A right pill for delay agony?
The real estate regulator Bill has a clause to stop the diversion of funds from one project to another. It remains to be seen how effective it will be in the Indian context
Geetu Vaid

While the approval granted to the Real Estate Regulation and Development Bill, 2013 recently by the Union Cabinet was a much awaited step and a move to ensure transparency and fairness in the sector, the response to it has been a mixed one. With a view to protect the interests of homebuyers, the Bill seeks to set up real estate regulators in each state who will ensure accountability and speedy resolution of disputes involving the sale and purchase of property.

While it is buyer-friendly and will rein in the fly-by-night operators, some provisions of this Bill have fueled the fears of cost inflation for homebuyers.

One of the highlights of the Bill is the clause of keeping 70 per cent of a project’s investment cost in an escrow account. According to this the developers will have to maintain a separate account for a particular project in a scheduled bank where this amount will be deposited and it will be utilised for that particular project only. The clause is meant to stop the developers from siphoning funds from one project to another — a practice that generally ensured growth for a developer, while the buyers had to grapple with project delays and burden of extra cost.

With almost one third projects in Mumbai and Bangalore and two thirds in the NCR region missing their completion deadline due to fund squeeze, siphoning of funds to other projects has emerged as the main reason for delay. In such a scenario blocking funds for one project is a welcome step for homebuyers waiting for possessions. However, the response from the deveopers has not been that heartening. The Chairman of realtors’ body CREDAI , Lalit Kumar Jain calls this clause “impractical” as the cost of construction vaires in different locations. S.K. Sayal, Director and CEO, Alpha G:Corp Development Pvt Ltd.also echoes the sentiment, “Use of escrow accounts is an important tool to safeguard the buyer’s money and is certainly a welcome inclusion. However, the Bill instructs the developer to transfer 70 per cent of the sales proceeds to the construction of the project irrespective of the location of the proposed development. This is impractical as the cost of land fluctuates significantly between locations compared to the development costs which stay largely the same irrespective of location”.

“ The provision should be based on the ratio of the extent of the construction cost so as to ensure timely completion of projects, and prevent fund diversion. Otherwise, the growth in the sector will get arrested as the reality of the day is that funding for land purchase is just not available from banks, thanks to the negative weightage given by the RBI for real estate finance”, adds Jain.

Raising doubts about its effective implementation Pradeep Jain, Chairman, Parsvnath Group says, “Instead of this, Cabinet should propose cost of construction plus 10 per cent as escrow account. This way, it will help developers cover debt cost as well as sanction and holding cost. Government must allow some breathing space to developers; if it plugs all the cash flow of the developer, it will impact overall business”.

Implications for the buyers

Buyers can now keep a closer tab on how their money is utilised by the developer. It will also give a buyer confidence over developers’ execution capabilities and ethics. “In future it will become a deciding factor and investing in a project by a developer who is not maintaining an escrow mechanism would be considered risky”, says Ganesh Vasudevan, CEO, IndiaProperty.com.

However, it will also mean that the developers will have to seek project-specific funding rather than PE funding for the overall company. This will put the builders under more pressure as they’ll be scrutinised for every project. “Such a regulatory control will limit the number of new project launches and these will be restricted to developers who have financial capabilities and strength to handle multiple projects”, cautions Vasudevan. Lesser supply would surely put pressure on the prices of residential units making homebuyers shell out more.

Does it guarantee security to customers

An escrow account is seen as an effective tool to gain investor’s confidence. Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India says, “An escrow account represents an understanding between the buyer and seller that can ensure a greater level of transparency in the deal. We at Jones Lang LaSalle India have found that establishing an escrow account can help the developer swing a deal where, considering the current sentiments and market scenario, the likelihood of such a deal going through would otherwise be slim. We have advocated this tool in many of our high-value residential transactions, with positive results”. For an escrow account to offer sufficient security to customers, the person or entity holding the escrow on behalf of both parties needs to have a high degree of credibility. The escrow holder should be nothing less than a reputed and certified legal firm with an acknowledged track record of transparency and standardised business practices.

