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Real
view: Housing policy Vertical thrust in Punjab Punjab is all set to bring in a new housing policy for the state by the next month in a bid to attract more investments for its real estate sector. The final draft of the policy is currently being fine-tuned.
Rapid metro to boost realty fortunes in Gurgaon
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Real
view: Housing policy
“Notifications regarding the related aspects of the change in policy are being fine-tuned, keeping in mind the procedural requirements and the legal components involved. The wings concerned of the government have been handed over specific assignments. The entire work will be completed by the end of the month. We expect all the notifications with regard to the new housing policy to be issued by June 1,” said Manvesh Singh Sidhu, Chief Administrator PUDA The Deputy Chief Minister, Sukhbir Badal, who has been instrumental in bringing the new policy, says the underlining feature of the housing policy is to ensure hassle-free and time-bound clearances for the investors, besides offering incentives in Floor-Area Ratio for green buildings like five per cent extra FAR for green buildings in the state. “Punjab is committed to providing a home for the poor by 2020. The government will earmark a share of flats for the Economically Weaker Sections (EWS) in all the projects undertaken by the PUDA, in future. In the first phase at least 7,200 families will get houses in the projects being undertaken by the Greater Mohali Area Development Authority(GMADA) within less than two years”, added Badal junior. The realty sector in the state has been in the grip of a severe slowdown over the past two years. Besides, the problem of slums in cities like Ludhiana and thousands living in makeshift structures in Amritsar, Patiala and Bathinda, the state is also faced with a glut of unconstructed property lying vacant. In the periphery of Chandigarh, for example, there are thousands of flats which peole had purchased only from the investment perspective. In the wake of uncontrolled and unregulated growth, a large number of these are bereft of decent connecting roads, water and sewerage connections. The new housing policy is aimed at adressing these grey areas and infuse fresh life in a listless realty market. The notification will spell out rationalising norms for housing projects and simplified procedure in applications and processing. The policy has decided on uniform buildings rules, incentives for construction of affordable houses/ green buildings and the timeline for approval of projects. In an interaction with The Tribune Real Estate, Sukhbir Badal talked about the salient features of the new policy that is set to change the skyline of the state. The high-rise era The policy has given a clear message for 15-20 storey, or even higher buildings. “Keeping in mind the limited availability of land and growing housing demands in the state, we have worked out a viability plan on the high-rise buildings with a specially underlined requirement of keeping a matching green cover in their vicinity. More importantly, no housing or building projects will see the light of the day till adequate plans were made for connecting roads, particularly in terms of road width (100-200 ft) and sufficient open space for parking and allied facilities were provided”. Talking about change on the layout plan of new construction, Badal argued that “besides economising on the use of a depleting land resource, we also need to understand that the cost of an apartment is also less in case of high-rise buildings”. The state government’s move has reportedly got an enthusiastic response from builders and consumers. “We have started receiving feelers for the new construction from different quarters and, in fact, we have a fairly good idea as to what the projects would look like with interesting building plans for 15-20 storey or even higher buildings”. Under the earlier policy, only 35 flats could be constructed per acre. Now the government has increased the population density especially for flats having covered area of up to 1200 sq. ft. These can now house as many as 75 flats in one acre. Regulatory Body Work has already commenced on constituting the state regulatory body on all the constructions in the state. The body will ensure that no relaxations are allowed on the fresh constructions, so that the state is saved from the existing mess of hundreds of housing projects that are without quality services inside the complexes. Besides, regulating new constructions, the body will also look into straightening out the complications in the existing structures, particularly the new breed that has come along the major townships adjoining Chandigarh and other important townships in Punjab. According to the Deputy CM, an appellate tribunal has been put on the housing map to settle the appeals that may arise against the decisions of the regulatory authority. An empowered committee will approve the exchange of land between developers to ensure hassle free site for planning and development. Turn-key formula All real-estate projects, in future, will be allowed only on turn-key basis. Giving more information in this regard, Badal says, “The builders will have to take responsibility for roads, sewerage, laying out of the electricity cables and allied facilities. Turn-key is a type of project that is constructed so that it could be sold to any buyer as a complete product. The company will be required to maintain, all the facilities, for at least 15 years after handing over the possession to the owners. Instead of shifting between the government and the company, the intention is to make a single party responsible, as otherwise a common man is left shuttling between different agencies to obtain clearances. In the first phase, as many as 700 flats have been constructed in Mohali on turn-key basis to set an example. Farmers to gain The landowners will not be kept out of the loop of a housing project. After paying compensation to them for their land, the Punjab government will be making them partners in business. The housing projects will be joint business ventures. “Farmers will bag at least 80 per cent of profit share on a housing project while the remaining 20 per cent will go to
PUDA”, said Sukhbir. Incentive for NRIs In order to broaden the role played by NRI Punjabis in the growth and development of the state, all PUDA-approved schemes will have 10
per cent quota for the Punjabi diaspora.
