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area watch: amritsar
Decor trends Green house
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area watch: amritsar
The first half of 2012 has seen the realty sector in the holy city of Amritsar in the 'cooling off' phase. The property prices in the city, which is the main pilgrimage centre of Sikhs, have not shown much movement over the past one year, largely reflecting the "slow" trend being witnessed elsewhere in the state. One main indicator of a slack market is the reluctance on the part of investors to enter it, as Sanjay Joshi, the marketing head of a leading coloniser in the city, says, "In the current lean times due to downturn in the economy, very few people are coming forward to buy apartments and plots even of the smaller dimensions". In fact, a number of investors exited the realty scene here in the first quarter of the year as the prices had seen a correction in the period before the Assembly elections in the state and after the Akali government came back in power. With the exit of investors, the market now is largely end-user driven and is stabilising fast. With the property prices across the district stablising, now only the genuine customers are being wooed by the colonisers. While the price per square yard in upscale areas like Mall Road, Green Avenue, Basant Avenue is in the range of Rs 45,000 to Rs 50,000 and between Rs 35,000 and 45,000 in Ranjit Avenue, in areas on Fatehgarh Churian Road these are between Rs 10,000 to Rs 12,000. The current rate of land in approved colonies on GT Road is between Rs 9,000 and Rs 14,000 per sq yd and in Loharka Road it is between Rs 10,000 and Rs 12,500. The buyer, however, is moving cautiously as just a handful of PUDA-approved colonies, including SG Enclave, SG Heights, Dream City, Impact Gardens, Oasis Green Acres, Holy City, Splendor May Fair and Vrindaban are there to attract the customers in view of their customised facilities. This has given them an edge over partially approved colonies in the city.
Preference for a better lifestyle Krishan Kumar Kuku, who has been involved in developing a number of residential avenues, says now the trend among the people of the city is to move to well-planned, spacious, cleaner and greener colonies having a modern infrastructure for better and high-end lifestyle. This has given a major boost to the developers who had seen some dip in the land prices till last year and now only the actual buyer is looking to build new houses with better and modern facilities in these colonies. Rajan Gill, promoter of Blessings City on the Airport road adjacent to Radisson Blu Hotel, said that with the leveling of land prices in this area, the real end user is coming forward to buy plots and flats because of the better living conditions being provided by them. He said the land price in Blessings City is about Rs10,000 to 12,000 per square yard and they have already sold off a large chunk of plots and many of the buyers have started construction of houses there now. A significant number of cash-rich farmers from the rural and border belt are also moving into these newly developed colonies. This segment of buyers has added a new dimension and the colonisers hope that this clientele will help sustain their growth in the coming years.
Change in selling strategy With end users driving the market, the colonisers, too, have changed their strategy to sell their products. More and more of them are now laying stress on the facilities being offered in these colonies rather than the promise of a significant appreciation in the prices over the next couple of years. A number of colonies along the Amritsar-Jalandhar stretch of the GT Road like Metcalfe Nirvana City, Ansal City, Dream City and others are luring buyers living in congested areas with a better lifestyle and greener ambience. Some of the developers are offering facilities like round-the-clock security, power backup, water supply apart from membership of health, sports and social clubs to attract the buyers.
No risk takers Meanwhile, the unauthorised colonies with little development have found very limited response as the investors as well as the end users are not very keen to finalise any deal here in spite of the low land rates. While the end users want to stay out of troubled waters as these projects can lead to delay in possession or penalities and even scrapping of the projects later, the investors, too, are not ready to park in their funds here as the prices have been stagnating as it is over the past 18 months or so and there is no hope of making a quick profit by exiting in 12-24 months. The authorities, too, have recently tightened the noose on the unauthorised colonies.
Commercial low tide The commercial properties in the city are really worst off as there are no buyers or big retail chains are ready to hire them. Large number of such buildings have remained partially occupied with big chunk of built up areas are lying unused due to lack of interest by the companies and retail outlet. The opening of Integrated Check Post (ICP) at the Border town of Attari, which was inaugurated in April this year and promised to be a gateway to Pakistan, Afganistan, CIS countries and in the middle east, has failed to enthuse the business community to set up their base in the city in view of good business opportunities. Although large business and corporate houses are exporting their goods, including soyabean, cotton, fresh fruits and vegetables besides importing a few items from Pakistan, the big time business is yet to pick up momentum due to the hesitation on the part of our neighbour to clear the negative list and substitute it with positive list and give India the most-favoured nation status. A manager with a leading builder from Delhi said some of the buildings, especially in the periphery of the city, have remained totally vacant as there are no takers. This has proved to be a major dampener for the commercial real estate segment in the city.