Can it guarantee timely delivery

Not many, however, agree that the escrow provision would root out the ill of delay from the sector. “It should be noted that the availability of an escrow account with a developer is, by itself, not a guarantee of timely completion of a project. In the first place, we would not consider a developer basing the completion of his project on the money received alone as a positive situation. Moreover, any number of factors can stall completion of a project —including non-receipt of certain vital permissions, unforseen legal issues, etc. An escrow account will ensure a buyer that his money is safe, but it cannot guarantee timely delivery”, says Puri of JLL.

Need for an effective buffer system

While maintaining that the regulation on escrow amount is mainly for small developers who use para-banking for their ongoing projects Atul Saxena, COO, Paarth Infra Build, says they should have a strong buffer system. “It is true that the main mantra of business is rotation of money because only when you optimise your money in the market will you be able to generate profit. However, it is a mandatory for builders to maintain a proper buffer. This buffer system should be linked with supply and expenditure. It might happen that the sales are high for a particular project and the return is also beyond expectation then the stance of optimum utilisation of money can be taken by the builders and the developers. However, as construction has a pace of its own, it is better to keep a proper and a stable economic buffer before taking up the decision of optimisation of money in more than one project”.

 

How it works An escrow account is one in which funds are collected for specific disbursements like regular payments for construction work, paying taxes and interest components. This takes care of timely release of payments without any bureaucratic hurdles. This account involves an agreement between the bank and the builder and a trustee is appointed to oversee the proper utilisation of funds. The escrow trustee is a neutral party (in most cases banks also serve as trustees). The builder can't use the funds for a purpose not stipulated in the original agreement. So if for a particular project the escrow fund has been mandated to be used for construction work only then the builder won't be able to use it for any other purpose. In developed nations such as the US, UK, Australia and Dubai, the model of escrow accounts is already in place for real estate projects. Most of the firms listed on Indian stock exchanges (national and regional) have a separate escrow account dedicated to individual projects. Also, companies that receive money from private equity or foreign institutional investors open escrow accounts. Some others in the unorganised segment, too, maintain separate accounts.

Tax tips
Is it possible to transfer land through family settlement?
S. C. Vasudeva

Q. My son had taken a loan of Rs 25 lakh from me through an account payee cheque about two years ago, which has been credited to his account. Now he wants to transfer a piece of agricultural land of equal value. May I request you to guide me in this regard on the following issues?

• Is it possible to transfer such land through a family settlement?
• The land is registered in his name. Do I have to get it registered again by making a conveyance deed?
• Will the tehsildar/patwari concerned carry out the mutation without any objection on the basis of family settlement? — raj kumar

A. Your queries are replied hereunder:

• A Family Settlement Deed is entered into between the members of a family where there is a dispute or likely dispute with regard to various properties and/or business owned by the family. In the case cited by you no family settlement would be possible instead a sale deed will have to be executed by your son in your favour for the sale of the property for a consideration of Rs 25 lakh paid to him by you.
• The sale deed, as and when registered, will be on stamp paper and the stamp duty will have to be paid on the market value of the property.
• The tehsildar/patwari would make the mutation in your favour on the basis of the sale deed so executed which is duly registered with the Sub-Registrar.

In case the circle rate notified by the government is higher than the consideration specified in the deed, stamp duty will be payable on such value and capital gain would also be computed with reference to such a value.

Can I issue rent receipt to wife?

Q. I am a retired defence officer getting pension along with disability pension. My wife is a teacher and a tax payee. She gets HRA. We are staying in our own house which is in my name. Since I am a disabled soldier, my pension (the disability element and service element) is exempted from IT.

My query is: Can I issue a receipt of rent to my wife so that she can get a tax rebate on HRA? I will show the amount so received as my income from house property in my IT Return. — raghubir singh

A. Section 13A of the Income-Tax Act 1961 (the Act) provides for the exemption of the house rent allowance subject to conditions prescribed in the Income-tax Rules. As per Rule 2A of the said Rules the amount of house rent allowance not includible in the salary is to be worked out as under:

• the actual amount of such allowance received by the assessee in respect of the relevant period; or
• the amount by which the expenditure actually incurred by the assessee in payment of rent in respect of residential accommodation occupied by him exceeds one-tenth of the amount of salary due to the assessee in respect of the relevant period; or
• an amount equal to – (i) where such accommodation in situated in Mumbai, Kolkata, Delhi or Chennai, one-half of the amount of salary due to the assessee in respect of the relevant period; and (ii) where such accommodation is situate at any other place, two-fifth of the amount of salary due to the assessee in respect of the relevant period.
• Whichever of the above is the least would not be includible in the income from salary.

