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| REAL ESTATE |
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Gaining momentum
tax tips
Realty Guide
Decor trends
Cleaning up after Holi
Green house
Pick of the week
market pulse
Office space absorption to see 68 pc growth
Supertech ties up with Armani group for luxury residences
Realty bites
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Silicon boost for realty
The real estate scenario in the tricity area has by and large remained placid in the first three months of 2013 with sales not picking up in the periphery areas in Mohali and Panchkula.
However, experts maintain that the current low sentiment is not going to last for long as the demand for quality housing in and around Chandigarh is building up steadily. An expanding IT sector in the tricity area is one of the major factors behind an increase in the demand for housing. Chandigarh that has traditionally been known as the city of babus and retired people, has seen an upswing in the number of Information Technology/ITeS/BPO professionals. Chandigarh Administration, under the overview of Department of Information Technology, had set up the Society for Promotion of IT in Chandigarh (SPIC), in its bid to promote the IT industry in the UT. Similarly, the Rajiv Gandhi Chandigarh Technology Park (RGCTP) has come to be known as the IT complex within the city, which houses the biggest names in the IT sector. According to official records Rs 62 billion were invested in 2011-12 in the IT sector in Chandigarh, which helped generate 67,700 direct jobs in the IT sector. This helped Chandigarh benefit Rs 48 billion in software exports and the number of indirect employment would be three times the direct employment, as every single IT job creates three more indirect jobs. “Chandigarh’s IT and ITeS industry — with 22 per cent growth in turnover in 2011-12 — has outpaced main IT hubs like Bangalore, Pune, Gurgaon,” says Loveleen Singh Singla, a legal professional in the city. The RGCTP houses over 40 companies, including IT majors like Infosys, Tech Mahindra, Dell, IBM Daksh and Wipro, and several other small IT companies. The IT sector provides direct employment to 30,000 people and indirect employment to four times this number in Chandigarh itself. In fact, one of the biggest IT companies employs about 6,000 persons just in Chandigarh. Taking note of Chandigarh’s successful IT businesses, the Punjab government has also come up with an ambitious IT park project in Mohali. In Haryana , too, the state government is taking steps to get the Panchkula IT Park project rolling. The tricity area is soon going to become a major IT hub on the lines of Bnagalore, Hyderabad and Gurgaon basically because the price of setting up centres here is much less than that in the above mentioned cities. “The price differential combined with excellent connectivity and other infrastructure requirements will be a plus point for the tricity. And a direct fallout of this will be the massive demand in housing from IT professionals”, says IP Singh of Chadha Realtors . This influx of IT companies has proven to be a blessing for the areas in the vicinity of Chandigarh as the property prices in the City Beautiful are exorbitant and there is hardly any new inventory within the city. It is the periphery areas and the satellite towns of Panchkula and Mohali that will ultimately be preferred by IT professionals. “So, the demand is there and with a large number of projects in the region there is abundant supply once the buyer sentiment improves here”, adds IP Singh. Rental gains Not only the demand, but the IT boom has also given a boost to the rental market here. Especially the areas in the vicinity of the IT Park like Sector 4 and 5 in Mansa Devi Complex, Modern Housing Complex, Rajiv Vihar and the nearby sectors of Panchkula have seen 20-25 per cent increase in the rental values in the past year. In Sector 4 Mansa Devi Complex a three BHK can fetch up to Rs 17,000, while a two BHK independent flat is fetching a rental of Rs 10,000. Most of the tenants here are IT professionals who are taking these flats on rent on a sharing basis. “The home owners also prefer to rent out their houses to these professionals as they not only get good rental returns but it is also easy to get the flats vacated, says Mahender Nath”, a property dealer operating in the area.
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Gaining momentum
As the investors and buyers have preferred to wait and watch in the first trimester of 2013, it is the developers who have become more proactive in the past one month by aggressively marketing their products, launching new projects and even by offering price discounts and easy payment schemes to kick start the sales, especially in the periphery areas.