The realty sector in Amritsar has always got a boost from the large number of NRI Punjabis and Sikhs settled in other parts of the country. More than 50,000 people visit and offer prayers at the Harmandar Sahib every day and the number is much more on the weekends and during the festival season. This along with the Sri Guru Ram Dass Jee International Airport becoming operational the number of NRIs and devotees from other parts of the country is going to increase substantially and so will the demand for residential space as many would prefer to have a place of their own for their regular visits to the city. No wonder then that a majority of products in residential market are designed as per their needs as developers go all out to woo them. So right from serviced studio apartments, apartments to independent floors, villas and extendable villas are on offer for this target segment. The recent fall in the rupee value has also raised the hopes of builders that more NRIs would be interested in buying property in the city. A number of colonisers have put up hoardings, kiosks right at the airport and literature about different products is available there to lure them to invest in the city. There are many like Dr. R.S.Riar from Toronto, who have bought homes in the city. . Dr. Riar and his wife, who have bought a home in the newly developed township, Manawala on the Amritsar-Jalandhar stretch of the GT Road, are very enthusiastic about their dream of settling down in the city and to regularly visit the Holy shrine. Similarly a large segment of people especially settled in the UK, Canada, USA and other countries are constantly enquiring about residential projects in the city. This has motivated many colonisers to organise customers' meet in Canada and London where more than 100 families have shown keen interest in buying homes and even in commercial space in Amritsar.
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A FAN-CY AFFAIR Having metamorphosed into a coveted lifestyle product, the humble fan has truly come a long way. Daring to break into the monotony of staid and placid ceiling space, an array of designs available in the market now are fast redefining the llook of ceiling fans Neha Joshi
Beating the heat this summer has suddenly become a trendy affair. Spelling style, elegance and a piquant charm, the new-age 'designer fan' has emerged as the latest showstopper. Having caught the 'fan-cy' of discerning customers, the ceiling fan in its latest avatar in trendy designs and swashbuckling features, can be seen embellishing the homes of many a design-conscious home owners, interior decorators and connoisseurs of art and beauty. Having metamorphosed into a coveted lifestyle product, the humble fan regarded as a mere utility till a few years ago, has truly come a long way. Daring to break into the monotony of staid and placid ceiling space, the classic, modernistic or minimalistic designs available in the market today are fast redefining the concept of traditional ceiling fans. Crafted with multiple decorative wings, these elegant and stylish ceiling fans come in several designs that seamlessly merge with the home décor. With all modern day trapping and bling to satisfy fashion-savvy customer, the range of designer fans available in an array of colour, luxurious finishes and ranges adorn the house with a brand new look.
An eclectic mix So what is it that makes these fans stand apart from their age-old counterparts? Even though the placement and acceptance of these new age pieces more or less remains the same the purpose has been completely altered and beautifully so, feels Satnam Sandhu, Senior Vice-President, Usha Shriram, "With rising aspirations and income of people, there is a shift in preferences towards more decorative and premium range fans that are beautiful to look at and can become part of interior decoration. These elegant pieces are increasingly being used to beautify the décor as they not only add style and look exquisite but accentuate the design quotient of a room," he says. No wonder that our modest ceiling fan has moved from just being a mere functional item to the one having an aesthetic value. Leaving its poorer cousin behind, the modern designer fans add to the décor of the house. "These fans never fail to work as conversation starters and dazzle the guests with their sheer magnificence and out-of-the-box design element," says Saumya Bhatt, resident of a posh locality in Delhi and an art curator by profession. There is an eclectic range of designer fans available in the market that one can choose from depending on one's taste and pocket. From the fan blade made of delicate organza and lace to the very androgynous looking fans with purposely enhanced mechanical fixtures or from minimalistic one-winged fans to the ornate ones with light fixtures that could replace a gorgeous chandelier, one can make a pick from a variety of styles and colours available. And it's not just the ceiling mounted fans that have attained a new avatar; the most humble table fan has also transformed to fit into the new uber modern and style conscious homes.
