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real
pulse: tricity
Rental rise
While the sale volumes have remained woefully low and the price trends, too, have not shown any buoyancy in 2012 in the tricity region, it is the residential rental segment that has seen a positive trend this year making it lucrative for homeowners here to retain a house and rent it out rather than to sell it to make a profit. The increase in rentals has also had an impact on the realty scene in the periphery areas of the tricity. The rising rentals within Chandigarh, Panchkula and Mohali have made a large number of salaried class people shift to the residential societies in the periphery areas as the rents there are not only much less but it is also easier to own a house there as the prices are affordable.
MARKET VIEW
No price correction likely in Mumbai realty market
No sweat furniture hunt
vaastu
wisdom
Green
house
tax
tips
Loan zone
pick of
the week
realty
bites
launch
pad
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real
pulse: tricity
While the sale volumes have remained woefully low and the price trends, too, have not shown any buoyancy in 2012 in the tricity region, it is the residential rental segment that has seen a positive trend this year making it lucrative for homeowners here to retain a house and rent it out rather than to sell it to make a profit. The increase in rentals has also had an impact on the realty scene in the periphery areas of the tricity. The rising rentals within Chandigarh, Panchkula and Mohali have made a large number of salaried class people shift to the residential societies in the periphery areas as the rents there are not only much less but it is also easier to own a house there as the prices are affordable.
Coming back to the rental scene within Chandigarh, the rentals have seen at least 60 to 70 per cent appreciation in the past couple of years. The rent for a second floor of a two-kanal house in northern sectors has gone up to Rs 50,000-55,000 per month while the same was around Rs 20,000 about four years back. Similarly, a first or second floor of a one-kanal house is available for around Rs 30,000 now, up from Rs 15,000 three years back. A first floor of a 10-marla house in Sector 15 can fetch a rent of Rs 15,000-18,000 depending upon the quality and age of construction and internal fittings, while the second floor of similar house is available for around Rs 12,000-15,000. These rents which were around Rs 6,000-8,000 in 2008-2009 have shown a substantial increase. In Sector 19 a two-bedroom annexe on the first floor can fetch Rs 12,000 per month and in the southern sectors like sector 43 a three-bedroom MIG-lower is available for around Rs 11,000, while in Sector 47 HIG (Super) three-BHK on the first floor is available for around Rs 17,000. The MIG flats had fetched Rs 4,000-Rs 4,500 per month as rent in 2008. In sectors 33 and 32, which are in close proximity to the educational hub of Sector 34 and where the PG culture is quite prevalent, the rentals have gone up to a whopping Rs 22,000 for an upper floor of a 10-marla house and up to Rs 15,000 for a floor of a 7-marla house. The ever busy bylanes of Sector 22 are sought after by people who prefer to live close to the bus stand and major markets and here an upper floor of a 7-marla house can cost one Rs 15,000 at present, up from Rs 8,000 around four years back. The increase in rents in Chandigarh, however, is not limited to the old or the posh northern sectors, apartments in the relatively new sectors between 48 and 51 are also giving handsome returns to owners who have given these on rent. Tejdeep Singh, who lives in a four-BHK flat in one of the biggest societies in Sector 49, is paying Rs 24,000 per month, the rental in 2007 when he had shifted in the same complex but in a different house was Rs 12,000, the rental within the same vicinity for a three-BHK accommodation has also increased from Rs 8,500 to Rs 18,000 over the same period of time. A two-BHK flat in group housing society with decent upkeep and woodwork would fetch a rent of Rs 12,000 onwards in Sector 48-49 of Chandigarh. Commenting on the favourable impact of rental rise on the overall realty scene in the area, J K Sharma, who is a partner in Future Estates, a property consultancy firm, says, “High rentals have lead to