|
|
|
|
| REAL ESTATE |
|
|
|
area
watch: gurdaspur City of poor returns While the Punjab Government is going all out to project the state as a promising realty destination, there are several pockets where the market has been stagnating for over two years. Gurdaspur, which was the epicentre of terrorism in the 1980s, is one such area where the realty scene is pretty dismal according to the local property experts. The fact that the scars of militancy are still visible here in many ways and the step-motherly treatment meted out to this border district by successive state governments are the two main factors that have stunted the growth of the realty sector in this area.
Maharashtra attracts Rs 3 L crore investment in realty sector
decor
trends
Sparkling splendour
tax
tips
vaastu
wisdom
REALTY GUIDE
on the
anvil
project
watch
|
|
|
|
area
watch: gurdaspur
While the Punjab Government is going all out to project the state as a promising realty destination, there are several pockets where the market has been stagnating for over two years. Gurdaspur, which was the epicentre of terrorism in the 1980s, is one such area where the realty scene is pretty dismal according to the local property experts. The fact that the scars of militancy are still visible here in many ways and the step-motherly treatment meted out to this border district by successive state governments are the two main factors that have stunted the growth of the realty sector in this area.
There have been some positive developments over the past two years here like increasing urbanisation, the proposed construction of the vital District Administrative Complex (DAC) and the multi-storeyed Judicial complex. But the property market is yet to warm up fully to these positive developments. Stagnation rules Land prices of commercial as well as residential properties have almost been static in this border district for the past three years due to a number of reasons. A majority of the property dealers claim that this stagnation in prices, after the 2002-2007 boom, is basically due to the faulty real estate development policies of the ruling SAD-BJP alliance. As compared to the neighbouring districts of Hoshiarpur and Pathankot, the prices of even the agricultural land have not exactly spiralled here. Land on the outskirts of the city commands a price of just Rs 15 lakh to Rs 40 lakh per acre. “Despite the comparatively low rates, people are just not interested in buying agricultural land. There are some tracts of prime agricultural land which are up for sale but there are no buyers,” rued Kuldeep Singh, a local property dealer. Scant growth There are just four colonies in the town that have been approved by PUDA while all the other — numbering nearly 100 — have come up in an illegal way. This trend of unapproved colonies is not only eating into the government revenue but is also acting as an impediment in the proper development of the town. In Gurdaspur, there are more salaried people than businessmen. “This class of people buy property for their long-term financial security in illegal colonies instead of going in for buying land in PUDA and Improvement Trust colonies,” says Manjit Singh Dala, owner of Jawahar Enclave, one of the few PUDA-approved colonies in the city. With prices of plots in all the three PUDA-approved colonies in the city getting unaffordable for the salaried class, more and more people are buying plots in illegal colonies in the hope of getting better returns once the state government takes steps to approve these colonies all over the state. The average price of a plot in unapproved colonies is between Rs 50,000 and Rs 1.50 lakh per marla (25 sq yd). “Compare this rate with those in the PUDA-approved colonies where the going rate is between Rs 2.50 and Rs 3 lakh per marla. Obviously, people prefer to buy plots in unauthorised colonies. Likewise in the three government colonies (Improvement Trust colonies), the rates are much more and can be compared with those in the PUDA colonies”, says Dala. He claims that all was well with the town’s development during the tenure of Capt Amarinder Singh as Chief Minister. Dala, who is a well known developer in the city, revealed that the Congress government had issued a notification that the District Town and Planning Officer could approve colonies which had an area of up to 10 acres. “Business was really good those days but things turned topsy turvy when the SAD government revoked this notification.” Blaming the complex approval process for high prices in approved colonies, Dala said, “In order to get the stamp of approval from PUDA, a coloniser has to get a minimum of 15 NOCs which mean increased cost for the developer”. This has a cascading effect on the prices as the enhanced cost is transferred to the buyers. “A coloniser who invests a hefty amount in getting al the approvals will charge more from the buyers,” he added. Dala’s views are echoed by many of his ilk. They claim that the unapproved colonies are thriving in the area as these offer a cheaper option to mid-segment buyers and small investors. “But a mushrooming of these means that town planning rules go for a six and as a result haphazard development can be seen throughout the town,” claimed a property dealer. The virtual absence of malls and major retail outlets here has lead to stagnation in the commercial segment too. Since the city has not seen much development over the past few years, the rental values are also very less. “The only area which commands a bit higher rent is the one adjoining the Institute of Hotel Management, Nutrition and Catering (IHMNC). Outstation students take rooms on rent here and as a result the demand is much more and rents are high. Otherwise, in all other areas of the town the rent is on the lower side. You can get a four-room house for as low as Rs 2,500 per month in these areas. These rates, as compared to house rents in neighbouring Pathankot, are indeed very low,” commented Kuldeep Singh, a property agent. The realty market in the city thus is waiting for better days.