Customised grace If what is available in the market is too ordinary for the connoisseur in you then some brands also offer the option of customising the fans according to an individual's need and the respective home décor. The level of customisation offered by studios such as Mumbai-based Anemos, Gurgaon-based Fan Studio and Delhi-based Prizm ensure that the piece gels well with the theme of the room or matches the style and even the colour of the walls. The variety available in the market also comes laden with interesting features such as fancy lights underneath that can double up as a chandelier. The exquisitely crafted under lights not only add a design element to the space but can be switched on and off depending on the setting of the place. Such fans are simply flying off the shelf with clients coming in from far away places in the country. This sudden splurge towards designer fans has certainly taken an upturn swing in the past few years. As Raj Jain of Anemos puts it, "The latest designs are a testimony to people's changing taste towards fans which has truly evolved into an art form." Having experienced a slow response initially, Anemos has witnessed a meteoric rise in demand of these exquisite fans ever since it opened in the year 2002. Anemos now boasts of outlets in Mumbai, Gurgaon and Ahemdabad with more than 30 varieties of table, ceiling and exhaust fans. As a result even old players like Orient and Usha, a trusted name in the league of home solutions known for its sturdy designs, has lately entered the arena of designer fans. Their collection of decorative fans that comes packed with decorative ring on the motor as well as the canopy includes Florence, an elegant metallic creation in shades of matt blue, coffee brown and yellow beige and goes both with indoor and outdoor setting. Other favourites are Elena, available in pristine white and ivory, Croma, Proton Silver, Proton Golden, Polo white and Breezer. Toeing similar lines are fans from the house of Havell's and Orient with decorative wings, eye-catching colours and designs. Although the range of high-end designer fans starts at Rs 10,000 and goes beyond a lakh, decorative fans fall into a bracket of Rs 5000-Rs 15,000. Another big player Khaitan had launched its first Khaitan retail outlet in 2007 that sells designer fans, priced between Rs 7,000 and Rs 1 lakh.
Booming business The market for designer fans in India, though still at a nascent stage, is likely to expand in the coming years. However, being a luxury item than pure utility with a niche audience makes this a low-volume high price business which is spared by the vagaries of nature or rather seasons. Designer fan is a booming business with fans being adorned for their ornamental value feels Prateek Sah of Fan Studio. Situated in the heart of Gurgaon, Fan Studio caters to the upwardly mobile customer base and having started with a modest beginning it plans to spread its wings to all major metros across the country today. Offering similar views Sandhu of Usha says, "Unlike ordinary fans, designer fans, being a product of the lifestyle segment caters to a well-defined customer base. However, the prospects are endless with more players making a foray into the segment, thereby steadily increasing the prospects of decorative fans.
A world of Fan-tasy With modern lifestyle ushering in a phase of luxury living in every sphere, people are no more apprehensive about adopting radical changes or think twice before spending big bucks on doing up the interiors. As Sandhu puts it, "Fans available in the market today are no more part of the utility brigade but are beautiful and premium décor items." So, why your furniture and upholstery alone should get your coveted attention! It's time you moved the much paid attention to finer details that make your home a cut above the rest. When even your bathroom and your kitchen match your personality then it's time you stepped into the designer fan market and take your pick from the classic to the punk and in between. Let these fancy new things breathe a fresh air into your home and up your style quotient. Even though in this age of ACs and trendy coolers, fans have always been and will always be evergreen. Its time to move beyond the ordinary and explore the world of Fan-
tasy!
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Savour the perennial charm Maj Gen C.S. Bewli Crassula, a South African genus, contains a number of succulent species that vary greatly in size, shape and colour. Crassula arborescens, portulacea, ovata and lactea form oval to roundish leaves and look like miniature trees. These are collectively known as jade
plants. Crassula are prone to mealy bugs and the best treatment to dislodge them is to hose them with a steady stream of water or alternatively add about 3 ml of liquid soap per litre of water and spray on plants.
'Morgan's Beauty' The plant grows well in filtered sunlight with porous compost and needs to be fertilised with NPK twice in a growing season. This plant, if grown well, has the capability to become the centre of attraction of any garden even if it is not in flowering stage. It can be propagated easily by leaf cuttings or part of leaf cuttings or by planting offsets. The leaves become marked with age, giving an indication that a fresh healthy plant needs to be propagated.
