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Area watch: Mandi-Manali region The View of ESIC medical college coming up along the national highway 21 near Ner Chowk near Mandi town.
Photos: Kuldeep chauhan Time for repo rate cut Market pulse Realty
bites
Bottoms up! Find out what it takes to make the ultimate home bar
The Vaastu connect Green
house A bonsai “embroidered” wall adds new dimension to your garden Launch pad Tax tips
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Area watch: Mandi-Manali region
The picturesque Mandi-Kullu-Manali region is a tourism hub and tourism has also remained the major propelling force for the real estate sector in the area. The realty scene in this region has generally been driven by small-time hospitality ventures, automobile showrooms and housing needs of the service class population seeking a house in the towns. But things have undergone a change of late. The coming up of hotels, auto showrooms, Rs 1,000-crore Employee Service Insurance Corporation (ESIC) medical college and hospital and Indian Institute of Technology at Mandi has sent the prices of land soaring in the central Mandi-Kullu-Manali region over the past few years. Commercial surge Even though the property prices have seen an upward trend and development has been seen in the region, very little of it is actually planned. Most of the construction is haphazard. From Bilaspur town to Hara Bagh, Sundarnagar, Ner Chowk, Mandi, Nagwani to Bajora, Bhuntar, Kullu, Katrani, Raison and Manali in the Kullu district, the NH-21 has become a “ribboned corridor” with dhabhas, guest houses, hotels, automobile showrooms and concrete houses dotting the highway. A number of major automobile companies have opened showrooms in Mandi as it is a central town for Kullu and Bilaspur and the rest of the region. Most of these showrooms can be seen along the Gutkar-Nerchowk stretch of the highway, with Toyota being the latest one to set foot here. These showrooms have sent the land prices soaring from Rs 50,000 per biswa in the 1990s to Rs 4 lakh per biswa now. ESIC medical college has also spurred the prices of real estate in the Ner Chowk-Bhangrotu area. This area comes under the Special Area Development Authority (SADA) and Ner Chowk is under the Town and Country Planning department. But the construction flouting TCP norms has been going on unabated along the highway. The retail business has also increased here and small shops and auto repair outlets have come up in the recent past. The price of land per biswa in Ner Chowk has increased from Rs 1 lakh about three years ago to Rs 4 lakh at present.
Educational high price index:
panchkula-iii Please note: The prices are indicative only and may vary as per the plots size, approach road, location etc. Source: Nirmal Infrastructures Another reason for appreciation in the property prices is that besides Ner Chowk-Nagchala, Nav Lakha-Sundarnagar has emerged as an education hub with the coming up of small-time vocational institutes, technical colleges and a private dental college in the region. The government has also opened an engineering college and polytechnic colleges. These educational institutions have increased the demand for quality housing. However, in the absence of any new planned residential areas, this demand for housing spurred by the IIT and ESIC medical college and other factors of urbanisation is being met by the local house owners in Mandi and Sundarnagar towns. Most of the students are staying here as paying guests, while teachers stay in private rented accomodation. This demand has sent the rentals also soaring here. The rent per room has increased from Rs 1,000 about six years ago to Rs 2,300 in posh localities in Mandi town at present. The demand for housing is there for sure but there is very little planned urbanisation going on. Most of the property transactions involve either the sale of land or of individual houses. Though the state-run HIMUDA has planned housing colonies and satellite towns in Mandi, Sarkaghat and Kullu, these have not attracted many applicants. As a result of this poor response these projects have remained non-starters. HIMUDA has not lived up to the expectations of people. Its colony in Sinyardi in Mandi town is a picture of neglect as it is yet to have proper facilities. The roads here are in a bad shape and streetlights have remained a distant dream. The plot owners have also been resenting a price hike as Rs 44,000 are being charged per head after the allotment of plots.