I would like to caution you that the assessing officer is not likely to agree to allow a deduction on the basis of the above rule for the house rent as it seems to be most un-natural for a wife to make a payment to her husband towards house rent for the residential accommodation occupied by her though both of them are living together in the same house which is owned by the husband.

Division of asset after dissolution of firm

Q. A plot was purchased some 10 years back in the name of a partnership firm by two brothers and later a superstructure was raised for business purposes on it. The funds for constructions were generated from the internal sources of the firm and the structure continued to be used by the said firm for quite some time.

The said business premises is divisible in two parts and the partners would like to start business of their own in their individual capacity as proprietors of their respective firms. After dissolution of the partnership firm can the building premises be divided through a family settlement deed? — vijay

A. The facts given in the query are not complete as the terms of the dissolution between the partners have not been indicated.

In ordinary course, a dissolution deed should provide for the distribution of the capital assets owned by the firm on the dissolution of the firm.

I assume that the terms of the dissolution deed do provide for the same. I may add that in case of the dissolution of a firm in which two brothers are partners would not be complete unless a method for the distribution of capital assets between the partners has been provided in the dissolution deed. A settlement deed, if executed, may be taken as a part of the dissolution deed providing for the settlement of rights between the partners and, therefore, would not serve the purpose of avoiding capital gains tax which is leviable on the firm in accordance with the provisions of Section 45(4) of the Income-tax Act 1961 (The Act) on distribution of capital assets.

We have lost the sale deed

Q. My wife is a senior citizen and she had constructed a house out of her own income a few years back. We have two married daughters. My wife has misplaced or lost the original sale deed of the plot purchased by her a few years back. We have a photo copy of the deed with us but original is missing. Please advise:

• Is it possible to have the new copy of the Sale Deed if it is possible, then which is a competent authority to issue it and what is the right procedure.
• In any emergency, can the property be sold or divided between daughters, in the absence of the original registry?

As we both of us are senior citizens and are not keeping good health suggest a simple method to resolve this issue. — rakesh

A. Your queries are replied hereunder:

• You must file a complaint with the police about the loss of the sale deed and obtain a copy thereof. You should also obtain a certified true copy of the sale deed from the Sub-Registrar’s Office where the same had been registered at the time of acquisition of land.
• It may not be possible to sell the property without the original papers. However, you may be able to gift the house property by executing a gift deed in favour of your daughters. The gift deed also has to be registered and has to contain all the particulars of the property on the basis of the original sale deed. I would, therefore, advise you to obtain a certified true copy from the Sub-Registrar’s Office.
• The income-tax authorities have no role to play with regard to the loss of the sale deed.

Should valuation report be referred to valuation officer?

Q. I am the owner of a plot which is situated in the heart of the city and is more than 500 sq m. The value thereof being more than Rs 40 lakh. The Wealth-Tax return was filed on the basis of my own estimate. The Assessing Officer is of the opinion that as the value is not supported by an approved valuer’s report the matter should be referred to a departmental valuation officer. What action do I need to take in this case? — dinesh

A. In accordance with the provisions of the Wealth Tax Act, 1957, the value of the assets which are includible in the wealth for the purpose of the levy of the 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 the urban land. In the residuary clause of Schedule III it has, however, been provided that 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 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, 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, and therefore, can refer the matter to a valuation officer.

You will have a right to object to the valuation proposed by the valuation officer and the valuation officer is required to provide sufficient opportunity to enable you to raise objections in respect of the valuation proposed by him. The valuation officer is supposed to deal with such objections and finalise the report thereafter.

email your queries to realestate@tribunemail.com

loan zone
Can I go in consumer court for SBI home loan delay?
S.C. Dhall

Q. I have applied for SBI home loan, and got approval letter on March 1, 2013 for a certain amount. I submitted all required document on March 13, 2013 after the completion of my agreement. However, when I contacted the bank on April 12, 2013, I was told that due to heavy work load the file would be cleared in another 10-15 days. Nothing has been done till date in spite of my repeated visits to the bank. Now I have got a legal notice from my builder asking me to pay the amount in 15 days, along with interest for delay in payment @ 18 per cent of the amount that had to be paid till date (Rs 23 lakh). The notice also mentions that the agreement will be terminated in case the amount is not paid and the amount paid so far (Rs 10 lakh) will be forfeited.