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Rapid metro to boost realty fortunes in Gurgaon
With the Rapid Metro Rail becoming operational in Gurgaon soon, the realty sector here is likely to get a further boost. The first phase loop of 5 km will connect Cyber City with Sikanderpur Metro Station. The second phase will connect the Sikanderpur Metro Station and the densely populated sectors 55 and 56 as well as the Golf Course Road, which is one of the major hubs of commercial and residential real estate development in Gurgaon.
Since the already functional Metro line being operated by Delhi Metro did not connect all areas in Gurgaon, the Rapid Metro is poised to save the day for the sectors it will soon connect. While the Delhi-Gurgaon corridor saw a steep increase in property prices, the private Metro will impact commercial real estate in the area. Better connectivity after the Delhi Metro line became operational in Gurgaon had lead to increase in property prices in the nearby areas. The prices in Heritage City project were around Rs 4,400 per sq ft when the Metro was launched around 2006, these increased to Rs 4,800 per sq ft in 2007 and Rs 5,200 per sq ft in 2008 when construction was in full swing, the same project commanded a price of Rs 8,000 per sq ft when the Metro between Delhi and HUDA City Centre became operational. Commenting on the price appreciation due to Metro Ravi Saund, COO, CHD Developers Ltd. said, “The Rapid Metro backed by infrastructural development will give local real estate the much-needed push. Transportation and connectivity being the biggest challenges in Gurgaon, the Rapid Metro is bound to turn things around, proving beneficial for consumers as well as developers. A project like the Metro Rail provides immense traction to all businesses located within the catchment area. Leasing activities in Cyber City will also receive a big boost by this development. ” According to Nikhil Jain, CEO of Ramprastha Builders, Rapid Metro will definitely make a huge difference to the realty
market Gautam Dhawan, director of Gurgaon-based Suraj Realtors said, “I am pretty sure that Cyber City will witness increased leasing activity after the first phase of Rapid Metro becomes operational. Investments will pour in, while the bigger impact can be seen after the metro starts functioning.” “I do feel that the major impact will be evident after phase II of the Rapid Metro becomes operational, it will pass through DLF City Phase 1, 4 and 5, independent houses and gated communities in sectors 27, 28, 51, 52, 53, 54, 55, 56 and 57. The network is expected to cover localities such as Suncity, Central park, and Golf Course Road. Plots in DLF Phase 1 that face the Golf Course Road will be the biggest beneficiaries, ” says Ajay Agarwal, director of Avalon Developers, adding that even the rental market in the area will also see some positive development. However, according to some others the impact on prices may not be that significant as the property prices had already peaked in many of these areas in Gurgaon. “There would be some impact on realty prices in Gurgaon but I do not see massive hike in realty or leasing prices,” says Devinder Gupta of realty advisory Century21
DGS.