Lease and rent Another major realty driver in the region is the hospitality sector. A number of dhabas and guest houses are operational in the area. According to local residents benami property dealers strike deals with locals to run dhabas, guest houses or hotels for businessmen coming from Delhi, Punjab, Kerala, Mumbai and other places. The locals run these after getting the premises on lease or on rent. More than 90 per cent hotels in Manali are leased out to contractors from outside. “This has resulted in increased tariff for tourists who do not get quality services as the contractors try to make maximum profit,” members of the hoteliers’ association rued. Land prices have been on an upswing here also. A biswa in Manali costs Rs 3-5 lakh depending upon its location from the road. Old Manali, Shenag, Vashisht, Solang, Bahang, Nehru Kund and Aleo, Prini and Shuru till Naggar on the left bank are buzzing with construction activity.
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Time for repo rate cut “This (CRR cut) will help in generating liquidity and some part will flow into the real estate, which is much required given the compression of liquidity within the real estate industry,” property consultant Jones Lang LaSalle (India) Chairman and Country Head Anuj Puri said recently. Puri, however, said that “it is also important to bring down the high interest rate to enable the real estate industry to make sound and good progress”. CREDAI, the apex body of realtors, has welcomed the RBI’s decision to cut cash reserve ratio (CRR) by 0.25 per cent, but felt that reduction in repo rate was needed to encourage the real estate sector. “We welcome the CRR cut. Though a repo rate cut was what would have really triggered the real estate market and was extremely needed to support this sector, which would have given a kick-start to nearly 300 affiliate industries which would contribute to the IIP,” CREDAI NCR officiating President Geetamber Anand said in a statement. Housing demand has been hit due to high interest rate on home loans, affecting the business of real estate developers. The interest outgo of realty firms, sitting on a huge debt, has also gone up significantly leading to reduction in their margins and profitability. Commenting on the RBI’s move, Suresh Gogia MD Ascent Buidtech said, “As we know that the input cost such as land, cement andlabour are already very high, with government’s decision to hike diesel prices these costs will escalate further. To improve the sentiments of buyers and support the real estate sector reduction of repo rate to reduce the interest was essential”. According to O. P Agarwal Chairman Lotus Infra, “As far as
reduction of CRR is concerned this move is in right direction. Banks that were facing liquidity crunch will get a breather and will be able to lend to large number of borrower. However this will not create a major impact in real estate sector. The real estate industry was looking for support from RBI in form of reduction of repo rate so we feel disappointed”. RBI reduced CRR, the percentage of deposits banks keep with central bank, to 4.5 per cent, but kept the repo rate, at which the central bank lends to the banks, and the reverse repo rate, at which it absorbs excess liquidity through borrowings from banks, unchanged. Putting forth the demand for a cut in the reporate the Executive Director KDP Infrastructure, said, “We were expecting a cut in the repo rate also as the construction cost is already very high and getting increased day by day. Hence, reducing repo rate would have given some relief to buyers in the form of reduction of interest rate. The industry growth rate is sluggish and a boost of this kind was required to achieve a constant growth rate. We hope that RBI will consider reducing repo rate in coming months”. Global property consultants CBRE and Cushman & Wakefield said the CRR cut would have a positive impact on the realty sector. “The RBI’s decision to cut CRR is a step in the right direction. This move will allow banks to disburse monies in the sagging market. I hope this also has a positive impact on the real estate sector and the developers find it easier to gain access to funds and that too at lower rates,” CBRE South Asia Chairman and Managing Director Anshuman Magazine said. He also said home loans might get cheaper. Cushman and Wakefiled Executive Managing Director (South Asia) Sanjay Dutt said: “Given the recent announcements by the government to allow FDI in multi-brand retail, airlines, etc., this is another positive sentiment reinforcing move which will enable domestic and international investors to see the country in a more positive light. The expected release of funds into the system should have a multiplier effect and boost various activities in the economy,” Dutt added.