So in this matter can I go to consumer court against the delay in service of the bank? What are the chances of me getting justice in this matter. Should I contact a lawyer for this?

— rajinder singh

A. It is unfortunate that the disbursal of your home loan has been delayed in spite of the continuous follow ups. In order to save time and avoid the termination of your agreement you should first register a complaint with the bank itself by clicking on the Feedback / Complaints link appearing on their home page http://www.sbi.co.in/

After this, visit the bank with a printout of your online complaint, legal notice received from the builder and present your case. There are chances that the loan disbursal process will be accelerated after this.

Also file an RTI once asking “How much time it takes for loan to be disbursed after the it is approved”. I am sure things will be faster.

As far as approaching the consumer court is concerned this is a case of deficiency in service, which means you can surely move to banking ombudsman, but first make a complaint to SBI and then after one month you can move on to the banking ombudsman.

Arranging money for down payment

Q. How can I make the initial down payment for a house if I have no cash in hand? My home loan has been sanctioned already. — rohit kumar

A. Ideally, one should not take a home loan without having saved for the down payment. Nevertheless, in situation where it is not possible try out any of the following ways to generate the required cash:

Bridge loans: Many empoyers offer bridge loans at minimal interest to help employees buy assets. Enquire if you employer can give you a bridge loan.

Request the builder: Some promoters/builders can be magnanimous enough to let you pay a minimal down payment and pay the balance later. You must ask your builder also.

Gold loan: If there is some gold jewellery in the house, then you can take loan against it. But remember that you may have to bear the extra burden of interest.

If you have any investments, which are giving returns at least 2 per cent lesser than the interest being charged on the housing loan, then it is better to withdraw the same and use the money for the down payment.

home trends
Stylish splash
Rajan Vashisht

Relaxing in a pool is the ultimate summer dream. For most people, swimming pools conjure the image of fun, relaxation, and family time. However, logistics and hygiene concerns keep most of us away from public swimming pools. Fortunately, space is no longer a constraint for creating a paradise in our own backyards. The new-age splash pools are ideal to cool off, whether one owns a bungalow or an apartment.

Be it a large area or a small house, a water body gives a soothing feeling and allows one to relax and take a break from the tiring heat.

Pools are designed for various purposes, some for entertainment others for exercise. In fact, there are many who develop these for aesthetic beauty as well. Therefore, it is extremely important to define the objective prior to designing a pool. One should also one consider the architecture , style and landscape of the home before deciding on the type of pool in order to ensure that the pool blends with its surroundings.

Aqua edge: With water flowing down a thin edge, the infinity pools are among the most preferred home pools these days

Once the purpose is defined, it becomes easier to select from the wide range of materials available for constructing the pool. From colourful fiber-optic lighting, specialty water features to heat-resistant decking and saltwater systems, the possibilities are endless. Each option offers unique features and can be chosen as per one’s requirement and budget.

Fiber-optic lighting pools are best suited for entertainment whereas saltwater system is generally used in pools designed for exercise and physical fitness. Saltwater system uses electrolysis to convert salt into chlorine is extremely popular these days, offering an eco-friendly alternative to the traditional chlorine.

The latest trend in splash pools are infinity edge pools, where the water looks like it just drops off into thin air. It is accomplished by pumping water over a thin edge into a catch basin or gutter. The water is then collected in the basin and pumped back into the pool through the filter system.

With a little innovation and experimentation, the design can be modified as per requirement and space availability. One such example is “spools” — a combination spa/pool — or plunge pools.

Another option is to add jets in the pool so that one can swim against the current for exercise even in a small space.

Then there are lagoon-style pools which often use free-form shapes, rocks and water features to reflect a natural landscape.