Almost all major developers, including DLF, Omaxe, TDI, Emaar MGF etc have accelerated the pace of development in their projects besides offering new products in the residential and commercial segments in the integrated city projects. “DLF has taken up the construction work at its DLF Valley project in the Pinjore-Kalka Urban Complex and in the Hyde Park in Mullanpur on a war footing to deliver in time and breathe in some life into the listless property market in the area,” says Rakesh Kerwell, Director, North, of the group. The Omaxe group, too, is going full steam ahead with its independent floors as well as the commercial complex in Mullanpur. Meanwhile, in Mohali where low sale volumes had lead to inventory pile up over the past year, developers like Emaar MGF in whose projects the work had lost pace, are now aggressively marketing plots and apartments. The TDI group, has launched new projects like “Affordable Homes” in its integrated city project besides handing over possessions in its Wellington Heights project. “The timely completion of projects is a major factor in restoring the confidence of home buyers and this confidence will go a long way in bringing more buoyancy in the realty market” , says Sanyam Dudeja, COO, North of the group. Besides accelerating the pace of work in the ongoing projects, developers in the periphery areas, including Zirakpur and Dera Bassi are also offering discounts and easy-payment plans and subvention schemes to homebuyers.
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Real View: Himachal Pradesh
The property prices in Himachal Pradesh have plummeted by up to 30 per cent in the past year due to confusion over the implementation of a law relating to apartment ownership, real estate experts say.
“The prevailing prices are 25 to 30 per cent less than last year’s,” said a Shimla-based realtor. A two BHK flat in Shimla, Kasauli and Solan towns is now selling for approximately Rs 25 lakh. A three BHK is available for Rs 35 lakh to Rs 45 lakh and a cottage costs anywhere between Rs 60 lakh and Rs 80 lakh, he said. The Himachal Pradesh Apartment and Property Regulation Act of 2005 enables builders and developers to build and sell flats and cottages in the state. While Revenue Minister Kaul Singh says a moratorium on the registration of new flats was imposed by the previous BJP government to monitor realtors, former Town and Country Planning Minister Mohinder Singh claims the ban could not be implemented following judicial intervention. Kaul Singh said the former Town and Country Planning Minister had told the Assembly on August 29 last year that the Apartment and Property Regulation Act would be repealed and a new comprehensive legislation would be introduced. “Mohinder Singh had even told the Assembly that fresh registration of flats would not take place till the new Act came into existence. “Soon after the declaration, the minister gave permission to five or six realtors to build flats,” Kaul Singh said. However, this confusion has left prospective buyers and investors in a quandary. “Some builders had moved the Himachal Pradesh High Court against freezing flat registrations. The court allowed the registration process till the new Act came into force,” Mohinder Singh told IANS. But those in the realty sector say the market had been hit adversely since the minister's announcement last year. “The sale of flats has sunk to its lowest point in more than a decade with prices falling up to 25 per cent. People are not even investing in luxury cottages at prime destinations,” said a builder setting up cottages on the outskirts of Solan town. There is a slump even in Shimla, Kasauli, Dharamsala and Palampur towns, that were once the preferred destinations for investors. “Some proposed projects have been put on hold while some investors are desperate to sell and recover their money,” said a builder on the condition of anonymity. “A Bill may be introduced in this Assembly session or in the next (monsoon) to do away with the existing Act and by incorporating it with the Town and Country Planning Act. Regulating construction by realtors may rest on the Himachal Pradesh Urban Development Authority (HIMUDA),” said an official. The previous government’s decision to repeal the Act had been taken on the basis of the recommendation of the select committee of the Assembly as well as a judicial commission headed by Justice D.P. Sood, a former judge of the Himachal Pradesh High Court, probing illegal land transactions. In the report tabled in the Assembly in April last year, Justice Sood observed that the builders were catering to the needs of the rich from Punjab, Haryana, Delhi and non-resident Indians. The state has over 60 builders and developers selling flats and cottages. These include DLF, Janta Land Promoter Ltd, Omax Construction Pvt Ltd, Optima Construction Pvt Ltd, Amar Nath Aggarwal Builders Pvt Ltd and Surya Builders, officials said. — IANS