— TNS
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Market pulse The sale of residential property in the NCR region has taken a hit in H1, 2012 according to the findings of CBRE’s latest report titled Market View India Residential. “The decrease in residential sales can be attributed to dampened consumer sentiment due to high interest rates and weak economy. Both developers and home buyers alike are reeling under inflationary pressures. Home buyers and investors are in a cautionary mode and are deferring purchases in anticipation of interest rates reduction,” said Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd. While markets such as Central and South Delhi continued to lead the demand curve for high-end properties and independent plots, Noida and Gurgaon witnessed an accumulation of vacant stock due to restrained demand levels. However, despite a demand slowdown, developers are not willing to reduce values; investor interest continued to drive marginal price appreciation. Prime markets such as those of South Delhi and South West Delhi were resilient to fluctuations in demand and continued to be the priority destinations for premium residential investment. The first half of 2012 witnessed launch of 15 residential projects with approximately 6,400 units across various micro-markets of Gurgaon, significantly lower when compared to almost 23 project launches during the same period last year. The Noida market continued to witness interest from buyers on account of its comparative affordability when compared to Gurgaon; however, a marginal slowdown in demand led to reduced supply addition.
Rental stability Rental values were stable in Noida, while those in Gurgaon witnessed appreciation by around 4-5 per cent, especially in key markets such as Sohna Road. Appreciation in capital values was subdued during the review period in Delhi as well as the suburban markets of Noida and Gurgaon. Leading micro-markets of Delhi such as Chanakyapuri, Panchsheel Park and Defence Colony witnessed appreciation of around 2-4 per cent, when compared to the second half of 2011. Most micro-markets in Delhi are expected to maintain stability in capital value appreciation over the next six months. The Noida Extension and Greater Noida micro markets are expected to pick up pace as the land acquisition issues in the area have been cleared. Another positive for the Noida market has been the approval of the Noida Greater Noida Metrorail project (the link will provide direct connectivity from Noida to Greater Noida, Noida Extension, South Delhi and Ghaziabad), which is expected to provide a fillip to the real estate profile of the region.
Rentals move up A study by 99acres.com, has shown a 15 per cent appreciation in rentals in the Delhi and NCR region in Q2-12 over Q2-11. All localities in the Delhi-NCR region have witnessed rental values appreciate on an annual basis. Commenting on the same Vineet Singh, Business Head, 99acres.com said, "Residential rentals in Delhi/NCR have seen about a 10-15 per cent jump in the past one year. With more people moving into the city for jobs, the residential hot spots have been in high demand for rentals, directly resulting in the increase over the last 12 months especially in the NCR region where there is lot of supply rentals. Rentals in Noida will increase at a rate of 10-15 per cent yearly, however, Gurgaon will see about 15 to 25 per cent increase in the coming months. This trend will continue in coming years as well because there are with very few projects in a completion stage in Gurgaon, while in Noida there is huge inventory in pipeline to be delivered over the next few years." A look at the rental prices of a 3BHK house in key localities of Delhi shows that the residential areas of Defence Colony and Saket witnessed the maximum appreciation. Both these areas have respectively witnessed 29 and 28 per cent rise in rentals in Q2-12 over Q2-11. Mayur Vihar-1 and IP Extension in East Delhi saw rentals appreciate by 23 and 12 per cent, respectively, while Vikaspuri and Janakpuri in West Delhi saw rental values move up by 18 and 13 per cent, respectively in Q2-12 over Q2-11. Key localities of Noida like Sector 50, Sector 93, and Sector 82 have seen rentals escalating within the range of 12 to 16 per cent over a period of one year. Localities in the Ghaziabad region have also seen rental value appreciation. Both Vasundhara and Indrapuram saw approximately 12 per cent increase in rental values during the same time period. Prime areas of Gurgaon like Palam Vihar, Golf Course Ext Road, MG Road and Sohna Road, have seen 28, 24, 22 and 19 per cent rise in their rentals in Q2-12 as compared to Q2-11. Both Sushant Lok and Sector 56 Gurgaon saw price appreciation of 15 per cent respectively during the same time period.
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Realty
bites Delhi based real estate player, Ashiana Housing Ltd., won the Best Theme Based Township award in non-metro segment for its Active Senior Living Project - Utsav Bhiwadi at CREDAI Real Estate Awards 2012 recently. The project was selected from amongst the leading real estate and infrastructure companies participating from 100+ cities across India including the metros. Utsav Bhiwadi was the first project under the Utsav chain to be launched. The project was delivered in 2008. Most important issue after retirement is how to spend time in an enjoyable, productive and meaningful way. Therefore, Utsav Bhiwadi was created with ample opportunities and facilities to pursue old passions, sports or hobbies that got ignored over the years.