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decor
trends
Renovating your home can be a daunting task. Whether you are planning small changes in one or two rooms, or change the look of the entire house, the process can be made pleasant and smooth if you take the time to plan the project carefully. Home remodeling can completely transform your home structurally, visually and functionally but it involves plenty of planning, working with professionals, choosing materials and lots of hands-on tasks. So, once you have decided to remodel your house you need to think about some essential areas and keep the following points in mind.
Don't put new wine
in old bottles Though a builder will rarely suggest this, some houses should be knocked down rather than have money put into them to fix things up. Though this is a rare situation, sometimes it's advisable to re-construct the house than to remodel or refurbish it as you might end up putting lipstick on a pig. However, once you have decided to remodel your house, do advance research as it is the key to getting what you want. Go through magazines and books to get an idea of the look you want. Visit family members, friends and colleagues who have renovated their homes recently. Consider your lifestyle and the needs of your family keeping in mind your long-term as well as short-term objectives. Find out how much you can afford. Once your have a firm idea of the kind of renovation you would like to go for, it would be possible to decide whether it is within your budget. Prepare a brief of your complete budget in advance and also ensure to keep money aside for contingencies. Include the service cost as well and learn to work with contractors, plumbers, electricians and installers. If you are thinking about using outside funds, discuss your borrowing needs and options with your lender and then choose between different financing possibilities from personal loans to bank loans. Check references and
get estimate Don’t omit this step just because you are too busy or “they seem like the right person for the job”. Get as many recommendations as you can on the contractor you plan to use. Don't be shy about calling references that are provided. You absolutely must trust this person as he/she will be in and out of your home for days. Work out a contract When you accept the renovator’s offer, it’s time to write up a contract. Even the simplest of jobs should be outlined in writing because the contract is the basis of understanding between you and your renovator. Get every little detail of the home renovation in writing from the contractor up front, before you sign on the dotted line. This will save you time and money and ultimately make the renovation go a lot more smoothly. You may come across a situation where you may be paying for one thing and the contractor planned on installing something else (the price paid was fixed). For example you may assume old fireplace was being torn down and a new one was being rebuilt and new fireplace doors would be included in the quote but unfortunately, they weren’t or you assumed that the painting in the quote included all four walls and the ceiling but it was not the case you and may have to get the ceiling painted at an added cost. Before signing a contract, read it carefully. Are you satisfied with the description of the work to be done? Does the payment schedule include holdbacks and penalty clauses? Are the responsibilities of the renovator clearly spelled out? Remember that if something is not in the contract, then it’s your responsibility. If possible have a lawyer examine the contract before you sign it. Either don't live in the home or plan how you will live during the renovation. Most people ignore this rule, and for good reason. Remodeling is expensive, and moving out just adds to the cost and so if you can’t move out for the whole job, carefully plan how you can avoid inconvenience of living in the midst of a renovation. Talk to your renovator about the schedule of work to be done and how your daily routine might be affected. For instance, do you need to set up a temporary kitchen elsewhere in the home? Can major work be done in stages so as you always have a livable space? Try to stick to the
original plan Once the work gets underway, changes should be kept to a minimum. Even though it's inevitable that you'll change your mind about something on your project, know this: Each time you change your mind, it’ll result in a change order. Although the change may seem minor, there are always added costs — even if it’s only the time spent discussing the change. It is advisable to seek professional help while renovating a home. Plan how to hire an architect for structural changes and an interior designer for aesthetic interiors as some projects require an architect, some an interior designer, sometimes both and sometimes a talented builder will help you come up with a good plan. So, choose which suits you the best.