|
||
|
Maharashtra attracts Rs 3 L crore investment in realty sector Maharashtra is one of the top five states, including Gujarat, Haryana, Karnataka and Andhra Pradesh, with the highest share for attracting the maximum outstanding investments in the real estate segment across India, industry body Assocham has said.
Currently, these five states account for over 70 per cent of the total outstanding investments attracted by the realty sector across India. Maharashtra accounted for nearly 20 per cent of the total Rs 14 lakh crore outstanding investments attracted by the real estate sector as of March 31, Assocham said in its report. The state attracted Rs 3 lakh crore outstanding investments in the real estate sector as of March 2013. The realty sector accounts for over 11 per cent share in total outstanding investments worth over Rs 122 lakh crore attracted by different sectors from various public and private sources across the country. However, according to the report new investments in the realty sector in Maharashtra plummeted by over 55 per cent during FY12 and FY13, Assocham national secretary general D.S Rawat said. “The real estate sector in India has been plagued with serious problems of late like falling sales, rising construction costs, dampened market sentiment overall, sluggish economic growth, high interest rates, high inflation and poor industrial production (IIP), due to which leading players in the sector had to sell off their land to reduce debt... “Private equity players have trimmed their exposure in the realty sector and general slowdown in various industries has hit commercial real estate,” he said. However, certain positive developments like Parliament’s approval of FDI in multi-brand retail that would attract foreign investments would give a fillip to the retail industry and boost the demand for commercial real estate, Rawat added.
|
||
|
decor
trends Blinds and chiks are widely preferred in summer months as these are energy-efficient alternatives to keep homes cool. In the hot and dusty plains of north India, chiks have traditionally been used to keep the interiors cool and dust-free during summer months. These have been used in homes to adorn windows by using bamboo or sarkanda / sirki grass as the base material. Over the past few years chiks have become very popular in urban settings, especially in the metros. Right from roadside vendors displaying a colourful array of designs to the upmarket boutiques showcasing the traditional chic, there is ample choice available if you are looking to add this earthy and traditional touch to your home. The makers usually create products on the basis of required specifications. The designs are named according to their shape; the repertoire includes the barfi jaal (rectangle), choori jaal (bangle), makdi jaal, and glass jaal. Craftsmen have started innovating with cutouts, dyed bamboo sticks, printed cloth backings and decorative tassels. The calming influence of chiks adds serenity to the atmosphere and helps one escape from the stresses of urban lifestyle. An added advantage is the reasonable price. Blinds are the least expensive options available in the market in terms of window treatment as these not only fit in every type of decor but are also low on maintenance and occupy less space. These can be closed to block the sunlight during mornings and the hottest part of afternoon. One can either pull up the shades to expose the window, angle the slats slightly, or close them entirely, thus having precise control over the amount of sunlight being allowed in the rooms. Verticals are the perfect solution for curved, arched or irregular windows where a raked blind is required. Whereas when a strong blind is required within a constraint budget, faux blinds may prove to be useful. Those looking for a natural and organic material for room décor should try out cedar blinds. These are not only evergreen but also add warmth and texture to the overall ambience of a home. So go ahead, dress your windows this season with inexpensive and soothing alternatives and enjoy summer afternoons in style. — The writer is an architect
working for EmaarMGF
|
||
|
From distinctive photo frames to classic dinner or tea sets; from contemporary home decor items to antique showpieces, the beauty of silver is simply alluring. Exuding pure opulence and grandeur, silver collectibles are not just items of indulgence but also a perfect idea of luxury home décor. However, silver being a precious metal, each piece demands attention and should be treated with care to keep it sparkling for years. Maintaining silverware at home can be time consuming and costly. Here are some points that you should keep in mind to keep your silver items shining:
