REAL ESTATE

 


area watch: dera bassi
The stagnation plot
There are very few takers for plots in the Dera Bassi area, while the demand for flats has remained steady in the past 18 months 

Buyers are preferring flats over plots in Dera Bassi Proximity to Chandigarh and Panchkula and good connectivity were the key factors that gave a boost to the demand for residential property in Dera Bassi a few years back. Located around 20 km from Chandigarh, this small town in the Mohali district had seen the entry of several enterprising developers and colonisers who offered affordable residential units in the proximity of tricity. But the current slump in the property market in the region has severely hit real estate transactions in Dera Bassi as there are virtually no buyers in the market. Dera Bassi, which is considered an extension of Zirakpur by realty players in the region, had been projected as the next bustling township on the Chandigarh-Delhi highway.

Buyers are preferring flats over plots in Dera Bassi

Where the nest is not empty
The trend of real estate projects meant exclusively for the elderly is gaining a foothold in our country
Ashiana group’s Ashiana Utsav project in Bhiwadi has been envisaged to provide a better living environment to the senior citizensS.K. Chopra is a widower with two sons, one of whom has settled in the US, and the second one is a big-time banker in the NCR. His second son stays with his family in the house that Chopra, a former senior government official, had built in the posh Panchsheel Park area in the 1970s. Chopra has enough money to lead a comfortable retired life. But he is an unhappy man as he feels lonely and alienated. His son's family has no time for him as they are busy in their own lives.

Ashiana group’s Ashiana Utsav project in Bhiwadi has been envisaged to provide a better living environment to the senior citizens

launch pad
'Spanish Meadows' in Karnal
CHD Developers has launched expandable duplex villas 'Spanish Meadows' at CHD City in Karnal. Priced at Rs 63 lakh onwards, the villas are inspired by the works of Spanish architects. About 70 units will be constructed with options in sizes of 199 sq yd and 207 sq yd. The villas will have an easy access from NH-I.

realty bites
LIC Housing Fin may cut home loan rates
LIC Housing Finance may reduce lending rates on home loans following the RBI’s lowering of short-term interest rate by 0.25 per cent in the third quarter monetary policy review.

decor trends
Perfect den for a booklover
A home library is the most treasured place in the house of a booklover and a lot of effort goes into bringing these spaces to life. Home libraries or personal shelves reflect are a grand portraiture of a literary mind.

Green house
Garden in a bottle
Terranium or a bottle garden is a good option for those who love gardening but have very little space to exercise their "green fingers" fully. Terraniums are best suited for small apartments and for balcony and indoor gardening. It is a miniature landscape grown in a glass container that is created by growing small ornamental plants in an artistic manner. The closed environment increases the humidity and allows the plants that prefer a moist habitat to grow in their own self-maintained small ecosystem by recycling their own water, based on the principle of evaporation and condensation.

Realty Guide
Q. My father has a leasehold built-up booth (rehri booth) in Chandigarh allotted under the Chandigarh Estate Rules,1991 and 2007 by the Estate Office. He is regurlarly depositing the instalment of the cost of land to the Estate Officer and cost of structure to the Chandigarh Housing Board and yearly Ground Rent (Lease) to the Estate Officer. But the Estate Officer is charging the Ground Rent 2.5% of the premium i.e. cost of land plus cost of structure. My query is that whether EO can charge Ground Rent on the cost of structure. Because i have come to know that the ground rent shall be charged only on the cost of land. If it is so then please tell me what can my father do now? — Pawan Kumar

tax tips
When did I became the owner of this plot?
Q. I  had been allotted a plot by HUDA in 1993 the payment for which was made in installments. The offer of possession was made by HUDA in 2001, whereas I took the possession in 2011. Now I want to sell this plot, but the conveyance deed has not been prepared till now as the same was not required till now by me as I am the original allottee. Now for selling this plot, I will first have to get a conveyance deed made. My query is that as per rules when did I became the owner of this plot?

PICK OF THE WEEK
Timeless charm of wood

Flooring solutions company Square Foot has introduced a new collection of Engineered Wood Flooring'. Suited for high-traffic residences, hotels and commercial areas, the new range has a special commercial Class 33 lacquer, making it the toughest lacquer available in the market with a classy 5" width and 12-mm thickness. The product is scratch-free and normal wear and tear has no effect on the surface.
Price: Rs 390 per sq ft onwards.

 





 

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area watch: dera bassi
The stagnation plot
There are very few takers for plots in the Dera Bassi area, while the demand for flats has remained steady in the past 18 months 
Parmod Mehta

Proximity to Chandigarh and Panchkula and good connectivity were the key factors that gave a boost to the demand for residential property in Dera Bassi a few years back. Located around 20 km from Chandigarh, this small town in the Mohali district had seen the entry of several enterprising developers and colonisers who offered affordable residential units in the proximity of tricity. But the current slump in the property market in the region has severely hit real estate transactions in Dera Bassi as there are virtually no buyers in the market.