Changing your mind frequently during renovation can be a costly affair
— The writer is a Panchkula-based interior designer and founder of Homeworks
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Ground
Realty Why a basement? A basement is constructed in a house either by choice or by compulsion. It is constructed by choice when the area of plot is large, bylaws permit its construction, plenty of funds are available for construction and the house builder is dreaming of having a beautiful home theatre or gym or of renting out the space. Basement by compulsion When the house is built on a low-lying plot, construction of a basement is a better option than resorting to earth filling below the floors. The house builder may do all sorts of compaction of earth filled below the floors but the threat of settlement of floors over time always looms large. When the natural ground level is more than 6 ft below the road level, technically, one should opt for having a basement than going in for earth filling below floors. In such cases, the basement can be said to be constructed under compulsion. Basic requirements While constructing a basement, care should be taken to build a dampness-proof structure that doesn’t allow ingress of water. In addition, the design should allow the maximum possible natural ventilation and light. The local bylaws regarding basements should be studied and followed carefully. No objection certificate from the neighbouring plot or house owners should be secured. The reinforcement Vertical reinforcement should be provided on both the faces of RCC walls for basement. In addition, horizontal bars should run inside vertical bars on both faces. The RCC walls of foundation are designed to bear the vertical loads from the structure above and the earth pressure on the outer face of walls. The vertical steel bars on the inner and outer faces of the walls should be provided in a staggered fashion. Provide tie rods in between inner and outer reinforcement to keep the bars in position. Provide inclined steel at corner joints for fillets. Wall footing The wall footing should be in RCC. The reinforcement bars on the inner face of walls should be bent outwards at 90 degree and similarly, the bars along the outer face of walls should be bent inside. The RCC footing should be provided with a lean concrete solid bed. The footings should have a thickness of 15 inches or more. Concreting While doing concreting of footings and walls, a key joint should be provided at the top of footing as in the first instance, only the footing portion will be concreted. Thereafter, when the footing concrete is well set, shuttering should be raised over it along inner and outer faces and first lift of wall concrete should be laid. Again a key joint should be provided to top of concreted portion of wall. The practice should be repeated till the final roof level is achieved. Water proofing Water proofing compound should be added to all the concrete laid in basement foundation and walls. The water proofing compound should be from a reputed company and shouldn't have crossed expiry date. The quantity of water proofing compound is just 2 to 3 per cent of cement. Thus, for a 50 kg cement bag, only 1 to 1.5 kg of water proofing compound is required. It should be mixed in concrete as per directions of the supplier written on its container. Concrete joint treatment In walls, the concrete is normally laid for 4 ft height on a day. Thereafter, the shuttering is raised for next 4 ft height and concrete is laid and so on till the full height of basement is achieved. Before laying concrete for the next 4 ft height, apply acrylic polymer bonding agent over the surface of previously laid concrete. Acrylic polymer is mixed with cement and silica sand to make a mixture for applying it on concrete surface with a brush. The polymer should be applied four hours before laying new concrete over the previously laid concrete. Before applying the bonding polymer, the concrete surface should be well cleaned with a wire brush of all the dirt and loose particles. Outer face treatment A basement can be made moisture proof during construction only. In post-construction period, a minor problem in basement becomes a major headache as newer methods like locating the source of dampness, grouting the walls etc need to be used. Therefore, in addition to providing a RCC footing and RCC walls and adding water proofing