Some of the most popular ideas in pools now involve the lack of pool walls — most notably playful and pretty beach entries, shallow and comfortable wet decks and dramatic vanishing edges. The beach entry is just what it sounds like — a gently sloping entrance to the pool that mimics a beach in looks as well as feel.

As far as the design element is concerned there are a number of ways to increase visual impact of a splash pool. Those wishing to make a striking statement can finish their pools with a range of colours and shimmering surfaces to truly stand out from the crowd.

Lights, too, can add a dramatic dimension to a pool, whilst swimming and entertaining.

These days, there is a wide choice, from fiber-optics, which can create a soothing glow on your pool, to LED lights, which are energy efficient and come in a range of colours. Selection can be made on the basis of available space and budget.

There also are numerous options to beat the scorching heat. Splash pools are the most popular amongst them. One can rejuvenate and re-energise in them and at the same time keep physically fit by doing water-based exercises.

So, no matter which style of pool you choose, get ready to ‘dive in’ this summer!

— The writer is project consultant for Emaar MGF group

Vaastu wisdom
Madan Gupta Spatu

Q.Will the use of wind chimes help in bringing harmony in my home? — vimla sinha

A. As per traditional Feng Shui school, wind chimes are used to cure negative energies.

If you need a strong metal Feng Shui element in a specific bagua area, such as northwest, a metal wind chime with 6 strings/bells, 6 being the Feng Shui number for northwest. The best choice would be considered a chime with hollow tubes.

A metal wind chime can be placed in the west, northwest and north, while a wood/bamboo chime can be placed in the east, southeast, and south bagua areas. Sometimes you can even find wind chimes made of porcelain or clay bells, in which case you are dealing with the earth Feng Shui element and shouldplace them in earth or wood Feng Shui element bagua areas (center, southwest, northeast, east and southeast). When using a chime as a Feng Shui cure, attention is also paid to the numbers of the rods/bells. Numbers 6 and 8 are the most popular numbers of bells in a wind chime in order to increase the beneficial energy; while 5 is considered best when you want to suppress bad energy, most often from an annual Feng Shui star.

Q. The lift faces our main door in our apartment. Someone told me that it is a Vaastu dosh. We cannot change it now. Any remedy? — prem singh

A. Mostly lifts or elevators are used in apartments and shopping complexes. Having a lift in southwest, west and south direction is not correct. Digs (pits) should not be in southwest, south or west directions. But lift in west or south is ok.

The level of the pit should be higher than the flooring level at Brahmasthan.

However , the opening of the door of the lift should not face your entrance. It is a Vaastu dosh. Nuisance is felt inside the home and privacy is disturbed. This dosh indicates the flow of your income down or drainage of your prosperity. The remedy lies in putting a partition between your entrance door and lift door. Make a Rangoli in front of your main door with red and green colours. Place green and original ornamental plants in plastic or earthen pots to set off the negative influence.

vaastu@tribunemail.com

Green house
Create a Japnese retreat
C.S. BEWLI

The basic idea of setting up a Japanese garden is to get the maximum effect with minimum means. To achieve this, the design must be kept simple and focus should be on outline, shape and contrasting surface textures that will result in a garden that satisfies the senses but requires very little maintenance.

The beauty of the garden is derived by mixing and blending different symbolic elements such as sand, rocks, water, foot-bridge alongwith plants. Gravel and pebbles are the versatile tools that are used to give an ornamental touch to any garden.

A Japanese garden can be squeezed and accommodated in a small space that can either be flat or a contoured yard; sunny place or a shaded area.

These are low-maintenance gardens and are an option and an inspiration for those who are unable to employ a full-time gardener and also have less time to take care of their plants. Such a garden, if planned carefully, can give the effect of an extension of interior designing to the space outside the living area in which plants are used creatively to match or contrast the overall décor effect of the home.

