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Gear up to pay more for that dream home
The property market in the tricity area may be lukewarm due to low investor interest, but things seem to be hotting up on the price turf. Over the past few days a number of builders in the periphery areas like Zirakpur, Dera Bassi and Mohali have announced an increase in the prices of flats and plots in their projects. While the Navratras was the time for cash discounts and freebies like LCDs, ACs, gold coins and other things, now the trend seems to be that of price hike.
Govt may soften ECB norms for low-cost housing
real
talk
decor
trends
Make your home termite proof
Ground
Realty
at home
with fENG SHUi
tax
tips
loan
zone
Realty expo in Chandigarh
project
watch
realty
bites
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Gear up to pay more for that dream home
In the current crisis-ridden property market where prices have gone down in the secondary market by 15 to 25 per cent in Panchkula and Chandigarh areas in the past 18 months, the primary market is seeing price revisions. While the correction has been there in the secondary market as just a handful of buyers are looking for re-sale properties, it is the new and fresh crop of residential inventory that is more in demand, especially in the periphery areas of Zirakpur, Mohali and Panchkula. This consistent demand has, according to experts, triggered the price hike to a great extent. Home buyers’ dilemma This hike has, however, left many home-seekers like Rakesh Sharma high and dry as the so far “affordable” periphery areas, too, threaten to become out-of-reach soon. “As a salaried person I can’t even dream of affording a home in Chandigarh and Panchkula sectors, but prices in the periphery areas are within my reach and moreover the constructions are new and better than the old ones within the city. But the recent increase in the prices here is a bit of a dampner and has forced me to postpone my decision further,” he says. But for market watchers the increase in prices in these areas was long overdue and in spite of it now is the best time to buy a home in the periphery as the built up properties will become costlier by the end of this year. “Due to the slowdown at present the prices are low but things are not going to stay the same for long, so those looking for properties should not defer their decision for a longer time,” says Amit Verma, GM, Sales and Marketing, Gupta Builders. The hike The Motiaz group has already revised the prices by 5 to 6 per cent in its Motiaz Royal City and Royal Business Park projects on the Ambala road and in another project in Baddi. The Barnala Builders group has increased the prices by 10 per cent in its Maya Garden City project in Zirakpur, while the SBP group has enhanced prices by 20 per cent in its South City, Zirakpur, project and by 5 per cent in SBP Housing at Dera Bassi. Moderate price revision has also been seen in some projects offering the unconstructed plots like the Rosewood Estate in Dera Bassi. Factors in play While buyers like Sharma may feel cheated, market watchers see this hike as long overdue due to increase in the cost of construction material like cement, steel, sand, gravel and bricks. “Actually the prices have not been increased ever since the current slowdown started around November 2011, but with the cost of construction going up considerably the current revision had become necessary”, says Aman Singla, MD, SBP Group. Another factor that has lead to this increase is the rising preference of buyers for the ready-to-move-in flats. As the current market is an end user driven one, more and more buyers are looking for projects that are nearing completion as they want to move into a flat immediately after paying the money. And most of the projects where prices have been increased are the ones where possessions are likely to be handed over within this year. At SBP’s South City the possessions are going to be handed over from May 15 onwards, and so is the case with Maya Garden City. “Earlier, the price gap between the under-construction and ready-to-move-in projects was very less, especially in the Zirakpur area. It was around Rs 3 to 4 lakh in the pre-2011 time (before the current phase of the slowdown started) but now that difference has grown considerably to as much as Rs 10 to Rs 15 lakh as buyers don’t want to risk their money in delayed projects. They prefer to pay a little extra in projects likely to be completed soon”, says Singla of SBP Group. The price of an under-construction flat is around Rs 2,700 to Rs 2,800 per sq ft where as a ready-to-move-in flat in a good society is priced in the range of Rs 3,500 to 3,800 per sq ft. But still the sale of these is much more than those likely to be completed after two or three years. Timing issues Commenting on the timing of this increase Singla says, “For the past two years many factors made us defer a price hike. Firstly it was important to win back the trust of buyers that had been badly shaken after the Royal Empire scandal wherein the builder abandoned his project. A large number of buyers become extremely apprehensive about all the projects in the area and we had to show them that we will deliver in time and at the promised costs even though it meant huge loss due to increased cost of construction and increased bank interest rates”. So it seems that those who completed the projects against all odds in the past two years are now cashing in on this by increasing prices. Will this increase further hit a staggering realty market where high prices have already driven away many genuine buyers? “The buyers have little choice in this regard but it will be unrealistic to say that there will be no effect on sale volumes for sometime,” says Raghav Aggarwal, a Zirakpur-based property consultant. However, the builders are banking on the timing of the hike as J.C. Mittal, Director of the Motiaz Group says, “As a large number of those investing in property are agriculturalists, after the harvesting of wheat they have ready cash to invest and the demand for property goes up during this time so we will get good response in spite of the increased prices”. “The buyers' response has been good as their basic concern is to get the possession and when they see that the project is 80 or 90 per cent complete they are sure of getting full value for their money, ” adds
Singla.