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tax tips Kindly advise as to whether this transaction is subjected to the deduction of TDS @ 1 per cent at the time of possession of the flat according to the announcement made in the Budget for 2013-2014. My second query is that in another case my wife had booked an independent floor at Mohali in December, 2010. The payment schedule is construction linked and these are being made accordingly. The builder had, however, asked to remit the full payment of service tax, even before starting the construction work of the floor failing which the allottee was liable to be charged an interest @ 18 per cent for the delay. We made this payment as we didn’t want to pay the hefty penalty. It is relevant to mention that the rate of service tax which had been charged during 2010-2011 is lower than that of the existing rates of service tax. The possession of the floor is likely to be delivered in 2014. Under these circumstances, I request you to advise whether liability of the allottee for payment of an additional service tax at the enhanced rate is over. If the builder still insists on the additional amount of service tax, what legal remedy will be available to the allottee for redressal of the grievance? — vishnu pathak A. Your queries are replied hereunder: n The proposed amendment requires any person, being a transferee, responsible for paying to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land) to deduct tax at source @1 per cent at the time of payment of such sum in cash or by issuing a cheque or draft or any other mode, whichever is earlier. The above provision is applicable if the consideration is Rs 50 lakh or more. The amendment, if approved by Parliament, would be applicable w.e.f. June 1, 2013. In my view, therefore, any payment made after the said date will be covered within the amended provisions if the consideration is Rs 50 lakh or more. The consideration in your son’s case being Rs 60 lakh, the amended provision would be applicable. However, the issue whether tax should be deducted from each installment or at the time of payment of final installment is not free from doubt. It would be advisable to deduct tax at the time of payment of each installment to steer clear of any dispute in this regard. n The query raised by you does not indicate the rate at which service tax was paid by you. It is assumed that it was paid at the rate of 10 per cent on that part of the installment which was considered to be service after the abatement. Such payment of service tax would be taken as an implied consent to pay the service tax and therefore it may be difficult to argue that the payment was made ‘fearing the penalty’ and you are not liable to pay service at the increased rate. You will have to approach the court to contest such payment. You can also try your luck with a consumer court.
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When should I get the conveyance deed registered? n If I paid balance Rs 3,50,000 to HUDA and sold the plot, I will take token money (biana) from purchaser and get the conveyance deed registered in my name before finalising the date of sale deed, then will it be considered a long-term or short-term capital gain? n If it is short-term capital gain when should I register the conveyance deed in order to make it a long-term capital gain. — rakesh A.On the basis of the facts indicated in the query, the conveyance deed would be registered in your favour after the payment of escalation charges of Rs 3,50,000 and such date would be somewhere in 2013. In case the plot is sold immediately thereafter, any gain arising on the sale of such a plot of land would be treated as short-term capital gain. Such gain would be chargeable at the normal slab rate applicable to you. You must hold the plot for a period of three years after the execution of conveyance deed in order to claim that the plot should be treated as a long-term capital asset. The gain arising on the sale of such long-term asset would be a long-term capital gain.
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Will I have to pay tax on my share of the sale proceeds?
A.The capital gain arising on the sale of the house which had been constructed by your father would be taxable in the hands of the legal heirs. In case the house has been held by the legal heirs and their father for more than three years, any gain arising on the sale of such a house shall be treated as a long-term capital gain and would be taxable @ 20 per cent plus education cess of 3 per cent thereon. In case the house was held for less than three years, then the gain arising on the sale thereof shall be treated as a short-term capital gain and would be taxable at the normal slab rate. Your share of the capital gain would thus be taxable on the lines indicated hereinabove.
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A.Your query does not indicate whether your brother has given you a general power of attorney which enables you to deal with the land in any manner. It is also not evident whether you have the right to gift the property to anyone. If the power of attorney empowers you to gift the immovable property, you may go ahead and gift the agricultural land to your wife. The gift deed should be registered with the Sub-Registrar. Such a gift would also attract stamp duty which would be payable on the market value of the agricultural land. The tax liability of your wife for financial year 2012-13 may not be affected to a large extent as the agricultural income, if any, shall be included in her income for the purposes of ascertaining the rate at which her income would be taxable. Your wife should inform her department with regard to such a gift as the service rules of government servants stipulate that information about acquisition of immovable property should be conveyed to the authorities concerned.
