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An emerging destination
An area of around 40 sq km having 6-lane GT road on the eastern side, 4-lane Murthal road towards north side, 4-lane Bahalgarh towards south and a 4-lane HUDA’s Sector-14-15 divider on western side is fast developing as a premier residential belt with the active involvement of the Haryana Urban Development Authority and private builders. Pradeep Rana, a local property consultant says, “This area will become a preferred location for home buyers as there is plenty of choice available here in the affordable segment also.”
What ails Sonepat ?
decor
trends
Ground
Realty
launch
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An emerging destination
An area of around 40 sq km having 6-lane GT road on the eastern side, 4-lane Murthal road towards north side, 4-lane Bahalgarh towards south and a 4-lane HUDA’s Sector-14-15 divider on western side is fast developing as a premier residential belt with the active involvement of the Haryana Urban Development Authority and private builders. Pradeep Rana, a local property consultant says, “This area will become a preferred location for home buyers as there is plenty of choice available here in the affordable segment also.”
Planned development Under HUDA’s plans and with the involvement of major private builders, including Omaxe, Eldeco, Parsvnath Builders, GMT Greens, Mapsco, Varshman Gardenia, Apex Green etc, as many as 14 sectors — 3, 5, 6, 7, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19 are being developed in this area. Out of these sectors, Sectors 18A has been earmarked for industrial purposes, Sector-17 and 17A for institutions and Sector-3 for commercial purposes. The real estate companies are developing residential projects in Sectors 8,9,10,11, 16, 17, 18 and 19. According to the District Town Planner Dilbag Singh, this area is also a part of the Sonepat-Kundli Multi-functional Urban Complex project of integrated development. This plan had been prepared under the 2012 masterplan. Under the plan, besides the land use integration, facilities like transport, train, electricity, drainage, drinking water supply and other relevant infrastructure is proposed to be made available. An inter-state bus terminal was also proposed in this area for the convenience of the passengers and the residents. Projects and pricing In this belt the Omaxe group has around 357 acres for developing different types of residential and commercial complexes. The builder has developed around 2,000 plots of 150 to 1,000 sq yd area and has already given possession of 1,200 plots. The current market price is between Rs 13,000 and Rs 22,000 per sq yd. According to company’s Marketing Manager Manmeet Singh in spite of a slow market sentiment there has been some appreciation in property prices here. “The group had constructed 702 flats, each of 2 BHK accommodation in around 1,200 sq ft area. While the initial cost of these was Rs 20 to 30 lakh, currently these are fetching between Rs 25 lakh to Rs 40 lakh”. “This area has locational advantage and the presence of educational institutes like Rajiv Gandhi Education City, Jindal Global University, DCR University of science and technology in its vicinity have brightened the realty potential of this belt ”, adds Manmeet. Parsvnath builders have also been developing an integrated township in an area of around 7,000 acres and out of it around 400 acres is being covered by plots and villas. The company has already given possession of plots and the construction of 160 villas is in progress. Under the group housing plan of the company, around 1,200 flats of 2,3 and 4 BHK have already been constructed. Besides, the company also plans to launch 1,000 flats of similar dimensions. The price of villas in Parsavnath project is between Rs 26 lakh and Rs 45 lakh, while plots are available for Rs 10,000 to Rs 23,000 per sq yd depending on the location. The Eldeco group will be coming up with villas, county plots and independent floors in the area earmarked for Sector-19. The company plans to construct around 150 villas in 245, 250, 359, 411 and 500 sq yd area. The sale prices of the villas are ranging from Rs 90 lakh to Rs 1.76 crore. The prices of the country plots are in the range of Rs 18,000 to Rs 23,000 per sq yd the prices of 2 and 3 BHK independent floors are reportedly ranging between Rs 32 lakh and Rs 38 lakh. The construction of the 2,3 and 4 BHK flats of the GMT Greens is also in full swing with the covered area of 1250 to 2350 sq ft. The market prices of these flats are between Rs 19 lakh and Rs 35 lakh. Similarly, in the TDI’s Ispania project, the prices of the 2 and 3 BHK flats are around Rs 22 lakh and Rs 30 lakh, respectively. With an impressive line up of big developers and products to suit every pocket, this area is slated to become “Greater Sonepat” like Greater Noida in a few years’ time, says property consultant Amarjeet
Dahiya.
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What ails Sonepat ?
Proximity to Delhi and connectivity through NH1 have been the primary favourable factors for the real estate market in Sonepat. The presence of a large number of big developers and ambitious residential and commercial projects have kept the realty potential of this town upbeat over the years. But in spite of this, this area has not been able to position itself as real estate hub of any significance, and the realty market here has seen only moderate growth so far.