Dera Bassi, which is considered an extension of Zirakpur by realty players in the region, had been projected as the next bustling township on the Chandigarh-Delhi highway. A booming realty scene in 2006-2007 thus saw the launch of a number of residential projects here and even the lack of proper civic infrastructure did not deter the developers and investors. There was a virtual scramble for owning a piece of property in this promising destination. According to municipal council records, around 70 projects came up in the Zirakpur and Dera Bassi area between 2007 and 2011. There has been a change in fortunes over the past 18 months with only three new projects being launched. And five years down the line the picture is not that rosy as many of the projects have been delayed and those that have been completed are suffering due to the lack of proper civic amenities. Prices in most areas are stagnating and there are very few buyers in the primary as well as secondary market. According to market watchers, however, there has been a significant drop in demand for plots leading to fall in land prices, while there was a relative stability in the demand for apartments. As a result, the sale and prices of apartments has not seen a considerable drop over the past 12 months.

Apart from the general slowdown in the realty sector all over the country, the main factor that eroded the demand for plots in colonies at Dera Bassi, Lalru and Zirakpur is the strict stand taken by the Local Bodies Department, following High Court orders against unapproved colonies. According to sources there are more than 20 unapproved colonies in this area and a large number of investors and end users have bought plots in these. But following the court order the municipal councils of Dera Bassi, Zirakpur and Lalru have banned the approval of maps of colonies that are not approved. So there is virtually no sale and purchase of plots taking place here as the buyers and investors have become wary.

Bhupinder Saini, a local property dealer said that a 20 to 25 per cent fall had been noted in the prices of plots in this area. “The drastic drop in the sale of plots in this area will continue till a decision is taken by the authorities to clear the status of these unapproved colonies as most of the plots available right now are in such colonies,” says Balihar Singh Balli, a property consultant based in Dera Bassi. The current price of land is between Rs 12,000 and 20,000 per sq yd depending on the location in Dera Bassi, and from Rs 8000 to 15000 per sq yd in Lalru and between Rs 25,000 and 50,000 per sq yd in Zirakpur. According to the data available from revenue department no increase was noted in the revenue generated from the sale and purchase of property in the past one year. The Revenue department office in Dera Bassi had collected Rs 1,88,7461692 from April 1, 2011 to March 31, 2012 and Rs 1,27,3444811 from April 1, 2012 to December 31, 2012.

As approvals and legal sanctions are not major issues for most of the multi-storeyed apartment projects coming up here, the prices of flats have remained stable in the past year, even though the demand has seen a drop. But developers having projects here are upbeat about the response they are getting for their projects. Ritu Singhal, Managing Director of Raglan Infrastructure that has several projects in the area said, “We have constructed more than 2,000 flats at Dera Bassi and Zirakpur and over 1500 of these have been handed over to customers so the demand is there in the market”. She, however, admitted that the market was slow. "While builders are grappling with lack of funds in the market and lengthy approval process, the buyers have been cautious because of high rate of interest on home loans and these factors have surely had an impact on the prices of property here. But if the developers keep prices in the affordable range and provide quality construction then genuine buyers will keep coming." The ATS group is among the largest groups here and has a ... acre mini township planned here. The group sees huge potential for a mixed-use project here. "Though it is basically a market for affordable housing as most of the buyers are from the middle class working people having jobs in the tricity areas, we are also providing premium products like villas and luxury apartments for the high-end buyers", says a spokesperson of the ATS group. The group has already sold 275 apartments in the past one year in this township. Satish Jindal, Managing Director of Maya Garden, said,"No one can deny the potential of this area as it is excellently connected, is close to Chandigarh, Mohali and Panchkula besides being a gateway to Himachal and Punjab. So people looking for a home of their own in affordable range have a lot of options here and thus demand in affordable segment for genuine buyers will always be there. Investors may not be making huge profits here at present but things are going to improve soon". The group has constructed three housing projects in Zirakpur and sold over 1,000 flats during the past two years and is now going to construct 1,500 new flats in other residential projects and possession of these would be handed over in 2014. The current rates of flats in Dera Bassi is between Rs 2,000 and Rs 3,000 per sq ft while in Zirakpur the average price is in the range of Rs 2,500 to 3,200 per sq ft. 

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Where the nest is not empty
The trend of real estate projects meant exclusively for the elderly is gaining a foothold in our country
Vivek Shukla

S.K. Chopra is a widower with two sons, one of whom has settled in the US, and the second one is a big-time banker in the NCR. His second son stays with his family in the house that Chopra, a former senior government official, had built in the posh Panchsheel Park area in the 1970s. Chopra has enough money to lead a comfortable retired life. But he is an unhappy man as he feels lonely and alienated. His son's family has no time for him as they are busy in their own lives. So in order to get company Chopra is shifting to an independent suite meant for senior citizens in the NCR.

While we feel proud of the fact that India has a huge population of youngsters, we tend to ignore the fact that the population of senior citizens is also swelling fast. And, some enterprising real estate players are seeing this as an opportunity to build suites and studio apartments to cater to the needs of senior citizens. There are also residential projects dedicated exclusively to the older lot. The facilities offered here are more community-oriented as getting suitable company apart from a comfortable lifestyle is the main requirement in the twilight years.