Shining glory When it comes to preserving silver caution is the real key. Silver can be easily scratched and tarnish if not kept properly so the first step is to keep the items away from humidity and other pollutants such as sulphur that tend to tarnish silverware very quickly. Using a gentle silver polish and rubbing it with a soft cloth will keep it shining for long. Gourmet delight Silver tableware is perfect for an opulent dining experience and a sure shot way to make your guests feel special. However, silver plates or cutlery should never be left unwashed or soaked for a very long time. Acidic and tangy food items such as vinegar, fruit juices and salads tend to get corrosive in nature, hence these should be removed immediately after use. Silver cutlery should always be washed with warm soapy water and hand dried with a lint-free soft cloth. Dazzling display Getting silver out of the closet and displaying it is a bright idea. Why should it be kept locked for special occasions alone? Using silver regularly prevents tarnish from building up. Choose glass enclosed cabinets over unvarnished wooden shelves and shaded corners over sunny areas to display your collection. Smart storage As opposed to common perception stored silver tends to tarnish much more quickly than silverware that is in constant use. Thus, utmost care should be taken while storing silver or putting it in drawers. All silver items should be wrapped in acid-free tissue or soft linen and stored away in airtight containers and boxes. Avoid storing silver near cotton felt, wool or velvet as these fabrics contain sulphide that can harm the metal. Also small items, such as tongs and teaspoons should not be bundled together for convenience sake as using a rubber band will cause silver to tarnish. — With inputs from Mohit
Jain, Owner, Beliram Silver
|
||
|
tax
tips Q. I sold some property and earned a capital gain of Rs 60 lakh. I am going to purchase a plot in Gurgaon jointly with my cousin because I can’t afford to purchase and build it on my own. We will construct two floors within three years of the sale on it with an agreement that I will own ground floor and my cousin will own the first floor. With this I can own a floor at Gurgaon. Can I save capital gain tax with this? A. The facts given by you in the query are not complete. You have not indicated whether the property sold by you is a residential or a commercial property. You have also not indicated whether the property was held by you for a period of more than three years. Reply to your query is therefore based on the presumption that the property sold was a residential property and the same had been held by you for more than three years. This would mean that the gain arising on the sale of property would be a long-term capital gain. It is possible to save the amount of tax payable on such long-term capital gain provided the same is utilised for the construction of a residential house within three years after the sale of the residential property. It seems that you intend buying the plot in joint names and the house that is proposed to be constructed would also be in joint names. Therefore, in case an independent portion of the house is constructed within the specified period of three years and your ownership in respect of the portion owned by you is identifiable you would be able to claim an exemption from the leviablity of tax on the amount of capital gain under Section 54 of the Income tax Act, 1961 (The Act) to the extent the amount of capital gain is utilised for constructing such independent house. Is the valuation officer’s stand correct? Q. I own a small portion of land situated within the city. The land is, however, located in an area which has considerable value. However, the Wealth Tax Officer is not agreeing to the value so placed and is insisting that he will have to make a reference to the Department’s Valuation Officer for the purpose of determining the value of such land. Is it possible for him to ignore the valuation report of an approved valuer and refer the valuation to Department’s Valuation Officer? — sandeep wadhwa A. In accordance with the provisions of the Wealth Tax Act, 1957, the value of the assets that are includible in the wealth for the purpose of levying Wealth Tax is to be determined in accordance with Section 7 read with Schedule III to the said Act. Schedule III does not prescribe any method of valuation in respect of urban land. In the residuary clause of Schedule III, it has, however, been provided that the value of any asset other than cash being an asset which is not covered by Rules 3 to 19, shall be estimated to be the price, which in the opinion of the Assessing Officer would fetch if sold in the open market on the valuation date. The said Act also provides where the valuation of any asset is referred by the Assessing Officer to a Valuation Officer, the value of the asset shall be that which is determined by the Valuation Officer to whom reference has been made by the Assessing Officer. In view of the above provisions read with and Circular No. 96 (dated 25.11.1972) issued by the department, it is the Assessing Officer who has to determine the value of an asset for which specific provisions of the schedule III are not applicable. Section 16A of the aforesaid Act provides that where the Assessing Officer is of the opinion that the value determined by the approved valuer is less than the fair market value, he may refer the matter relating to such valuation to the Valuation Officer. In my opinion therefore, the Assessing Officer can make a reference to the Valuation Officer in case he is not satisfied with the valuation made by the approved valuer. Help me in finding out the right ownership period
