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Emerging destination: neemrana
City of potential: Ashiana group’s
residential project in Neemrana
area watch: batala
real talk
launch pad decor trends
Cheery gardens at home with fENG SHUi Tax
Tips
Prices remain upbeat in Delhi-NCR REALTY GUIDE
realty bites
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Emerging destination: neemrana
Real estate values have shown a consistent upward trend in the NCR region. The most noticeable outcome of this appreciation in the prices of property is the addition of newer destinations in the NCR portfolio as people move on to more affordable options once the existing ones become too “hot” to handle. Neemrana, a picturesque tourist spot on NH8, known for its hilltop fort-turned-heritage hotel, is fast emerging as a promising destination in the NCR. Growth drivers Industrial growth Located about 140 km from the national capital, Neemrana’s growing attraction is largely due to the industrial development here. The Rajasthan Industrial Corporation has played an important role in the development of this area that has change from a quiet town to an industrial hub in the past two years. According to a recent development, RIICO has signed a MoU with JETRO (Japan External Trade Organisation) whereby several Japanese companies will set up their industrial units here. RIICO has so far allotted 303 acres to 22 Japanese companies in this area. Several multinational companies such as Nissin, Mitsui, Nippon, Disking, Mitsubishi & Dykie colour have got land allotted for establishing their units and some are already operational. An investment of around Rs 21.5 billion is expected on the already-allotted land creating employment opportunities for over 3000 persons. The area will also be a part of the proposed Delhi Mumbai Industrial Corridor (DMIC). According to Vishal Gupta, Managing Director, Ashiana Housing Ltd., “Apart from thriving corporate MNCs; EPIC Core industrial area; Japanese Township and Education hub (NIIT University and many more schools) will contribute significantly to the growth of the city’s realty. After Bhiwadi, Neemrana is on fast track offering great investment opportunities. ” Connectivity Besides, having the advantage of having a strong industrial base, Neemrana also has good connectivity. It is equidistant from Delhi and Jaipur. The NHAI has already started building 14 flyovers on every 5 km stretch from IMT Manesar to Neemrana and this is going to make the travel time from Delhi much less at just 50 minutes from the current 75 minutes in the next few years. Plans are already afoot to make the roads 8-laned, thus making the total travel time from IGI Airport just 90-100 minutes. The high-speed metro project connecting Delhi to Gurgaon to Rewari and then to Alwar has also been approved, which will make commuting from Delhi much easier and convenient. With Delhi having reached its saturation point in terms of availability of space, Neemrana will prove to be a very good option to live in at reasonable prices and excellent connectivity. Projects and prices All these factors have pushed up the demand for residential and commercial properties. The demand for housing has seen a rapid rise here and is bound to increase further once the Industry settles here. A large number of developers have already launched their projects here to cater to the rising demand for housing here. The Ashiana group, Eldeco, Anantraj Group, Anapoorna, Eldeco, APTP Group and Nemaha Central are among the major players on the realty scene here. The Ashiana Housing, one of the major developers in Rajasthan belt had launched a group housing project Ashiana Greenhill in 2007 and this project has given good returns to the investors as the property prices have increased considerably here over the past five years. The group has another project Ashiana Angan and has acquired a land parcel measuring 5.67 acres for further expansion. Eldeco Infrastructure & Properties Ltd. also has two projects — Eldeco Eden Park and Eldeco Hillside. While Eldeco Eden park is a residential group housing project being developed on 22 acres allotted by RIICO and has high-end independent villas and 2 and 3-bedroom low and high-rise apartments. According to a company spokesperson the current price of land is Rs 12,000 per sq m for land approved by RIICO, while in the group’s projects the current price is between Rs 2800-3000 per sq ft. So with strategic location and the presence of global top notch companies, coupled with better standard of living and reasonable prices, Neemarana is well on the road to becoming a much-preferred destination for property hunters in the NCR. — Inputs by Geetu Vaid
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area watch: batala