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Realty Guide
Now, after some 30 years, a person has got a registry executed for the same plot from a legal heir of the original owner, Hans Raj. However, the Khasra No. mentioned in his Registry is 26/25/2, which is different from what was mentioned in the Registries mentioned above. When I contacted the Patwari, he told that the Hans Raj had no land in Khasra No. 46/5 but he had land in Khasra No 46/25/2. From the above facts, it appears that Khasra No. mentioned as 46/5 in my registry and also in the registry which my seller executed while purchasing the plot, is not correct. The person from whom I had bought the plot has expired and has no legal heir and I am not able to reach the legal heirs of the original owner also. I suspect that this new registry has been executed by taking advantage of the error in my registry. Kindly advise, if there is any remedy available to me in this situation. — u. k. gupta A.After going through your query, I feel that your matter is based on suspicion and apprehension. You are a genuine and an innocent purchaser. The best course for you under the present circumstances would be to issue a public notice in "public interest" in a couple of newspapers that are widely circulated in your area, giving complete address of the property and that it belongs to you. The notice can be self-drafted or you can get it drafted from an advocate. The notice should also mention that anybody dealing in the said property would do so at his/her own risk and would be liable for any damage, claim on the basis of registry executed for the same plot from a legal heir of the original owner. The Indian legal system is very strong to take care of any eventualities later on. However, you should retain the copies of the public notice with you. Q.My father has four brothers and two sisters. Unfortunately, he has had some mental problems for the past 40 years and is currently in Canada with his children who are are all settled there. However, in India his share in his father's ancestral agricultural land has been registered fraudulently by his siblings who have taken advantage of his mental state. My father is unable to manage his affairs. As his children can we get back the land that has been misappropriated by my uncles? — h sandhu A.A large majority of property related complaints in Punjab involve NRIs as often, relatives and even local land mafia take over the land belonging to NRIs leaving them (NRIs) running from pillar to post for justice. The right way to deal with this situation is to have a judicial remedy.
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Decor trends
Contemporary style Contemporary designs are usually chic and trendy. These are in consonance with the modern contemporary lifestyle. In fact, it is a minimalist approach to interiors where simple, straight and clean lines with a subtle sense of sophistication rule. There are no floral bold prints, no classic furniture and no intricately ornamented and carved objects. Basically, it represents an uncluttered, free and open look with focus on geometrical lines of designs reflecting a modern and contemporary style. Interestingly, as in traditional style, the decorative objects of art and accessories are equally important even in the modern and contemporary decor. There is an extensive use of wall and roof designing through subtle use of nicely polished or high-gloss woodwork, false ceilings of Plaster of Paris and use of various accent lights can be used to give a sensual appeal. Along with these the use of striking contrasts — mostly black, white, red or other bright and vibrant colours with occasional use of neutral, pastel colours makes the place look beautiful and spacious. Added to all these is the use of mirrors and decorative glass which add to the look of open space planning. Tips for a dreams home
Have a happy, enjoyable and comfortable styling!!! — The writer is a Panchkula-based interior designer and founder of Homeworks An eclectic mix There are many who find it difficult to stick to either completely traditional or contemporary decor. One can also opt for a blend of the classic Victorian and new modern design styles while decorating the home as a combination of contemporary base choices with traditional artefacts and striking detailing can enhance your home decor. This mixed appeal of two styles fits the lifestyle of many perfectly. With a mixed style one is in a position to choose the best features of both and suits the needs of different members of the family and their living habits. Traditional or Victorian Style Along with this there are carved moldings, classic designs/shapes and finely-crafted furniture. This kind of traditional look can be achieved with an over-stuffed sofa, soft accent pillows, elegant fabric curtains, plush upholstery and framed wall decorations — all these elements provide a relaxed and enjoyable ambience. The most liked and popular look for a traditional room comes from the Victorian era — also known as old-world fascination of European styles — or from the palaces of Rajasthan abundant in traditional art. Using Rajasthani or South Indian style of frames and Madhubani/Tanjore paintings is one way of creating this look. Go in for furniture pieces that are neatly and elaborately decorated with violin-shaped chair backs giving a royal look and feel of a king’s throne. The designs also exhibit aristocracy and supreme luxury through the use of mid-century Victorian style sofas or coffee tables. As coordinates accessories normally include decorated Chinese vases, beautiful curios from different parts of world, semi/fully carved objects having artistic embellishments of 18th and early 19th century. Another element to craft this look is to use bold colours which add drama. Include artefacts made of ivory, precious stones and rustic earthy colour palette to bring both comfort and warmth.
