|
|
|
|
| REAL ESTATE |
|
|
|
emerging
destinations: chandigarh-kharar road (nh-21) The Big bet Located virtually in the backyard of Mohali, Kharar and the area along the NH-21 in this region has been buzzing with construction activity over the past few years and has emerged as a promising option for investors and end users.
Shortage of 18.78 million houses
Ground
Realty
in town
tax
tips
loan
zone
Vaastu
wisdom
launch
pad
realty
bites
pick of
the week
|
|
|
|
emerging
destinations: chandigarh-kharar road (nh-21)
Located virtually in the backyard of Mohali, Kharar and the area along the NH-21 in this region has been buzzing with construction activity over the past few years and has emerged as a promising option for investors and end users.
For those planning to have a home in the vicinity of Chandigarh this area not only offers a large number of good projects and a variety of residential options ranging from flats, villas, plots to independent floors but also affordable prices as compared to those in Chandigarh. With the price per sq yd being in the Rs 22,000 to Rs 30,000 range it is quite affordable. Catalysts of growth Location is the first advantage that this belt has due to its proximity to Chandigarh and Mohali. “With a distance of 10-15 km from Chandigarh and 4 km from Mohali the projects along the NH-21 stretch are virtually in the first orbit of the tricity area,” says Sanjay Chug, MD, Chandigarh Greenfields group that has recently launched a smart homes project in Sector 126, Mohali. Connectivity and road network is the other major consideration for buyers and it enhances the value of property of an area. This stretch scores big on this front too as it has excellent connectivity. Apart from the existing road network the 200 ft airport road will mark a major change in the realty fortunes of the area. The 200 ft wide sector dividing road that passes through TDI City Project, Sector 117 and 118 will connect NH-21 to the upcoming international airport and people coming from other parts of Punjab, mainly the Doaba region, will be able to reach airport directly without having to enter Chandigarh and Mohali. All the formalities have been completed for this project and it will get rolling soon. According to Sanyam Dudeja, COO Punjab, Taneja Developers and Infrastructure Ltd, “Once this road comes up, Sector 71, which is a fully developed sector of GMADA, will become easily accessible as it will connect the NH-21 to the upcoming international airport.” This is going to give a boost to the property prices in the area, adds Dudeja. With this road, the integrated township projects like TDI City, Gillco Valley, Sunny Enclave etc will have significant connectivity with developed sectors of Mohali and also with the Industrial hub of Mohali i.e. Phase 8. A growing number of educational institutes along the NH-21 are also playing a major role in increasing the realty potential of this belt. The demand for residential units has increased manifold due to these institutes. “Most of our customers are from towns like Moga, Bathinda, Ferozepore etc whose wards are studying in the tricity region and they want a place either for their children to stay or for themselves as a second base close to Chandigarh,” says Ranjit Singh Gill, CMD, Gillco Group. The Gillco Valley project already has over 1,000 families living there. With Mohali pegged to become the next IT hub of north India, this area is set to serve as a perfect residential haven for the workforce in this sector. India is base for 65 to 70 per cent of the total tele-calling or BPO industry in the world and almost 70 per cent of this is based in Gurgaon. But Gurgaon now has its own share of problems with water and power shortage and congestion, so the BPO business is looking for an alternative destination. “With its strong IT connect, the international airport and high livability quotient, Mohali seems to be the right and apt choice. Thus there is going to be tremendous demand for residential units over the next couple of years and integrated townships and other group housing projects coming up in the area will be in demand,” says I.P. Singh of Chadha Realtors. Projects and prices Integrated townships are the flavour of realty development in this area, while there are some smaller multi-storey group housing projects also on the block. The housing inventory of the area is a bouquet of plotted developments, villas, independent floors, and 2, 3 and 4 BHK apartments. The apartments are available in the range of Rs 35 to 45 lakh. Some of the major projects include: TDI