ASK to invest Rs 100 crore in Bangalore ASK Property Investment Advisors, the real-estate private equity arm of ASK Group, will invest Rs 100 crore in a luxury residential project in Bangalore. The Rs 450-crore project is being developed by Mantri Developers in central Bangalore and a special purpose vehicle is set up for executing the project, the company said. “This is our second investment with the Sushil Mantri Group and we are committed to multiple partnerships with our existing partners. We are bullish on the Bangalore realty market which is a stable market due to constant job creation,” ASK Investment Holdings managing director and chief executive Sunil Rohokale said.
CHD to invest Rs 350 crore in Gurgaon project Realty firm CHD Developers will invest Rs 350 crore over the next four years
to develop a housing project in Gurgaon. The company had acquired 12.34 acres on Dwarka Expressway in July for about Rs 100 crore. “We are launching the project that will have 642 apartments. The total investment on this project would be Rs 350 crore, including the land cost,” CHD Developers Chief Operating Officer (COO) Ravi Saund said in New Delhi. The total saleable area in the project would be nearly 12 lakh sq ft. Besides Gurgaon, the national-capital based company is developing projects at Karnal, Haridwar and Vrindavan.
New residential tower at Sushant Serene Residency Ansal API has launched a new residential tower at Sushant Serene Residency, Greater Noida after receiving an overwhelming response of earlier launched towers. The new Tower - T4 D comprises 2BHK and 2BHK+servant apartments with a super area of approx. 1125 sq. ft & 1350sq.ft., respectively. The complex will have facilities such as secure gated community, round the clock security, fire safety provisions, 24 hrs power back-up, Wi-Fi enabled system and many more of such features. The Sushant Serene Residency is located at ETA-II Sector, Greater Noida. Spread over an area of 13 acres, it comprises over 1500 apartments. The T4 D Tower is the 8th tower to be launched in this mega group housing complex.
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Bottoms up! Home bar. One of civilised world’s most elegant indulgences that has come to be associated with style, panache and sophistication. But home bars are complex arrangements that require a large paraphernalia of appropriate furniture, proper lighting and plumbing, an assortment of glasses, accessories and a variety of liquors.
But first things first. The placement of your bar is the primary consideration. You want a place where there is not just room enough to sit, both behind and in front of the bar, but also to move about. If the bar is going to be your party area then it should be able to accommodate the anticipated amount of guests without crowding. Areas under the staircase and in basements can be used aesthetically to create a home bar. Ornate wooden bars having shelves and ample storage for glasses and bottles are usually the perfect picks though units in other materials are also available in the market. With space becoming a scarce commodity you can choose from the expandable bar cabinets and cabinets with wheels that are available in different furniture stores. Lights are an important feature to focus upon when setting a home bar. Rule No. 1 is that bright lights are a no-no. Usually soft and subtle lights look the most elegant unless of course you are the adventurous kind who likes disco lights or a spherical mirror balls that reflects light in many directions. Shakers and blenders You would have to keep in mind the hardware like a blender, a cocktail shaker, a small refrigerator, an ice buckets and an array of glassware and wineware. If you have a blow-up budget you could think in terms of a kegrator for dispensing draught beer and also a wine rack. But that’s not all. A stylish bar would need a three-piece cocktail shaker, blender, peg measure, cutting board, bottle-opener and a lime squeezer. Stock the bar with the liquor essentials like vodka, dark rum, white rum, gin, Scotch, Tequila, liqueurs, wine, beer, single malt and bourbon.
Choice of glasses The glassware is the next important thing to consider if you want to have a stylish bar. Remember, glasses do matter when it comes to wine and liquor. To offer your guests their choice of drink in the right glass shows your knowledge and panache. Because, a relaxing drink has to be enjoyed in style, its temperature and the way it is served makes all the difference between a great and an ordinary drinking experience. In fact for those in the know of things a great wine would diminish in appeal if it is served poorly. You would have to learn to distinguish between an array of wineware like tulip glasses, flute glasses, hurricane glasses, parfait glasses, chimney glasses and a host of others that are suited for different kinds of wines and cocktails. These glasses are not just decoratives but bring out the best qualities in the wine or champagne.