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n The cleaning of the walls depends on the type of paint used and the wall texture. The paint used should be washable / stain resistant. Be careful while cleaning the walls and avoid rubbing too hard on the wall as you might create a stain or remove the paint texture from the wall. Make use of water and a clean sponge/paper towel to clean the wall. You can also use a mixture of water and mild soap to clean your walls with prominent stains. Good paint brands do have specific instructions on the cans and on their websites too. It is always advisable to refer to these instructions before attempting to clean. n For water-resistant colour stains on the walls, one may need to apply a stain blocker to the walls before applying paint. n Touch-up is a good idea with leftover paints from previous paint jobs if the stains are really bad and stubborn. Simply roll over the dirty spots on the walls. When this paint dries it will dry perfectly, leaving you with a wall that looks as though you just painted it. However, professional help from a painter is advisable to make sure that the final outcome is not patchy. n The colour-stained floors can be effectively cleaned with a paste of baking soda and water. Apply this paste over the stained areas and leave it to rest for some time. After the paste dries, wipe it off with a damp cloth or a wet sponge. This would effectively clean the stains on floor without interfering much with its texture and sheen. However, this method won’t work on walls as its paint could get affected. — Inputs from Sukhpreet Singh, VP, Marketing and Sales (Decorative), Kansai Nerolac
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Green house The use of driftwood as a part of flower arrangement, wall hanging and in decorative furniture is common, but using it to create a wall garden is something novel. Driftwood is a natural piece of wood which is seasoned by nature to give realistic and a natural finish. These pieces are good enough to create such gardens even if these do not mimic some real form of any creature. However, if driftwood is not easily available, there is an option to cure any attractive piece of wood to make it look like driftwood. Suitable plants The entire genus of Tillandsia often referred to as 'Air Plants' are epiphytic in nature that grow solely on air and do not need any soil. These absorb moisture and nutrients from the air through their leaves. These rosette-forming plants with narrow arching green leaves have a small root system which acts as an anchor to hold on to any tree, rock surface or any object that does not retain much of moisture and are most suitable for this arrangement of gardening. Flowering showy spikes in different hues emerge from the centre of the rosette. As in agaves, air plants also eventually die after flowering, but fortunately produce numerous off-sets at the base of the parent plant and reproduction is generally carried out by removing these offsets. Besides decorating these on driftwood, these plants can be attached to walls and can even be suspended aesthetically in an inverted position to create an upside-down garden to compliment the décor. Not only this, a portable decorated mini garden that can be shifted on special occasions can be created by suitably placing these plants on any sort of driftwood to be placed on table-top, floor or on any flat surface. Although tillandsias, like cacti, can survive long periods of drought, but these also need some water. The best way for their graceful survival is to soak these plants in water periodically or alternatively misting them on a daily basis. These are hardy and easily adaptable plants that grow in a wide range of environmental conditions and come in a variety of sizes, shapes, textures, and colours. Smaller growing species are Tillandsia bergeri, concolor, lontha, jucunda, streptophylla, stricta, vernicosa, geminiflora and gardneri. Tending tips
— The writer is the President of National Cactus & Succulent Society of India Wall gardening DIY
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Pick of the week
Price: Rs 200 per sq ft. Safe Solutions Price: Privy: Rs 10,199 Secreto: Rs 11,499 Luxury Living Price on request
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market pulse China was at the top position with investment of $ 304.1 billion, followed by US ($267.1 billion) and UK ($ 56.3 billion). The consultant said the global property investment market grew by 6 per cent in 2012 to $ 929 billion and is expected to cross $ 1 trillion mark in 2013, the first time since 2007. “India was (20th) among the top 20 real estate investment markets globally with investment volume of Rs 19,000 crore ($3466 million) recorded in 2012,” C&W said in a statement. The majority of the investment in India were through institutional sales (67 per cent) while remaining were through private equity (PE) investments (33 per cent). “The market witnessed institutional sales (excluding apartments) of Rs 12,800 crore, concentrated in commercial development sites and office segment including stand-alone and pre-leased office buildings,” it added. Investments in institutional sales saw a decline of 37 per cent over last year, but private equity investment in India rose by 7 per cent in 2012 at Rs 6,200 crore. Bengaluru saw the highest number and value of private equity investments at Rs 3,250 crore in 2012, posting more than double of investment over last year, followed by Mumbai with Rs 1,300 crore and NCR with Rs 700 crore investments. “Investment in ready income generating/operational office assets have gained strength over the last few years due to lower risk and steady cash flows associated with this type of investment. With increase in number of high value transactions in this sector, the market is moving towards a mature phase," C&W South Asia Executive Managing Director Sanjay Dutt said. According to C&W latest report ‘International Investment Atlas’, the global property investment market recorded a modest 6 per cent rise in activity during 2012 with volumes reaching USD 929 billion. “In what was a difficult year in most markets, investment volumes rallied in Q4 signalling the beginning of real momentum and a return of confidence in the market which could see volumes this year increase 14 per cent to exceed USD 1 trillion mark for the first time since 2007,” the report forecast.