It is ironical that while the Punjab Goverment is drafting an ambitious housing policy and a real estate growth plan to bring in more investors to the state on the one hand, on the other hand there are several neglected pockets in the state where the realty scene is in the doldrums for a long time basically due to state neglect. Wasted potential The historical township of Batala that was once a famous and throbbing lathe and foundry city, is one such town where the failure of government bodies to ensure proper infrastructure has sounded the death knell for the growth of real estate sector. Batala has a population of about 2 lakh and is virtually sitting in the backyard of bustling city of Amritsar. It is also home to several small and medium, heavy and light engineering industries. It had been a major source of heavy duty lathes, drilling, plainer besides sanitary items, including cast iron manhole covers, pipes and had seen phenomenal progress during the 1970s and 1980s. But lack of planned growth and civic amenities has reduced this town’s potential to dust literally. The city has demand for affordable housing due to the presence of industries here, but hardly any planned development has taken place here in this regard. A leading engineering goods manufacturer Rajesh Kawatra who has some real estate projects here says that five-six approved residential colonies with fairly reasonable infrastructure like roads, streetlights, water andelectricity have seen more than 80 per cent occupancy, but the rates continue to be around Rs 25,000-30,000 per sq yd. These colonies include Dharampura, Radha Krishan and Shastri Nagar that have been developed by the Improvement Trust, Batala. The Urban Estate area has been developed by PUDA and has around 300 houses. The property prices in this town have remained stagnant for the past 18 months and appreciation in prices is virtually non-existant here, say property dealers operating here. Most of the people buying here are end users and very few big-ticket deals are finalised here. However, unauthorised colonies are mushrooming in an around Batala, which present a poor picture of this border township and require an urgent master plan for planned development. Missing political will Whether it is the matter of planned development or better infrastructure or keeping a check on fly-by-night builders, government will is very important. But Batala seems to be the last on the list of those in power as far as all these points are concerned. Three-time Congress MLA Ashwani Sekhri, who has been a strong votary of strong and planned development of the city, has managed to get Rs 11 crore under the Centre-sponsored schemes for slum development, but he rued the fact that the sanctioned money was yet to be utilised. A large number of those working in engineering industry are living in slums in the city and are in dire need of better housing facilities. He said the state government had not been serious about upgrading facilities for these people. Sekhri added that he had got a sanction of Rs 8 crore under Rajiv Gandhi Awas Yojana to provide houses to the economically weaker sections in the city but that project, too, had not been undertaken as yet. Poor economy Besides the lack of political will, the poor state of local economy has also played an important role in stagnation in the property market here. Surinder Aggarwal, who owns a foundry here, said, “With recession in the engineering-goods industry for more than one decade people here have hardly any money to invest in real estate and as a result there has been a slump in the property market and very few new projects have been launched here”. He said future also seems bleak as the prices of properties both industrial, commercial and residential are not likely to see any increase sometime soon. The trend in the real estate will change only if the state government took steps to give it a boost.
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real talk
Realty major Wave Infratech plans to increase its footprint in the northern region with its residential and commercial projects in Chandigarh, Mohali and Ludhiana. While the group already has commercial ventures in Chandigarh and in Ludhiana, its 300-acre integrated city project Wave Estate is coming up in Sectors 85 and 99 in Mohali. Earlier this week Wave Estates Executive Director and CEO, Deepak Sachdev revealed plans to invest over Rs 3,000 crore in this project that will be a luxury-premium project in the Mohali area. Excerpts from an interview: What is the future for luxury housing in India, especially in view of the current slowdown and lack of investors and buyers in the market? Luxury housing in India is among the most vibrant and dynamic segments of the Indian real estate industry. As per the latest Confederation of Indian Industry-AT Kearney Report the Indian luxury market is poised to double its value to $5.8 billion from current value of $2.45 billion, in the next five years. Luxury housing has a booming future in India. The luxury housing segment is not only attracting the domestic consumers but foreign investors also. Research reveals that the Indian luxury market is growing by 20 per cent every year, powered by the 1.5 lakh-strong HNI populations, which is also