Accessories If you are a wine aficionado then you would require an array of accessories to serve the bubbly in style. Firstly you'd have to have a stylish corkscrew that smoothly ejects the cork from the bottle. Then you would have to have accessories like a foil cutter, a drip collar, an aerator, bottle stopper and most importantly a wine chiller to keep wine at a serving temperature. If cocktails are your preferred drink of choice then a bigger — and more interesting — challenge awaits you. Unless you are getting a professional bartender, you would have to be familiar with cocktail chasers and mixers which are non alcoholic liquids which are the life of any good cocktail. Besides enhancing the flavour of a cocktail they also act as colour changers and can make a cocktail sweet, tangy or spicy. Four of the most popular mixers and chasers you would require in your bar would be Angostura Bitters used to flavour a variety of rum, vodka and gin-based cocktails. Then you must also stock up with tonic water used as an accompaniment to gin simply called G&T (gin & tonic). Schnapps would be the third mixer which gives many cocktails like Sucker Punch, Minnesota Slammer and Jolly Rancher a distinctive green colour. And finally Worcestershire Sauce that forms the basis of the party favourite Bloody Mary besides a host of other cocktails. Once you have all the basics, you are ready to give your guests a stirred and shaken experience in your ‘watering’ hole.
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The Vaastu connect What most homeowners with bars at home fail to realise is the fact that keeping alcoholic drinks in the house can have a direct influence on the lives of the inhabitants. While the purpose of alcoholic beverages is to unwind, relax and kill anxiety, if placed in certain directions in the house these may have the opposite effect on occupants. We all know that everything in the universe is a composition of five basic elements. According to Vaastu these five elements have their respective positions in different directions. Hence, everything that we keep in the house should be in sync with the five elements as it maintains the balance of energy that each of the directions emanates. For instance, the storage of water should be done at the place designated for water element. Likewise, the functions, shapes, colours, etc., of each object determine what location is best for it in the house. When kept in the wrong direction, objects programme the subconscious mind of the individuals living in that house which creates unwanted situations in their life. As far as alcoholic beverages are concerned, the south zone is recommended for making a bar. The bar in this area synchronises with the zonal energies in the home and facilitates peace of mind. A bar in the west-north-west zone can help in detoxification of mind and in releasing blocked emotions and stress. The north-west zone, too, is good for a bar as it yields the desired results expected from meetings over drinks hosted at a bar in this zone. However, if you already have a bar at home and it does not fall in any of the zones or directions discussed above, it is likely that you have been facing some ill effects on this account. There are just a handful of locations that are considered to be good for having a bar at home, while most of the others are considered to be within the restricted zones — zones where locating a bar may create an imbalance resulting in the emanation of negative forces. The results can be detrimental in different degrees — a person can end up as an alcoholic, one’s decision-making ability might get severely hampered, and so on. For example, if the bar is created in the east-north-east, then you find comfort and happiness only in drinking-with all other recreational activities appearing to be meaningless. Likewise, a bar in the east can hamper your social relationships, and if it is in south-east, it may have you lose money.
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Green
house The size of the wall should complement the garden and should also accommodate at least 6-7 potential bonsais to give a majestic look. To avoid difficulties in cultivation and drying out of plants grown in the wall, there should be a provision for slabs behind the wall where pots can be placed. The roots and some portion of the stem of bonsai are passed through the front side of the wall to the rear to create a living sculpture of leaves and stems in the front according to the desired design. Wall specifications
How to create
Right grooming tips
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Launch pad
This new JV’s products will be sold under the new brand ‘Bellissimo - STILE ITALIANO’. Sharing the plans of the new company Sanjay Monga, Country Manager, India, of Asian Panaria Pvt. Ltd., said the group will be investing Rs 100 crore over the next three to five years in manufacturing as well as setting up a nation-wide distribution network for luxury tiles and aims to capture 35 per cent of the total luxury market share. The group also has extensive plans for the Punjab market and has already set up a warehouse in Ambala. The group will be having at least 10 distributors in the region, he said. “There is a substantial demand for ultra luxury tiles in the Punjab area. A number of luxury residential as well as hospitality and commercial projects are coming up in the region as the income levels here are very high and people have exposure to global trends. All this makes Punjab a big market for tiles,” said Monga. While the authentic Italian Panaria range, priced at Rs 250 to 450 per sq ft, is being projected as an alternative for marble and granite floors due to its size and durability features, the Bellissimo range, priced at Rs 100 to 180 psf, is an alternative for vitrified tiles being used at present. Explaining the focus of this high-end brand, he said, “Bellissimo sets out to be the point of reference for planners, interior designers, architects and end users who are looking for products that combine the highest technical standards and the aesthetics of Italian products. With production of over 600 million square metres per year and annual growth rates in double digits, India is the third-largest ceramic tile market in the world in terms of consumer spending”.