A. The period of three years would be counted from the date of possession of the plot. In other words, in your case the period of three years would be counted from December, 2011. This is in accordance with the provisions of Section 2(47) of the Act which defines the word "transfer". One of the clauses in the said sub-section provides that any transaction allowing for the possession of any immovable property to be taken or retained in part performance of the contract of the nature referred to in Section 53A of the Transfer of Property Act 1882, the same would be treated as an act of transfer of immovable property. The possession of plot having been handed over to you in December, 2011, the transfer of plot in your favour would be deemed to have taken place from the said date. What is the time limit for utilising capital gain? Q. I was allotted a plot measuring 162 sq m by HUDA on May 3, 1995. The tentative cost of the said plot (as mentioned in the allotment letter) was Rs 1,52,289. The tentative price of the said land as mentioned in the conveyance deed registered on July 18, 2007 is Rs 1,89,724. I sold this plot for Rs 42 lakh on April 15, 2013. How should I calculate the Cost of Acquisition by using the Cost Inflation Index? A. Your queries are replied hereunder: It may be added that the above computations have been made on the basis of the cost inflation index applicable for the financial year 2012-13. As the sale had taken place on April 15, 2013. The cost inflation index for financial year 2013-14 will be applicable for computing the amount of capital gain. Index for 2012-13 has not been notified so far, and therefore, the aforesaid computations are based on the cost inflation index applicable for financial year 2012-13.
|
||
|
vaastu
wisdom Q. Where should we plan a guest room according to Vaastu? — ajmer kaur A. The guest room should always be located in the west of the house. But if children accompany the guest, then ensure that the group is in a room located in the east. Q. We have two entrance doors.One big and the other small. We use the smaller one more and keep the bigger one locked. All our guests also enter from the smaller one. Is it OK ? A. Certain guests bring negative energies with them and leave it with you which is stored in your home. So the basic principle is that guests or any outsider should be allowed from the main door and they should exit from the same point. Q. Is it appropriate to have fish aquarium in home as the fish die more often? — jaya sharma A. A fish aquarium in house is the best remedy to derive financial benefits. It drives away all evil effects from your house and enhances good luck. An aquarium should consist of nine fish. Dragon fish or gold fish are the most effective. The aquarium should have eight dragon fish or gold fish and one should be black. Even if the fish dies, you need not worry because the bad elements are going out of your house. Replace it with another fish. Fish aquarium in house is the best way to attract the energy of wealth. Looking at an aquarium is also the best way to relax your mind. But this should be kept only in the drawing room and never in kitchen or bedroom. The best direction is east or north. Place your aquarium in the southeast corner of the living room.
|
||
|
REALTY GUIDE Q. We are six sisters and four brothers. Our father had inherited some property from his father. All of this stands duly mutated in his name in the municipal records. My father had died intestate in 1983.
My eldest brother died in 1993. He is survived by his wife and six children. My mother expired in 1999. Till the time of her death all the rental income from these properties was being collected and passed on to her. One of my sisters also expired in 2000. She is survived by her husband and five children. Kindly advise who are the legal heirs in this case having legal rights to the property of our father? In 2002 an attempt was made through family settlement on a stamp paper worth Rs 20 to distribute the property among But due to certain problems the division was not accepted by certain family members. However, one of the brothers, exercising his influence, got mutation done of his part of property as shown in family division , in his favour in municipal records in 2006. I want to know — gopal krishan
A. As the number of legal heirs is very large in your case, it would be better to try and settle the issue amicably within the family. The point to remember here is that a Hindu woman or girl has equal property rights along with male relatives for any patition made in intestate succession after September, 2005. This right was not available to them prior to the amendment. The female inheritors would not only have the succession rights but also the same liabilities fastened on the property along with male members. This amendment gives equal property rights of women along with their male siblings. If the issue is not settled amicably then you are advised to approach the State Legal Authority.