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Govt may soften ECB norms for low-cost housing The finance ministry and Reserve Bank of India (RBI) officials are likely to meet this week to consider relaxing norms for raising funds through the external commercial borrowing (ECB) window for low-cost housing sector.
“We will meet RBI officials this week to consider easing the norms for raising funds through ECB route for low-cost housing sector,” "a senior finance ministry official said. The meeting assumes significance as India’s Current Account Deficit (CAD) widened to a record 6.7 per cent of GDP in December quarter driven by heavy oil and gold imports and muted exports. ECB is an instrument to facilitate access to foreign money by Indian corporations and public sector undertakings. Amid high domestic interest rate regime in the country, Indian companies are increasingly availing ECB route, raising funds at lower cost from the overseas markets. Earlier, in December 2012, the RBI had allowed real estate developers and housing finance companies to raise up to $1 billion through ECBs in the last fiscal to promote low-cost housing projects. According to the latest data available with RBI, ECBs of $ 2.1 billion were raised by Indian companies in February 2013, against $ 2.6 billion in the corresponding month the previous year. At present, ECBs can be raised for investment such as import of capital goods, new projects, and modernisation or expansion of existing production units.
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real
talk With the growing demand for housing in the affordable segment government as well as several developers have become proactive. A huge gap in the demand and supply of houses in the price range of Rs 15 to Rs 20 lakh offers a vast opportunity to developers by opening up a segment where there is no dearth of buyers in the given price range. One of the major developers to foray into this segment recently is Tata Housing, which has pioneered the concept of affordable housing with Smart Value Homes Limited (SVHL). The group is developing four townships across India in Boisar, Vasind, Ahmedabad and Bengaluru. Brotin Banerjee, MD & CEO, Tata Housing talks about the group’s initiative and the pressing need for affordable housing in the country. Excerpts:
Currently, affordable housing is the buzzword in the real estate sector and is witnessing increased investment activities. Rapid urbanisation in India has lead to an increase in demand for affordable housing. According to the Ministry of Housing and Urban Poverty Alleviation (MHUPA), India's urban housing shortage is estimated at around 18.78 million households in the 12th Five Year Plan (2012-2017). Conventionally, the responsibility of providing affordable housing has been with state housing boards and development authorities. But some states have taken steps to involve private developers also in this endeavour in order to meet the demand in this segment and have also framed different policies for urban as well as affordable housing projects. However, much more needs to be done to make housing affordable for developers as well, who are hesitant to pass-on input cost hikes to consumers and get burdened with unsold stock. This is the biggest hurdle in the path of providing affordable housing, which, if done properly, could solve India’s humongous housing shortage. What are the major hurdles in this segment? Affordable Housing is crucial to India’s realty industry but there are many obstacles in this endeavour. Cost escalations due to delayed permissions, lack of access to cheap credit and scarcity of building material are creating major difficulties in the sector and above availability of land to develop affordable housing in urban centers at reasonable rates is the biggest hurdle. However, there is always room for development and support from the government. The government should support developers with regulated lower interest rates for affordable housing projects, higher FSI, discounts or waivers in stamp duty and registration and tax incentives for developers. As a developer, what are the steps that you have taken to keep the prices low? As the forerunners in the real estate industry, Tata Housing has always been sensitive to the needs of the end consumer. With every project, we conceptualise a