compound to them, paint the outer surface of RCC walls with water proofing epoxy paint like proofcote black. Such paints are better than bitumen as these become rubber-like on drying while bitumen turns hard. Apply two coats of epoxy paint. One litre of it is sufficient to cover about 20 sq ft area. Care for inserts Certain electric conduits and boxes need to be inserted in RCC walls of the basement at desired locations, before laying concrete in walls. Location of all these conduits should be pre-planned and the conduits and boxes should be secured in position. The electric boxes and the mouths of conduit pipes should be plugged well to avoid the entry of concrete slurry in them. It is not possible to provide these conduits in RCC at a later stage, after the concreting of walls. Binding wire should be wrapped in helical fashion around the PVC conduit pipes for creating their bond with concrete. The conduits and boxes are to be provided along the inner face of walls. Basement flooring In basement, well compact and level the natural ground level. Remove all the grass and weeds from it. Now, lay a 4 inch thick layer of fine sand on it. Compact it well. Lay double layer of polythene sheet over the compacted sand. Next, lay a RCC layer over the polythene sheet. The RCC layer should be minimum 3 inch thick and provided with 8 mm steel in both directions. Add water proofing compound to the concrete being laid. Insert 12 mm thick thermocol sheet between the RCC layer and the basement walls all along the periphery of the basement area. Floor finish Choose vitrified tiles instead of marble in the basement area. This will help in avoiding the cumbersome job of grinding and polishing the marble. It becomes a job to drain out all the water and muck generated during grinding of stone. Tiles, once fixed in position, provide a ready-to-use basement area. The walls of basement should be raised in Reinforced Cement Concrete (RCC) only. In certain areas, the practice of raising half brick walls by leaving a small gap between them is also followed. The gap is filled by raising steel reinforcement in it and then filling it with concrete. However, this practice should be avoided. This desi method is suggested by labour contractors only to avoid the use of shuttering plates. The concrete used in RCC should be of 1:1.5:3 ratio with 1 part cement mixed with 1.5 part coarse sand and 3 parts bajri or crushed stone. (This column is published fortnightly)
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tax
tips Q.I am an NRI based in the Singapore. I own a flat in Hyderabad which was purchased sometime in the 1970s. There is no possibility of my coming back to India, and therefore, I would like to sell it. Do I need any permission from any authority in this regard? I am informed that the sale would result in a capital gain on which I am liable to pay tax in India. How would the capital gain be computed as I am not aware of the intricacies of the tax laws in India. — sunder
Can I claim exemption on house owned by my late father? Q.My father owned a house in Delhi and all of us lived there for more than 40 years. The house was sold by him in April 2012 for Rs 60 lakh, cost of acquisition was Rs 60,000. The fair market value as on April 1, 1981 was Rs 1.2 lakh. He was transferred to Agra and a plot was purchased by him in May, 2012, for which an agreement to sell was executed and an advance of Rs 5 lakh was paid by him. However, unfortunately he died before the sale deed was executed. The sale deed was executed after his death for a sum of Rs 30 lakh in my favour. On the basis of the progress of work, I can say that the construction will be completed within one year of the date of execution of the sale deed. The cost of the construction would be about Rs 20 lakh. Is it possible for me to claim exemption in respect of the capital gain arising on the sale of the house owned by my father? — ajit kumar A.The following seems to be evident from the facts given in the query: As a legal heir you are liable to pay tax on
the amount of capital gain which arose to your father, and therefore, you cannot be denied the benefit of the provisions of Section 54 of the Income-tax Act 1961 (the Act) which forms part of the scheme of taxation of capital gain. In this connection you may refer to the decision of Madras High Court in the case of C.V. Ramanathan vs. CIT ( 1980) 4 Taxman 432 (Madras).
