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real view: delay in registry of property 
Penalty pain
If you bought a flat or other residential property in Haryana but have not got the registry done yet, then be prepared to pay through your nose for the delay. Hooda Government’s decision to substantially hike penalty for compounding offences under the Haryana Apartment Ownership Act is set to open the Pandora’s box of woes for the realty sector.  Price index
Faridabad
market pulse
decor trends
guest column
tax tips
REALTY GUIDE
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real view: delay in registry of property
If you bought a flat or other residential property in Haryana but have not got the registry done yet, then be prepared to pay through your nose for the delay.
Hooda Government’s decision to substantially hike penalty for compounding offences under the Haryana Apartment Ownership Act is set to open the Pandora’s box of woes for the realty sector. While the decision will jack up rates of group housing society flats and apartments put up for sale by builders in the recession-hit market, the “anti-people” decision will also be opposed tooth and nail by the allottees in the pre-election year. Under the new policy, aimed apparently at mopping up additional resources for the cash-strapped government, the Department of Town and Country Planning had decided to impose heavy penalty for compounding offences under the Act. Now the delay in the execution of the deed of apartment after paying stamp duty to competent authority beyond a period of 90 days of getting the completion certificate or occupation certificate will attract a penalty of Rs 1 lakh for a period of one year. For a delay between one and two years, the allottee will have to shell an amount of Rs 2 lakh while for delay of 2-3 years, he will have shell a hefty fine of Rs 3 lakh. For the delay beyond three years, the allottee will have to pay a whopping Rs 3 lakh plus a monthly amount of Rs 50,000 per month. The state government issued notification in this regard on January 7. Normally the date of notification should be the cut-off date for the implementation of government’s decision. However, government sources clarified that the January 7 notification only amended a provision of the Haryana Apartment Ownership Act. The provision of penality always existed in the Act. But the recent notification only quantified the penalty amount and expressed government’s serious desire to enforce the provisions of the Act. However, a senior functionary of the Hooda Government told that while the notification was an administrative decision, its strict implementation was a political decision. With parliamentary and state assembly elections due next year, it is unlikely that the beleaguered state government, fighting with its back to the wall on several fronts, would go the whole hog to implement the decision perceived to be “anti-people” in the pre-election year, the functionary added. According to the Act, it is mandatory for the society managements and the builders to execute and get registered a deed of declaration within 90 days after obtaining part completion /completion certificates under the Haryana Development and Regulation of Urban Areas Act, 1975, or occupation certificates under the Punjab Scheduled Roads and Controlled Areas Restriction of Unregulated Development Act, 1963. However, the powerful politician-bureaucratic-coloniser nexus, which controls cooperative housing sector and real estate sector in the state, has been violating these mandatory legal provisions with impunity. Even the cooperative department had been allowing the transfer of apartments in the cooperative housing societies without deed of declaration, putting the state exchequer to a substantial financial loss by way of evasion of stamp duty. Even the Supreme Court had ruled that a real estate transaction can only be considered valid if it is duly executed and registered. On the other hand, the allottees and real estate consultants are up in arms against the decision, which they allege, would hit the recession-hit realty sector hard. The sellers will expect the buyers to pay the extra amount for getting the registry done and this is bound to add to the cost of property. “The decision would shatter a middle class person’s dream of owning an apartment in group housing societies as he would have shell out more for owning residential property now. The real estate sector is still largely unregulated in the country and the state government should put the decision on hold till a comprehensive policy regulating the real estate sector all over the country is put into place,” argued Dinesh Sharma, a Gurgaon-based real estate consultant. Another observer felt that the different rules governing real estate transactions in different states compounded the problem. “Till we have a national policy on real estate transaction, the state government should not disturb the status quo and continue the existing policies”, he added. “While the economically weaker sections (EWS) are provided housing at highly-subsided rates by the state and central government, the rich can afford even luxury housing. It is the middle class and the lower middle class for whom buying a house becomes a distant dream due to such hefty penalities,” lamented Sardara Singh, an allottee from Panchkula H.S Dhillon, an allottee from Gurgaon, asserted that instead of imposing penalities on middle and lower middle class population for collecting revenue, the government should tax luxury residential properties, which are coming in a major way in cities like Gurgaon, Faridabad, Panipat and