theme which then gets expanded at every stage of development. It factors in our choice of site architects, planning the project layout, internal planning of the building, construction, and finishing. As a part of a long-term strategy, the company is looking at building homes in emerging Tier I & II cities. Our Smart Value Homes have raised $ 50 million from International Finance Corporation (IFC) for funding affordable housing projects. We are also planning to launch projects in Maharashtra, NCR and Bengaluru. As of date we have three affordable housing projects two in Maharashtra, one each in Ahmedabad and Bengaluru collectively offering over 10,000 units. What is the price threshold for affordable housing? We have launched a 100 per cent subsidiary Smart Value Homes to exclusively focus on low-cost and affordable homes. Under this subsidiary we have two pan-India brands — Shubh Griha (Value Homes) and New Haven (Affordable Homes). Shubh Griha Low Cost/Value homes are offered in the in the range of Rs 7-Rs 12.50 lakh whereas New Haven Affordable home is in the price range of Rs 15 lakh-Rs 35 lakh. Which are the new projects being planned by your group for the northern region? We are planning to launch a new project in Delhi NCR soon and plan to expand the Smart Value Homes (SVHL) portfolio to other cities as well. This year we will be launching about 15-20 mn sq ft of projects and will continue to expand our presence across 10 metros and emerging cities. — As told to Geetu Vaid
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decor
trends
The definition of a bathroom has changed in today’s times. Utmost care is taken in designing it these days as a bathroom is a very personal space in the house for the owner. It is a space where one shuts the rest of the world out and connect with oneself.
The trend these days is to have separate bathrooms for husband and wife as a man’s preferences in the bathroom are very different from those of a woman. And taking this forward, the children also take to the bathroom of the same sexed parent — a boy his father’s and a girl her mother’s. Therefore, designing completely changes depending on whether it is a man’s bathroom or a woman’s. Styling trends to remember about the following: Fittings Always insist on the best quality GI pipe fittings and chinaware. ‘Soot’ should be rolled over the underground GI pipes. This is because it absorbs any minor leakage that might occur and prevents it from coming through the tiles/walls. Chinaware should be inspected for any cracks or defects before insatalltion. As far as the styling trends are concerned, chinaware in pure white and fittings in Chrome are back in vogue. Rain showers are always a favourite as they distribute water over a larger surface area. Besides showers, bath cubicles with various faucets at different levels dispensing high pressure water are also popular options. This is like a mini standing jacuzzi. These cubicles come built in with a radio to tune in to your favourite station and indulge in some bathroom singing. It is very imporatnt to keep the showehead clean for the water pressure to flow properly. Bathtubs Many consider a bathtub a piece of art in itself. The shapes can vary from the traditional rectangular ones to other geometric and angular shapes. But you can’t experiment much with shapes as you have to see the feasibility of using oddly shaped bathtubs. Most popular and practical material is ceramic Mirrors Heated flooring In a tropical country like ours, this is not necessary at all. However, for those living in the hill states in the northern region can get it installed. It has to be done at the time of flooring. Neccessary equipment is installed under the flooring material and appropriate vents are left for the heat to come through. Temperature Control This can be easily achieved by an in-built air conditioner to make the bathroom warm or cold according to your preference. Heated seat rings are a good choice to be installed over the WC — The writer is Interior Designer,
Creative Director of I” M Center for Applied Arts
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Termites can ruin the peace of mind of any house owner as they can severely damage furniture and woodwork. These are highly adaptable and are tough to control and can cause serious structural damages.