appreciation in the cost of apartments, especially in the southern sectors. For example a four-BHK flat in some southern sectors of Chandigarh carry a price tag of Rs 1.5-1.7crore, as the rentals there are so high and an owner can get a handsome return for his investment. “ Panchkula’s punch According to experts rentals in Panchkula have appreciated by almost 40 per cent in the past two years and are likely to increase by 15-20 per cent annually due to increased demand by those working in the IT Park as well as executives working in Baddi and nearby areas. Summing up the rental scenario in Panchkula, Asid Kapoor, a local property consultant says, “Proximity to the IT Park has made Mansa Devi Complex area a hot destination for rental accommodation. Here ground, first and second floors of 10-marla houses have a going rate of Rs 18,000, Rs 16,000 and Rs 10,000 respectively. A single bedroom accommodation is available in the prime sectore like 6, 7 and 8 for Rs 12,000. While rent for a two-bedroom accommodation in Sector 20 can be approximately Rs 14,000, three-bedroom flat depending upon the society and the quality of upkeep of the unit can be had for between Rs 18,000 and Rs 20,000. Because of the increasing rentals people are preferring to take smaller accommodation as well hence the first floor of a one-kanal house is being divided into three units by the landlords thus fetching them higher rents. Gains on the periphery A lot of the are shifting to the high-rise Group Housing Societies in the southern sectors of Chandigarh, or even in Panchkula, Mohali, Kharar and Zirakpur because of other factors, Harpreet Singh, Chief Technology Officer of a leading Telecom company says, “With my increased touring the security of my family is of paramount importance and this you get only in gated communities with 24 hours security, along with round-the-clock availability of the support functions like electricians and plumbers.” Rents in housing societies in Zirakpur are relatively lower. A two-BHK flat in one of the better societies can cost Rs 8,000, and for a three-BHK flat the rental is Rs 10,000-Rs 12,000. Similarly, a three-BHK flat in Kharar is available for Rs 10,000-Rs 12,000. Still the general feeling is that with increasing salaries and the focus of the state governments of the region on developing Chandigarh and Mohali into IT hubs the rentals of properties specially those near the IT Park in Chandigarh as well as across Mohali, are likely to increase even further. ISB the most prestigious management college has already set up a campus in Mohali and another international school launched its branch in Mohali only last week, as a result this region will be one among the most influential educational hubs of the country and would keep attracting talent from far and wide and the demand for quality residential accommodation will remain upbeat.
Apart from this corporates like Dell, Quark and various other IT companies, too, have set up huge complexes and are operating from Industrial Area of Mohali. Rentals in Mohali have, in fact, increased more in the past five to seven years than these had in past two decades. Narinder Katoch, a Mohali-baseed property consultant says, "At present the rent for a first floor of a 10-marla house is in the range of Rs 10,000-12000 per month and these floors did not have many takers in 2008-2009 even for Rs 5,000-Rs 6,000 per month." While the rent for a ground floor of a one-kanal house is around Rs 30,000 and an independent one-kanal house can cost one Rs 40,000 per month. The upper floor of a 7.5-marla house in Mohali can cost Rs 8,000-9,000 per month at present, while the rental was Rs 3,000-4,000 around three years back. A 1,425 sq ft apartment in Mayfair, one of the most sought after societies in Phase 7 Mohali, is fetching a rental of Rs 20,000-25,000 per month at present. He further added that, "In Mohali Phase 3B1, 3B2, Phase 4, Phase 5, Phase 7 and Sectors 69-71 the rentals are the highest because of the proximity of these areas to the Industrial Area that is the hub of telecom companies and major markets, while the rents are comparatively lower in Phase 1 and Phase 6 and in sectors 76-80." Rents in the newly developed group housing societies in Kharar and on Kharar-Ladran road as well as in Zirakpur vary between Rs 8,000 to Rs 14,000 per
month.