Panchkula. Compounding charges Up to one year
Rs1 lakh One to two years Rs2 lakh Two to three years Rs3 lakh Beyond three years
Rs3 lakh (+Rs 50,000 per month) While the economically weaker sections (EWS) are provided housing at highly-subsided rates by the state and central governments, the rich can afford even luxury housing. It is the middle class and lower middle classes, for whom owning a house is a pipedream which is adversely affected such hefty
penalities.—
Sardara Singh, an allottee from Panchkula
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Prices in Rs/sq yd 30,000 to 40,000 Sector 11-E 60,000 to 70,000 Sector 16 TO 17 70,000 to 1,00,000 Sector 21-A 45,000 to 68,000 Sector 28 70,000 to 82,000 Sector 56 25,000 to 36,000 Sector 56-A 18,000 to 36,000 Sector 62 37,000 to 55,000 Sector 64 33,000 to 50,000 Sector 65 34,000 to 37,000 Sector 70 22,000 to 35,000 Sector 76 22,500 to 26,000 PRICE TREND: Expected to fall by 3-4%
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market pulse Despite an 83 per cent drop in supply of organised retail space across key cities in the country, 2012 continued to witness an increase in transaction activity and retailer expansion. According to the findings of CBRE’s latest report “Indian Retail Market View H2, 2012”, approximately 2.5 million sq. ft. of fresh retail space entered the market in 2012, mainly concentrated in Bangalore, Kolkata and Pune, as against over 15 million sq. ft. in 2011.
Though this is a significant drop in prime retail supply, the market witnessed leading brands and retailers pursuing expansion plans aggressively and increasing their presence in the Tier I as well as Tier II and III cities of the country. Developers remained focused on attracting tenants in completed properties and reducing existing vacancy levels, rather than focusing on launching new projects. Most of the supply pipeline is scheduled for completion in 2013; by when the existing vacancy levels might reduce. Commenting on the findings of the report, Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd said, “Despite the large dip in prime retail space supply across key cities last year, the good news is that retailers continued with their expansion plans. This positive sentiment is indicative of retailers taking a long-term view of the Indian economy despite the short term struggle. The government's bold and welcome move of allowing FDI in retail has further contributed to this positive sentiment.” In all the seven cities presented in this review, the retail real estate market appears to be promising with an increase in retailer enquiries. High street formats continued to dominate the retail landscape, while most luxury retailers preferred to operate from five star hotels and premium malls. New markets are also coming under consideration as international retailers expand their focus beyond the top three cities to include the likes of Hyderabad, Chennai, Kolkata, Pune and Chandigarh. Major cities continued to witness steady expansion by international apparel and F&B retailers. Several well-established international mass market brands have also entered tier II locations, partly due to the lack of space options in tier I markets. Domestic retailers are expanding steadily in tier I locations but fierce competition with international brands for prime space in core locations is pushing some to tier II cities. Fashion remains the high growth sector, and leading apparel brands from the US and Europe continue to try and enter or expand in major markets across the country, including some tier II locations. International food and beverage (F&B) outlets are also expanding, both at the fast food and fine dining end of the market. Luxury retailers are entirely focused on tier I locations but continue to refine their strategy and product offering for India, which in selected cases has seen them consolidate and reduce the size of some stores. Among domestic retailers, home furnishers and supermarkets are expanding in metro cities.
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on the anvil The Ministry of Housing and Urban Poverty Alleviation is considering raising the cap on the interest subsidy scheme to Rs 5 lakh from the present Rs 1 lakh in a bid to encourage the housing for the poor.
The Interest Subsidy for Housing the Urban Poor was introduced in 2008 to help the economically weaker sections (EWS) and low-income groups (LIG) to buy or construct houses. Under the present scheme, borrowers from the two categories are entitled to an interest subsidy of 5 per cent for home loans up to Rs 1 lakh from banks and housing finance companies. The interest subsidy was allowed on the principal amount on an upfront basis. So, that helped to bring down the equated monthly instalments payable by a customer substantially. With the property prices going up considerably the ministry has also changed the definitions of EWS and LIG. Now, households earning Rs 1 lakh or less a year are considered economically weaker and the ones earning Rs 2 lakh a year low-income. Assuming that a customer is allowed to borrow up to five times his annual income, and then the loan eligibility becomes Rs 5 lakh and Rs 10 lakh for EWS and LIG, respectively. The ministry is looking to enhance the interest subsidy on loans up to Rs 5 lakh. However, instead of providing subsidy on an upfront basis, the ministry may provide subsidy on an annual basis. The subsidy will be staggered over a period of the term of the loan, which is usually 15-20 years.