|
||
|
on
the anvil With this new facility, JCB aims to keep pace with the future economic growth and strengthen its position as a market leader in the Construction Equipment Industry. Speaking on the occasion Alan Blake, CEO, JCB Group said, “India is a very important market for JCB and our investment in Jaipur is a vital next step we’re taking to further strengthen our position in this growing market. We look forward to providing products of the highest quality with the industry-leading service to our Indian customers from Rajasthan in the same way as we already do from our world-class factories in Haryana and Maharashtra.” JCB has three world class factories in the country one in Ballabgarh, Haryana near New Delhi and two in Pune. The Ballabhgarh Plant is the world’s largest Backhoe Loader manufacturing facility.
Alpha G: Corp to set up Rs 300-cr industrial park in Amritsar Real estate developer Alpha G:Corp will be setting up a model industrial park with an investment of Rs 300 crore in Amritsar which would be completed within next three years. Spread over 147 acres of land, this project would be jointly developed by Penguin Buildtech Pvt Ltd, a wholly-owned subsidiary of Alpha G:Corp and Veer Colonisers & Builders. “The project will be a boon for small and medium-scale industrial enterprises that aspire for high- quality industrial infrastructure for operational efficiency and growth, currently available only to large industrial units," said S K Sayal, Director and CEO, Alpha G:Corp. The Model Industrial Park will be the first-of-its-kind in Punjab to accommodate units of red, green as well as orange category industries. The flexibility to accommodate industries with varying demands along with infrastructure to support hi-tech and energy intensive industries makes this industrial park an attractive proposition across the state, official said. “The Model Industrial Park is set to create an estimated 5,000 direct jobs in the Amritsar region,” he claimed. With project being accorded mega-project status, the state government has allowed 100 per cent exemption from stamp duty and registration fee on first sale or transfer of built up spaces or land inside the project area. Further, there shall be no stamp duty on lease instrument of units located in project area, he said. —
TNS
|
||
|
project
watch Sushma Buildtech Limited has started handing over the possession of flats at the Sushma Urban Views project in Zirakpur. The project is part of Sushma Square residential developement and is the tallest delivered project in the area so far. The high-end 3 BHK apartments in the towers are priced at Rs 55 lakh. “We have completed the construction of 144 units in 36 months as promised to our buyers”, Bharat Mittal, Director of the group said at the time of handing over possession letters to buyers. — TNS |
This summer experiment with some interesting choices to keep yourself cool and comfortable while limiting the energy costs to the minimum. Window treatments are not just decor accessories for rooms but are also essential tools to block sunlight and keep the rooms cool.
Several varieties of blinds are available in the market. These include vinyl, aluminum, faux wood, real wood and vertical blinds. Another type of blinds are the dual roller blinds which conveniently fit two blinds into one bracket. They allow two-fold benefits of a block out blind and a sunscreen blind, creating an affordable and functional window covering. In fact, with the growing popularity of blinds these are now being personalised to suit the overall decor of the home.
Regular dusting with a moist
cloth is sufficient to keep blinds and chiks clean and fresh
Q. I got a HUDA plot allotted in May 1991 and paid all yearly instalments and HUDA offered possession in May 1998. But I did not take the possession at that time. I took the possession of the said plot in December 2011 for construction. I got the Completion Certificate after construction in January 2013 and got a conveyance deed registered with HUDA and then with the Tehsildar on April 1, 2013. Kindly tell me from when will the period of three years of ownership required to claim long-term capital gains exemption be counted? — s.c. gupta
JCB India will be setting up its fourth manufacturing plant at Jaipur with an approximate investment of Rs 500 crore. The foundation stone of the 115-acre facility was laid by the Chief Minister of Rajasthan Ashok Gehlot, last week.