“According to the data provided by UN, India will have 198 million persons over the of 60 by 2020, and this makes it imperative for the realty firms to build homes for keeping in mind the needs of the elderly. While we are not making dedicated homes for senior citizens, we ensure that our residential complexes are senior-citizen friendly. We especially ensure wide and low stairs for them so that they can climb without any problem,” says Ajai Singal, director of Avalon Group.

Echoing the thoughts, Alimuddin Rafi Ahmed said, “As the number of senior citizens will go up in the years to come, the realty firms have to make either dedicated homes for senior citizens or make these user friendly. They have to think now, before it becomes too late”.

Sensing a growing demand in this segment, many realty groups have already taken a lead in offering senior living options in the country. While the Ashiana Group already has projects in Jaipur, Bhiwadi and Lavasa offering quality lifestyle to senior citizens, Assotech Realty Pvt Ltd, Antara Homes, ILD group, Paranjape Schemes are among some of the other groups dealing in this segment. Several such projects are already operational in major metros like Bhiwadi, Jaipur, Faridabad, Pune, Bangalore, Amritsar, Coimbatore and Chennai. The LIC Housing Finance, too, has entered the sector with Care Homes in Bangalore as a part of their corporate social responsibility initiative. A large variety of services are being offered in these projects.

Facilities on offer

Suites and studio apartments are generally designed to accommodate a couple. A suite has a separate living room and bedroom, offering privacy and more personal space, while a studio is more compact with a combined sitting and sleeping area. Living units have been conceptualised to offer maximum comfort and functionality to the elders. According to Amit Vaidya, director of the Golden Estate that has launched one such project in NIT Faridabad, "I thought of building comfortable homes for the elderly after carrying out extensive research. As an architect I was very perturbed by the sheer lack of concern for the needs of the elderly in most of our commercial or residential buildings whether it is the height of the stairs or provision for side railings etc. The main focus of Golden Estate project is the concept of the “joint family” and the mohalla. Each block has individual dining and living areas to maintain as close a semblance as possible to a joint family home. The recreational areas are shared among the blocks. "All blocks will be interconnected," adds Vaidya.

Mentioning some of the facilities being offered in their project, Vaidya says, "Given the age of senior citizens, we ensure that healthcare centre inside our complex in Faridabad is well-stocked with medicines and equipped to administer first-aid for most emergencies. A doctor is available on the premises during working hours and trained nursing staff is present 24 hours a day. In case of any medical emergency, under supervision of the on-premises medical staff, the patient will be shifted to our partner hospital in a well-equipped ambulance that is available 24x7. Regular check-ups of residents are conducted and 'e-medical records' are maintained to monitor their health. These records are retrievable online by authorized people. All residents are given a copy of their records while traveling, for continuity of care.

At Ashiana group's Ashiana Utsav retirement homes in Bhiwadi, the residents have a wheelchair friendly campus and provision for a host of recreational and sports activities. The group also has Utsav Care Homes for the seniors requiring constant care. Here the residents get housing, support services and personalised care if they need help with daily activities, hygiene maintenance and health and medication management. "It is a combination of home-living with professional and customised care: an option that makes it possible for seniors to maintain and in fact, improve their quality of life, while getting the nursing care they need at an affordable price", says a spokesperson of the group. Builders provide an attached pantry, balcony and toilet, and the unit also has a double bed, sitting couch, writing table, flat-screen TV with DTC connection, spit air-conditioner, telephone line and Internet, emergency 'Call-Point'. As this is not enough, such units have a very good security.

Catching on

The trend, however, is not limited to the metro cities, smaller cities and especially those with a religious significance have also become popular as destinations for building senior living centers. Realty firms like Assotech Realty Pvt Ltd are seeing tremendous opportunity to build fully furnished service apartments for senior citizens in places like Shirdi, Haridwar and Goa. According to Sunil Gulati, Managing director of Assotech Realty Pvt Ltd, "We got excellent response from senior citizens as well as others for suites. These are designed aesthetically with modern and Vaastu-based architecture and are fully furnished having all modern facilities, extending the benefits to business travelers, pilgrimage and leisure travelers.”

The elderly enjoy the bliss of companionship in Golden Estate project in Faridabad
The elderly enjoy the bliss of companionship in Golden Estate project in Faridabad

The price factor

Realty experts say that as far as the pricing of such ‘homes’ is concerned, they are also offered through a “long-term stay” agreement mode. The resident has to deposit a refundable fixed amount as security against the allotment of a residential unit. The security deposit is non-interest bearing. Almost 75 per cent of the total amount is fully refundable while the remaining 25 per cent becomes non-refundable. While staying at TGE, a resident is required to pay monthly charges for using all services and facilities being offered there.

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launch pad
'Spanish Meadows' in Karnal

CHD Developers has launched expandable duplex villas 'Spanish Meadows' at CHD City in Karnal. Priced at Rs 63 lakh onwards, the villas are inspired by the works of Spanish architects. About 70 units will be constructed with options in sizes of 199 sq yd and 207 sq yd. The villas will have an easy access from NH-I.