Longer loan tenure proposed In a move to protect borrowers from interest rate fluctuations and reduce the burden of equated monthly instalments, a Reserve Bank of India committee has suggested banks offer loan products with a repayment period of 30 years. Such loans, as per the proposal, could have an interest reset provision every seven to 10 years but lenders should be mindful of the customers' interest and not violate regulatory guidelines on the base rate. The Indian financial system has G-secs up to 30 years and 30-year bonds by banks. Banks could, therefore, make efforts to offer longer-tenor fixed rate loans, say up to 30 years, which would help reduce the EMIs of borrowers. —TNS
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Curtain call
Drapes can add verve and vibrance to the overall decor of your home. Choosing the right curtains, whether it is the fabric or the colour, won’t be a daunting task if you keep these key points in mind Seerat Toor Grewal Dressing up doors and windows is nothing short of an art. Drapes play a significant role in rejuvenating the look or adding more vibrancy and reviving the missing charm in any room. It can be the most effortless way to transform the décor of your house. Apart from the aesthetic appeal, curtains serve practical purpose by helping to block light, heat, dust etc. in addition to lending privacy. These, thus, are an indispensible feature of your interiors and demand a special focus. The selection can be a long and tedious affair. If you don’t want to walk that extra mile to get the basic knowledge about the latest fabrics, trends and designs then you may have to completely submit to the suggestions of your designer. The choice of drapery sets the mood of a home and thus, has to be made in accordance with other aspects of interiors. The decision cannot be an isolated one as curtains have to complement the effect generated by wall patterns, colours, flooring designs and other upholstery items. Generally, there are three basic ingredients to a truly grand draping: the fabric, the poles and the design. The fabric The ground rule for choosing the right fabric is to keep a basic plan in mind for the whole house and then chalk out details for every room according to the utility, furniture, space and the part of the house where the room is located. Fabrics lend tune to the romantic lyrics created by the rest of the décor e.g. a room which is made to let-in more sunlight has to be adorned with light fabrics both in texture and shade; a study demands channelised or focused light so should be done with thick curtains. The living room mostly houses the epitome of activity and fervor, so floral prints trade well in these. The variety is enormous ranging from soft voiles, faux silks, jacquard taffetas, thick brocades, velvets, cottons, with factory-made pleating, crushings etc. The fabric quality and utility in curtains is defined by the level of sun block it offers i.e. uncoated fabrics require a separate lining, single-pass coated fabrics offer a sun-filter without any backside enhancement and the complete block-out fabrics give a complete sun protection. Apart from the material the patterns are a great spread to choose from. The patterns typically define the purpose of the room and décor so proper care should be taken while picking them. Double-shade fabrics, floral designs, foliage motifs, geometrical designs, cool colours lighten-up the children rooms. The fabrics should be comfortable and give a soothing appeal and remind of pleasant times. These can be chic, bold or classic with plushy ends or accessories.
The poles Poles are an essential feature of the kit. There is a wide-range of materials and styles to choose from. The choice is usually done keeping the display patterns and fabrics in mind. A majority of people now go in for the wooden poles though steel poles are preparing for a comeback with a refurbished look. Then there are many other decorator rods which come with elaborate finials.
The design The design or installation styles comprise the final display which holds prime importance. It is here that the plan which was initially framed comes into practice. Tracks: There are many ways in which curtains can be hung. The most common method is the single-track installation which upholds thick fabrics that don't need extra sun blocks. The second option is the double-track installation. It generally caters to the need of special sheers which are employed to soften the look of the tough furniture and antique interiors. These allow for a variety of swag-tops, casual to contemporary, pinch pleats, box pleats etc. There are also eyelets and tab-tops which are handy, readymade curtains. These are usually used when curtains have to be replaced regularly as they generally come in casual cotton fabrics. Length:
An important point to pay attention is the length of curtains. It is decided from the use and type of room with kids room especially having sill-length, to master bedrooms with full-lengths and drawing rooms with puddle-lengths to give more substance to the décor and enhancing opulence. Tops: Much artistry is done to adorn the tops to generate a more ravishing and aesthetic effect. Upholstered pelmets with flat-droppings which enrich the look have made clear inroads into the world, lately taken-over by vast valances or swags. The latter are also used in full-swing depending upon personal preferences.