growing at a fast rate and almost 40 per cent of the investments made by HNIs in India are in the real estate sector. Increasing number of HNIs, rapid pace of urbanisation in India and the recent fall in the value of rupee in the global financial markets, are some of the factors that have contributed to demand in the luxury housing segment in India. By 2015-16, the number of luxury housing is expected to reach 2.19 lakh households with a net worth of 2.35 lakh crore. Based on the five key parameters — real estate, people, physical infrastructure, social infrastructure and business environment Chandigarh and its neighbouring towns of Mohali and Panchkula are among the hottest realty destinations in the country. Hence, there been a consistent growth in the demand for luxury housing in this region. Owing to high per-capita income, the tricity region is showing a positive growth trajectory in this segment over the past few years. A strong investment focus and healthy holding capacity makes this region have a good appetite for luxury residential products. What is the growth potential of Mohali in the tricity area and what has been the response to your project? Mohali is acting as a catalyst for the real estate growth in Punjab. It is emerging as one of India’s fastest growing IT towns. The connectivity of Mohali with Chandigarh and Delhi makes it a hot-spot for investment in real estate projects. In the coming years, Mohali is bound to see more growth as a wide range of residential and commercial projects by big builders are coming up here. We are offering 1100 plots. Most of them will be in the sizes 250-300 sq yards at a price of Rs 47,000 per sq yard. So far, we have got 200 bookings and by August 15 this year, we will handover the first lot of plots. Tell us something about your new project Wave Estate in Mohali? This is an ultra premium 300-acre self-contained and integrated modern township that will provide a luxurious lifestyle with its collection of modern contemporary villas, plots, floors, condominiums, club houses, star hotel, multiplex, shop-cum-office (SCOs) along with the provision for eco-friendly and sustainable developments under one roof. The designs have been inspired by Spanish and Mediterranean architecture. Besides this the project has got Gold ratings by IGBC (Indian Green Building Council). — As told to Geetu Vaid
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launch pad Riva Residences — a Premium New-Age Integrated Township in Bengaluru Riva Residences has been planned with modern utility-based design facilities, services and ambience, to specially cater to the requirement of senior residents. This residential development spread over asn area of 4.5 acres will comprise premium residences, 10,000 sq.ft of exclusive clubhouse, 24-hour wellness centre, dining halls with running kitchens, indoor pools, massage centres, multi-purpose lounges etc. Luxury studio apartments in Lucknow The DLF group launched Lucknow’s first of its kind of multiple utility project — My Pad — at City Centre recently. The new project will cater to the burgeoning demand for customisable compact space solutions for specialised needs of professionals, expats', mobile corporate executives, businessmen and students. My Pad, located at DLF City Centre in Vibhuti Khand, Gomti Nagar will offer approximately 600 contemporary studio suites spread over 4.9 acres. While the upper floors of the complex provide studio suites, the ground and first floors are earmarked for "My Shop", a shopping area. The club is proposed to be on the 6th floor with a heated swimming pool and deck overlooking the complex. Mohit Gujral, Vice Chairman & Managing Director (ROI) of DLF, while announcing the launch said, “My Pad is a highly urban customisable solution to today’s lifestyle needs. Studio life is a global phenomenon. With this concept we are following the footsteps of New York and London where fashion designers, musicians and artistes use such a space for their studios; professionals like lawyers and CAs use it as smart offices; corporates as guest houses and businessmen as their stopover pads”. Club, Luxury and Corporate Tower are three towers at My Pad, Lucknow with 6 to 14 floors each. Two projects in Chennai Sai Enclave offers 44 units of 1 to 3 BHK apartments; Vista Oceana is a complex of 19 semi-independent villas. Planning to build a township in the future. MMRF Realty and Infrastructure announced the launch of its first two residential projects in Chennai — Sai Enclave, strategically located at Arasankazhani near OMR and Vista Oceana, Padur, OMR. Sai Enclave offers affordable living and consists of 44 units, including 1, 2 and 3 BHK apartments. The apartments will cost between Rs 28 and 47lakh. The group’s other project —Vista Oceana — is a residential complex of semi-independent luxury villas, close to the Muthakadu Lake. Each of the 19 villas constructed over an area of 2,400 to 3,200 sq ft, will have three bedrooms and will be priced between Rs 1.45 and Rs 1.76 crore.