Griha Pravesh in Noida

Griha Pravesh Buildteck Pvt Ltd launched its first project in the Delhi-NCR region recently. The group already has a number of projects in Mumbai, Panvel, Pune, Raigarh, Aurangabad and Nagpur in Maharashtra and Meerut in Uttar Pradesh. The new project, christened Griha Pravesh is spread over an area of 5 acres in Sector 77, Noida is being developed in association with Phadnis Infrastructure. It will have 2, 3 & 4 BHK ultra-luxury homes, garden apartments and penthouses. The price of the units will be Rs 60 lakh onwards.

Puravankara project in Bangalore

Puravankara Projects Limited launched a luxury residential apartment project in Rajajinagar, Bangalore recently. The project is 1.4 km from the city railway station and about 2.7 km from the commercial hub, Majestic bus stand and will have a over 300 units of two and three bedrooms spread over an area of 4 lakh sq ft, 79 per cent of which will be open area. The two-bedroom apartments are between 1200 and 1408 sq ft and three-bedroom apartments are 1600 to 1792 sq ft., with price around Rs 7,000 per sq ft. Expected gross revenues from the project are in excess of Rs 250 cr.

The project will have a multi-purpose amenity hall, swimming pool, outdoor basket ball court, jogging track, gymnasium, outdoor children play area etc besides a two-level basement parking and high speed lifts.

— Based on information provided by the developers

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realty bites
LIC Housing Fin may cut home loan rates

LIC Housing Finance may reduce lending rates on home loans following the RBI’s lowering of short-term interest rate by 0.25 per cent in the third quarter monetary policy review.

“Our Assets Liability Management Committee will sit and examine to what extent and to what percentage benefits can be passed onto the customers. Whenever RBI has cut interest rates in the past, we have passed (benefits) on to the customers in a very transparent manner,” LIC Housing Finance, Director and Chief Executive, V.K Sharma told PTI.

At present, LIC Housing Finance's interest rate on home loans stands at 10.25 per cent per annum while its Prime Lending Rate (PLR) is 14.4 per cent.

Welcoming the RBI's move as a positive and bold one, Sharma said the reduction in repo rate by 0.25 per cent would benefit both industry and (retail) customers. “It is a very positive and bold move of RBI. It tried to balance both growth and inflation and it will benefit the entire industry, customers and lenders,” he said. He further said after the decrease in short-term policy rates, all the lending institutions would like to pass on the benefits to their customers. With over 8 lakh customer base in the country, LIC Housing has loan portfolio more than Rs 70,000 crore, said Sharma. Despite a slowdown in country's real estate market, LIC Housing Finance has recorded 20 per cent growth in its disbursement .

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Ashiana Housing to invest Rs 750cr on four new projects 

Realty firm Ashiana Housing will invest about Rs 750 crore in the next five years to develop four new housing projects in Rajasthan and Jamshedpur. The company would construct nearly 4,000 apartments in these projects. "Last week, we launched a housing project in Jamshedpur. We will announce two new projects in Jaipur and one in Bhiwadi by June this year," Ashiana Housing Managing Director Vishal Gupta said after unveiling its new corporate identity.

Vishal Gupta, Managing Director and Ankur Gupta Joint MD of Ashiana Housing Limited unveil the new brand logo of the group in New Delhi
Vishal Gupta, Managing Director and Ankur Gupta Joint MD of Ashiana Housing Limited unveil the new brand logo of the group in New Delhi

“As we take Ashiana forward to greater heights in quality, service, size and the number of locations, we feel the need to create a much stronger and differentiated brand,” Gupta said.

Elaborating on the new projects, Gupta said the company would develop 400 flats in Jamshedpur at a project cost of about Rs 75 crore. In Jaipur, the company would launch two projects by June where it would construct 2,000 apartments at a total cost of Rs 400 crore.

Gupta said the company would also launch the first phase of its 50-acre township in Bhiwadi in April. “In first phase, we will develop 1,500 flats. The project cost will be about Rs 280 crore,” he added.

The national capital-based firm posted a net profit of Rs 70 crore on a turnover of nearly Rs 250 crore during last fiscal. The company is known for developing retirement resorts for elderly people. During last fiscal, it sold nearly 18 million sq ft of area and constructed about 15 lakh sq ft. — PTI

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Robust foreign inflow likely in realty space

India’s realty sector is set for robust inflows of $ 4-5 billion from overseas investors in the next couple of years, with Bangalore, Delhi and Mumbai emerging as the favourites, global real estate consultancy giant Jones Lang LaSalle has said.

“The early foreign investors in India, who came in around 2006-07, did not have very good experience, partly because of their inexperience in doing business in India and partly because of global financial crisis,” JLL Asia Pacific CEO Alastair Hughes said in Davos at the World Economic Forum Annual Meeting.