These insects are also very fast in their destructive powers as they are not easily noticed and never stop working and eating their way through a home’s wooden structure. One should take all precautions to prevent the termites from taking over one’s home: As these insects feed off the cellulose in wood, they turn furniture into powder. It is for this reason that only treated wood is advised to be used in homes. As untreated wood becomes an entry point for termites, any kind of untreated wood should not come in contact with the soil surrounding a home. Know them Termite identification is definitely the most important step in preventing infestation. Recognising and knowing the physical attributes of termites help in stopping further damage. Termites have a more distinct appearance compared to ants. They are generally dark red in colour. These insects are found in colonies like ants and their number in these colonies can be enormous. Termites are generally between 1/8 of an inch to an inch long. As most of the people have not seen termites, recognising them from termite tubes can be easy and less time consuming. Controlling them Controlling the spread of termites involves identifying and locating the nest and choosing the finest and most long-lasting eradication methods. One has to be always cautious with building inspections in termite-prone areas, for example, in independent homes. One should use naturally resistant or treated wood in homes, and in case of independent homes, chemical and physical soil barriers should be placed around the building. The treatment should be repeated after every 18 to 22 months to prevent any damage. The person who comes in for pest control treatment should thoroughly inspect the entire area for the insects. A termite inspection is very helpful as the professional generally detects the old and damaged part of home and furniture, gives tips on future prevention and carries out the treatment to minimise termite infestation. The first signs of termites typically show up on the exterior of the home; therefore, the perimeter of the home should be inspected thoroughly. All the dead bushes should be removed from the perimeter of the home as these can be a perfect place for termites to build their colonies. Within the interiors, search for termites in every room in the house, under the beds, behind the curtains and inside the cabinets. Termite tubes can be present on floor boards and thus are easily visible. — Inputs by Makaan IQ
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Ground
Realty
Constructing one’s own house is a long and tedious project requiring a great deal of time, effort and money. For many it is a once-in-a-lifetime-task and all the three elements — time, effort and money tend to exceed beyond limits. The most critical phase of house building is when the finishing works are in progress and seem to continue endlessly. The owner is in a hurry to drive out the workers; hold the griha-pravesh ceremony and experience the joy of living in the house built so fondly by him. This is the time to concentrate on a few small but important things which, if ignored, may become major problems later on. Before the house is finally declared as completed, one must check the following:
All this done, you are free to move into your house. This column is published fortnightly
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at
home with fENG
SHUi Balancing the flow of energies in your garden area is very important. Here are some more Feng Shui principles that you should keep in mind to achieve that perfect balance for your garden:
A north-facing garden Remember that the sound of flowing water attracts Chi, especially when sunlight is allowed to play on the surface of the water. To create movement, use a small pump or fountain and never keep water in the shade. If you have room then you can dress your water feature with plants, but do not overdo it. If your pond attracts frogs, encourage them: life in the garden represents Yang energy. A south-facing garden South is associated with the fire element and south-facing gardens will be more auspicious if they open out from a dining area rather than from a kitchen. East-facing garden East is associated with the big wood element and southeast with small wood. Ornamental trees, bamboo, and flowers are suitable for the east; small leafy plants and flowers are best for the southeast, especially chrysanthemums and orchids. A northeast-facing garden Northeast is associated with the small earth element, so designs that incorporate pebble gardens or paths and small rockeries are suitable. A southwest-facing garden Southwest is associated with the big earth element. —The writer is a Panchkula-based
Feng Shui consultant & founder of The Artizens
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tax
tips
A. On the basis of facts mentioned in the query it is presumed that the compensation received by your brother in respect of the compulsory acquisition of the agricultural land by the Haryana Government was not chargeable to tax in view of the provisions of Section 10(37) of the Act. The reply to your query is, therefore, based on this presumption. Can I claim rebate on interest paid to wife? My queries are: A. Your queries are replied hereunder: What will be the outcome of delay by bank in issuing bonds? A. Section 54EC of the Act requires that an assessee has to invest in the acquisition of REC bonds within a period of six months after the date of transfer of the capital asset. The house having been transferred on May 15, 2012, the investment should have been made within six months of the said date. The facts in the query indicate that the payment by you was made on November 13, 2012 which is within the period of six months. It is a settled law that if payment by any cheque is accepted and cheque on presentation is encashed, the payment relates back when the cheque had been received (122 ITR 789, 800). You should obtain a certificate from the bank on that basis as the investment has been made by the due date. The claim for exemption may be made on that basis. However, the fact that the allotment was made on November 30, 2012 by REC, as explained in the query, is bound to involve litigation with the department. Rebate on compensation amount