Accessories These are used to give spirited vigor to elaborate drapes. Passementerie, fringing, braids, ropes, cords etc. for tie-backs are the timeless possessions to redefine your interiors. They form a whole house of materials to choose from. They should fit-in the plan and blend with the décor. Brackets, gliders, rings also hold promise to add to the look. They are selected with the colours and styles of the entire drapery in mind. They come in subdued shades which mix well with the background. Curtains lend a personal touch to the décor. Thus investing in time and quality is the key to getting the finest drapery for your homes. Always, remember every room is different - the reason why you made them separate, so there should be a different plan for each room before you land up for shopping.
Trend track 2013 according to international décor specialists will be year of colours in drapery fashions. It will introduce a perfect colour-pattern play, leaving ample room for individuals to showcase their most creative and unique fantasies. Thus, for all those of you who are planning to jump into the magic, hold on to your breath and read-on, what the world of drapery has to offer this year: More tribal, natural, florid and suzani prints are to hit the markets. The display will be a merger of 2-3 shades in double-tracks with light floral valances adding romance to the strict window-lines. Subtle prints hold promise for Indian summers. The pattern can be stretched to the sofas or other upholstery to enrich the layout. Gloss and polish are expected to take a backseat. Metal is here to stay though. It may spell a break from full traditional settings to pastiche of Asian and Oriental styles wherein contemporary patterns can be accentuated with antique valances and tie-backs.
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Canna quotient
Amarjeet Singh Baath ... Canna that was once most popular vibrant perennial bulbous plant of the tropical and subtropical region now seems to be losing sheen and is not drawing attention of the landscapers and is almost missing in our present garden designs.
Percy-Lancaster, the Superintendent of Horticultural Operations, Government of India during British period, who was instrumental in the landscaping of New Delhi, patronised Canna strongly to beautify Rashtrapati Bhawan, Parliament House and placed it in front of North and South blocks. Today, the best collection of canna is found in the Horticulture Department of Bangalore and Kolkata. Canna has rhizomatous rootstock which is a modified stem. The tender stems (rhizome) maintain its horizontal growth under the soil and new foliage emerges from the underground stem. The broad, flat, alternate leaves, grow out of the stem in a long narrow roll and then unfurl. The leaves are typically solid green but some cultivars have dark brown colour with stripes, bi-colours or variegated leaves. The new foliage produce flowering which may produce up to five showy flowers in the shades of red, orange and yellow giving an impressive display of colour lasting a long period. When the flowers have faded the flowering stem needs to be cut. As the underground rhizome grows bigger it keeps on producing large number of emerging foliage which also flowers. It is important to maintain good appearance therefore faded flower (inflorescence) has to be regularly cut at from its base. Canna does well in pots also and is generally used as herbaceous borders. It is sown in early summer till the onset of winter. Canna can bear at least 6-8 hour of sunlight during the summer season and is comfortable in a warm location in winters. It is a heavy feeder and responds best to high application of cow dung manure. Apply at least 4 kg manure in one sq m bed. The plant is moisture loving and requires moist but well-drained soil bed. Cut 2"-3" size small pieces of the rhizome and plant at a distance of 10 inches x 10 inches. An application of 60 grams of Urea and 30 grams Potash per sq m is recommended before the onset of rainy season. Annual dose of FYM during winter is desirable. The plant is not prone to any serious threat of pests.
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guest column Given the tricky dynamics prevalent in the cash-strapped economy, the RBI has a taken a conservative yet mindful call by marginally slashing the key policy rates. The move has been commended nationwide by the homebuyers as well as the developers. According to experts this much-awaited respite will give a boost to the sector by stimulating demand in the housing sector on the whole.