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Head-turning headboards An elegant and classy headboard can become the focal point of your bedroom decor. So choose right and make a lasting impact rubina chadha
Choosing the right headboard is an important step in creating the look that you always wanted for your bedroom as these reflect the taste, wealth and status of the owner. Luckily, there are numerous styles to choose from as headboards come in all sizes and styles, are made of many different materials and colours and can be modern or antique. One can also go for custom-designed headboards which would compliment the existing room decor or match other patterns exactly. These can range from very simple to elaborate and they tend to be raised above the level of the box spring and mattress by at least a few feet. The size of your headboard should also match the scale of your room. If you have a large and open bedroom, then you can go for a large headboard. If you have a small room, prefer a frame for headboard that will adequately match the width of your bed and keep its height to a minimum. Classic and carved The traditional wooden headboards are made of wood, such as teak, oak or may be made by ply board topped with beautiful polished veneers to give a look of real wood. These headboards may match the rest of the bedroom furniture or provide an accent colour. Wooden headboards can be contemporary in laser cut frame in wood or steel with sleek lines or carved and ornate to complement a more traditional room or may be decorated by engraving mother-of-pearl in wood/ply wood. Wooden headboards can be typically mounted to the bed frame and offer support for pillows while serving a decorative purpose as well. High on functional If you need storage space by your bedside, bookshelf headboards are a good option as these bring storage space to the bed by including shelves, and even drawers, that extend above the head of the bed itself. You can have just one or two storage areas or have multiple storage areas located throughout the entire headboard. The bookshelf headboards are great for late-night readers or when space is at a premium and extra storage is essential. Besides holding books, a bookshelf headboard can be a place for an alarm clock, lamp or other small decorative or utility items. Innocent treats These are different than the headboards used for bedroom of adults as headboards for kids' beds can function in other ways as well. Besides serving as a comfortable backing or storage space these can also be the centerpiece of a bedroom theme. A painted plywood form in the shape of a clown, flower or race car may encourage kids to sleep in their own bed while making the room look more complete. So, looking to the options available for headboards, when you next plan to have a bed for your bedroom, why not to have one that suits your liking, preferences and utility besides enhancing the beauty, style and aesthetics of your bedroom. Get innovative As a contemporary way of having a headboard, it is interesting to see mother-of-Pearl, water jet steel, wood fret work, smoked glass, Swarovski crystal, precious stone and steel inlay used as an integral part of headboards. This trend is catching up fast. So, why not have one for your dream home! Attached vs. wall-mounted headboards There are two ways to incorporate a headboard into a bedroom. The board can be attached directly to a bed, or it can be mounted on the wall. There are advantages in both options. Normally when you buy a bed, headboard forms part of the bed and includes struts with their products, allowing the boards to fit directly into the back of a standard-size bed. Many people prefer this type of bed as it tends to be very secure and can help hold the pillows and bed sheets in place. Then, there are wall-mounted headboards which are an easy way to add personal style to any bedroom. These are convenient for many people because they can vary in size and need not match the size of the bed itself. Some consider this style easier to change if one enjoys changing the look of the headboard more frequently as well. Upholstered headboards are the most common type of wall-mounted headboards though other versions are also available. However, you should keep in mind that these do not typically help in securing bed sheets or pillows to the bed and this can be a disadvantage.
Metal headboards are commonly a popular choice of consumers mainly because of the availability of a number of styles available and their relative affordability. Also, this style of headboards matches different types of décor, including country, urban, minimalist, vintage and modern. If you choose a more antique look for your bedroom, an embellished scrollwork headboard is a good option as these have elegant-looking swirls and patterns incorporated throughout the metal headboard, and also come in a variety of colours such as brown, black, bronze or white. You can also opt for wrought iron or brass headboards that can give a bed a royal look while metals like brushed aluminum and stainless steel and laser cutting are perfect for a contemporary bedroom with more modern furnishings. One can also choose to go in a more modern direction with a linear designed metal headboard. These are generally silver, nickel, or black in colour and give a bedroom more of an urban feel.
Though these are not as commonly used as wooden or upholstered headboards yet people who have a fancy for woven styles don't make any compromises and prefer to have woven headboards. For example, the classic white wicker headboard has graced many a little girl's bed over the generations and has been well accepted. Also, the woven headboards have grown up and branched out and the new versions are made from rattan, woven abaca and other natural fibers. They come in a variety of natural tones as well as the traditional and feminine white. This is an environment friendly option for a head- or footboard as these are made with sustainable materials.