City, spread over approximately 300 acres is along this stretch of NH-21 and extends to Sectors 117,118 and 119. The township offers plots, villas, floors, group housing, luxury apartments and commercial plots. TDI has also built an integrated business complex that offers ultra-modern office complexes, retail spaces, multi cuisine food court and shopping complex hence is providing a one-stop destination for entrepreneurs and business people. Gillco Valley
located in Sector 127, 115 is among the oldest projects in the area and is spread over approximately 400 acres. It offers luxury villas, apartments, plots, 2 and 3BHK group housing with modern infrastructure and other modern amenities. Almost 250 acre area has already been developed and families are living here. Sunny
Enclave, a mega township also on the Chandigarh-Kharar road NH-21, offers flats, plots, villas, showrooms and shops. It has Whispering Villas — independent houses, Sunny Views and Paradise apartments on offer in the residential segment. The area is also coming up as a bustling commercial hub with a number of commercial developments. These include: North Country Mall
is a flagship project of Gumberg, India. This anchor-led, western-style regional retail destination, will have a built up area of 1,034,000 sq. ft. Located on a 22-acre parcel it will be among the first modern regional shopping malls in Punjab. It is scheduled to be operational in the next few months. Treasure Island
by Entertainment World Developer Ltd. is located near Industrial Area Phase 1 and Phase 2 where multinationals like Ranbaxy, Larson and Turbo, Punjab Tractors, Quark have production units. Built on international standards this shopping mall will have eight floors with gross leasing area of 5.9 lakh sq ft. C&C Mohali
Junction, a self-sustained, integrated development will be spread across an area of 7.02 acres and comprise three towers namely — C&C Capital ( shopping mall, corporate offices and hypermart); C&C Terminus (AC Inter-state bus terminus, entertainment zone and multiplex); C&C Royale (comprising business hotel, banquet, spa and corporate offices) Apart from this Max Super Specialty Hospital is already operational here. It is a 200-bed facility infrastructure and offers a host of customised healthcare solutions, cutting edge technology combined with state-of-the-art healthcare services and expertise. Right timing The tricity periphery is teeming with housing and commercial projects and a buyer is, in fact, spoilt for choice as his platter is laden with options in Zirakpur, Dera Bassi, Patiala Road, and the much-hyped Mullanpur. But experts see this stretch along the national highway as a wise investment as not only does it have a lot of choice in the affordable range, but the infrastructure is also in place and an end user can think of moving in the projects soon after getting the possession. In the Indian context the property cycle of an area is usually of seven to eight years in which the initial three to five years are, in fact, the waiting period in which plans about new developments are put in place and the ball is set rolling for the basic infrastructure. “Though there is some price appreciation in this period, it is usually the investors who are in the playing field during this time,” says I.P Singh. After five years comes the consolidaton time for the market as end users move in. This area, in fact, is in this stage and thus property prices here are going to appreciate in the next two to three years as by then it will be a fully habitable destination. In comparison Mullanpur is still in the ‘waiting period’ and returns on investments there will start trickling in only after five to six years. Zirakpur on the other hand has a majority of smaller projects that don’t offer the fully planned feel that integrated townships promise. Dera Bassi has distance as well as connectivity issues for those having jobs in Chandigarh or Mohali. All these factors add to the appeal of this area. “With prices being the same as three years back, this is an ideal time to invest here as it is going to be an uphill march in the next few years,” adds Singh. “Kharar is on a fast track. The integrated township projects along with educational institutions, hospitals, hotels and commercial areas all in place this is the area to look out for in the next three to four years,” says TDI’s
Dudeja.
|
|||
|
Shortage of 18.78 million houses
There is a shortage of 18.78 million residential units in the country, but this shortage will not be a major problem if there is no mismatch between the people for whom the houses are being built and those who need them.