“However, foreign investors are now looking with a renewed interest at India, given its still robust economic growth rate as that bodes well for good returns to their investments,” Hughes told PTI. He added: “They (investors) are now looking much more closely at India to put in their funds into Indian real estate sector. They had come in between 2006-2007 and the first half of 2008, but they completely went away in 2009 and have been mostly away since then.

“The overseas investors are now looking to come back and what they are looking for right now is good partners in India, because it is a difficult place to do real estate business because of various reasons.” Right now, many Indian developers and fund managers are seeking to get international money and that is much more likely to come in, Hughes said, adding that there is more international money today waiting to be invested in India than any of the last five years. Overseas investors have invested $ 14 billion into the Indian real estate sector over the period from 2006 to 2012. In the past two years, foreign investment into Indian real estate has been around $1.2 billion per annum.

Around half of all transactions were invested in residential property, a quarter in the offices sector and the remaining quarter was split among the other sectors.

Regionally, half these investment come from US with the rest coming from the Middle “We expect interest from global and US investors to maintain. Favourite location foreigners will be Bangalore, New Delhi and Mumbai,” he added. —Agencies

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decor trends
Perfect den for a booklover
Seerat Toor Grewal

A home library is the most treasured place in the house of a booklover and a lot of effort goes into bringing these spaces to life. Home libraries or personal shelves reflect are a grand portraiture of a literary mind.

Design: Designing depends on the space available and the number of books. These factors, in turn, rest on the relation one shares with books i.e. how often one buys new ones decides the amount of space needed to keep these and one’s reading habits viz. how and when one reads, what genres one possesses, and finally, the spread desired.

Unpretentious homes: In modern, compact homes, it is difficult to find an exclusive space for home libraries, so a majority of booklovers have to make do with bookshelves high on the space-saving quotient. Bookshelves in innovative designs that make a clever use of space are available in market. These bookshelves can be included in living rooms and stretch up to the ceiling from the floor or be mounted on the walls. Having wooden sections along or under the stairs is a good way to utilise the space to the maximum. Space-constrained houses can also have book-lined shelves along the passageways.

Larger homes: Those who can afford the luxury of space can splurge on specially built libraries in exquisite natural setting adorned by flawless craftsmanship and ornate interiors. These home libraries generally house a huge collection of books. Ornate wood cabinets, wall-sharing by fireplace, elaborate oriental carpets, coupled with a collection of rare pottery and antique furniture pieces are apt for a retreat.

Furnishings and effects: Furnishing a library can be very challenging task for a booklover. Keep your plan in hand while choosing furniture, which comes in a huge variety and makes. Those with jobs requiring frequent shifting and relocation should be careful while picking up library furniture.

Bookshelves: Most important of all are the bookshelves or racks. These can be either portable or built-in. The latter can be made of well-endowed wood panels, classic pilasters, moldings while the former are available in many materials viz. plastic, glass etc. One should not compromise on the material when buying any portable shelf as these can be prone to humidity and insect attack.

Study-table and seating: Choices include ornate or plain wooden tables. One can also go in for custom-made tables that fit the space. The seating should be designed with comfort in mind. Loungers and wide chairs are ideal for bigger spaces. The upholstered seats add an antique look to a library, while seats with ergonomic designs and leatherite give a contem-porary feel to the décor.

Ladder: Apart from the immense utility to reach and scroll through books on higher shelves, ladders also add an aesthetic appeal. One can choose from routine library steps or stand-alone types which can be in wood or other materials.

Lighting: Excessive light can eventually lead to damage of books. Light should be sufficient and well-focused for a comfortable reading experience. There should be optimal light on the bookshelves as well. Hanging overhead table lamps, side lamps etc. are used. The library, if housed next to windows, is an excellent option as that will allow ample natural light to flow and energise your room.

A lot of interesting effects can break the monotony of books and shelves. These can be a rich blend of antique or designer artefacts, globes, floral curtains and rich rugs. Many flamboyant libraries have red and deep blue interiors as well. There are many options for customisation to set-up a library without clichéd decor. 

The art of organisation

Going by the age-old and tested wisdom of keeping the books alphabetically is still unmatched. But many other innovative ideas are also on the platter to be picked up according to one's taste.

* Chronology: This defines an organisation style based on displaying the books according to the age of the readers e.g. books for children are kept together.

* Reading priority: It ensures an arrangement where you stack books according to their likely use i.e. top-shelves can handle the books that have been read already. The lower shelves can store books that are yet to be read and finally the books that are picked up frequently can be kept at a more approachable level.

* Subject-wise: This is another ubiquitous fashion to stack books. This allows one to zero-in on the desired books.

* Colour-coding: This may not only sound strange but it requires a sharp memory to remember the colour of the book cover. It lends a unique vibrancy to the room.

The book arrangement is incomplete without the right kinds of bookends. These form an essential part of the treasure rack as else the scare of dropping will keep haunting you. These mostly are bought in pairs depending upon the type of display. Many other objects can also serve the purpose which can vary from various artifacts, pots, glass-globes etc.

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Green house
Garden in a bottle
C.S. BEWLI ...