Considering the sharp drop in housing demand a 50 basis point reduction instead of the 25 basis points offered by the RBI would have been desirable, signalling more powerfully towards a more facilitative environment, so to speak. Besides, this move can potentially pave way for more foreign investment in the sector. As reported by the sources end of last month, the repo rate has dipped down to 7.75%, clearly indicating a drop of 0.25% while correspondingly, the cash reserve ratio (CRR) by a similar margin is now down to 4%. This variation is known to have eased up a substantially enormous quantum of liquidity into the banking system, estimated at approximately Rs 18,000 crore. The reduction, which is the portion of deposits that banks have to park with RBI, would improve the availability of funds. Some banks like Punjab National Bank and IDBI Bank have already cut their interest rates by a quarter of a percentage point. Other banks are also likely to follow suit. A significant effect can be anticipated on home loans and car loans which are expected to get cheaper in the coming months. With the decrease in the interest rates, more number of individuals would be interested in applying for the loans since there would be a reduction in the cost of borrowing. This will in turn lead to an increased buying of homes and cars altogether giving a push to the real estate and the automobile sector. The developer community now expects banks to pass on this significant advantage to end-users. The developers, as well as the consultants are fairly anticipative that the move will drastically bring the lending rates down for both the buyers on one hand and the builders on the other with equitable benefits for both. This is an indication of investment in the sector to assume higher conduciveness as well. Additionally, it is also most likely to increase deployment in infrastructure and development projects. For the same reason it appears as a highly growth oriented monetary measure. More so, if the same is backed and powered by improvised fiscal measures on part of the UPA government in power, 2013 will be a fairly promising year for the sector. Some such measures must include giving infrastructure status to the sector, allowing ECB for high-end housing and an increase in tax rebate on housing loans. The ideal situation, however, will shape up through creation of a robust supply to curb inflation which calls for a perpetual release in the whole fund supply position in the realty sector. Additionally, there is also a need to bring the high mortgage rates down so as to improve common man’s affording power, which had been hit in past because of high inflation and interest rates. On the whole, this bold stance on part of the RBI will not only work as a sentiment booster for investors and developers but will also bring about a transition in the dynamics of the sector as a whole.
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tax tips Q. I have sold a plot in October 2012 and the purchaser has got the plot registered as a commercial plot by paying higher registration charges. I have made Rs16 lakh as long-term capital gain. I would like to know the following.
Can I invest the entire long-term gain in the construction of a second residential house? As the purchaser has got the plot registered as commercial plot can I invest the long-term gain in construction of a showroom in a plot I already own? Can I construct additional two to three rooms on the second floor of our existing house as per approved plans of Estate Office Chandigarh? n Any other avenue of investing this amount so as to save long-term capital gain tax. Please indicate out of the above three alternative which is/ are meeting the requirement of the Income Tax Act. —
Prabhjot Singh A.Your queries are replied hereunder: The amount of net consideration will have to be deposited under capital gain scheme account before the due date of filing the tax return for the assessment year 2013-14. In all probability, the date of filing in your case would be July 31, 2013 and, therefore, the amount of net consideration (amount of sale consideration received or accruing on the sale of plot less expenditure incurred wholly and exclusively for the purpose of the sale of the plot) should be deposited under the aforesaid scheme before July 31, 2013. You have to invest the net consideration for the construction of a residential house in order to claim exemption from taxability of long-term capital gain. You will not be entitled to claim exemption in case capital gain or the net consideration is invested in the construction of a showroom on a plot already owned by you. You can claim exemption from the taxability in case net consideration is utilised for the construction of an independent floor on the existing house. You can claim exemption from taxability of the long-term capital gain in case such gain is utilised for acquiring tax-saving bonds within six months of the date of sale of the plot. Such bonds have a lock in period of three years and carry interest @ 6 per cent per annum. email your queries to
realestate@tribunemail.com ...
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Clarification on ownership issues Q. My brother had been allotted a plot by HUDA in 1993 the payment for which was made in instalments. The offer of possession was made by HUDA in 2001, where as he took the possession in 2011. My brother transferred the plot to me as per the Family Transfer Scheme of HUDA and re-allotment letter was issued in my name in 2011.