These are the findings of the technical committee set up under the Chairmanship of Dr. Amitabh Kundu, Professor of Economics in JNU, by the Ministry of Housing & Urban Poverty Alleviation to estimate the Urban Housing Shortage for the 12th Five Year (2012-17) Plan term. The committee submitted its report to Kumari Selja, Minister of Housing & Urban Poverty Alleviation and Minister of Culture recently. The housing shortage has been estimated by putting together (a) the number of households residing in unacceptable dwelling units —computed by considering the obsolescence factor, (b) those residing in unacceptable physical and social conditions — worked out using overcrowding/congestion factor, and (c) the houseless households. According to the report, if the newly built houses were available to the houseless, squatters, slum dwellers and those living in extremely congested conditions, the shortage would be
less. It would, however, be unrealistic to assume that the houseless HHs and those living in unacceptable conditions — in other words, those who could be described as in ‘Housing Poverty’ — would have the affordability and access to the burgeoning supply in the market. The rapid increase in the number of vacant houses, the fierce competition among the private builders and aggressive advertisements to woo the prospective buyers, clearly underline the mismatch. Almost all buyers of the new housing stock already live in acceptable dwelling units and either plan shifting from rented to self-owned houses or are only attempting to improve their living conditions by going to a bigger house. There will be a
few among them who would be buying for owning a second house, for future/occasional occupancy, rental earning or for pure speculative reasons. On the other hand, those in ‘Housing Poverty’ mostly do not have the means to enter the housing market to claim ownership or acquire rental housing. The distribution of the estimated shortage across different economic categories reveals that the maximum shortage (10.55 million) exists for the EWS/LIG section of society whose need is unable to get translated into demand due to issues of affordability. The shortage in the MIG category is .82 million and 7.41 million for LIG section. Commenting on the findings of the committee Kumari Selja said that Centre State/ULBs and the real state sector should work in tandem and build a low-cost affordable housing to reduce this gap in demand and supply of housing. The report further recognises that eliminating housing shortage during the period of the 12th Five Year Plan, over and above maintaining the current rate of construction, will be a challenging task, even with full involvement and cooperation of private sector and builder's lobby.
|
|||
|
Ground
Realty A large number of readers want to know how plot holders in the region can avoid paying non-construction fees to the development bodies. Development authorities like Urban Development Bodies, Improvement Trusts and Municipal Corporations generally specify a certain time period for the construction of the houses by the plot holders so that the colonies become fully habitable soon. Normally, this time period is between three and five years after the handing over of possession of plot to the people. Once this period is over, the plot holders are made to pay a non-construction fee to the authorities till the time they carry out full or partial construction of the house on their plot.
Non-construction fee Partial completion In order to avoid paying the non-construction fee, one need not construct the complete house. Even partial construction of the house on the plot can save a plot holder from paying non-construction fee to the authorities. To show partial completion, 25 per cent of the area of the house, according to the plan got approved by the plot holder, needs to be constructed. To do this, get hold of an architect approved by the authority, get a plan prepared for your house and submit it to the authority for approval. Certain plan approval fee will have to be deposited along with copies of the plan. The house plan is checked by the authority to be as per local bylaws and approved. On getting the approval, the plot holder may go ahead with partial construction on the plot. Construction work While taking up partial construction of the house, include the construction of at least one toilet, one room and the boundary wall of the house. Provision of a water closet in the toilet and a tap for water supply is essential while the boundary wall should be constructed to safeguard the plot area against encroachment and to save the constructed portion. The three connections Thus there are three important connections of electricity, water supply and sewerage which must be secured by the plot owner. Mere construction of 25 per cent of the plan area doesn't enable him to get the partial completion certificate from the authority concerned. After getting the three connections, file an application with the authority clearing informing that all the three connections have been commissioned, the due amount of non-construction fee has been deposited and partial completion certificate may be granted. Add copies of electricity connection bill or security deposit receipt to the application. Once this is done, the authority stops charging non-construction fee. Water supply connection: The second connection to be secured for getting completion certificate from the authority is the water supply connection. Get the number of taps installed in the house and the length of water supply pipe from the plot to the main water supply line checked from some registered plumber of the authority and get plumber’s certificate. The ferrule size is also to be indicated by the plumber. The ferrule used should be as per IS 2692. It has a vertical inlet and a horizontal outlet and is screwed on to main water supply line to draw water for the house. Sewerage connection: Apply for sewerage connection: In addition to electricity and water supply connections, the sewerage connection is also to be secured to get the partial completion certificate. After laying the sewerage system for the partial area constructed at site, bring out its main disposal pipe up to the boundary wall of the house. Now, seek permission of the governing authority to connect the sewerage pipe to the main sewer line laid by the authority. For this, one has to apply on a prescribed form to the authority. Certain affidavits are also to be attached with the application. Get