Terranium or a bottle garden is a good option for those who love gardening but have very little space to exercise their "green fingers" fully. Terraniums are best suited for small apartments and for balcony and indoor gardening. It is a miniature landscape grown in a glass container that is created by growing small ornamental plants in an artistic manner. The closed environment increases the humidity and allows the plants that prefer a moist habitat to grow in their own self-maintained small ecosystem by recycling their own water, based on the principle of evaporation and condensation.

A terrarium can be made in any glass container that has a lid to keep the moisture from escaping, but a wide-mouthed clear smooth glass jar is easy to handle while creating a landscape and also offers the best view of the plants. For the success of such terrariums the glass lid should be opened for some time if there is condensation on the glass. This will allow evaporation as excess moisture can be harmful for plants.

Apart from these few precautions, these closed bottle gardens need very less attention once the plants are “acclimatised” properly. The plants can survive in this glass “home” for four to five months without any additional watering; however, some water can be sprinkled if at any time there is lack of moisture and the compost approaches dryness. The right word for such a creation is neglect; you just plant and forget!

The ease with which these lightweight table-top mini gardens can be shifted inside on special occasions has brought a change in the way people decorate their homes. These also make unique gifts for special friends.

Peperomia caperata, Saxifraga stolonifera, Soleirolia soleirolii (baby's tears), Fittonia verschaffeltii, dwarf flowering species of Rhizomatous begonias, button ferns, slow-growing maidenhair ferns, Variegated spider fern, Pilea involucrata and Selaginella kraussiana are the plant species that enjoy the moist compost and high humidity available in a closed terrarium environment; other species may also be tried.

Cacti and other succulent plants are naturally suitable for terrariums with an open top as their requirement of water after the initial set up is very less. There is no fixed recipe for how much watering is needed, but as a rule of thumb, water only when the soil approaches dryness. To be on the safer side it is always better to water less in such terrariums as it is a difficult task to remove the excess water; most of the succulent lovers lose more plants by over-watering than by under-watering.

The ideal plants:

* Are slow growing and can remain in a terrarium for a longtime.

* Need less care and maintenance.

Foliage of green, variegated and colourful succulents may also be planted.

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 terrariums. Ariocarpus retusus, Lophophora williamsii, Melocactus matanzanus, Gymnocalycium mihanoivichii, Echinocereus rigidissimus, pectinifera and many other species are smaller and robust growing flowering species of cacti that do very well.

— The writer is President of the National Cactus and Succulent Society of India

Tending tips

* With the passage of time some plants will overgrow, these should be replaced with suitable plants.

* Occasionally cut back succulents that grow in size.

* Do not fertilise the plants to keep them under control and restrict them from overgrowing.

* Remove dead/dried leaves and algae or fungus that might gather in the terrarium periodically.

* Replace dead plants.

* Place the terrarium in a bright area, but not in direct sunlight.

* Keep moving the terrarium around on alternate days otherwise the plants that do not get enough light will lose their original shape.

* Never allow the soil to dry out.

Terrarium DIY

* Select a suitable glass container and first of all add a layer of pebbles for good drainage. Pebbles will also catch excess water.

* Add sterilised and nutritious cactus compost; the total depth of the first layer and the cactus compost should be about one-fourth the height of the container.

* For aesthetics, the compost should be piled higher in the back and lower towards the front with some depressions in between.

* Put the selected plants one by one taking care that the tall plants are at the back in the higher region and shorter ones are in the front. Move the terrarium around and look for the best combination and arrangement of plants. The placement of plants should give an illusion of a miniature landscape.

* Add some compost in and around the plants to give them better support.

* Spread gravel and moss at suitable places on the top surface and aesthetically place small moisture-resistant decorative items such as pieces of rock, ceramic huts and figurines etc. to add to the appeal of the landscape. A couple of minute solar lights will add grace and glamour to the terrarium in the evenings.

* Spray water until the soil gets just moist. Mist the inside of the glass to wash down splashed soil. Put on the glass top and the garden is on its own.

* Check terrarium the next day; it should have slight moisture around the top. If too much moisture condenses on the sides, take the top off for a few hours.

* For a few days keep the terrarium in shade and gradually bring it to bright light, but not direct sunlight. 

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Realty Guide
B K Sanghi email your queries to realestate@tribunemail.com ...

Q. My father has a leasehold built-up booth (rehri booth) in Chandigarh allotted under the Chandigarh Estate Rules,1991 and 2007 by the Estate Office. He is regurlarly depositing the instalment of the cost of land to the Estate Officer and cost of structure to the Chandigarh Housing Board and yearly Ground Rent (Lease) to the Estate Officer. But the Estate Officer is charging the Ground Rent 2.5% of the premium i.e.cost of land plus cost of structure. My query is that whether EO can charge Ground Rent on the cost of structure. Because i have come to know that the ground rent shall be charged only on the cost of land. If it is so then please tell me what can my father do now? — Pawan Kumar

A. The Chandigarh Administration has allotted your father built up booth and not the space of the booth.

Logically two departments of Chandigarh Administration are involved - one is Estate Officer other is Chandigarh Housing Board. So they are charging your father ground rent on premium which is correct. Chandigarh Administration will charge stamp duty on the premium of the booth when the payment of all your instalments will be completed on the total premium amount.