Upholstered headboards add a touch of softness to any room. The upholstered padding makes these an ideal choice for those who love to read a bit before sleeping. These also help to absorb sound. These are also one of the most common and versatile styles because these are available in a range of fabrics, shapes and designs. To give a modern and contemporary look, choose a low-profile rectangular shape in textured or neutral fabrics. And for a romantic twist, try a Victorian-inspired shape having more height in the center than on the sides. You can also accentuate fabric headboards with tufts which would look Victorian if these are deep or modern if these are shallow. Choosing to upholster your headboard in vibrant hues such as bottle green or opulent black, turquoise and silver patterns helps create a rich and opulent feel even in the most modest surroundings. — The writer is a Panchkula-based interior designer and founder of Homeworks
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Cheery gardens at home with fENG SHUi As landscape plays an important part in determining the quality of energies that surround you, incorporating Feng Shui elements in the garden area is a good idea. Auspicious Chi is assured when plants and flowers in your garden grow well as this reflects the presence of good growth energy. Healthy growing plants are one of the most potent signs of good environmental Feng Shui. The Feng Shui of your garden can be improved irrespective of its size, design, or type, but your success will depend on how you emphasise the elements and attributes of its location and orientation vis-à-vis the house. The design of your garden should depend as much upon the contours and undulations of its landscape as on the orientation. Check which areas of your garden benefit from the sun and take account of Yin and Yang cosmology and the five-element theory. Emphasis on these two fundamentals should be applied in equal measures when designing the Feng Shui of a garden. In addition it is necessary to select auspicious plants that are suitable for your own climate.
A west or northwest-facing garden West is associated with the small element; northwest with big metal. Round shapes, metal chimes, or bells are suitable for the west; stone or metal sculptures and wind chimes for the northwest. *
Trees, preferably fruit or ornamental, will counteract the excessive Yang energy created by the strong afternoon sun. *
Such gardens should not open out from the kitchen; this will weaken the metal element and deplete any Chi entering the house from the garden. *
Create your garden around a small, round sculpture (statues have negative, hostile, or abstract connotations) to enhance the element
of the corner. White arble sculptures are particularly auspicious, but must be in proportion with the garden. *
Pebbles, stone slabs, or stepping-stones, which represent the earth element, will also enhance this corner, as will three old Chinese coins, tied with red thread and placed under one of the stones just in front of the house. To be continued next week —The writer is a Panchkula-based
Feng Shui consultant & founder of The Artizens
Assessing the location of your garden While applying the five-element theory to the design of your garden, determine its compass orientation with an ordinary compass, while standing outside your main door. Take separate readings for the front and back gardens. Now you can apply the elements equivalents to energise the good luck of the garden. The southwest, for example, has big earth as its ruling element, oriental-style gardens with pebbles and stones are, therefore, the best in this sector. You must also check the destructive cycle of element: in the southeast, for instance, metal is harmful, therefore, avoid hanging metallic wind chimes or containers here.
The basic reference grid shows the alliance between compass directions and the five elements.
Southeast — wood East — wood Northeast — earth
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Tax Tips A. A short-term capital asset means a capital asset held by an assessee for not more than 36 months immediately preceding the date of its transfer. A long-term capital asset means a capital asset which is not a short-term capital asset. Therefore, in case the plot was held by you for a period of three years after the date of taking the possession, the same would be treated as a long-term capital asset and any gain arising on the transfer thereof would be treated as a long-term capital gain. In case this condition is not satisfied, it would be a case of short-term capital asset and any gain arising on the transfer of a short-term capital asset would be treated as a short-term capital gain. n You can save the tax leviable on the gain arising on the transfer of a long-term capital asset other than a residential house by utilising the net consideration for the purchase or construction of a residential house within the specified period. You can also save the tax on such a gain by investing it in the acquisition of tax-saving bonds within six months of the date of transfer of plot. However, if the gain arising on the sale of the plot is in the nature of a short-term capital gain it is not possible to save the tax on the transfer of a such a capital asset.