hold of a registered plumber of the authority and get the site provisions verified by him. The registered plumber will fill up a form, indicating the number of seats fixed at site and other details. Add this form filled by the registered plumber to your application. The application submitted to the authority for sewerage connection is processed only if the plot holder has deposited the non-construction fee payable by the date of application to the authority. On deposit of payable non-construction fee, the application is processed and the applicant is asked to deposit the road cutting fee involved in case the sewer line is across the road. Road cutting charges: Generally, the water supply line is run along one edge of the road in front of the plots and sewer line is laid along the other edge. To connect the sewer system of the house to the manhole in the main sewer line, the road is needed to be cut. This can't be done without permission of the authority who asks the plot holder to deposit a certain road cutting fee with it. Once the fee is deposited and approval granted, the plot holder can get the sewer system of his house connected to the main line. Ask the plumber to connect it to the nearest manhole in the main sewer line. Final completion Though attainment of partial completion certificate will save the plot holder from paying non-construction fee to the development authority, wisdom lies in completion of the house and then getting the final completion certificate from the authority. Final completion certificate is granted by the authority after checking that the construction has been done in accordance with the approved plan and there is no violation of the building bylaws. House builders often make some building violations for which the authority may ask them to deposit some ‘fine’ before the grant of completion certificate. Certain violations like extra projections of balconies and sun shades, leaving less than specified open area in the front are not accepted by the authorities at any cost and should be avoided by the plot owner. — This column is published fortnightly
|
|||
|
in
town
An increased awareness regarding sustainable and energy efficient buildings has upped the demand for buildings that consume less energy and natural resources and can be constructed fast. This has lead to the introduction of smart building solutions in the construction sector.
Magnesia dry walls are the latest entrant in this field. Dry walls can be assembled much faster than the traditional brick walls and also consume less water besides being durable. While gypsum-based dry walls have been in vogue for quite a few years, magnesia dry walls are the more recent entry in this segment. “Magnesia walls are much lighter that gypsum ones and are also fire and water resistant,” says Sandeep Mittal, MD, Anutone Building Systems, the first Indian company to make magnesia dry walls in India. Made from recycled materail and fully recyclable, this new technology also cuts energy costs substantially. Currently being manufactured in Bangalore and Bhiwandi, these dry walls are a costlier option than the gypsum-based walls but their life span is almost double as these can last up to 25 years. “Magnesia is a strong binder which makes these walls very sturdy. Besides as these walls are monolithic and don’t have paper linings, these are water resistant and last for a longer period,” adds Mittal whose group is expanding its footprint in Punjab and Haryana. “The region is witnessing large scale construction activity and there is huge demand for smart building solutions,” he adds. Anutone is also synonymous with acoustics solutions, and holds 70 per cent market share, having executed optimal sound designs in different verticals including multiplexes, schools, universities, offices, across the country. — TNS
|
|||
|
tax
tips Q.My wife and I have purchased a plot in joint name. We both are co-owners of this plot (the registry is in the name of both of us) with equal share. We built a house on this plot and are currently living in this house. We had also taken a home loan of Rs 25 lakh in joint name from a bank for purchasing the plot and for the construction of this house. Currently we are paying Rs 2,40,000 as interest on home loan and Rs 60,000 as principal repayment in a year. As both of us are working, kindly clarify: I am in the higher slab for income tax calculation, and I want to claim 70 per cent of the interest and principal repayment benefit in my ITR and the rest 30 per cent in my wife’s ITR. Is it possible? Once we start claiming the interest and principal repayment benefit in 70 (my claim) and 30 per cent (wife’s claim) ratio, will it be fixed for full 20-year tenure of home loan or it can be changed in subsequent years? As we have purchased the plot in FY 2012-13 and can we claim the registration/stamp duty charges under Section 80C in ITR of FY 2012-13. In that case what will be the proof of registration/stamp duty expenditure as stamp papers purchased are in the name of the seller and not in our name. If we can claim it, then do we need to claim registration/stamp duty charges under Section 80C in 50:50 ratio as the plot is in joint name with equal share or we can also claim that in 70:30 ratio. — rinku garg A claim for deduction of interest and principal repayment can be made in the ratio of the ownership of the house which would depend upon the ratio of investment made in the acquisition of plot and construction of the house. Therefore, if you and your wife own the plot and the house in the 70:30 ratio, it would be possible to claim the deduction for interest and repayment amount in the said ratio provided such payments have been made by both of you in the same ratio. In case the ownership is in a different ratio, it may not be possible to claim the deductions in the ratio as suggested by you. The claim for deduction of interest and repayment would remain the same over the years. Any change would require a change in the ownership ratio. Registration/stamp duty expenses are deductible under Section 80C of the Income-Tax Act, 1961(The Act) provided such amounts have been paid by the assessee. Sub-Section 2 of the above Section clearly states that this deduction shall be allowable in respect of any sum paid or deposited in the previous year by the assessee. In case payment was made by you or your wife towards the aforesaid expenses, it will be possible for you and your wife to claim deduction of the said amounts under Section 80C of the Act.