A. There is no provision in the Act which allows the deduction of expenditure incurred or to be incurred on the repairs to the portion of the building which has not been acquired by any public authority. However, it may be possible to claim that (a) the amount spent for substantial repair of the building is an improvement to the existing structure and therefore the amount incurred on such substantial repairs of the building should be adjusted against the amount of compensation received and no tax should be payable in respect of the compensation so received; and (b) as and when the building is transferred, the original cost of the building and the amount of such expenditure on improvement (i.e. expenditure on substantial repairs less compensation) should be taken into account for the purposes of computing the amount of capital gain arising on such transfer. Can I claim exemption on LTCG? Q. I had puchased a residential plot in 1990 and sold it in the financial year 2011-12. The amount received could not be deposited in the Capital Gains Account with the bank and capital gains tax was also not paid. However, the whole of the amount had been kept in bank as an FD. The amount was withdrawn and was utilised to purchase a residential plot during the financial year 2012-13. What would be the amount of capital gains on which tax would be leviable? Can I claim exemption from the tax on capital gain? — rajiv A. It is not possible to compute the amount of capital gain as the figure of cost and sale price have not been indicated in the query. The capital gain arising on the sale of residential plot would be a long-term capital gain. The facts indicate that you have acquired a residential plot and not a residential house within the next year. It may, therefore, not be possible for you to claim exemption from tax in respect of the long-term capital gain arising on the sale of the residential plot. However, in case you intend constructing a residential house within the specified period, you should take steps to deposit the balance amount of net consideration under capital gain scheme account without any further delay. It should be possible to argue that the deposit has been made within the extended time limit provided in Section 139(4) of the Act (CIT vs, Ms Jagriti Agarwal 339 ITR 610) (P & H). These steps should enable you to claim the exemption from leviability of tax on the amount of capital gain.
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loan
zone Q.My son and daughter-in-law bought a luxury apartment in Chandigarh sometime back. They took a joint home loan of Rs 70 lakh from a public sector bank. But they had marital problems soon after the monthly EMI payments started. And now they have separated. The home was registered in the name of my son and as a result his ex-wife did not get a share in it. Who will re-pay the home loan in such a scenario, and who will be the rightful owner of the apartment? — chander mohan
A.Situations like these aren’t unusual today and therefore, women need to know the implications of taking a joint loan with their husbands. In your case, the property was registered in the name of your son and your daughter-in-law didn’t get a share in it when they parted. Yet, she has to continue paying her part of the EMI because she had signed as a co-borrower. Under usual circumstances, taking a joint loan does have its benefits. For one, when banks sanction housing loans, they evaluate if the borrower’s income is enough to pay back the loan. If a single income isn’t enough to cover the loan amount, the borrower will be encouraged to bring in a co-applicant. Many young couples today opt for a joint housing loan to be able to afford a better home. But the flip side of stretching your budget this way is that, it robs both of you of the flexibility to take a mid-career break or switch to a low-paying job. Many couples also opt for a joint loan as it gives them additional tax benefits. For instance, if you take a joint home loan, both husband and wife can individually claim deduction under Section 80C and Section 24 of the Income-Tax Act towards the principal and interest deductions, couple can deduct up to Rs 1 lakh on principal (Section 80C) and up to Rs 1.5 lakh on interest (section 24) paid on the loan in that year. But do note that this benefit is only if the home is registered in both your names. Being a co-applicant to the loan alone doesn’t get you this tax break. However, while signing on as co-applicant, it is also essential to know your liabilities. When the primary borrower defaults, has to file for insolvency or passes away, it becomes the co-applicant’s responsibility to settle the loan in full, And do note that the repayment record on joint loans counts for your CIBIL score. The Credit Information Bureau (India) Ltd maintains information of all individuals’ payments relating to loans. It gives scores to individuals based on their credit history. Irregularity in payment by a partner or co-applicant can impact your eligibility to take a loan in future. Before you sign as a co-applicant in a home loan, make sure that you get a right to the property as well. Registering the house in joint names will make your share in the property also becomes undisputable. The couple taking the loan should ideally take separate term life covers to reduce the financial burden on the other person in case of an unfortunate happening. Also, if you are a co-borrower, you could perhaps draw up and sign an agreement with your spouse on splitting the liability. This will avoid any clashes in future. In a joint loan, it is possible to state in the loan agreement itself that the wife’s or husband’s liability as a co-applicant shall not exceed a given percentage of the principal amount of the loan. In the agreement one can also specify the absolute amount on account of interest that will be payable at any time. But if the lender disagrees to such a clause, then, the husband and wife can draw up an agreement separately by putting the terms on a stamp paper and signing it. This agreement, however, will not be binding on the lender. It will be useful only in case of a dispute between the co-borrowers.