— TNS
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Tax tips Pitfalls of buying two houses Q. I have a house in Gurgaon which I would like to sell for about Rs 2.20 crore. I had bought this house in 1988 for Rs 4,50,000 including all expenses. Now I want to sell this house and purchase two flats — one in Dwarka for Rs 1 crore for my daughter and the other one in Chandigarh, also for Rs 1 crore in my name. I may be left with some amount from capital gain or I may have to add some from my pocket. I am not sure as it will depend on the purchase cost. Still my query is:
A. Your queries are replied hereunder:
No exemption on short-term gain Q. I have sold a residential plot measuring 200 sq. yd. allotted to me by Improvement Trust, Amritsar. The particulars of the plot are as under: The total cost of the plot is Rs 32 lakh. I had paid Rs 3.20 lakh earnest money with application on October 14, 2010. I was successful in draw held on February 14, 2011 and the letter of allotment was issued on July 20, 2011. The possession offer was made on March 30, 2012 (which I have not taken so far.) I entered into an agreement with a property dealer to sell this plot for a total cost of Rs 10 lakh in lieu of the earnest money paid by me. The balance amount will be paid by the purchaser to the Improvement Trust. The deal was finalised and the purchaser paid me Rs 10 lakh by cheque on May 18, 2012. My queries are as under:
A. Your queries are replied hereunder:
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The picturesque Mandi-Kullu-Manali region is a tourism hub and tourism has also remained the major propelling force for the real estate sector in the area. The realty scene in this region has generally been driven by small-time hospitality ventures, automobile showrooms and housing needs of the service class population seeking a house in the towns.
The sale of residential property in the NCR region has taken a hit in H1, 2012 according to the findings of CBRE’s latest report titled Market View India Residential. “The decrease in residential sales can be attributed to dampened consumer sentiment due to high interest rates and weak economy. Both developers and home buyers alike are reeling under inflationary pressures. Home buyers and investors are in a cautionary mode and are deferring purchases in anticipation of interest rates reduction,” said Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd.
Mukesh Khosla
Maj Gen C.S. Bewli
S. C.
Vasudeva
The real estate industry expressed hope that a part of Rs 17,000-crore worth liquidity infused by RBI into the financial system would flow into the realty sector. The industry also sought measures to lower borrowing cost and boost housing demand.
Bonsai in Japanese means a tree in a tray with emphasis on the word tree. A novel concept to present this art of miniaturising trees in a creative way is to train them to grow against and through a wall. Creation of such a wall ‘embroidered’ with miniature trees will add a dramatic touch to a home garden.
This whole process will help in camouflaging the pot for the bonsai giving an impression of the bonsai growing on the wall. Small leaved ficus species such as ficus benjamina, retusa, microcarpa, longisland and compacta are evergreen are the ideal plants for this novel concept. These are easy to grow and can be well-trained with some skill to grow against a wall. Aesthetically, it is better to have the same species of plants as the water and nutrition needs of such plants would be similar. This also gives an integrated effect and attention is not divided in viewing different species. However, a wall decorated with mixed species of bonsai can also be experimented with.
World’s leading ceramic tiles company Panariagroup Industrie Ceramiche S.p.A. of Italy has joined hands with Asian Granito India Ltd. to form a new 50:50 joint venture company, Asian Panaria Pvt. Ltd. The new group will be tapping the high-end luxury tiles market in India.