Whenever one talks about a Japanese garden, the first image that comes to mind is that of finely sculpted miniature trees or bonsai. These are either planted in ornamental pots or trained as garden bonsais to a height of about two metres and are planted directly in the ground. Due to constraint of space in Japan, gardens are often viewed as miniature landscapes. These gardens can be created by:

• Grouping stones, rocks, sand and gravel to evoke the qualities of a natural landscape. Generally, emphasis is laid on the integration of asymmetrical and natural-shaped rocks to create miniature mountain views and islands preferably in a triangular shape.
• Creating a water feature which is the essence of life is one of the key elements of Japanese gardening. There are many kinds of Japanese water features that can be created. These range from simple stone basins to bamboo spouts, to ponds, streams and waterfalls. Flowing water offers beautiful reflections and reflects beauty in sound as well as in sight. A small water reservoir in combination with a plug-in fountain can be used to contain water plants like Sylvania natans, Pistia stratiotes and water ferns. Stone water basins are the perfect Japanese water features for a tiny garden.
• To allow visitors to move leisurely through the garden and experience various focal points within the garden, a narrow path is created. Small bridges made of wood, stone or granite are also designed to add appeal and can be used as elements to link small islands or ponds.
• Evergreen perennial plants that have a strong form year-round, foliage colour or textural contrast are used in plenty as this forms the natural backbone of a Japanese garden. maple, pine, cherry, juniper and bamboo are some of the classic Japanese garden plants. According to garden aesthetics if some of these plants do not fit in the local environmental conditions, it is always wise to select other locally grown suitable plants. Perennial evergreen beauties of flowering ixoras, peperomias, chandni, and hibiscus also do well. Evergreen foliage species of ficus benjamina, panda, and nuda can be planted to give a colourful look to the garden. Popular hybrids of poinsettias and mussaenda come in different colours and bear long lasting flowers should be planted at some sunny location. Mussaenda bears colourful bracts during summers and poinsettia adds colour to the garden throughout winter.
• Ground covering-plants is a traditional and a majestic way to add more texture and colour to the garden design; the ideal ground cover is moss as it gives a feeling of age and permanence. Besides moss, there are other ground-cover plants that have a little more height and vigor to them and can out-compete weeds in the landscape. Asparagus, chlorophytums (spider plant), budelia, golden duranta, pelea, lavender etc. are effective ground cover plants that need less pruning or clipping.

• Stone or iron lanterns are symbolically positioned at focal points along a curve on a path or near a water body. These are not actually used as light sources, but are placed for aesthetic purposes and are a must in such gardens.
• Depending upon the size of the garden pagoda with one to five tiers is placed at the end of a pathway or at the top of a flight of steps.
• Wind chimes are hung to create magical notes to soothe the senses.
• Place a few solar lights or any other lighting arrangement.

Tending tips

• Evergreen perennial plants should be pinched at the initial growing stage to increase lateral branches, resulting in more number of flowers.
• Remove dead flowers and leaves periodically as these take away avoidable sap from the plant.
• Pruning of trees and other shrubs is carried out carefully to look old and weathered. These are rounded on top to evoke a hilly landscape.
• Plants should be watered when the top 1cm of the soil gets dry.
• Fertilise soil with nitrogen, phosphorous and potash (NPK) once a quarter during growing season.

India’s emerging retail destinations
Pankaj Renjhen

For retail players, stagnation and obsolescence are two sides of the same coin. Though expansion is often a challenge in a curtailed economic environment, it is nevertheless a necessary function for success. Retailers who wait too long to expand into new territories, or are content to stay where they are, are missing the growth wave and will eventually lose their market relevance.

As such, all Indian and global retail brands operating in India have plans to expand into cities where economic momentum is picking up. In these cities, most local retailers already have a footprint, but branded national and international brands also have their sights trained on these emerging cities. The upcoming cities that retailers are considering with increasing seriousness today are: Jaipur, Kochi, Ludhiana, Indore, Nagpur and Udaipur.

These emerging cities are emerging as lucrative as retailers/brands are attracted by the increasing incomes and rising brand awareness among consumers there. Also, a substantial number of shopping malls are being planned or are already under development in these cities. Sales in the modern retail stores in these cities are quite encouraging, and this is paving the way for the establishment of even more organised retail.

Indore: Traditional high streets still dominate Indore's retail landscape. However, high street retail is gradually yielding market share to organised retail with the arrival of new malls and shopping centres in the city. M.G Road along with Jawaharlal Nehru Road was traditionally Indore's retail hub before the emergence of markets adjacent to Palasia Chauraha and Bombay Hospital.