The date when the possession was offered by
HUDA. The date when the possession was taken by my brother. The date of execution of conveyance deed. —
Nidhi A. Your queries are replied hereunder: The date of offer of possession by HUDA would be of significance in case the plot was gifted to you. The period of holding of your brother would be taken into account in such a case. In case it is a case of purchase from your brother, the period of holding by him would not be counted. The date of possession in case of a gift would be counted from 2011. In case of a purchase, the date of possession would be from November 2012. Your brother has transferred the plot to you in 2011 and therefore the date of possession by your brother will depend on the fact whether it is a gift or a purchase. In case of a gift the period of holding by your brother will have relevance with regard to the period of holding of the plot by you. The determination as to whether a capital asset is a short-term capital asset or a long-term capital asset is to be determined with reference to the period for which such capital asset has been held by the assessee. As explained above the period of holding by the previous owner in case of a gift, however, is taken into account for ascertaining the period of holding by the assessee. It may be added that in case the plot is held for a period of more than three years it will be considered as a long-term capital asset. If it is not so then it will be treated as a short-term capital asset. In your case therefore, the date of execution of the conveyance deed would be the date for ascertaining the holding period in case of purchase of plot from your brother.
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Q. I have a query regarding
long-term capital gain. I purchased one plot in 1995 and a built up house
purchased in 1998 both in Punjab in different cities. I want to dispose these
and purchase a house in the name of my wife in Chandigarh.
My
question is that can I invest the capital gain accrued on selling my plot and
house for purchasing a house in the name of my wife and save the income tax
from accrued long-term capital gain. — Surjit Singh A. According to a latest decision of Delhi High Court (Commissioner of Income tax - XII vs. Kamal Wahal), it has been held that in case long-term capital gain is invested by a husband in joint names (himself and his wife) towards the construction or purchase of a residential house, exemption from taxability in respect of long-term capital gain should be allowed. It would therefore be advisable to purchase a residential house in joint names (yourself and your wife) so as to avail the exemption under Section 54 of the Income Tax Act, 1961.
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No legal ownership without conveyance deed Q.I had purchased a HUDA plot in Gurgaon in 2005 in re-sale. The payments were made in installments as directed by HUDA (as per the contract) between 2005 and 2012. The total amount paid is Rs 8 lakh. I sold the plot in January 2013, for Rs 25 lakh. Only transfer of the plot took place while purchasing and selling. No possession/conveyance deed was executed. Kindly tell me what will be the tax implication in this case.— Dhruv Gupta A.It has been clarified in the query that neither the possession was taken nor the conveyance deed had been executed in your favour and the transfer of the plot in your name took place in the records of HUDA. You have, thus, not become the owner of the plot legally. The payments made to HUDA till the possession is taken or conveyance deed is extended in your favour would be treated as payments made towards a right in the property. It would, thus, be a case of selling right in a property and since such a right in property was held for more than three years, profit arising on the sale of such a right would be a long-term capital gain. It is not possible to compute the amount of capital gain as the amounts paid towards installments have not been indicated by you to enable me to ascertain the indexed cost. The installments paid to HUDA should be indexed on the basis of cost inflation index notified by the Government as applicable for the years in which the installments have been paid. The indexed cost so ascertained would be deducted from the sale price of Rs 25 lakh to arrive at the figure of capital gain. Such capital gain would be taxable @20% plus education cess of 3% thereon.