Growing tips
Crassula arborescens Though it is perennial, sometimes the leaves tend to fall off due to over or under watering. In such a case it is always better to re-pot the plant after examining the roots for mealy bugs. It has an impressive fleshy and jointed trunk bearing a number of branches to give it a tree-like appearance which makes it a popular choice in the succulent bonsai arena. It responds well to lose wiring and with some training and styling, it can be crafted into a good succulent bonsai within a short span of time. A six-inch pot is suitable for its growth before it is transplanted into a bonsai tray. To encourage stronger lower growth, new growth should be pinched periodically. This plant is a gardener's delight as it is capable of tolerating winter as well as summer temperatures in north India equally well. Unlike most of the other plants, it looks beautiful throughout the year due to its succulent leaves. It is a hardy plant which grows well even if it is not watered properly. For overall robust growth, the plant should be fertilised with NPK (nitrogen, potash and phosphorous) in equal proportion once in growing season. In habitat it reaches up to 10 ft in height and bears white to light pink flowers, but in pot culture it restricts to about 2 ft in height and seldom blooms. It is easy to multiply plants as these respond well to stem cuttings taken from the joints.
Tips for healthy plants
— The writer is the President of Cactus and Succulent Society of India.
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Is investing in a low-rise a wise move? B K Sanghi Q.My query is about the future benefits of buying a property. In case one buys an apartment in a six-storey building now and say after 30-40 years when the building has to be reconstructed there are two ways to get the work done: one is that the welfare society arranges funds by pooling in money from the legal owners/residents who would be allotted area proportionallyin the new building. This way the existing owners will have to pay the full cost once again to get the new apartment. Alternatively the welfare society can enter into a contract with a builder wherein it agrees to increase the number of floors, which the builder will sell to recover the cost of construction, and the existing owners would not have to pay any money. Going by this logic it makes sense to buy in low-rise buildings at present so that there is ample scope for increasing the height of the building in future and thus save extra expenditure of your heirs as the second option for reconstruction will be more applicable. Is my conclusion right? — manmohan singh wasu
A.There is no doubt that land is a scarce commodity and is becoming costly with each passing year. And while the cost of land increases with each passing year, that of the structure depreciates with time due to the wear and tear of buildings. So the multi-storeyed residential buildings would surely need to be reconstructed in 25-30 years. What you have mentioned in your query is a very valid point. But it will not be an easy option. In India the ownership of land and ownership of structure can be different. In order to convert a low-rise building to a high-rise one it is very important to keep in mind the density and F.A.R of the building, infrastructure, parking area, roads, basic amenities like water, electricity and sewerage and it is very difficult and tedious to provide such amenities. We can hope that by that time the government would have worked out some new amendments or rules and guidelines concerning this as otherwise getting all the permissions from the authorities will bea Herculean task for the welfare society. In North India the culture of flats is quite new as compared to that in metropolitan cities like Mumbai. In Mumbai, many like-minded people have had the same vision as you and many societies have already created a sinking fund for each flat to replace the structure after some stipulated time like 20 years. So investment in low-rise building is a better option. email your queries to
realestate@tribunemail.com
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tax tips No tax liability if total sale amount is used Q. My mother has the following properties in her name:
The plot in Panchkula was allotted to her in 2006 and possession was given in 2010. We have been carrying out construction work on this plot since 2011. I want to sell the plot in Mohali and purchase a flat in Panchkula from that money. Kindly clarify:
A. Your queries are replied hereunder:
Gift to spouse Q. I am a government employee and had bought a residential plot in 2004 in my name. I had taken a bank loan in the same year to carry out construction on this plot. Now, I want to sell this house and give the sale proceeds to my wife who has been allotted an apartment in a GMADA scheme in Mohali. My wife is a Punjab government employee. My wife will apply for a bank loan to pay for this apartment and I will be a co-applicant. Kindly let me know how I can transfer the sale proceeds in the name of my wife and claim exemption from capital gains tax? Also let me know how I can inform my office about the investment of the sale proceeds? — Harhans Singh A. Long-term capital gain on the sale of a residential plot is taxable in the ordinary course. However, in case the net consideration received or accruing on the sale of the plot is utilised