Can cost of renovation be included in total cost? Q.I seek your advice on the following points: A.Your queries are replied hereunder: Any gain arising on the sale of the plot would be exigible to income tax as a capital gain. It is possible to save tax in case the plot has been held by you for a period of more than three years and the net consideration received or accruing on the sale of such plot is utilised for purchase or construction of a residential house. The residential house should be purchased within one year before or two years after the date of sale of the plot and the construction of the residential house should be completed within three years after the date of the sale of the plot. Net consideration for the above purposes means the full value consideration received or accruing on sale less expenditure incurred wholly and exclusively in connection with the sale. The exemption would be available even if the house so purchased or constructed is let out. Please note that the exemption would not be allowed in case you own more than one residential house other than the new house purchased to save capital gain. It should be possible to include the cost of the renovation for the purpose of computing capital gain on the sale of a house in case you do not have supporting evidence for incurring expenditure provided the renovation is supported by a permission of the municipal authorities as well as a blueprint of the renovation undertaken. The expenditure incurred on such renovation can be supported by an approved valuer’s report.
Q.I own a house in Mumbai where I stay with my family. I have been transferred to Gurgaon and would like to purchase a small flat as my job involves lot of travelling and I would like to avoid staying in a hotel in Gurgaon. My family would continue living in Mumbai. Will the purchase of a house in Gurgaon increase my tax liability in any manner? — raja ram A.Purchasing a house in Gurgaon, if used by you for self residence, would lead to an increase in your tax liability. The notional rent value in respect of this house would be includible in your total income. It would be advisable to take a house on rent and claim exemption under Section 23(2) of the Act in respect of the Mumbai house on the contention that it is in your occupation and cannot be occupied by you because of your employment at Gurgaon. Q.A workshop was allotted to my father by the DC, HSP long ago, on a rent of
A.You should approach the waqf board office for the change of tenancy in the name of your brother’s wife which the waqf board office should not have any difficulty. I may add this would be possible only after the rent as envisaged in the agreement is fully paid. Once the lease agreement is made in the name of your brother’s wife, you will have no liability thereafter in respect of the amount of rent payable to the waqf board.
|
|||
|
loan
zone Q. My bank is offering to extend the loan tenure to make EMIs ‘affordable’. Should I apply for it? — sunil wadhwa A.Keeping in view the reduction in interest rates by most of the banks — banks are looking to extend the tenure of repayment to make EMIs ‘affordable’. Stretching the repayment tenure to ease the EMI burden is an option. The option of loan tenure extension can be offered to the existing customers. At present, the average repayment period for housing loans is 15-20 years. Banks are now looking at offering longer tenures, up to 25 years, for home loans. Banks have started working on a scheme that will help make installments small, effective and easily payable. Higher outgo However, a borrower must remember that stretching the time period of a loan will also lead to a higher outgo (interest component for the extended time period) on the loan amount. Though extension in tenure will release some pressure immediately, he will end up paying more at the end of his loan tenure as the interest rates remain the same. You should also approach your banker and request to make installments small which is effective and easily payable.