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As many as 200 real estate projects were showcased at a two-day real estate expo organised by Estate Aveneues in Chandigarh last week. Around 30 developers from NCR region, Punjab, Haryana and Uttarakhand took part in the event that was also attended by brokers from the region. The event, which was inaugurated by CEO of Estate Avenues, Suraj Sharma, provided a B2B & B2C engagement to many leading developers. The agenda of the expo was categorised in three tracks: firstly, to understand the new- age consumer; secondly, what he expects from today's developers and lastly, the new order real estate distribution framework that would make it all possible. High-powered panel discussions addressing the key issues confronting the sector formed an important part of the second day of the event. Key participants were Ansal, DLF, Alpha G' Corp, Amrapali, Unitech, Shri Group, Comic, Sandal Lands, Assotech, iLD, Spaze, The Imperial, BOP etc. The proceedings were chaired by Kulwant Singh CMD Janta Housing Mohali; Ananta Singh Raghuvanshi, Director DLF; Darpan Kapoor Vice-President CII; Manish Kumar Patty Director JLL. The state of real estate sector in the region and issues of funding and regulation were taken up in the panel discussions. An award ceremony was also held on the occasion to acknowledge the contributions of different players in different segments of the Industry. The DLF Group was given the Developer of the Year award for its operations in north India, while Janta Housing Mohali was declared the Developer of the year for Punjab. In Haryana the TDI group won the Developer of the Year award. The ATS group was adjudged the best luxury housing developer of the year for north India and the Alpha G Corp won awards in five categories for 'Best Residential Developer of the Year - North India'; 'Best Industrial Developer of the Year - North India'; 'Best Promising Upcoming Project - North India' for their newly launched project, Mainland Meerut. Besides, Mr. SK Sayal, Director & CEO, Alpha G:Corp won the Award for 'Real Estate Professional of the Year' and Dr. Prodipta Sen, Executive Director, Marketing, Corporate Affairs & Retail, Alpha G:Corp won the award for 'Real Estate Professional of the Year', both under the professional awards category.
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project
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SRS Tower inaugurated The SRS Group, inaugurated SRS Tower on National Highway-2, Mathura Road, Faridabad earlier this week. Sporting a 2.25 lakh sq. ft. built-up area, the tower has several features for convenience that include things like six high-speed elevators and adequate parking space for the occupants and visitors. Possessions handed over Taneja Developers & Infrastructures Ltd. (TDI), have handed over possessions of Phase-I of its Tuscan Residency project at TDI City, Sector 110, Mohali. Tuscan Residency is part of an integrated township and offers individual floors as G+2 on a plot size of 200 sq yd with a total of 240 floors on 80 plots. The contemporarily designed 3 bedroom independent floors are well equipped with modern fittings. Speaking about the same Sanyam Dudeja, COO-Punjab, Taneja Developers and Infrastructure Ltd. said, “The first phase of possessions consists of 48 floors, all 3BHK has been completed. The letters of offer of possessions have been dispatched. The possessions of all the remaining floors will be given in phases every month till July end”. The project was launched in 2011.
— Based on information provided
by the builders
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realty
bites
A Spanish software company is developing a computer tool that will help improve building safety in earthquakes and can also be used in construction projects by companies located in seismic zones.