It should be remembered that real estate and economic prosperity are factors that augment each another. Economic development translates into employment opportunities and increased employment boosts an area’s realty market, which, in turn, accelerates the economic growth of the region. It is against this yardstick that Sonepat needs to be evaluated for its current real estate potential. Sonepat and Panipat have traditionally been industrial and business towns, typified by the presence of several SMEs and, in the case of Panipat, petrochemical and textile industries and literacy levels in these two areas have remained relatively low. As a result, the income levels of the population residing in these towns have never been able to breach the ‘average’ mark and the buying capacity of residents has remained low. The additional drivers that would catalyse increased real estate demand — increased employment opportunities in a higher-profiled class of workplaces, which would result in increased income levels — have been notably absent as the city has been unable to make any kind of headway in positioning itself as corporate hub. Another important factor – the availability of cheap and skilled workforce (which is crucial for development of a realty market and an area’s ability to attract corporates) is conspicuously absent in these areas. The local, native population has consistently displayed a lack of aspiration in terms of transcending their traditional employment opportunities. Nor is there any significant influx of migrant population to help raise the profile. Yet another vital ingredient for a real estate success story that is missing at Sonepat is the availability of cheap surplus land. Since this is essentially a small town, no land parcels of significant magnitude are available. Although many residential projects and townships have come up in the vicinity of Sonepat, this residential supply has not resulted in new commercial activities. Thus, most of this not inconsiderable supply is lying vacant. Only investors have shown some interest in these projects, as end users lack the economic means to pursue home ownership even if they plan to settle there. That said, this rather gloomy scenario at Sonepat could take a turn for the better in the future. As the many new infrastructure initiatives being pursued in these areas take shape and form, the realty fortunes of Sonepat will certainly start improving. No doubt, the trend of real estate demand within NCR shifting to alternate locations is likely to continue. In the process, this area is by default lined up for increased appeal, largely because of the availability of comparatively cheaper land for residential and commercial real estate development. However, the pace of growth — and the sustainability of this pace — will remain constricted until this area is able to complement real estate demand with other forms of commercial and economic activities that generate enhanced employment opportunities. A stepping-up of infrastructure initiatives and development, government policies promoting the establishment of SEZs and business parks, a greater focus on law and order and the availability of healthcare and education facilities are some of the other factors that are required to increase this town’s potential to be the next real estate destinations. — The writer is
CEO(Operations), Jones Lang LaSalle India
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guest
column However, one of the most ardous hurdles for the real estate and construction sector is the ‘human resource’ challenge. The sector has a shortage of quality talent which stems from the absence of specialised real estate education. This has lead to the absence of much-needed fresh skilled manpower in the sector. This fact has been substantiated by the recent RICS research ‘Real estate and construction professionals in India by 2020’, which establishes a demand-supply gap of 44 million core professionals in the sector. The shortage of skilled resources has been responsible for slowing down construction activity by an average of six months to a year. As a result, development firms have been compelled to import architects, designers and planners from countries such as Singapore, Thailand, Australia and New Zealand on handsome salaries. This not only jacks up project costs but also impacts the profitability of projects. Even as the demand for real estate and construction has gone up drastically in recent years, the supply of graduates in related educational courses such as engineering, architecture and planning, has not kept pace. The virtual absence of adequately trained professionals is further compounding the existing skills shortage. These aspects have affected the capability of the sector to maintain quality standards and use innovation in different infrastructure projects. At present, the built environment which includes real estate, construction and infrastructure, employs approximately 50 million people. Of these only 2 million are professionally qualified, while the remaining chunk of work force comprises unskilled and semi-skilled workers. Over the years, the growth of unskilled construction labourers has risen significantly from approximately 10.67 million in 1995 to 25.60 million by 2005, depicting a CAGR of 9.15 per cent. The current supply of core professionals like architects, engineers and planners is in excessive shortfall in comparison to the demand. As of 2010 the cumulative demand for such professionals was 4.38 million with a supply of merely 569,000, translating to a shortage of approximately 87per cent. By 2015 this demand-supply gap is expected to reduce but only marginally to 85 per cent, with the demand pegged at 4.73 million and the supply accounting for 7,25,000 professionals. If the existent shortfall of qualified professionals in the sector were to continue over a longer period, coupled with an increasing year-on-year demand, this gap is expected to become approximately 44 million in the next seven years. Bridging this gap is gong to be an uphill task. Increased professionalism can mark the beginning of an image makeover for the sector. There is a pressing need to adapt and learn new ways to do business, which, in turn, will help the stakeholders involved in the development process to stay abreast of the latest developments and strengthen their ability to survive the paradigm shift taking place in the global realty markets.