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MARKET VIEW The findings of a survey conducted recently by property website makaan.com has revealed that 31 out of the top 50 realty destinations in the country are in this region making it the most favoured among the investor community. Mumbai with seven areas and Pune and Bangalore with four areas each come in next. Kolkata is represented with two areas whereas Hyderabad and Chandigarh got represented in the list with one area each. The research was conducted basis data compiled between October 2011 and October 2012 and included the study of over 2843 areas in the cities of Delhi NCR, Mumbai, Bangalore, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad and Chandigarh. Delhi-NCR has been able to hold on to the momentum in spite of the overall fall in property transactions in the past year. Most of the high growth areas are in the NCR region of Noida, Faridabad and Gurgaon. Prominent areas in the top 50 list include Sector 70-79 of Faridabad, Sector 107 in Noida and Noida Extension, Palam Vihar and Sector 82A in Gurgaon. All these have appreciated by over 45 per cent in the past one year essentially because of infrastructure development, connectivity and lower base price. Areas in main Delhi that have given the best returns to the investors are New Friends Colony, Vasant Vihar, Safdarjung, Saket and Greater Kailash. Property prices in these areas have appreciated by 30-40 per cent. These areas have risen due to a huge demand supply mis-match wherein the number of buyers far outnumbers the number of sellers. The average price appreciation in Mumbai city has been just 5.5 per cent over the past year, however, seven areas from Mumbai feature among the top 50 list. Hiranandani Estates in Powai, Panvel in Navi Mumbai, Khar and Santacruz (W) in Mumbai South-West and Majiwada, Hiranandani Estate and Pokharan Road in Thane have posted over 25 per cent price appreciation. Mumbai has seen stabilisation in property prices on account of un-sold inventory and delay in new project approvals. Patiala Road from Zirakpur in Chandigarh is among the other areas that have made it to the top 50 most investor friendly areas in India. Commenting on the results of the survey, Aditya Verma, EVP & CEO, Makaan.com said, “Indian real estate market continues to provide ample opportunities to the investor community. Areas with high RoI are spread across many cities and the investors can take their pick depending on their budget, local preference and familiarity. If an investor does proper home work and relies on secondary research, real estate investment in India can give superior RoI compared to any other asset call (including stock market).” Top investment areas Income bracket:
under Rs 10 lakh p.a Income bracket:
between Rs 10 - 20 lakh p.a Income bracket:between Rs 20-40 lakh p.a Income bracket:above Rs 40 lakh p.a
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No price correction likely in Mumbai realty market “I can’t see any big drop in prices. The inherent demand for real estate in Mumbai is always going to remain strong,” HDFC Vice-Chairman and Chief Executive Keki Mistry told reporters on the sidelines of an industry conference organised by PwC in Mumbai recently. The only factors which can potentially bring down the prices are a dramatic improvement in building by-laws, which will allow more high rises and increase the supply, and a high incidence of job losses, he said. “Unless you see something like that happening or people are losing jobs and the confidence level is low, I do not see any drop in prices (in Mumbai).” Asked about reports of excess supply of housing stocks which has increased inventory pile-up with developers, Mistry said, “I don’t think there is excess supply. I think there is more demand than can be met.” He said the loan demand remains very robust for the lender, which is second only to State Bank of India in the home loan portfolio. Asked about a possible rate cut, given the reducing rates environment, Mistry said HDFC will cut rates only if its cost of funds comes down which would be possible only in the scenario of a rate reduction by the RBI. Mistry refrained from stating his expectations from the mid-quarter credit policy announcement scheduled for December 18, but expected the central bank to cut its key lending rate by 0.50 per cent by March.