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Can the EO revise the lease money? B K Sanghi Q. CITCO had allotted built up industrial sheds (around 500) on the land leased from Estate Office Chandigarh in 1981. The lease money was fixed as per the agreement between allottees and CITCO for 99 years, (on the basis of the cost of land between EO and CITCO). The lease money on land cost was being collected by CITCO from the allottees annually, and was being deposited with the Estate Office. However, on completion of premium instalments paid by the allottee to CITCO, after 15 years, a tripartite arrangement was made between EO, CITCO and the allottee, so that the allottee became direct lessee of EO, as the role of CITCO was over. Now, the allottees after obtaining NOC from CITCO are made to make a SUBSTITUTED LEASE DEED with the Estate Office. But the lease money is being enhanced by more than 10 times. The plea of EO is that it is taking the total cost of premium (land + construction cost by CITCO) to calculate revised lease money. Can the EO revise the lease money once fixed initially in this case? A.You are an allottee of the built-up sheds, not of the space and built-up area separately from the Chandigarh Administration. In this process two departments i.e. Estate office and CITCO are involved. The plea of EO to take the total cost of premium (land + construction cost by CITCO) to calculate revised lease money is absolutely correct. It is my advice that the allottee makes a conveyance deed at revised rate immediately to make the title clear and transparent for the near future. It will also help the allottee in future if the Chandigarh Administration takes a decision to freehold this property (sheds). Q. My father had bought a CHB flat 25 years ago (1987) on GPA from the original allottee of the house. Now the Supreme Court has passed a verdict stating that "sale transactions carried in the name of general power of attorney (GPA) have no legal sanctity and immovable property can be sold or transferred only through registered deeds". Now this property is not a freehold property which also requires the presence of the original allottee for making a sale deed. We are also unable to trace the original allottee of the house. As our family is growing, we can neither sell this house and move to the suburbs, nor can we carry out any construction work further as it'll be illegal. Please guide what should we do in this situation. — Gurveer Singh A. You should not worry as there are other remedies too. You can take the advice of good advocate dealing in property matters. You are a bonafide purchaser having the possession of the property with GPA and I hope that other supporting documents such as agreement to sell and Will are also with you. These documents are sufficient for filing a suite for declaration under the Transfer of Property Act. Under Section 105 of the Transfer of Property Act, 1882 you can claim ownership by adverse possession also.
email your queries to realestate@tribunemail.com...
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TDI Complete Homes in Mohali
Taneja Developers & Infrastructures Ltd. (TDI), is offering ‘TDI Complete Homes’, luxury independent floors in TDI City 1, Sector 117, 118 & 119, Mohali on the Mohali-Kharar highway. The luxury range of independent floors in G+2 configuration will be set on the plot size of 277 sq. yd (approx) and wil have a built up area of 1445-1595 sq. ft
(appox). The floors will have meticulously designed interiors, false ceiling with decorative down lighters, lavish wardrobes, modular kitchen, fixtures, fittings and other accessories. Talking about TDI Complete Homes, Sanyam
Dudeja, COO-Punjab, Taneja Developers and Infrastructure Ltd. said, “These
three-storeyed residential floors are priced at Rs 62 lakh onwards and will ffer readymade luxury with modern fittings and fixtures, artful textures, modular kitchen and beautifully designed wardrobes etc. ” Provident Housing Ltd, a wholly-owned subsidiary of the real-estate developer Puravankara Projects Ltd, is foraying into Mangalore with the launch of its property
'Skyworth'. "The Provident proposition with its dual emphasis on affordability and quality has been extremely well-received in other markets. We are delighted to bring this premium affordable innovation to Mangalore," Group CEO Jackbastian K Nazareth said at the launch of the project recently. The property is located on a hilltop which furnishes all its apartments with panoramic 'sky-vistas', he said. Provident Skyworth entails two bedroom apartments of 1091 sq ft, priced at Rs 39.22 lakh and three bedroom apartments of 1,377 sq ft, priced at Rs 48.07 lakh (prices are inclusive of open car-parking), Nazareth said. These 'premium affordable' homes are of uncompromising quality, he added. The company is embarking on similar initiatives across major cities including
Mumbai, Delhi, Hyderabad, Coimbatore, Mysore, Pune, Baroda, Ahmadabad, Kolkata, Nagpur and
Jaipur, Nazareth said. — PTI
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A touch of wood
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on the anvil
Green house
Sector 1 to11
By when can I open a long-term gain account and put the money in it. My information is that it can be done on or before March 31, 2013. 
I got conveyance deed executed in November 2012. Now I intend to sell this plot. Please clarify which of the following dates shall be considered as date of my ownership for the purpose of calculating Capital Gains Tax.
Dalhoff Larsen & Horneman A/S (DLH), Denmark’s leading timber brand, has launched its wood cladding range in India. This lightweight and all-weather range can be used for different purposes, cladding, garden walls, sheds etc. This cladding range is available in different species — IPE, CUMARU, BALAU, KEURING, LARCH, AKOUME and is priced in India between Rs 300 per sq ft to Rs 450 per sq ft depending upon the category and species.