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decor
trends An Artistic array Artwork, in the form of paintings like canvasses or oil paintings can enhance the beauty of any room or any corner of the house. It also gives a lot of scope for improvisation where designs and colours are concerned. Paintings and portraits reflects the ideology and individuality of a person. Thus making these a very soughtafter form of home décor. There are various genres and styles available to choose from and selecting the most appropriate paintings Here are a few things that you can keep in mind while shopping for paintings and artworks: Classic reflections Available in various shapes and sizes, mirrors also add a touch of elegance to a room. Ornate mirrors with intricate and fine carvings look ethnic and exude a mystical aura. The best that can be said about a mirror is that these serve two main purposes, beauty enhancement and provide utility options. To narrow down your choices while selecting a mirror, focus on your preferences, functional requirements and the finishing desired. Chandelier
chic
Similarly chandeliers are also a wonderful form of decoration, which gives a brighter look to the room. Although it may not be classified absolutely as art, people with a fascination for artwork can appreciate the beauty of chandeliers to a higher degree. Candles are also now very common and easily available in different varieties, which make them affordable and hassle free décor articles. The variety includes scented, coloured, plain designer, floating and many others. Many stores have an entire section devoted to candles and candle accessories, providing you a great range of choices Placing lamp shades in any room, corner of the house is a fast and frugal way to give your lighting (and space) a new look. You can also add a custom touch to a lamp shade with fabric that coordinates with your room’s decor.
— Inputs courtesy MakaanIQ
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Ground
Realty Modular switches:
Nowadays the use of modular switches has become almost universal. No one likes to provide ordinary switches. Modular switches look beautiful, have better finish and keep the screws out of sight thus providing a glamorous look to the switch plates. Material:
Modular switches are made of polycarbonates. Polycarbonates look like plastics or acrylics. These are a sort of thermoplastic polymer and are called polycarbonates because these are polymers of carbonate groups. Good polycarbonates resist settling of dust over their surface. These have high melting point and resist heat well. One should look for modular switches made from FR grade polycarbonates. This grade material is flame resistant. It also resists UV rays thus preventing the switches and plates from fading over time. Design:
Modular switches are produced in different shapes, sizes and designs by different companies. While selecting modular switches, apart from looking for the ones that are pleasing to the eyes, it should be seen that the design of switches is smooth and straight. Such switches don't allow the accumulation of dust over them and remain radiating forever. Colour:
Most of the reputed brands produce modular switches in white colour only. Some companies produce these in wood finish, gray, golden, black and brownish colour also. While the switches are produced in white, the plates are available in many colours. One should, however, choose only white-coloured switches and plates as these never go out of fashion. Insulation:
Modular switches should have good insulation properties. The insulation resistance should be more than 2000 Mega Ohms. Such switches are completely shock- proof. While selecting the switches, look for this property in the brochure. Noise
proof: While selecting modular switches, check their operation. These shouldn't make any noise while being used and no force should be required to press them. Switches having noise-free and effortless operation normally have an ergonomic design. Spark shield:
See that the modular switches bought by you have a spark shield inside them. Such switches conceal high sparking and help in avoiding any damage or short circuiting due to the leakage of current. Contact rivets:
Ask the supplier to tear apart a switch and show the contact rivet in it to you. These contact rivets need to be in bi-metal silver cadmium oxide for high conductivity and not in copper and silver coated iron. Get a magnet and test it. Contact rivets in iron and coated with silver like material will stick to the magnet. Reject such switches. Buy the switches that have contact rivets free of iron. The terminals inside the switch should also be silver-plated brass terminals for high conductivity. Models:
Certain companies produce a number of models of switches. One happily makes a choice as a wide range of models is available within a brand. However, sometimes, after some time, that brand may stop producing the model chosen by you. So one should choose a brand that produces only one model of switches or guarantees that in future that model will be available. Light indicators:
While enlisting the modular switches to be purchased by you, select at least one switch on each switch plate with an LED indicator in it so that you need not grope in the dark to search for the plate and the switch. This switch should be for the wall light or tubelight. These days, such switches have LED colour choice, too. Earlier, switches available in the market were with red light only. Now, switches with green and blue lights are also available and these look soothing to the eyes. Grid and front plates:
Modular switches have a set of two cover plates. The first plate contains the switches and fixed to the box. This plate should have a honeycombed grid plate structure. Such plates are sturdy. Front plates are flush type modular plates with an easy-to-clean, high-precision surface. These plates should be flexible and easily removable to clean them and re-fit them. BIS mark:
It is better to check whether the modular switches are conforming to BIS specifications or not. Before granting ISI mark, BIS tests the materials for a number of parameters and allows ISI mark only if the material is conforming to specifications. Check if the modular switches carry the IS 3854 mark. Sockets, however, carry a different ISI mark. These should conform to IS 1293. Often, motor starters are also provided in the houses. These need to be as per IS 13947 Part 4. Types of switches:
Switches required in the house are of many types. These may be one- way switches, two-way switches, switches with LED indicator, dimmers and bell push switches. These may be sleek or mega sized as per user preference. For example, users prefer to use mega size bell push switches with LED indicators outside their houses for easy location during day and night. In addition, sockets, regulators, starters, telephone sockets, data sockets, TV sockets, shaver sockets, grid plates, face plates are required. Ratings:
Switches are manufactured for different ampere ratings such as 6A, 10 A, 16 A, 20 A, 32 A, for 240 Volts and 50 Hz frequency. Ask the electrician to list the switches along with their ratings which depend upon the appliances to be connected to the switches and sockets. The right count :
Ask the electrician to work out the number of modular switches, sockets and other items required to be installed in the house, carefully. On supply of required quantity by the supplier, you must match the number of switches supplied with the bill and the requirement. Count each type of switches patiently. This is a time -consuming exercise but worth doing. Often, there is short supply or error in counting by the supplier. A cross check is therefore necessary. Discounts:
Heavy discounts are provided by various manufacturers on the MRP of electric switches. The discount ranges between 40 to 60% and is easily available. Once you have selected a particular make of switches, negotiate the discount that will be made available to
you. Avoid touch-button switches Touch-button models are also available in modular switches. Such switches require just a touch to turn them off or on. Avoid using such switches as while using these switches, one always remains in doubt whether one has switched them off or on and often people keep pressing them and keep looking at the appliance.
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tax
tips Q. This is regarding the conversion of a Private Limited Company into a Limited Liability Partnership. According to the provisions of Section 47(XiiiB), one of the condition for conversion is:
Clause (e) : The total sales, turnover or gross receipts in business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed Rs 60 lakh. My queries are: a) What is the meaning of business in the above mentioned clause. b) If a company is suffering loss from business and income from house property, then will the rent being realised by the company be considered as a part of Rs 60 lakh or not? — piyush singla A. Your queries are replied hereunder: a) The term business used in the Section should be as per Section 2(13) of the Income-tax Act 1961 (The Act) which defines ‘business’ as under: “Business includes any trade, commerce or manufacturer or any adventure or concern in the nature of trade, commerce or manufacture” b) Clause (e) of Section 47 (xiii-b) of the Act refers to the total sales, turnover or gross receipts from business of the company. The loss incurred in a business will have no relevance to the total sales etc. The issue whether the rent realised by the company would be part of total, turnover or gross receipts, depend upon the nature of business and facts of each case. If the company is engaged in the business of development of real estate the amount of rent realised may form part of the “Sales, Turnover or gross receipts”. In case the company is carrying on manufacturing business only, rent realised from a property may not form part of the sales, turnover or gross receipts. Q. My mother made a Will on Inland Letter in favor of her two sons; and the same was kept with a confident person, with an instruction to send the Will after her demise. After her death the above mentioned Will was sent to me by registered post.
Also please let me know what is the meaning of ‘in case the same has not been given effect’ or ‘before the same has been acted upon’, regarding the revocation of the relinquishment deed. — mahabir singh yadav A. Your queries are replied hereunder: There is no format of Will prescribed by any law. A Will is not required to be registered. Therefore, a Will, if properly signed and attested, should be accepted and probate granted on the basis of such a Will. In my opinion, the provisions of Hindu Succession Act 1956 would be applicable and therefore your sister would be treated as one of the legal heirs to the property of your father. The term “given effect to” would mean that the deed has been acted upon and on the said basis the authority before whom such document was submitted, has given effect to the relinquishment deed.
How much money can one gift to a relative abroad? Q. Please guide me in relation to the following query:
A resident individual sold house property. Capital gains tax in full has been paid on it. My questions are: A. Your queries are replied hereunder: Under the liberalised remittance scheme, a resident individual is freely allowed remittance up to $ 2,00,000 per financial year (April-March). This limit includes remittance towards gift and donation by a resident individual. You may approach an authorised dealer for the purpose of this remittance. An authorised dealer would be able to guide you with regard to method of remittance to be followed and which form is required to be filled for this.