Kochi: Retail activity in Kochi has traditionally been concentrated on a central high street, with M.G Road being the dominant retail corridor. The other emerging retail destinations in Kochi include Marine Drive, Vytilla Junction, Palarivattam and Edapally. Shopping malls are also emerging in areas such as Maradu and Edapally. The Upcoming mall developments include Lullu Mall, among others.

Ludhiana: Ferozepur Road is the main growth corridor for retail in Ludhiana; consequently, it has seen the highest incidence of major organized retail developments with Ansal Plaza, Flamez Mall and Westend Mall. Over time, various national and local developers have entered the market - these include Ansal API, DLF, MBD Group, Omaxe and Chadha Group.

Jaipur: Jaipur has progressed tremendously on the retail front, and is considered one of the most important emerging retail destinations of North India. It has shopping malls with multiplexes operational at various locations in the city. Organised retail has come up and is proliferating in areas such as Tonk Road, Malviya Nagar and Ajmer Road, among others.

Udaipur: The traditional retail destinations of Udaipur include Bapu Bazaar, Chetak Circle, Suraj Pole, Nehru Bazaar, Bada Bazaar and Chand Pole. Organised retail is also widespread throughout Udaipur, with Durga Nursery Road, Shakti Nagar and Sudkhadia Circle having the largest concentration of new entrants. Shopping mall developments are beginning to make their presence felt in Udaipur, in light of the growing demand among local consumers for a modern shopping experience.

Nagpur: In Nagpur, unorganised retail has more or less always existed in areas such as Itwari and Sitabuldi, and in western part of the city. The city's established prime retail areas include Dharampeth, Ramdaspeth, Gokulpeth, Central Avenue, Gandhibagh and Sadar. Shopping malls are also operational in Nagpur, and a lot of retail brands are entering there. Presently, Central Nagpur is a noteworthy retail destination in terms of shopping mall developments - however, both West and South Nagpur are rapidly emerging as the next generation retail hubs.

— The writer is Managing Director, Retail Services, Jones Lang LaSalle India

Can your house withstand the fury of monsoon?
Vivek Shukla

In this era of 24x7 news channels, it is not possible that you would have missed the hair-raising visuals of fury of torrential rain in Uttrakhand and Himachal Pradesh. Even though the region generally gets moderate to heavy rainfall during the monsoon season, very little is done to protect and prepare buildings from the harmful effects of heavy rain. It is advisable to take precautionary measures to protect your house, apartment or building during the rainy season.

A common problem during monsoon is water stagnation, cracks in building, power cuts, leakage etc. Experts say that in order to prevent seepage through walls during monsoon, the terrace wall surface should have a gentle slope towards the inner side of the building. This will cause the water to flow onto the terrace instead of flowing along the wall’s outer surface to the ground. “If you have a large balcony or an open sit-out area, ensure that rainwater doesn’t stand for longer periods at these places. This is more important particularly when you have marble flooring at these locations. The gradual action of slightly acidic rainwater may discolour, damage or even eat away the costly marble,” says Deepak Mehta, a noted architect.

If you are looking at fixing that leaking ceiling or crack in the wall, now is the best time to do it. “ One should fix the leaks and cracks in buildings before monsoon. There are a few areas in your apartment that require regular maintenance”, says Ajay Agarwal, Director of Avalon Developers.

If we talk about the terrace, care should be taken to provide proper slopes on the slab to prevent stagnation of water. All opened-up tile joints have to be filled with a polymer — modified waterproof mortar and sealed. Damaged tiles have to be replaced with new ones. Water has a tendency to take the weaker path and the entry of water from the terrace of even the 9th or 10th floor can cause leakage in the ground floor or any other floor of a building. Also, leakage may take place through cracks on the top and sides of the parapet walls leading to entry of water into the building.

It has often been observed that roofs start leaking after couple of days of heavy rain. Mainly residents of apartments face this problem. If you live on the top floor, there are strong chances that your roof starts leaking as rain water stagnates there. Terrace floor should be leveled by applying cement plaster. “If you see or find cracks in the roof slab, ensure that these are properly covered”, says Sanjay Khanna,director of Kailash Nath Projects Pvt.Ltd.

Terrace has to be cleaned regularly. Debris that gets collected there may block the pipes. You can also take up cleaning of water tanks, chajja, terrace and filling of cracks and separation gaps.