The new aspect of this software, which is geared toward architects, engineers and construction firms, is that it is capable of calculating the effect that the facades, the partitions and the walls - that have a tendency to develop cracks in a quake — will have on the overall structure of a building. The Arquitectura, Ingenieria y Construccion CYPE software company, based in the eastern Spanish city of Alicante and operating in more than 47 countries — mainly in Latin America, Portugal and North Africa — has been working on the product for a year, the firm’s technical director, Carlos Fernandez, said in an interview with EFE. The aim of the software, development of which is almost completed, is to better analyse the structure of a building and its behaviour in the face of different seismic risks, Fernandez said. “This is one more tool that’s going to contribute to improving the safety of ... buildings in seismic zones, but it’s not the definitive weapon, it’s not a panacea,” he said, adding that the project will have an international market because many professionals around the world will be able to make use of it. The new computer programme is based on the analysis of real architecture and it would be used, at first, to analyse newly-constructed buildings in earthquake zones. — IANS
Sobha Group JV with Meydan Group The Meydan Group has announced the creation of a joint venture with Sobha Group to develop 4 million sq m (more than 1,000 acres) of prime freehold land into an exclusive destination of key leisure and retail attraction points surrounded by spacious residential communities, within Mohammed Bin Rashid City. Located alongside Al Khail Road, adjacent to Meydan Racecourse and less than three kilometres from Dubai’s key financial, leisure and shopping districts, the community named ‘Mohammed Bin Rashid City — District One’ will be the closest residential villa and green space development to the famous Burj Khalifa district. Meydan Sobha FZ LLC is an equally-split joint venture, which includes the development of city parkland, waterways, woodlands and open spaces covering a spectacular 2.4 million sq m (600 acres) of Mohammed Bin Rashid City — District One. RICS to address inconsistencies in property measurement rule The Royal Institution of Chartered Surveyors (RICS) and 15 other global property organisations have joined hands to address the issue of inconsistencies in the methods of property measurement across the world. RICS, a global body for setting standards in property sector, convened the first meeting of the International Property Measurement Standards Coalition (IPMSC), at the World Bank in Washington earlier this week. The meeting was organised to launch an initiative aimed at developing a consistent international property measurement standard, RICS said in a statement. From India, Confederation of Real Estate Developers' Association of India (CREDAI) participated in the meeting. “An example of current inconsistency is the way in which floor space is calculated,” RICS South Asia Managing Director Sachin Sandhir said in the statement. He cited the example of India where the concept of super areas have been used to include outdoor swimming pools, stairs, common areas such as pavements. In parts of the Middle East, he said the floor areas can include the hypothetical maximum number of floors that could be built on the existing foundations, while in Australia the measurements include outdoor parking spaces even when they are not physically adjoined to the property itself. “To remove these inconsistencies across countries in measurement practices and to create and implement uniform measurement code, RICS has taken the initiative to bring some important organisations from across the world to discuss its implementation,” Sandhir said. — PTI
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Constructing one’s own house is a long and tedious project requiring a great deal of time, effort and money. For many it is a once-in-a-lifetime-task and all the three elements — time, effort and money tend to exceed beyond limits. The most critical phase of house building is when the finishing works are in progress and seem to continue endlessly. The owner is in a hurry to drive out the workers; hold the griha-pravesh ceremony and experience the joy of living in the house built so fondly by him. This is the time to concentrate on a few small but important things which, if ignored, may become major problems later on. Before the house is finally declared as completed, one must check the following:
Q. Agricultural land of my brother was compulsory acquired by the Haryana Government for public purpose in 2007. The said land was being used for agricultural purposes by him though it was within the municipal limits of the city. The land was not ancestral property of my brother rather it was a self-acquired property. In 2013, my brother got enhanced compensation amount of Rs 50 lakh from the Court. Now he wants to gift the entire amount to me with the consent of his family members i.e. wife, son and daughters. So kindly advise me on the following points:
The property market in the tricity area may be lukewarm due to low investor interest, but things seem to be hotting up on the price turf. Over the past few days a number of builders in the periphery areas like Zirakpur, Dera Bassi and Mohali have announced an increase in the prices of flats and plots in their projects. While the Navratras was the time for cash discounts and freebies like LCDs, ACs, gold coins and other things, now the trend seems to be that of price hike.