What is the difference between mutation and transfer? Q.My father inherited property from my grandfather (who expired in 2010) through registered Will executed in 2005. The said property was transferred in my father's name in February, 2011. Now my father wants to sell the property and divide it in to two shares to be given to me and my sister. My queries are: If my father purchases two houses from the proceeds of sale of one in his name and other in the name of my sister, will he have to pay any tax on the share that will be given to my sister. What will be the tax calculation? — devender A.Your queries are replied hereunder: Share in HUF property Q. My grandfather, being the karta, purchased land out of HUF funds in the name of his HUF. He has four sons and no daughter. Can he bequeath the said property? If not, what are my rights, as a grandson and those of his sons over the said property during or after his lifetime? The property was purchased prior to my birth. — rohan A. Your queries are replied hereunder:
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Loan zone
Q. I had taken a home loan from a bank. After completing the payment of my EMIs when I approached the Manager to take back my property agreement, I was told that it had been lost by the bank. What should I do in this situation? — kavita wadhera A.Losing the original documents affects the marketability of the property. Without these the owner may not be able to sell or mortgage the property ever. You can file a complaint with the consumer court since it is a deficiency of service on the part of the bank. If the property value plus compensation demanded by you is up to Rs 20 lakh, the complaint can be filed at the District Forum. If it is more than Rs 20 lakh and up to Rs 1 crore, the State Forum and if it is more than Rs 1 crore then you can approach the National Forum. You can even ask for double value of the property as compensation. In one such case the court had ordered a public sector bank to pay 85 per cent of the market value of the property as compensation to the borrower for misplacing the papers. In another case, the National Forum of the consumer court had asked the bank to certify by letter that it had misplaced the property papers and that this letter should be preserved as a valid document. This is significant, because a certified copy of the document cannot be treated on par with the original. The cost of obtaining the certified copy of the property agreement should be borne by the bank. The certified copy will be issued by the Sub-Registrar of the particular area. You can also approach the Registrar of Co-operative Societies and submit in writing that the property documents have been misplaced by the bank. This will ensure that there is no forgery in future. You can also issue a public notice mentioning all the facts so that nobody can make a claim later on. The Banking Ombudsman (BO) Scheme 2006 also mentions banks misplacing property papers as a serious issue. According to the BO Scheme, “The title deeds should be returned to the customers within a period of 15 days after the loan closure and the Boards of banks should put in place a suitable compensatory policy to compensate the customer for delayed return of title deeds or where there is a loss of title deeds in the custody of the banks.” The BO too, can award compensation to be paid by the bank for deficiency in service, in such cases. Often the bank may just keep delaying handing over the documents and not admit that these are missing. Even if the home owner does not want to sell the property, passing on the property to the heirs can also be difficult without the original documents, so it is better to take suitable measures in this regard.
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launch
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The Emerging India group announced the launch of an agro farm project near Jaisalmer earlier this week. Giving information about the project Gurpreet Singh Sidhu, the managing director of the group said in Chandigarh, “500 bighas of land has been bought for this farm and horticulture project in Chandan village in Jaisalmer area. The land has excellent soil to grow crops such as date palm, cumin, barley, cotton, jowar, chillies, psyllium (isabgol), bajra, guara, groundnuts, corns etc.
Jaisalmer area also has abundant solar and wind energy, which can be used to set up solar and wind energy plants. “The Rajasthan government has not imposed any property tax, which is major enticing factor for the investors who have to shell out lesser as compared to setting up same project in Punjab”, added Sidhu. The company is offering two options to buyers. In the first category investors can buy 25 bighas, for Rs 35 lakh, and in second category, investors will have the option to buy 5 bighas which will cost around Rs 7.5 lakh. For the booking in first category investor will have to pay booking amount of Rs 7 lakh, while for booking land in second category is Rs 1.5 lakh and the remaining amount will have to be given at the time of taking registry,” Sidhu added.
Primera on Dwarka Expressway The Ramprastha Group has launched its premium residential project — Primera in Sector 37D, Dwarka Expressway recently. The project comprises air-conditioned 3 BHK apartments in two size options. Speaking on the occasion Nikhil Jain, CEO, Ramprastha Group said, “Dwarka Expressway is the fastest growing real estate destination in Delhi/NCR with excellent connectivity to both Delhi & NH8. The project, worth Rs 600 crore, will be a part of the 450-acre integrated township, Ramprastha City.” The township provides 3 BHK fully air conditioned apartments strategically designed to allow the maximum amount of fresh air and natural sunlight to flow into the room. The apartments are priced between Rs 6000 and Rs 6500 per sq ft and will be completed within three years. — Based on information provided by the developers
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PICK OF THE WEEK
The right accent The traditional style Accent chairs are back with a modern twist to add to the personality of your room. Check out Home Ettu’ collection of accent chairs that will highlight an interior giving it opulence. The chairs with simple, straight lines and shiny metal accents enhance a more modern decorating style whereas an antique chair can become a conversational focal point in a modern setting. The collection is priced
Rs 30,000 onwards.