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Office space absorption to see 68 pc growth The absorption of office space in suburban locations is expected to increase to 68 per cent this year compared to 60 per cent in 2012, a recent survey by property consultant Jone Lang LaSalle has said.
With the existing commercial business districts saturating, companies planning to expand their operations in the next five years may prefer to shift to suburban locations, the survey added. “Suburban locations are home to the majority of office real estate occupiers and will have a growing role in determining the performance of the country’s office market,” it said. By shifting to these location, they will be able to reduce their real estate costs and move into superior quality projects, which are available at lower rents and offer modern amenities, car parking and safety, the survey said. Last year, the absorption of office space in the country totalled to 26.7 million sq ft, out of which, suburban locations accounted for more than 60 per cent or 16.6 million sq ft. “This absorption in the suburban locations is expected to increase further to 68 per cent or 19.2 million sq ft in 2013. These growing real estate activities in suburban locations of India provide evidence of a shift in gravity towards this market,” the survey said. The banking, financial services and insurance (BFSI) sector currently dominates the CBD market due to its willingness to pay higher rents, whereas IT/ITeS occupiers dominate the suburban market in terms of occupancy due to the availability of larger office space areas and also because the nature of their business makes them vulnerable to higher real estate overhead costs, the JLL survey observed.
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Supertech ties up with Armani group for luxury residences Real estate firm Supertech entered into partnership with Armani/Casa, the home and interior design division of the Armani Group for the interior designing of one of its projects in
Gurgaon.
“We have signed contract with Armani group to do interior design of residences in our Supernova project. This is second such assignment for Armani group in India,” Supertech Director Mohit Arora told reporters in New Delhi recently. Armani group had earlier tied up with
Mumbai-based Lodha Developers to design the residences and common spaces of the World Towers project coming up in Upper
Worli. The group had also designed Armani hotel in skyscraper Burj Khalifa, Dubai. Elaborating on the tie-up, Arora said there would be 100 Residences by Armani/Casa, with sizes varying from 3,000 sq ft to 5,000 sq ft with entire interior design solution, in the 55-floor tower. “These 100 residences will be sold through invitation,” Arora noted. On prices, he said the company is in discussion with the Armani team to finalise rates of these residences. “It will be 75-100 per cent higher than other product in the Supernova project,” he indicated. The non-branded flats in the Supernova project are being sold currently at around Rs 15,000 per sq ft. Furniture and furnishing accessories, objects, lamps and exclusive fabric are the key points in the Armani/Casa collection.
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Realty bites
Wave Group will invest Rs 500 crore to develop an affordable housing project at Ghaziabad, with flats in a price range of Rs 14-18 lakh.
The group’s realty firm Wave Infratech would develop about 3,500 flats in the first phase of the project, which is part of a 4,500-acre integrated township. “We are entering into affordable housing segment for the balance development of our integrated township at Ghaziabad. We have earmarked 25 acre for this purpose,” Wave Group’s new Managing Director Rajendrakumar Panpalia said. Panpalia said the demand of affordable homes would rise following the Budget announcement of increasing the interest deduction limit on home loans up to Rs 25 lakh for the first home buyers to Rs 2.5 lakh from Rs 1.5 lakh. “We will develop 3,500 flats in the first phase,” he added.
The size of the units varies from 575-800 sq feet. The first phase would be completed in the next 3-4 years.