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Q. I have made a Will in respect of my self-acquired house and kept it in safe hands. Please confirm if it is utterly necessary to register it. Will an unregistered will have the same legal acceptance? — S. M. Soni

A. A Will is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his property after his death. The beneficiary will have to probate the Will when it comes into existence. An unregistered Will is a valid instrument in India. Whether the will is registered one or unregistered one, the thing is that the beneficiary/legacies have to prove the same in a court of law, if circumstances warrant, by examining the attestors and Scribe.

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tax tips
When did I became the owner of this plot?
S. C. Vasudeva email your queries to realestate@tribunemail.com ...

Q. I  had been allotted a plot by HUDA in 1993 the payment for which was made in installments. The offer of possession was made by HUDA in 2001, whereas I took the possession in 2011. Now I want to sell this plot, but the conveyance deed has not been prepared till now as the same was not required till now by me as I am the original allottee. Now for selling this plot, I will first have to get a conveyance deed made. My query is that as per rules when did I became the owner of this plot?

* The day when it was allotted by HUDA in 1993: or

* On the day of making the conveyance deed.

This is important because if I became the owner of this plot after making the conveyance deed then I cannot immediately sell this plot as the entire gain will be a short-term capital gain. Kindly help me on priority. — ankush gupta

A. The date of ownership of the plot for the purposes of computing the capital gain would be the date on which possession was given to you by HUDA. The date of the allotment would have been taken as the basis for computation of capital gain in case the sale of the right in plot had been effected before the date of taking the possession. On the basis of the facts given in the query, it is evident that you took the possession somewhere in 2011, and therefore, you would be considered as owner as on that date. Any sale of such a plot within three years of the date of taking the possession would be in the nature of a short-term capital gain. The execution of the conveyance deed will not make any difference to the date of ownership. The date of executing the sale deed would have been considered as the date of ownership if the possession had not been taken by you in the year 2011.

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Will all members of HUF get an equal share on partition of property?

Q. My case is almost similar to the one mentioned in the query (by Gurnam Singh) published in December 15, 2012 issue of the Real Estate. Kindly clarify the matter further in respect of the following:

* Is the HUF so created for the purpose of working out/paying income tax only or such property actually becomes the joint property of all members of an HUF.

* At the time of partition, will all the members of HUF get an equal share? Can any member surrender his/her share in favour of other members/any member of the HUF?

* After partition, whether the property will have to be registered in individual members’ names after paying the requisite stamp duty and registration fee etc.

* As some of the property has already been sold long time back and the amount used for acquiring other property (te amount so used was, however, only a small part of the total value of the property acquired at that time), how would this amount be accounted for at this stage? — harbhajan singh

A. Your queries are replied hereunder:

* The members of HUF don’t become joint owners of the property in case any property is thrown into common stock. The property belongs to HUF and the shares of its members remain unascertained till the time a partition of the HUF takes place.

* The co-parceners need not have equal shares on partition but such shares can be unequal as and when an HUF is partitioned. There is no question of surrendering the share by a co-parcener to other member/members of HUF as Hindu law permits that shares of co-parceners may not be equal on account of a partition.

* A partition deed or a memorandum of partition, as the case may be, should be registered. Once such deed or memorandum is registered, the shares of co-parceners would be ascertainable. There should not be a necessity for another registration in the name of co-parceners.

* The amount utilised for acquiring other property would retain the characteristic of an HUF property. Such amount, if utilised, for purchase of a property in another person’s name can be treated as loan by HUF to such other person. The amount so utilised should be returned to the HUF with interest.

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Can I claim long-term capital gain relief?

Q. I purchased a plot on December 12, 2003 from an allottee of HUDA, by making payment of premium by way of earnest money. Application money of 10 per cent + allotment money of 15 per cent + cost of the increased area, which the seller had paid to HUDA, was paid by me to him on January 23, 2004 on execution of vendor-vendee agreement and other papers required for re-allotment of plot in my favour by HUDA. On the basis of documents filed and other formalities completed, HUDA re-allotted the plot in my favour on April 12, 2004. The balance 75 per cent was paid by me to HUDA in six equal annual installments along with the interest as applicable. The last and the sixth installment was paid on September 30, 2009. In between HUDA demanded enhancement cost which was also deposited. HUDA again demanded the cost of enhancement, which has also been deposited. Extension fee whatsoever due for non-completion of construction is being deposited regularly. There is still time available for completion of construction in accordance with the terms of re-allotment/policy of HUDA, by depositing applicable extension fee.

In the vendor/vendee agreement it is mentioned as is usual "that the said seller has delivered the actual, physical and vacant possession of the above said plot to the above said purchaser and has also handed over all the papers and documents of the said plot to the said purchaser and w.e.f. today, the said purchaser has become the absolute owner of the said plot." The paper possession from HUDA was, however, taken by me on May 31, 2012, which is yet to be obtained. I am not interested in constructing a house and intend to sell the plot in Feb./March, 2013. However, before selling it, I shall have to get the conveyance deed executed in my favour by HUDA and only thereafter, I shall be able to execute the sale deed in favour of the buyer.