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realty
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Parsvnath Developers Limited (Parsvnath), recently launched its new corporate identity and announced a new payment scheme for home buyers. According to the ‘25:75 House of Happiness’ scheme, buyers need to pay just 25 per cent of the total cost on booking and the rest on offer of possession. This scheme is different from other subvention plans which are available in the market, as it will not attract any EMIs as there is no bank loan involved. The scheme will be applicable on 20 projects of the Parsvnath Group which include four commercial and 16 residential projects across India, including cities like New Delhi, Greater Noida, Ghaziabad, Sonepat, Dharuhera, Moradabad, Ujjain, Saharanpur, Bhiwadi, Panchkula and Rajpura.
Commenting on the payment scheme Pradeep Jain, Chairman, Parsvnath Group, said, “The scheme is targeted to help the first time buyers. This is a ‘risk-free’ way of buying a house as it does not involve any bank loan and EMIs. In line with its corporate philosophy and motto of ‘committed to build a better world’ Parsvnath Group also unveiled a new company logo last
week.
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Renovating your home can be a daunting task. Whether you are planning small changes in one or two rooms, or change the look of the entire house, the process can be made pleasant and smooth if you take the time to plan the project carefully. Home remodeling can completely transform your home structurally, visually and functionally but it involves plenty of planning, working with professionals, choosing materials and lots of hands-on tasks. So, once you have decided to remodel your house you need to think about some essential areas and keep the following points in mind.
More and more people constructing houses are opting for basement area these days. However, the right method of its construction has not so far been fully adopted by the architects and contractors. This often results in damp patches on its walls, the rise of moisture from the foundation and prevalence of a suffocating, humid atmosphere in the basement. Under such conditions, the very purpose of having a basement gets defeated. Let’s have a look at various aspects related to the construction of a basement:
Q.I am an NRI based in the Singapore. I own a flat in Hyderabad which was purchased sometime in the 1970s. There is no possibility of my coming back to India, and therefore, I would like to sell it. Do I need any permission from any authority in this regard? I am informed that the sale would result in a capital gain on which I am liable to pay tax in India. How would the capital gain be computed as I am not aware of the intricacies of the tax laws in India. — sunder
Punjab is all set to bring in a new housing policy for the state by the next month in a bid to attract more investments for its real estate sector. The final draft of the policy is currently being fine-tuned.
Seek professional help
More and more people constructing houses are opting for basement area these days. However, the right method of its construction has not so far been fully adopted by the architects and contractors. This often results in damp patches on its walls, the rise of moisture from the foundation and prevalence of a suffocating, humid atmosphere in the basement. Under such conditions, the very purpose of having a basement gets defeated. Let’s have a look at various aspects related to the construction of a basement:
A.It is evident from the query that the flat was acquired prior to April 1, 1981. You have an option to substitute the fair market value of the flat as on April 1, 1981 instead of the cost incurred by you. In case the cost is higher than such fair market value, you can adopt the cost incurred for the purchase of a plot as the base for calculating capital gain. The cost or the fair market value as on April 1, 1981 would be indexed on the basis of the cost inflation indexed notified by the government. The cost inflation index for financial year 2012-13 is 852. Such index for financial year 2013-14 is yet to be notified. The amount of indexed cost computed on the basis of index applicable for the financial year in which the sale takes place, would be deducted from the consideration accruing on the sale of the flat and balance amount would be the long-term capital gain arising on the sale of such flat. In case you have incurred any expenditure wholly and exclusively for the purposes of selling the flat, the same would also be deductible from the amount of consideration for the purpose of computing the long-term capital gain. The long-term capital gain so arrived at shall be taxable @ 20 per cent plus education cess of 3 per cent thereon. These rates are applicable for the assessment year 2014-15 (financial year 2013-14). You don’t have to seek permission from any authority for the sale of a residential flat. You can also remit the amount of sale proceed less taxes to Singapore through banking channels without any problem.
Your father was using the property for his self-occupation. 
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