Asked about funding of investment, he said it would be through internal accruals and bank debt. Panpalia said the company has so far acquired about 3,200 acres out of proposed 4,500 acre township. Besides township at Ghaziabad, Wave Infratech is also developing 152-acre project in Noida on the land it had won through an auction for about Rs 6,500 crore. It has project in Mohali as well.
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Real View: Himachal Pradesh
Q. My son who is an NRI (presently residing in USA) had paid Rs 12 lakh for booking a flat with a developer in India in August, 2012. The sale value of the flat is Rs 60 lakh inclusive of car parking amounting to Rs 3 lakh. The payment for the flat has to be made in 21 installments and the possession will be given sometime in 2016.
Q.I am an original allottee of a HUDA plot since 2007. I had received the offer of possession of plot in January 2007 but I have not taken the possession of plot yet as I was not going to construct on the said plot. I have paid the plot price and enhancement price of plot Rs 3,50,000 is pending. My query is:
Q.My father had constructed a house using his own savings. After his death we (legal heirs) have decided to sell the house and divide the sale proceeds amongst us. Will I have to pay tax on my share of the sale proceeds? — ramesh sharda
Q.My brother is an NRI and possesses around 14 marla agricultural land in the village. He has given me Power of Attorney. I want to gift this piece of land worth Rs 20 lakh to my wife. My wife is a government servant and her salary income is Rs 5,89,879. TDS is 29,858 after taking benefit of Rs 1,00,000 under Section 80C. What will be her tax liability after this deed for the financial year 2012-13? — baljinder singh
Q.I had purchased a plot (R-58) in Mahesh Nagar Ambala Cantt in 1983 and registry was done on April 28, 1983 in Tehsil office. But the intekaal was not executed. The seller had, in fact, purchased this plot from Hans Raj in 1975 and registry was done on April 4, 1975 in Tehsil office and he, too, had not got the intekaal executed. In both these registries of the said plot the Khasra No. was mentioned as 46/5.
The turf of home decor is suffused with so many ideas that one can easily trip and make a mess rather than achieving a sophisticated look. There are many choices available as one can go in for a traditional look or something extremely interesting and nostalgic; uber modern or a contemporary feel for the entire home. Here’s a brief of the different styles and their related features to help you work out the perfect look for your home:
Traditional interiors generally fit large homes and usually exhibit simple elegance — cozy, calming and comfortable rooms. 
Here are some effective tips and suggestions that would help you get rid of Holi colours from your walls and floors,g clean and spotless again:
A unique and a colourful masterpiece can be created in your garden by using air plants on driftwood. This can be hung on a wall in a balcony, pergola or anywhere in the garden in a shady area. This gardening concept adds zing to the look of the garden and will benefit those who have less knowledge of the nitty gritties of gardening, but want to incorporate a bit of green in their living space. Once created, it will exhibit no less grace than a terrarium or a dish garden and will be equally low-maintenance .
Get a suitable driftwood piece which can be hung on the wall.
Flooring solutions company Square Foot, has launched a range of snthetic landscape grass. The artificial turf is made of synthetic fibers and is made to look like natural grass. Synthetic grass is easy to maintain and is resistant to varied climatic conditions. It is child and pet friendly and can also withstand heavy use such as in sports. Most often used in arenas for sports which are normally played on grass, the product is also being widely being used on residential lawns, balconies, terraces, around swimming pools.
Godrej Security Solutions has launched two new contemporary home safes - Privy and Secreto. Designed to protect valuables, cash and important documents, these new safes are easy to use, strong, compact and durable. Available in a range of sizes, colours and designs, they offer increased protection, convenience and peace of mind. The functional new safes come with a solid steel body and unique 4-digit password for access. Along with the safe comes mounting hardware and emergency key which can be used to access valuables in case of battery failure. These safes can be 'hidden' in your room and make detection by intruders very difficult.
Luxury Living by Royal Koas has unveiled its new European masterpieces at its newly launched boutique store. The collection includes hand-crafted masterpieces from world's leading European Brands like A& X, Camel, Rugiano and Pablo, Lema (Italy), Molisen. The range of products varies from living, dining, bedroom, consoles, accessories, carpets, and office furniture. 
India is ranked 20th in the list of world’s top real estate investment markets with investment volume of $ 3.4 billion in 2012, property consultant Cushman & Wakefield said in its latest report.