How can we best utilise capital gain? A. Your queries are replied hereunder: *
The cost inflation index for financial year 2013-14 is yet to be notified. Cost inflation index for financial year 2012-13 is 852. *
A deposit under the capital gains scheme is required to be made in case an assessee is intending to use the amount of long-term capital gain or net consideration, as the case may be, towards the purchase or construction of a residential house and such purchase or construction has not been effected before the due date of filing the tax return for the year in which the long- term capital gain arose. A deposit under capital gain scheme is to be made in respect of the long-term capital gain in case the capital gain has arisen on the sale of a residential house. The amount of net consideration is required to be deposited under the aforementioned scheme in case the capital gain has arisen on the sale of a capital asset other than a residential house. *
The decision about the construction on the existing house or on a new plot rests with you. You will able to save tax arising on the sale of shop provided the amount of net consideration received or accruing on such sale is utilised for the construction of an independent residential house. Construction of first floor on the existing house will enable you to save the tax provided it is an independent floor and the construction is completed within three years of the date of sale. *
A gift to a son can be made without any tax liability in case of donor or donee. However, such a gift would not entitle you to claim any tax benefit and tax on capital gain will have to be paid. *
A deposit under capital gains scheme is required to be made before the due date of filing tax return in respect of the year in which capital gain arose under Section 139 of the Income-tax Act 1961 (The Act). *
A fixed deposit of the price index amount would not enable you to save tax. As indicated herein above, in the case cited in the query amount of net consideration i.e. Rs 14 lakh minus any expenditure incurred wholly and exclusively in connection with the sale will have to be deposited under capital gains scheme. The amount so deposited can be utilised for the purchase or construction of a residential house within the period specified hereinabove. *
NHAI and REC bonds are available freely. There are no fixed period or dates for the availability of such bonds.
Rebate on home loan
A. According to the provisions of Section 24 of the Act, income from house property is required to be computed after making deductions amongst other items, the amount of any interest paid/payable where the property had been acquired, constructed, repaired, renewed or re-constructed with the borrowed capital. In view thereof you should be entitled to claim the deduction of interest payable on the amount borrowed by you from the government for the construction of the house. In case the house is self-occupied the maximum deduction allowable would be Rs 1,50,000. Am I required to pay any tax on LTCG ? *
Am I required to pay any tax on LTCG considering that the house I sold was the only house in my name. *
If the answer is yes, then can I invest Rs 50 lakh in NHAI bonds and the balance
in purchasing another residential house i.e. can both the options of NHAI bonds and investment in purchase of house be
utilised. * Can I utilise my LTCG for the re-construction of a house inherited by my wife
from her parents? * Are there any other options for saving tax on LTCG above Rs 50
lakh? v Which date is to be taken into account for calculating LTCG i.e. the date of allotment or the date of possession. The payment of instalments were scattered over a period of five years. —
Balwant Saini
A. Your queries are replied hereunder: *
Any profit arising on the transfer of a capital asset is taxable even if it has arisen as a result of transfer of a residential house, being the only house held by an assessee. Therefore, long-term capital gain of Rs 60 lakh would be taxable in your case. *
You can invest Rs 50 lakh in the tax-free bonds of National Highway Authority of India and utilise the balance amount towards the purchase of a residential house. This will enable you to save the tax leviable on the long-term capital gain. Kindly note that such bonds have to be purchased within six months of the date of transfer of the residential house and purchase of a residential house is required to be effected within one year before or two years after the transfer of the residential house. *
The amount of long-term capital gain arising on the transfer of a residential house is required to be utilised for the purchase or construction of a residential house within the specified period so as to save the tax exigible on the gain arising on the transfer of a long term capital asset. This requirement is to purchase or construct the house in the name of the person who had transferred the capital asset. It may therefore not be possible to save the tax by investing long-term capital gain in re-erection of a house owned by your wife. *There are no other options except investing in tax-saving bonds and/or purchase or construction of a residential house within the specified period. *
The date of possession would be relevant for ascertaining the period for which long-term capital asset has been held.