Will I be right in claiming that capital gain earned by me beyond three years of the date of purchase/re-allotment by HUDA is a long term capital gain even though it will be within three years of the date of conveyance deed as opined by you in some case in these columns (dated August 4, 2012). Also let me know the relative section of the Act/transfer of property Act according to which I am justified in claiming the capital gain as long-term one. This reference will be helpful to me in case Income-tax authorities dispute my treatment of capital gain as above while reporting the transaction in my income tax return of the relative year. —Ved Parkash

A. The facts given in the query published in the newspaper on August 4, 2012 were different and therefore the reply given therein would not be applicable in your case. The possession of the plot was given to you by HUDA on May 31, 2012. The possession could not have been handed over to you by the seller of the plot by mentioning the same in vendor-vendee agreement that he has handed over the possession of the plot as such possession was not given to him by HUDA and therefore the clause with regard to handing over the possession will actually be incorrect and would have no significance.

The date of possession being May 31, 2012, the sale of plot on or before June 1, 2015 would not enable you to claim any benefit under Section 54F or under Section 54EC of the Act. It will, therefore, not be possible for you to justify that the capital gain arising on the sale of the plot would be a long-term capital gain which is exigible at lower rate of tax.

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How can I save tax on LTCG tax?

Q. I purchased a plot in a cooperative house building society (registered under the Society Act) from its member in February, 2006 for Rs 12 lakh plus transfer fee of Rs 10,000 on the basis of full and final payment (without amount) agreement and affidavit for transfer in society. Now I sold the same in April, 2012 for Rs 22 lakh minus Rs 15,000 transfer fee on the basis of same full and final payment agreement and affidavit in favour of the buyer (and the society has executed the sale deed directly in favour of buyer @ 95 per sq. yd. (allotment rate) but stamp papers are affixed at circle rate of Rs 21.96 lakh).

My questions regarding the above are as following:

* I am interested neither in purchasing a house or a plot nor do I want to deposit in LTCG bonds. Also I haven't deposited the cash in the savings account. How can I save tax on LTCG tax?

* Till how long can the authorities ask for payment details/source of investment for purchase (i.e. 5/6/7 years or more before the date of sale or the scheduled date of filing the IT return for the financial year 2013-14).

* Is there any discrepancy in my case which I should know about in order to avoid any further problem from the authorities? — j.s. makkar

A. Your queries are replied hereunder:

* There is no other avenue for saving tax on capital gain arising on the sale of a long-term capital asset except purchasing or constructing a residential house within the specified period or investing such capital gain in tax-saving bonds issued by the National Highway Authority of India or Rural Electrification Corporation Ltd. Such bonds have to be purchased within six months of the sale of a long-term capital asset. In case you do not want to adopt any of these options available to you, you will be liable to pay tax on the long term capital gain @ 20% plus education cess of 3% thereon. These rates are applicable for assessment year 2013-14.

* An assessment can be reopened within a period of six years commencing from the end of the assessment year in respect of which the assessment is to be reopened. This period of six years is applicable where the income charged to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that assessment year. A period of four years is applicable where an assessment has been made under Section 143(3) of the Income Tax Act 1961 (The Act) and there has been no default on the part of the assessee to disclose all the materials fully and truly in connection with the assessment so completed. For example, assessment for the assessment year 2006-07 (Financial year ending 31.3.2006) can be reopened up to March 31, 2013 in case there was a failure on the part of an assessee to disclose material facts necessary for assessment for the assessment year 2006-07.

* There would be no discrepancy in case you declare the capital gain in your return for the assessment year in which the sale has taken place, taking into account the sale price of Rs 22 lakh and pay the due tax on the capital gain earned on the sale of the plot.

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Confusion over the status of legal heirs

Q. Refer to your reply to my query in the issue dated January 5, 2013. As advised, I consulted a lawyer and he was of the view that I am the legal heir of the share in the property of the deceased unmarried sister according to sub-Section (2) (a) of Section 15. For a similar query published sometime in 2009 you had opined that the share of an unmarried sister dying intestate should devolve to the first blood relation i.e. brother. According to a recent development, the widow of the elder son of the deceased elder sister is also demanding the share for her two children out of the share of the deceased younger sister, according to the query made by her from her lawyer. In view of the above, I request you kindly guide me in the matter. — Raj Kumar Bali

A. According to the provisions of Section 15 read with Section 8 of the Hindu Succession Act 1956, widow of the elder son of the deceased sister is not entitled to a share in property as the reference made in your query. However, in case you want to arrive at an amicable settlement, the family can enter into a family arrangement for the purposes of allocation of shares in such property. As pointed out hereinabove legally the widow of the elder son of the deceased sister is not covered within the provisions of Schedule-I to Section 8 read with Section 15 of the aforesaid Act.

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