A lot is being said about affordable housing, do you think sincere efforts are being made in this direction in our country?
This is the primary and most important factor. You can jazz up the look as much as you want but if your fittings are not right you will always have a leaking faucet or a dripping corner.
Showers
Mirrors work as a wonderful bathroom accessory. Depending on the look of the bathroom, you can go for a vintage look mirror with a broad laser-cut frame or a modern-looking mirror in an exciting shape. Wall-to-wall mirrors at eye level look great in bathrooms as they give an illusion of space and enhance the look of the bathroom.
HOW TO PLACE
Dressing room adjoining the bathroom is ideal. TV screens or music systems are specially designed for bathrooms for the electronics junkie.
PLAY OF themes
Next are the sanitary fittings. Check every mixer, tap and stop cock as operational. Check that every cistern is working effectively, and that towel rails or racks, showers, soap dishes, mirrors, hooks and shelves below mirrors have been provided. Check the jets, if provided, as working well. Ensure that none of the fittings is leaking. Roll up a piece of toilet paper, throw it in the seat and run the flush. See that it gets carried away. Check all toilets like this. Run the wash basin taps full blast and see that the water gets drained immediately. If it goes down slowly, get the drain pipes or bottle traps cleaned. Also see that there is no splashing out of water on full running of wash basin taps.
As north is associated with the water element, water features such as a small pond, ideally stocked with crap (koi crap are perfect), or a small turtle or terrapin, will make your garden extremely auspicious, especially if these are located at the back of the home. Keeping fish creates Yang energy in the water corner, and a turtle activates the symbolic celestial creature of the north. However, do observe the following rules:
Q. Agricultural land of my brother was compulsory acquired by the Haryana Government for public purpose in 2007. The said land was being used for agricultural purposes by him though it was within the municipal limits of the city. The land was not ancestral property of my brother rather it was a self-acquired property. In 2013, my brother got enhanced compensation amount of Rs 50 lakh from the Court. Now he wants to gift the entire amount to me with the consent of his family members i.e. wife, son and daughters. So kindly advise me on the following points:
Q. I am a 65-year-old retired government employee. I am getting pension and paying tax. My wife is a homemaker. She doesn't have any source of income. I have a house in Ambala that was constructed about 30 years back. This one had to be demolished and a new residential house is being constructed on the same plot. The demolition took place last year in May and construction work was started in June. For the construction of the house I am using funds from my own savings and have also taken a loan of Rs 10 lakh from my wife. She had some fixed deposits in her name which were made out of her savings account. The deposits in her savings account represent savings from house expenditure and cash given to her by her parents and relatives on various occasions. These fixed deposits were encashed to advance loan to me.
Q. I sold my house and the payment was received on May 15, 2012 — the day of execution of conveyance deed. In order to save income tax on capital gain arising from sale proceeds, I had to invest the capital gain amount in REC tax-saving bonds under Section 54 EC of Act within six months of the sale. I, therefore, submitted my application in the designated bank of REC i.e. HDFC bank on November 13, 2012 along with a local cheque. The bank acknowledged the receipt the same day. The bank, however, credited the amount in the REC account on November 17, 2012 and the REC issued me the bonds by showing the date of allotment as November 30, 2012. Kindly clarify whether the investment would be treated to have been made within six months or not.
Q. A part of my building had been acquired compulsorily by the municipal authorities for the widening of a road. The acquisition of such part and construction activity has led to a substantial damage to the other parts of the building and the repair work will cost a lot to me. The compensation received may not meet the expenditure of such repair. Is it possible to claim deduction in respect of such expenditure against the compensation so received? — shailesh
The construction work of Motiaz Royal Business Park on Chandigarh-Ambala Highway, Zirakpur was started earlier in the week after a bhoomi pujan ceremony. The 18-storey business park, which will have office and recreational areas besides a 150-room four-star hotel, will be completed in two and a half years.