|
|||
|
Vaastu
wisdom Q.We are having our corporate office in Baddi. Whenever we have any conference, it results or ends in a quarrel, disharmony and without conclusions which is escalating our expenses. Can you suggest some remedies? — r.k singh A.Conference rooms in the corporate sector should be in east. The colour combination in the room should be kept light and pastel shades like leaf green, cream shades etc should be used. Before starting the meeting do observe some traditional Indian system to light a lamp or remember the isht dev (favourable God or Goddess). The person conducting the conference must face north or east and carry a hanky of red colour in his pocket. Always try to keep your back towards the western direction. This way you will always be facing east, which is very prosperous. Televisions/screens etc. should be kept in a manner that you are forced to face east while working. Q.I have trouble sleeping properly and as a result when I get up in the morning I feel tired and have pain in the entire body. Should I use vaastu remedies for better sleep? A.Human mind is controlled by left and right brain. One side sees logical reasoning in every decision and the other side deals with emotional reasons. When these two parts clash with each other for a decision, our mind is deprived of peace. Check if you are sleeping with head pointing towards north? This direction has a tremendous flow of North Pole energy, which disturbs our mind while we are sleeping. So keep your head in south. Another point to check is overhead stress; this means you should not have a beam over your head. Hidden beams over the false ceilings are also a point of worry. So do not sit or sleep under a beam. Keep a copper vessel filled with water beneath the bed where your head is positioned. When you get up, see your image in the water and offer it to Sun or throw in a plant/tree.
|
|||
|
launch
pad
Leading construction company Shapoorji Pallonji Pvt Ltd will be constructing DLF’s recently launched independent floors, “Hyde Park Terraces” at Mullanpur. K.K. Kanji, AVP, Shapoorji Pallonji, who was in Chandigarh for the ground breaking ceremony of the Hyde Park terraces project earlier this week said his group would be taking up the construction work for DLF’s all projects in Punjab and Haryana. With the pan-India handshake with DLF, Shapoorji Pallonji’s turnover from construction business alone during the current financial year is expected to register a massive jump from Rs 400-500 crore to Rs 6,000 crore, said Kanji. “With this handshake we are also moving towards fulfilling our aspiration of strengthening our footprint in northern India, where we have been mandated to execute all upcoming DLF projects,” he added.
In Mullanpur project Shapoorji Pallonji Pvt Ltd will construct the floors spread over 5 lakh sq ft area. The group is already working with DLF on the latter’s projects in Bangalore, Chennai, Kolkata, Lucknow, etc. It is also executing 80 per cent of DLF’s projects in Gurgaon. Meanwhile, the first SCO complex, Hyde Park Arcade was also launched earlier this week. The 111 sq yd plots are located approximately 7 km from Panjab University and PGI. Speaking about the new launch, Mohit Gujral, Vice-Chairman and MD, DLF India Ltd. said, “The SCO complex is DLF’s third launch in the past 24 months at DLF New Chandigarh, underlining the importance of the region for us. The intent is to keep the momentum high and put the development work on fast track mode for the current set of buyers taking their investments up the value curve. Also, the diversity of products helps in completing the ultimate living experience in an integrated township.” Villas and floors at Anant Raj Estate Anant Raj Industries Limited will be offering villas and independent floor units of various sizes at Anant Raj Estate in Sector 63 A Gurgaon. The company is also offering demarcated plots at the project site. Anant Raj Estate is being developed as an integrated township spread over 100 acres. Speaking on the occasion Amit Sarin, Director and CEO of the group said, “Anant Raj Estate is our flagship project. It has received overwhelming response since its initial launch. We are bullish that during festive season our new offerings will delight buyers.” Alpha G:Corp to enter Meerut market
NCR based, FDI-funded real estate developer, Alpha G:Corp, has planned a state-of-the-art mixed-use project for Meerut. Located on NH-58 connecting Delhi to Haridwar, the project will be developed on 19 acres (approx.). It will feature a multiplex, a shopping mall, low-rise contemporary styled group housing with apartments and villas, a business hotel and a convenient shopping outlet. The project’s launch will be announced in the coming few months. “Although Meerut’s strategic location offers huge potential to evolve into an industrial and commercial hub, it offers little to the contemporary resident in terms of comprehensive living spaces which integrate world-class shopping, entertainment and recreation within a single development. Alpha G:Corp plans to bring an all-inclusive mixed-use development to Meerut city catered to people who wish for living standards at par with major metros such as the Delhi National Capital Region and Mumbai,” S.K. Sayal, Director & Chief Executive Officer of Alpha G:Corp said on the occasion. — Based on information provided
by the builders
|
|||
|
realty
bites
CBRE Group, Inc. has been named as the top global real estate advisor and consultancy firm in the 2012 Euromoney Real Estate Awards. This is the fifth time in eight years that CBRE has won the prestigious award.