If your house is fitted with a solar water heater and if you have observed improper heating, then it is time to get the solar panel inspected. It is very important to maintain lift or elevator regularly for the safety of residents in the apartments.

launch pad
Tallest commercial tower in Bhiwadi

Advance India Builders & Promoters Pvt. Ltd. (AIBPL) has recently launched “Advance Saaga Castle” a mixed-use commercial development on Bhiwadi-Alwar Express Highway (SH-25). It will be the tallest commercial tower in Bhiwadi. The project will have a number of facilities like entertainment, shopping, food court, offices and suites under a single roof, fun, entertainment, shopping, food court, offices, and the luxury maharaja suite.

A 12 per cent assured return scheme is also being offered to investors by the builders. Thus for an investment of ~7 lakh they will get ~7000 per month and for a showroom an investment of ~1 crore they will get a return of ~1 lakh per month.

Assisted property search

Real estate portal Indiaproperty.com, recently launched the country’s first assisted property search service. As part of this service a property search manager attached to each customer will scan through the market for properties as per specific requirements of the customer, including finer nuances like preferred location, elevation, amenities, view, vaastu, budget, time frame of delivery etc. They will investigate, evaluate and find answers specific to customers’ requirements, many of which are not available on the public domain.

Subscribers of the service will get an online account, from where one can access recommended properties and compare them, making it easier for decision making.

The premium edition of this service also provides assistance in securing home loans, a second legal opinion on the selected property and even assistance for property registration and documentation. This comprehensive service ensures that customers are offered unbiased expert advice while making one of the most crucial decisions of buying their dream home.

Speaking about the new service, Ganesh Vasudevan, CEO, IndiaProperty.com said, “Assisted Property search will empower our users with the right information and enable them to make an informed decision. “We are very enthused by the initial response received so far, having helped over 2000 users finds their dream home”, he added.

CHD Developers to invest Rs 150cr on Gurgoan commercial project

Realty firm CHD Developers will invest about Rs 150 crore to develop a commercial project in Gurgaon. The company has recently acquired about 2 acres on Dwarka Expressway for Rs 25 crore to develop the commercial project 'CHD Sky One' comprising one lakh sq ft area.

“CHD will be investing Rs 150 crore for developing this trademark tower,” CHD Developers said in a statement.

“The total commercial space available in the tower is 1 lakh sq ft. Out of this 30,000 sq ft will be dedicated to CHD Group offices and the 70,000 sq ft would be leased to others,” the statement said.

The group has roped in Pei Cobb Freed and Partners Architects LLP, which designed the Bank of China, for this project.

 

Second phase of KW Srishti The K-World Group recently launched the second phase of its group-housing project KW Srishti in Rajnagar Extension area of Ghaziabad. The aesthetically designed project will be spread over an area of 10.5 acres. The second phase has 802 flats with 2, 3 and 3BHK+Penthouse options. The size of flats is between 640 sq. ft. and 2650 sq. ft. The Group has pegged basic rate at Rs 2400 per sq. ft. and flats will be available at approximate price of between Rs 20 lakh and 80 lakh. Designed by a team of widely experienced architects and interior designers, these flats will be home of comfort, luxury, convenience and exclusivity. The project is approved by Ghaziabad Development Authority. Speaking on the occasion, Pankaj Kumar Jain, Director, K World Group said, “We are expecting to deliver the second phase by the end of 2015”.

A perfect paint job

Here are some important points that should be kept in mind while getting your home painted:

Before painting

• Check for areas that require repair before painting.
• Any plastering, repairing and waterproofing work if required, should be carried out before starting the paint work. All structural cracks must be open in V shape filled with white cement/cement-based plasters and leakage should be stopped, before actual painting work is started.
• Remove all hardware from doors and windows, loosen lighting fixtures, or mask them with tape or paper.
• Decide your budget. Buy all paint in one batch and in the largest possible pack size for convenience and economy. This reduces the possibility of colour variations between batches.
• Dust walls thoroughly with a dry mop. Use roller, brush or spray gun to paint large surfaces.
• Choose paints that are ‘Lead Free’ and ‘Low’ or ‘Zero VOC’.

— Inputs courtesy Nerolac