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launch
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Advance India Projects Limited (AIPL) recently launched ‘The Peaceful Homes’ in Sector 70A, Gurgaon. Envisioned with an earmarked investment of approximately Rs 600 crore, the premium residential project is set across 19 acres and offers an unhindered view of the Aravallis.
The new project will have 2, 3 and 4 BHK homes and penthouses in size ranging from 1,565 sq. ft. to 2,925 sq. ft. The project also brings to its residents facilities like, 24/7 power backup, round the clock treated water supply, along with other facilities like fire fighting system as per NBC norms and 24- hour security with access control at entrances & CCTV surveillance.
The Grand in Gurgaon SARE Homes recently launched its premium project — The Grand — in Sector 92, Gurgaon. Developed as part of the newest phase of its 65-acre integrated township SARE Crescent ParC, The Grand will have 23-floors having 3 and 4 BHK air-conditioned apartments, with lobbies, concierge services and terrace balconies. Available in sizes ranging between 1,853 and 2,280 sq. ft, all apartments will be centrally air-conditioned and equipped with sophisticated individual zone-control (VRV System). These apartments are priced in the range of Rs 97 lakh to Rs 1.19 crore. While the basic sale price of these apartments is Rs 5,650 per sq ft, the company has offered an inaugural discount of Rs 400 per sq ft.
Imperial Gardens on Dwarka Expressway Emaar MGF Land Ltd. (EMGF) has announced the launch of ‘Imperial Gardens’, a conglomeration of luxury and fine living, in Sector 102, Gurgaon. The company plans to develop nine high-rise towers comprising 580 units of 3BHK apartments with floor area of 2000 sq. ft. each. The project offers 3 BHK flats with family lounge and luxury specifications in a modern gated development spread across approximately 12 acres along Dwarka Expressway. Speaking at the launch of this project Ashish Jerath, Vice President, Sales, Emaar MGF said, “We have strategically launched it along Dwarka Expressway as the area is designed to change the way Gurgaon currently looks. With its proximity to airport, upcoming aerocity and other main centers, including the national capital, Imperial Gardens promises the best return on investment. As the market sentiment has revived, we are expecting an overwhelming response in coming days.”
Eldeco Hillside at Neemrana Eldeco Infrastructure and Properties Ltd., recently launched its second residential project "Eldeco Hillside" in Neemrana, Rajasthan on NH8. The new project will have high-rise as well as low-rise housing options at affordable prices. Speaking on the occasion Pankaj Bajaj, Managing Director, Eldeco Infrastructure and Properties Ltd said, “At Eldeco Hillside a range of value added housing options are available to meet the demand of housing for top and mid-management executives working in modern industrial units of Neemrana. With industrial growth and jobs all around, it has an excellent opportunity with potential for both good rentals and property appreciation”. — Based on information
provided by the dvelopers
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tax
tips
The rising cost of cement, bricks and steel, and other input materials has taken a toll on the performance of the real estate and construction sector. The cost of these materials has escalated by over 30 per cent in the past two years. Inflationary pressures and high interest rates, coupled with a severe shortage of skilled manpower have resulted in execution challenges with project delays becoming common place.
There are myriad ways to decorate rooms. It is a good idea to explore all the avenues that provide décor options and visit as many display set-ups as possible before decorating or redecorating your house. Paintings, chandeliers, mirrors etc are some of the decor items that can add to the interior chic and complement the overall theme your interiors. Here’s how you can use these elements to add zing to your home decor:
Depending on the room to be decorated, select the theme of the painting. For example, if you are decorating your bedroom, then you can choose a painting that is much more personal in nature than the one which you would put up in your living room.
Let us look at a few ways you can employ while selecting chandeliers.
Electricity switches are costly items and a homeowner is supposed to purchase scores of these while constructing a house. Thus their cost factor has a significant presence in the overall cost of the house. However, costliest switches available in the market are not necessarily the best ones. One needs to examine certain technical features of these switches before zeroing in on a particular brand. Here are certain guidelines to read and make use of:
Please let me know, whether it is a fit case for the grant of Probate from the Court or not? Secondly, my mother was war widow and the land in question was allotted to her by the Rajasthan Government. Can my sister, who was married and settled and not dependent on my father at the time of his death, claim a share in this land?
Further, he wants to gift that money (sale proceeds of capital gain) to a relative abroad. At present the money is kept in his saving account in India and he wants send it to abroad, in the account of his relative maintained in foreign bank in abroad only.