Euromoney, a leading international finance publication, annually surveys its readers-corporate and financial-decision makers in more than 160 countries-to identify the best advisors, developers and banks in the real estate market on a global, regional and individual country basis. After being declared the Top Global Real Estate Advisor 2012, and Top Real Estate Advisor for India 2012, Anshuman Magazine, CMD, CBRE, South Asia Pvt. Ltd., said, “Receiving this award globally for a record fifth time clearly demonstrates the faith our clients repose in us across the world. The fact that our clients have voted us as the top real estate advisor in India as well is a great validation of our ability to successfully deliver results, and provide the cutting edge advise and service they expect from us as the market leaders.” In addition to winning the overall Global Real Estate Advisor and Consultancy award, CBRE won global awards in the Valuation, Agency/Leasing and Research categories. The firm was also voted number-one advisor and consultancy firm in North America, Western Europe, Central and Eastern Europe, as well as in 18 individual countries. Overall, CBRE won 65 individual awards. Manish Malhotra to design for AMR projects The AMR Group has entered into a strategic tie-up with noted designer Manish Malhotra to provide high end designer touch to its upcoming projects in the NCR region. Arora will be designing the presidential suites — The Royal Heights, a project of ‘Kessel I Valley’ coming up at Tech Zone, Greater Noida. Built on a unique concept of “Work-Live-Shop and Enjoy”, the sprawling 25-acre project will provide a built-up area of 30,00,000 sq ft of luxury, conforming to the highest global standards. He would also be designing AMR’s another prestigious residential project in Greater Noida. Vatika to invest Rs 250 cr to open 14 more business centres Realty firm Vatika Group plans to invest about Rs 250 crore in the next five years on expansion of its business centre venture, which provides fully-furnished office space and other services to clients. Vatika Business Centre, a subsidiary of Vatika Group, has eight business centres in Gurgaon, Bangalore, Hyderabad, Pune and Mumbai covering more than two lakh square feet of office space with about 2,200 seats. “We currently have more than 2 lakh sq ft of office space in our 8 business centres across five cities. We are planning to expand our presence in all metros cities such as Kolkata and Chennai,” Vatika Business Centres Chief Operating Officer Sharad Loomba told PTI. The demand of business centres is growing in the country and the company has added four new centres in the last two years,
he added. “Now, we have planned an investment outlay of about Rs 250 crore over the next five year to increase the number of business centres to 22 from eight at present. In terms of area, we are targeting to reach six lakh sq ft of office space from 2 lakh sq ft,” Loomba said. The investment would be funded through internal accruals and bank loans, he said. Loomba said the company will take on lease office space from group firm as well as other builders to start these centres and charges clients on the basis of seats occupied by them. The company offers reception services, administrative and secretarial support, high speed internet access, security, house keeping, financial service, travel desk, staffing solution and catering among others. “Our clients are from start-ups to multinationals. At present, we have clients like HBO, Harley Davidson, Economist and GE,” he said, adding the company is flexible in providing office space as per the client's requirement. —Agencies
|
|||
|
pick
of the week
Smart storage The shoe and accessory organiser by Bonita offers a cool storage solution for small living spaces. Trendy and innovative design of the organizer can store up to 10 pairs of shoes, besides accessories or small items like keys, mailers, spectacles, remotes etc. With this elegant space saver you can eliminate floor clutter due to shoes without compromising on any valuable open space. It can be easily hanged at the back of the door which unanimously will occupy very less space. Price:
Rs 1,395. A luxurious dip
|
Non-construction fee payable by the plot holders is generally very high and may cost lakhs of rupees per annum. Some authorities categorise the sectors as high potential, medium potential and low potential sectors and prescribe different rates of non-construction fee for these sectors. While the non-construction fee becomes a good source of revenue for the authorities, it creates a psychological pressure on the plot holder who tends to either sell his plot or begin construction on it.