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Prices remain upbeat in Delhi-NCR Delhi-NCR region have witnessed maximum increase in property prices across metros according to a quarterly report on buying and rental trends released by property portal 99acres.com. According to this report most localities in the Delhi-NCR region have witnessed price appreciation in the past one year. The highest growth was seen in Sector-112 Gurgaon which witnessed about 72 per cent increase in capital values in Q1-13(Jan-Feb-Mar 2013) over Q1-12(Jan-Feb-Mar 2012). Among the top seven cities of India, the capital value growth in Delhi-NCR topped the charts with an increase of 20 per cent in Q1-13 over Q1-12. The property market of Delhi-NCR has been upbeat for a while and is expected to see a similar trend on account of low supply and huge latent demand. However, a few localities in South Delhi like Saket, Vasant Vihar & Greater Kailash saw a price correction of 6 to 8 per cent. Commenting on the report, Vineet Singh, Business Head 99acres.com, said, “While in Delhi, the prices are averaging or growing slowly, the NCR area is witnessing price appreciation owing to increased movement of people preferring improved connectivity and affordable housing. Hence, areas closer to Delhi like Sector-44 Noida, Sec-112 Gurgaon are seeing appreciation in both sale and rentals.” — TNS
Fact file *
Delhi-NCR region has witnessed price appreciation in the past one year.
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My map is not being approved B K Sanghi In order to reconstruct it, I got a map approved from the Estate Officer-cum -Deputy Commissioner, Ambala on April 7, 2008. The approval so granted to me for construction of my house was valid for one year as per the stamp affixed on my approved map. However, I couldn’t construct my home within that period. I approached the authorities in September, 2012, to extend the date of my already approved map but no one even accepted my file. My file was finally accepted on January 22, 2013, after I lodged a complaint in the Chief Minister’s office. But now after a lapse of about three months nothing has been done by the Municipal Commitee, Ambala in this regard. *
Is there is any law in Municipal Committees in Haryana that the date of AN already-approved map cann’t be extended or the same map can’t be approved once again? *
Is there is any specific time limit of Municipal Committees for doing these jobs ? *
One of the officials had hinted that my map was not being approved again as the house is located in the Excise area of Ambala Cantt. Is this correct? *
If yes, then is there any law about this in Haryana? If yes then how it is applicable in my case as my map is already approved and I only want to extend its date or to get the same map approved once again enabling me to construct my home? *
As the said house is in a very bad state and can crumble any time, in case any mishap occurs leading to injury to my family members or anyone else due to this then who will be responsible? *
I have been asked to pay a bribe of Rs 50,000 for getting this approval, should I approach consumer forum in this regard? *
As my entire family is under great depression due to the non-reconstruction of our home, so can I seek compensation on these grounds from Municipal Committee
Ambala? * Is it advisable for me to start reconstruction my house by ignoring all the aforesaid things ? —
Rajiv Anand
A. In Haryana, first of all we require an approval of the building plan, then a certificate for completion of building and lastly the occupation certificate. Procedure and bylaws are different in all the three departments i.e. HUDA, Town and Country Planning (Private colonisers) and Municipal Corporation. *
Once a map is approved, it can be re-validated. You can start the construction. After completing the construction you can apply for occupation certificate to the municipal committee. Earlier, there were no such by-laws in Municipal Committee, Haryana but now they have introduced the new laws for occupation certificate. *
The law is silent about the time limit. * If an official is telling you about this thing, he may be right because local person has full knowledge of jurisdiction issues. *
You have full right to start the construction. * You can prey to the Government for your compensation as you have full right do so. *
My opinion is you have full right to start the construction. You should not worry about it as nobody can stop you from construction.