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No sweat furniture hunt
Buying new furniture for your home always requires a lot of thought and planning. The mind boggling array of designs and materials is enough to confuse even a sufficiently experienced buyer. The dilemma is just not limited to buy or not to buy but it is which one to buy and how much to buy. Selecting the right designs, materials, colours and balancing the cost factor is, no doubt, a Herculean task and very often buyers actually end up with pieces that are either not of good quality or are not in consonance with the space and style of their home. Here are some tips that will make furniture shopping a pleasant experience: Invest in quality Buying furniture is an investment. It is better to buy lifetime pieces; one at a time than to buy a whole room of furniture at one go, that might wear out within a year. Hence, quality is another important factor that is to be kept in mind while purchasing furniture. It can be known by the weight of the furniture. It is usually believed that furniture of high quality will have more weight. When buying sofas and chairs, it is essential to look how the frame is made and what kind of material is used in making the frame. Manufacturers sometimes use dried wood for frames that cannot hold the fabric for a longer time and regular sitting might damage the furniture. If you are buying wood furniture always go for hardwood furniture for lasting durability and sturdiness. Careful inspection and analysis of the quality of the furniture is extremely important before purchasing any furniture. One should always keep one’s lifestyle in mind and consider the environment one is living in before purchasing any furniture. Remember this is your home — your furniture has to be comfortable and practical. We all have kids, pets and friends that we want to enjoy our homes and our furniture. You want to be sure to pick pieces that are beautiful, yet also fit your lifestyle. Learn about design and ideas One can also refer interior and decor magazines for ideas on how to make the best use of space. These magazines will also give an idea of the upcoming furniture styles and materials. One can also visit model homes and apartments that are furnished by professional decorators. Not only do these models evoke good ideas about different furniture styles, but one can also learn to select the right kind of furniture for each room. Research on furniture brands — With inputs from Cledwyn Passanha, Country Head, Chateau d'Ax
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Q. What are the ideal directions for having a portico in a home? — swarn singh
Q. Where would it be proper to build servant room in our two kanal house? — kamaldeep A. You can construct the servant quarters or sheds or houses or placements or rooms at Agneya or Vayavya corners, you should not construct the quarters at Eshan corner in house. Servant quarters or portions should not be constructed towards northeast. The floor level of the servant quarters should not be higher than the main house floor level. Q. We have a three-storey one kanal house and I want a lift to be installed in it for the convenience of my aged parents. — amrik singh A. You can have a lift at your home but it should be in the right direction. Some architects fix the lift in the southwest, west and south direction, which is not correct. This is because in order to install a lift in any corner or any place in the house we must provide a sump or have to dig one there otherwise lift cannot fixed in that place. Pits should not be there in southwest, south or west directions. In case there is no choice and you have to have a lift in these very directions then it is advised to carry out some alterations in the flooring i.e the pit flooring level should be higher than the flooring level at Brahmasthan. Queries can be sent on
vaastu@tribunemail.com
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Green
house A dish is any container which has holes at the base for drainage of excess water; success of any dish garden depends upon proper drainage. These containers can be made of ceramic, metal, plastic or even wood and come in different colours and textures. Designer, ornamental and antique containers are also available in plant nurseries. Smaller and slow growing flowering species of succulents such as sedums, echeverias, aloes, sempervivums, hardy haworthias, drimiopsis, gasterias, agaves, eurphorbias and jade plants are ideal plants and a natural choice for dish garden. Mammillaria plumosa, Ariocarpus retusus, Lophophora williamsii, Melocactus matanzanus, Gymnocalycium mihanoivichii, Echinocereus rigidissimus, pectinifera and many other species are smaller and robust growing flowering species of cacti and do very well in dish gardens in this region. The plants for the dish garden should be compatible with each other and should: Spreading gravel and moss at suitable places on the top surface and aesthetically placing small decorative items such as pieces of rock, ceramic huts and figurines etc add to the appeal of the dish garden. A couple of small solar lights will add grace and glamour to the dish in the evenings. Arrangement of plants in the dish depends upon the place where it is to be placed: — The writer is President of the National Cactus and Succulent Society of India
Creating a dish
garden Tending
tips
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tax
tips In my case, a plot was purchased by me by my own income but it was registered in my as well as in my wife’s name and in it our share was equal. My wife never had or has any source of income. Now I want to make a Will. Now please advise if I can make Will for the whole plot or about my share only. As has been stated in reply to the query mentioned above, I think that my wife is benami holder of half share of plot because she had no source of income to purchase the plot. — manoranjan singh
A. You can make a Will in respect of the entire plot provided you have disclosed in your tax return that the property is owned by you and your wife is only a benami holder of the half share in the said property. In case you have disclosed that you are the owner of one half share of the property only, it may not be possible to make a Will in respect of the entire plot. There must be evidence that the entire plot was owned by you before you can make a Will in this regard. Do I have to pay tax on a house sold in India?