for purchasing or constructing a residential house within the specified period, it is possible to claim exemption from such taxability. However, the purchase or construction of a residential house has to be in the name of the person who has sold the plot. Therefore, in case the amount realised on the sale of a plot of land is given by you to your wife, the long-term capital gain arising on the sale of the plot of land would be exigible to tax. The Income tax Act 1961 (The Act) does not contain any provision whereby tax on long-term capital gain can be saved by gifting the amount of sale proceeds to one’s spouse. It may be added that any amount gifted to a spouse by an assessee continues to be considered as an asset of the assessee and the income arising on such gifted amount continues to be taxable as the income of the assessee who has gifted the amount to the spouse. Is my plot a long-term asset? Q. I was allotted a plot by the Haryana Housing Board in 1991 for which I had paid the full amount by 1996 in annual instalments. The possession of the plot was given to me by HBH in 1999. But I got it registered in July, 2011. My query is: If I sell this plot now then will it amount to short-term or long-term capital gains and what if I invest the proceeds in purchasing a residential house. I do not have any other residential house. — NK Garg A. The plot allotted to you by Haryana Housing Board of which the possession was taken in 1999 would be treated as long-term capital asset even though the conveyance deed in respect thereof was registered in 2011. You would be entitled to claim exemption from the taxability of such a capital gain provided the net consideration accruing or realised on the sale of the plot is utilised towards the purchase of a residential house within two years after the date of sale of the plot. So much of the amount as is not utilised towards the purchase of a residential house before the due date of filing the IT Return for the assessment year in which the sale of the plot, should be deposited in a bank account under capital gain scheme on or before the said date.
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Sakura Homes in Eco City Falcon
Realty Services have launched Sakura Homes in Global Eco City Project on NH-8
express way in the National Capital Region. This new offering would comprise an assortment of eco-friendly sustainable homes mainly aimed at meeting the rental needs of people especially from the global corporate fraternity as well as the floating people of India. The company will invest Rs 80 cr ore in the project. Global Eco City is a self -sustaining township that will have schools, hospitals, shopping malls, multiplex, gyms, sports stadium, etc. Sakura Homes is slated to be completed over a period of 2 to 3 years in phases. The development work is already in progress. The
concept that Falcon is promoting through this project is walk-to-work and the
first phase will have around one lakh sq ft on ground to third floor earmarked
for retail and office use. Apart from this commercial development, fourth to
eighth floors are for residential development that will have a set of fully
furnished flats with 2 and 3 BHK apartments priced at Rs 3500 per sq. ft.
Rates for office space are Rs 4,500 per sq.ft, and for retail Rs 5,500-7,500
per sq. ft.
Shopping mall in Tronica
City As per information
provided by developers
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Ashok Sethi
Market drivers
Maj Gen C.S. Bewli
REALTY GUIDE
People from different economic strata have shown keen interest to settle down in new developed colonies with proper infrastructure. This has led to a gradual increase in the number of people from the congested area within the walled city, who are buying plots and flats in these colonies on the city periphery. "This is a very positive sign for the realty scene in the city", says Micheal Uppal, a city-based broker. 
Crassula 'Morgan's Beauty' as the name suggests is among the most attractive succulent hybrids created with South African Crassula falcata and Crassula mesembryanthemopsi, as it combines the best features of both the parents. It is a small compact plant with a number of rosettes that give it a majestic appearance. During growth period pink stem less flowers emerge and form tufts which directly sit at the centre of the rosettes. The unique feature which makes it a must in all gardens is that it bears stunning flowers which last for about 2-3 weeks. The beauty of thick silver green leaves is further enhanced with a natural makeup of white powder. 
Crassula arborescens is grown for its ornamental thick, fleshy and roundish leaves decorated with red margins. The plant should be grown in cactus compost for good health and be kept in full sun for its beautification with fine-line reddening of the leaf margins. It is an ever green succulent plant with a shallow root system. 
The
RMS group recently launched City Centre, a shopping mall-cum-multiplex in
Tronica City project in the Delhi-NCR region. The City Centre will be located
in the heart of Tronica City, which is 12 km from Delhi University. According
to the company's directors Ram Kumar Tyagi and Sanjeev Kumar the mall and
multiplex project will have outlets of major brands and will be an attraction
not only for the residents of Tronica City but also for the residents of areas
in North-East Delhi, Baghpat and even Baraut.