards 2012 (part of the International Property Awards) recently. Tata Housing is the country's only residential developer to receive the prestigious Five-Star Award in the Leisure Architecture Category for La Montana; 'Highly Commended' awards in the Show Home Category for Prive and Primanti; 'Highly Commended' award in the Development Marketing Category for La Montana; 'Highly Commended' developer website for www.lamontana.co.in. Additionally La Montana, a Mediterranean-themed township designed by international architect firm F + A, located at Talegaon was adjudged as an Asian Contender in the Leisure Architecture category to compete against the highest scoring contenders from Europe, Africa, the Americas and Arabia to find the ultimate 'World's Best'. Held in association with Royal Institution of Chartered Surveyors (RICS) Asia, the Asia Pacific Property Awards recognises 40 categories of distinction within the fields of development, interior design, architecture, and real estate. Each project was judged by a team of 65 professionals from the
property discipline. They are ascertained based on quality of design, construction and presentation of individual properties as well as interior, architecture, and marketing. — Agencies
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With the realty market not in a buoyant mood in the first few months of 2012 regional real estate groups have been facing a number of challenges in the form of increasing material and labour costs, financial crunch, low sales and customer confidence. The property market in the tricity region has also remained stagnant and even in a correction mode over the past few months. Gopal Bansal, Director of the BCL Homes Limited, a group that has a number of housing and commercial projects coming up in Chandigarh’s periphery under the brand name Chinar, shares his views on the current scenario in the sector in the country in general and in the tricity region in particular.
Decor trends
Despite the advent of many new building materials, bricks have remained the basic material for house construction. Whenever a house builder starts the construction of his house, the first material that he procures is a full lot of bricks. Bricks are, therefore, always in demand. Realising this, some brick kiln owners have started making higher profit by reducing the size of the bricks. This way a person building a house is compelled to buy more bricks. Sometimes, it is found that the moulds used by the brick producers are of correct size yet the bricks produced by them are undersized. This happens when the earth used for producing bricks is not of proper specifications. Earlier, the kiln owners used to check the soil and were very particular about its suitability before taking land on lease. Now, their main aim is to look for cheaper soil.
Humans' relationship with pets has always been a fascinating one. People owning pets, love and care for them just like other family members and many pet lovers have been curious about the effect of directions on their pets. This week we bring some interesting observations on this aspect.
Do you prefer your home to be contemporary, ultra modern or luxurious? Find out how you can create the look of your choice
If you have a warm and inviting demeanour, then a cosy home will appeal to your lifestyle. Such homes are a welcome retreat from the hustle-bustle of daily life. Ensure there are plenty of windows, use light curtains. The floor should preferably be wooden. Throw around some simple rugs. Cosy furniture is usually simple, less ornate and made of natural woods like oak or pine. Use fabrics that have small prints, checks, flowers, or stripes on a white background. For your kitchen, try granite tops and red brick walls to give it a touch of warmth. 
Rocking chairs, vintage rugs, wall hangings, antique photo frames and mirrors add character to your home. If you have the time, space and a green thumb, a kitchen garden is a great idea. Enclose it with a white-picket fence for that authentic feel. Put a wicker bamboo game table and chairs in the living room, preferably in front of a bay window.
How to create the look
Despite the advent of many new building materials, bricks have remained the basic material for house construction. Whenever a house builder starts the construction of his house, the first material that he procures is a full lot of bricks. Bricks are, therefore, always in demand. Realising this, some brick kiln owners have started making higher profit by reducing the size of the bricks. This way a person building a house is compelled to buy more bricks. Sometimes, it is found that the moulds used by the brick producers are of correct size yet the bricks produced by them are undersized. This happens when the earth used for producing bricks is not of proper specifications. Earlier, the kiln owners used to check the soil and were very particular about its suitability before taking land on lease. Now, their main aim is to look for cheaper soil.
Another fact that has come to light is that many kiln owners have now started adding salt to the soil used for producing bricks. The addition of salt has become almost a universal phenomenon in brick production. It helps in lesser consumption of coal in brick kilns, which means direct saving for the kiln owner. However, this salt becomes a headache for the user as it emerges as efflorescence or shora on the wall surfaces making them look ugly.
Efflorescence or shora occurs when the bricks contain free salt or lime which comes out after sometime when the moisture soaked by the bricks begins to dry. As the moisture evaporates, shora is left on the surface of walls. The problem keeps on recurring. The best way to avoid it is to select bricks that have little or no efflorescence. 
Increasing demand for housing has opened a host of avenues for modern building concepts like pre-fabricated houses to spread wings in India.
Need for new concepts