A. Your queries are replied hereunder: Can I claim rebate on loan for renovation? Q. I had bought a built up house by taking loan and am claiming rebate in income tax on this loan. Now I want take loan for renovation and addition in this house. Please guide: — Nirmal Kumari A.
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Loan zone
Q. What is Pre EMI? A. You’ve chosen a property that’s still under construction. So the lender makes the disbursement in parts based on the progress of the construction of your property. However, till the house loan is fully disbursed you have to pay
Q. I want to purchase a plot in Mullanpur for investment purposes by taking loan from a bank. One of my friends has told me that it will be difficult to get a loan for purchasing a plot. Is this correct? — manoj kumar A. This is not entirely correct as loan for land purchase is available as long as it is for residential purposes only. Many mortgage lenders like NBFC, private banks and public sector banks offer this loan. You can get up to 85 per cent of the purchase amount based on your credit profile and paying capacity. However, you get no tax breaks if you take a loan to buy a plot of land. But, if you take a loan for construction, that means a loan to build a house on that plot, then you can get a tax break. In such a case, the tax benefits are available on both portions of the loan - the one to purchase the plot and the one taken to construct the house thereon. Please note that the benefits under Section 80C and Section 24 can be availed only when the construction of the house is complete.
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Sweden-based laminate flooring brand Pergo introduced a new patented feature Natural Variation that has the look and feel of a real wood floor but with all the advantages of laminate flooring. Manufactured by using a special technique each plank is given a chalked and naturally rustic look. The new offering comes in classic plank format with four bevelled edges. The planks are available in 1288x195mm and are priced at
Rs 220 per sq ft.
Showers that save
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realty
bites
Tata Group’s realty firm Tata Housing Development Company Ltd has sold 150 luxury homes for Rs 350 crore at Gurgaon within two days of the launch of Primanti project. The phase II of the 36-acre premium luxury housing project comprised 150 units spread across 4,50,000 sq ft and valued at Rs 350 crore. The project offers 102 villas, 75 executive floors, 89 executive Apartments and 828 tower residences. The price of the housing units was in the range of about Rs 2-3 crore.
Tata Housing is a subsidiary of Tata Sons Ltd. Tata Sons holds 99.78 per cent stake in the company. Tata Housing has 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. The company has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.
Adani-M2K to invest
1,000 cr in Gurgaon Adani Group’s real estate venture Adani Realty has worked out a tie up with Delhi-based M2K Group to develop a premium housing project in Gurgaon at an investment of about Rs 1,000 crore. Adani Group, a nearly $ 8 billion company primarily engaged in power, coal and logistics businesses, has formed an equal joint venture with M2K to develop the project ‘Oyster Grande’ spread over 40 acre in Gurgaon near Dwarka Expressway. “We have projects in Ahmedabad, Mumbai and Kochi. Now we are foraying into the NCR market as it is an important region in the country,” Adani Advisory LLP CEO Ameet Desai told reporters. Asked about the investment on this project, he said it would be about Rs 1,000 crore including both the phases. Giving details about the project, M2K President Vikash Bhagchandka said the JV company is launching 756 flats in the first phase and there would be about 1,500-2,000 units in the entire projects. “We are launching this project at Rs 6,300 per sq ft, ” Desai said. The size of the units varies from about 1,600 sq ft to over 7,000 sq ft. The cost of each flat would be in range of about Rs 1-4.5 crore.
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launch
pad M3M India Limited recently announced the launch of M3M Woodshire, a premium residential project comprising 18 mid-rise towers spread across more than 19 acres in Sector 107, Gurgaon along Dwarka Expressway. With a total of 984 units encompassing 2-3-4 BHK apartments and penthouses, the group is looking to realise a total sales value of Rs 850 crore from this project. The residential units will be in the price range of Rs 1 crore to Rs 2 crore. M3M Woodshire is M3M India's fourth residential project after M3M Golf Estate, M3M Polo Suites and M3M Merlin.