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realty bites
The managing director and chief executive of the company Anita Arjundas, said, “We wanted to start pilot projects in Tamil Nadu and Maharashtra and we are looking at one more project in each of these two states for this segment.” Mahindra, that has set up a separate team for its affordable housing business, will sell these homes at Rs 5-15 lakh across cities, but the sizes may differ depending on the market. “While there may be one-room-kitchen homes in Mumbai, we may have slightly bigger one-bedroom-hall-kitchen units in Chennai,” Arjundas said. Mahindra Lifespace has signed five joint venture or development agreements with land owners across cities to launch premium residential projects. While it has signed pacts for all these projects, one or two of them may be cancelled following issues found during due diligence, Arjundas said. 3C group to support cancer research foundation The 3C group has partnered with Indo Canadian Cancer Research Foundation (ICCRF), who host the Terry Fox Runs in Dehradun, Delhi and Kashipur and will take care of the awareness drives for the success of the cause. The marathon organised in Dehradun saw widespread participation. The Terry Fox Run was flagged off by the Head Master of Doon School, Dr. Peter McLaughlin and the Deputy High Commissioner of Canada in India, Jim Nickel, Gurmeet Singh from Indo Canadian Cancer Research Foundation. Around 1900 participants took part in the marathon. Speaking on the occasion Surpreet Suri – Director , The 3C Company, “Our partnership with ICCRF hosted Terry Fox Run to create awareness and contribute towards cancer research in India is part of our endeavor. We hope that through this initiative we will be able to contribute towards cancer research in India.”
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Real estate values have shown a consistent upward trend in the NCR region. The most noticeable outcome of this appreciation in the prices of property is the addition of newer destinations in the NCR portfolio as people move on to more affordable options once the existing ones become too “hot” to handle.
Is there demand for luxury housing in the tricity area?
Tata Housing Development Company Limited recently launched Riva Residences, one of India’s largest integrated residential complex for the senior emeritus in Bengaluru. Located off Tumkur Road, the new project offers spacious 1 & 2 BHK residences and is designed by international architects. Commenting on the launch of this project and a new business initiative of the company, Brotin Banerjee, MD and CEO, Tata Housing said, “The project is designed for well-educated, meritocratic and progressive audience who is conscious about its post-retirement plans and connects with the idea of wellness and an active post-retirement lifestyle.”
Your bed is the largest piece of furniture in your bedroom and thus should create the right impact. The headboard of a bed that you choose almost always becomes a focal point, drawing together various elements in the room and helping to set a theme for the rest of the decor. But despite all this, most of the people perceive bed headboards as an optional accessory. Headboards can add functionality to the bedroom space besides making a bed look more complete. These can serve as an anchor for a large room or as an indication of comfort in a smaller one. In fact, best headboards are true statement pieces, designed to add instant impact and enliven a bedroom.
Metal matters
Woven rhapsody
Upholstered and chic
Is my plot a short-term asset?
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.My father bought a shop in November 1996 for Rs 1,60,000. He paid Rs 26,000 as registration charges. He sold this shop for Rs 14 lakh in April, 2013. My querie are as follows:
Q.
I am working with the Punjab Government and have taken a house-building loan from the government. The principal amount is being deducted by the authorities but interest will be deducted after the principal amount is fully recovered. Please let me know whether I will be entitled to get deduction in respect of such interest on the principal amount for the tax benefit. I have been informed that they will not give benefit of interest as at present they are not taking any interest. —
Rajiv
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I have recently sold my only house in Mumbai and earned a LTCG of Rs 60 lakh. Later on I shifted to my in-laws’ house in Chandigarh. The house I sold was the only house owned by me and was acquired from housing board under CLP scheme. My questions are:
Moreover, housing rentals in the Delhi-NCR region have gone up by an average of 8 per cent in Q1-13 when compared to the same period a year ago. The highest appreciation during this period was seen in Sector-44 Noida and Sector-54 Gurgaon with 70 per cent increase in rentals.
Q.
I am a permanent resident of Ambala Cantt and am currently posted inKurukshetra. My ancestral home in Ambala Cantt is about 80-90 years old and is in a bad shape. This house was purchased by my late grandfather in an open public auction by giving the highest bid of Rs 19,800. This auction was held on March 25, 1959 by the Managing Officer (Sales), Jalandhar (Govt. Deptt) during PEPSU days. The certificate of sale so issued by this government authority was also got registered by my late grandfather from the Sub-Registrar, Ambala. My grandmother and parents are also not alive now and the mutation of this house is presently in the name of us two brothers.
Real estate firm of the Mahindra group, Mahindra Lifespace Developers Ltd, is set to venture into affordable housing segment with pilot projects in Mumbai’s suburb Boisar and another in Avadi, north Chennai.