Electricity connection: Partial completion certificate is not granted by the development authority unless the plot owner has secured a regular electricity connection for the house. Once the structure has been raised, the plot owner should apply for regular electricity connection and deposit the requisite security amount with the electricity department. For the release of connection, the plot owner should install a
kit-kat system with neutral link and some MCBs of requisite amperes in a planned niche in the wall. He should also make arrangement by laying underground PVC pipe to receive the cable laid by the electricity department. In some cases, the cable may have to be provided by the plot holder and the electricity department installs the ‘Meter’ and connects the cable to it.
A.Your queries are replied hereunder: The plot being in joint name and the construction thereof having been undertaken by both of you, it should be possible to claim the interest and the principal repayment in the ratio given in the query provided both you and your wife are owners of the plot and the house in the ratio of 70 and 30 per cent, respectively.
Rs 2 per month. It was/is a tehkhana under a Masjid. After my father’s demise, we two brothers planned to transfer it on our name. As my brother was in government service and is currently also working in some private I.T.I. at Hoshiarpur, I advised him to put the name of his wife along with my name in the new agreement. We won the case after an appeal in the Sessions Court. The rent for the same was fixed at Rs 400 p.m. with an annual increase of 15 per cent of rent. Even though I was not so keen to have the shop, I had signed the agreement arrived at. I don’t have a copy of the agreement even 6-7 years after it was signed. My brother has been occupying the shop all this while. Now I am afraid that the waqf office may force me to pay the rent, as my name is there on the agreement papers. I haven’t paid any rent so far. Please advise me. — baldev raj
Extension of tenure
Pergo, the global leader in laminate flooring, has introduced engineered wood parquet floors. The engineered wood combines the natural character of oak, ash, cherry and walnut with high quality manufacturing and has 2.5mm veneer and UV hardened oil surface and making it durable, ready-to-use and easy to maintain. Laying of engineered floors is done much quicker with the latest glue free click joint technology. The engineered wood collection is priced at Rs 430 sq.ft onwards. “With engineered wood you don’t have to worry about bothersome maintenance, the parquet flooring is easy to care and durable. It is the perfect combination of beautiful design and performance to revamp one's home with the finest floor,” says Naresh Maheshwari CEO, Pergo India Pvt. Ltd. The planks are available in sizes which are 1187 x 142 mm, with a thickness of 13mm approx 2.5mm wood wear layer.
Chair de comfort
The Reply Task Chair by Steelcase meets the needs of the contemporary ways of working and provides comfortable seating with stylish looks that makes it an ideal seating solution at work. The chair features an exclusive mesh back that is airy and light and provides ergonomic support for day-long comfort. The mesh back is available in four colours - black, red, sable, grey. The chair is ASMI/BIFMA test certified for safety, quality and performance. 
Oyster Bath Concepts has unveiled its latest range of Whirlpool bath tubs made of Lucite sheet. This range has been termed as “Discovery” considering the features, benefits, trendy looks. The 1.5 HP Austrian Whirlpool System with Adjustable Spiral Massage Jets, 4 Whirlpool-jet, 20 bubble-jet with a 3KW Online Heater for a luxurious bathing experience. The range of whirlpool systems enlivens one with the sound of Arroyo, Billabong and Breathe Deep coming out from these water jets to enable perfect rejuvenation for sleep and relaxation. The delightful aural mixture not only has a soothing effect on the body and mind but is also quite effective at masking external sounds so that you can relax and sleep better. The beautifully relaxing sounds can also create the perfect ambience for meditation and has a soothing effect on the body and mind. Along with under water lights and FM radio these bath tubs have safety features like earth leakage circuit breaker, dry burning protection, water-level sensor.
Price: Rs 2,77,000 onwards