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Dish or tray gardening is an art of planting small ornamental plants in a creative manner in wide and shallow vase, saucers or dishes of about 10 cm in depth to give an illusion of a miniature landscape. A pretty impressive miniature landscape of cacti and other succulent plants can be created using this technique. These plants are ornamental in nature and come in various shapes, sizes, textures and colours. Such dish gardens have gained a lot of popularity among plant lovers, as these plants can remain in the dish for years due to their slow rate of growth and ease in growing. They can be placed artistically to enhance the ambience of your home and also make excellent gifts for special friends. This mini garden can be moved to any location to add a special touch on special occasions.
Q.
In a query published in these columns (dated 11.12.2010) it had been mentioned “House has been financed from the income of my late father, but is registered in the name of my mother. My mother never had or has any source of income”. And in your reply you had mentioned: “The facts given by you indicate that the house was financed by your late father and your mother was only benami holder. This is in view of the fact that your mother has no source of income to purchase or construct a house property. You have all the right to claim 1/6th share in such property on the basis of the provisions of Hindu Succession Act, 1956. She has inherited 1/6th share in the property.”
City of handsome returns 
Mohali scores
high
Delhi-NCR region has emerged as the most preferred realty destination for buyers in the country.
Ankur Vihar & NH-58 in Ghaziabad
Mortgage major HDFC has said that a correction is unlikely in the runaway property prices in Mumbai, where the demand continues to be robust.
Keep your lifestyle in mind
Wise consumers always know their seller before they buy. After deciding what you want to buy, the style, colour, design, etc. you need to do a research on furniture stores and brands available to get the best pieces that you can afford. One should always ask neighbors and friends for recommendations, and if possible, browse around before buying. Before buying, one should always enquire about the seller's credit terms, delivery service and after sales services provide by them.
A. According to Vaastu portico plays a beneficial role if it is in the northeastern part
of the house. Portico in east is good for male inhabitants in a house, and in north is
good for money and health of the female members. If it is in the southern part of a house then it should be ensured that it is not lower than the roof in this direction and should not have a slope towards the southern part.
Dish or tray gardening is an art of planting small ornamental plants in a creative manner in wide and shallow vase, saucers or dishes of about 10 cm in depth to give an illusion of a miniature landscape. A pretty impressive miniature landscape of cacti and other succulent plants can be created using this technique. These plants are ornamental in nature and come in various shapes, sizes, textures and colours. Such dish gardens have gained a lot of popularity among plant lovers, as these plants can remain in the dish for years due to their slow rate of growth and ease in growing. They can be placed artistically to enhance the ambience of your home and also make excellent gifts for special friends. This mini garden can be moved to any location to add a special touch on special occasions.
Q. In a query published in these columns (dated 11.12.2010) it had been mentioned “House has been financed from the income of my late father, but is registered in the name of my mother. My mother never had or has any source of income”. And in your reply you had mentioned: “The facts given by you indicate that the house was financed by your late father and your mother was only benami holder. This is in view of the fact that your mother has no source of income to purchase or construct a house property. You have all the right to claim 1/6th share in such property on the basis of the provisions of Hindu Succession Act, 1956. She has inherited 1/6th share in the property.”
Q. Both my husband and I are NRIs currently living in the UK. My husband had changed his nationality from Indian to British, but I am still an Indian national. I had bought some land in Chandigarh in 1974, and in 1992 we sold a house in UK and with that money I built a house on the plot in Chandigarh. Now I want to sell this house in Chandigarh and bring the money back to the UK to buy a house in the UK.
simple interest at the rate you have agreed upon with the lender. This is known as the Pre EMI. And from the month following in which the full disbursement is made you will start paying your EMI.
Prayag Polymers has brought 7000 Series of shower panels to suit the requirement of Green Building norms. The chrome plated shower panels are built to reduce water wastage and are corrosion and scratch resistant and maintenance free. The price range starts from
Rs 3599 and goes up to Rs 10,000