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haryana
housing policy-2013 Mirage of affordability “Crawl when asked to bend” — this seems to be the mantra of the Hooda government when it comes to giving incentives to the recession-hit real estate sector in the state. This sums up the ‘Affordable Housing Policy—2013’announced by Chief Minister Bhupinder Singh Hooda recently to facilitate the creation of additional housing in urban areas across the state.
Ground
Realty
loan
zone
vaastu
wisdom
ngt
sand mining ban
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haryana
housing policy-2013
“Crawl when asked to bend” — this seems to be the mantra of the Hooda government when it comes to giving incentives to the recession-hit real estate sector in the state. This sums up the ‘Affordable Housing Policy—2013’announced by Chief Minister Bhupinder Singh Hooda recently to facilitate the creation of additional housing in urban areas across the state.
The rate of the dwelling units would be a major dampner for the investors and the end users. While ~ 4,000 per sq ft would be the rate for Gurgaon, Faridabad, Pinjore-Kalka(Panchkula), ~3600 per sq ft would be the rate for other high and medium-potential towns and ~3000 for low-potential towns. Translated into simple language this would mean that a modest I BHK with a covered area of 500 sq ft in Gurgaon, Faridabad and Panchkula will cost about
Rs 20 lakh. The price for other towns such as Karnal, Panipat and Bahadurgarh will be
Rs 18 lakh, while for small towns such as Yamuna Nagar, Jind and Safidon it will be
Rs 15 lakh. Advantage builders This sort of rationalisation of the pricing of housing units will be a virtual bonanza for the builders who are also being offered several other incentives, including exemption from licence fees, infrastructure development charges, FAR of 225 instead of the current 175, a higher ground coverage of 50 per cent against 35 per cent. All of these together would make the realty sector an attractive proposition once again for the builders. “The new rates and incentives would go a long way in reviving the sluggish realty market. In fact, it seems to be a virtual bonanza for the developers ahead of the parliamentary and state Assembly elections,” said Manish Goyal, Director of a Delhi-based firm that has projects in the National Capital Region (NCR). According to experts the rates fixed by the government are certainly on the higher side particularly when the real estate sector is battling severe slowdown for the past several months. The rates fixed by the government would be taken as a benchmark by the builders while selling the apartments even in their other projects and this will surely mean higher prices being demanded for mid segment residential units, observers opined. Builders getting their projects passed under the new policy are going to be the main beneficiaries. For an acre of land, the builders will now get the FAR of 225 instead of present 175 meaning that 225 flats can be constructed on an acre as against 175 earlier. Not only that the ground coverage could be 50 per cent as against the current 35 per cent. More ground coverage would mean that the promoters would be able to utilise the spare area in the project for commercial purposes as some specific commercial component has been allowed in the policy. While commercial segment may also provide shopping centre facilities for the residents, the ultimate beneficiaries of the relaxed norms would be the builders, who would sell the commercial spaces at the market price. The lower charges and fee as compared to the other projects would also ensure greater profit for the builders despite claims to the contrary by the Haryana government. The end users are also dismayed at the high rates fixed by the state government. “This is clearly an attempt to push the affordable housing out of the reach of the common man. In the pre-election year, the Hooda government is bent upon helping the big builders and is, in fact, fleecing the middle and lower middle classes,” alleged Mangat Singh, an employee with a private sector firm.
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decor
trends When we talk about the role of ceilings in home décor, a very familiar picture strikes our mind — a picture showing flat and white space stretched over the length and breadth of rooms. Ceilings have always been ignored while planning interiors but now this area is emerging as a vital component of interiors. Interior designers and architects have come up with a clever terminology to break the décor — myth of “white evergreen ceilings with handsome walls”, by renaming ceiling as the fifth wall. This expression has changed the way people look at ceilings now and has given enough food for an image makeover. Platter of options Ceiling design has given a new dimension to home spaces. The main elements to play with rhis space are the basic structural look and the use of colours and textures on it. There are many options available in both of these depending on the project status, the budget and of course personal preferences. Here are types or choices available to play with the ceiling design: Dropped ceiling: The drop in the ceiling level is picking up like wild-fire in new house projects. These flat ceilings with bulk heads are a perfect way to carve a specific niche for a special purpose and provide a great sound and energy control. The bulk heads are further highlighted with ceiling lights and colours. Cove ceiling: This has round concave curves at the entrance of hallways to create a continuous effect. A cosmetic makeover with clean lines and beautiful curves, it brings out the feminine persona of the place. These compliment the creative tinge in a living space perfectly.
As the name suggests these are built to take the shape of a common tray with a certain depth which actually adds more space to the room. These start at the standard height with a deep cut upwards. The tray can be done in steps vertically or with angles with each step done in specific colours different from the larger spread of the tray. These are the most appealing of ceiling ideas and are more commonly used in open spaces of drawing or dining areas. Beam ceiling This type of ceiling stands out for its rugged-look and unmanaged appeal. The flat white ceilings are covered with equidistant beams, generally of wood. These wooden veneers can be stained with dyes after an instant-aging application and to exude a rustic appeal. The unfinished wood or bamboo add a tropical touch to the chic interiors done with well-lined furniture and floral upholstery. The idea brings the old barn appeal to life, though the option of polished mahogany beams is not untouched. fun with fundamentals Now, with all the knowledge at your disposal and so many avenues to explore one needs to be well-equipped with the basics of the game. Here are some power-capsules which will aid your imagination to be more realistic. Coffered ceiling These remind one of the checker board with ceiling beams constructed in horizontal and vertical lines covering the entire length. These are generally covered with sheetrock and are given a normal finish. The traditional appeal can be further accentuated by working with the checkerboard as the coffers can be layered. The tip is to use subdued colours for the base and whites for the coffers. These are generally good for living room area, but have also been experimented in the kitchens. These are a little heavier on the pocket and hence are yet to find widespread popularity.
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Ground
Realty The best Italian marble is from Carrara in Italy. But other varieties like Albeta or good quality Dungri are also available in India. Italian Botticino is presently considered the best one and the most liked marble variety by the India's super rich. It has excellent appearance, takes polish very well and is comparatively more compact and dense than other Italian marbles. The treatment: After the conversion of the rocks into marble slabs, these are subjected to resin treatment. Italian marble is porous and needs resin treatment for strength and bonding. Also, the Italian marble is full of fine cracks and these too need to be filled with resin material till it is sucked to the deepest level of cracks. All this treatment is called netting process and resin treatment process. Quality of resin: The quality of resin used in treatment of Italian marble plays a vital role in its long-term performance as flooring material. A company of repute shall never compromise on the quality of resin and shall use the finest quality epoxy resin for marble treatment. While buying Italian marble, there is no harm in checking these small technicalities with the marble-processing companies. Polishing: After the treatment of marble with epoxy resin, it is subjected to a pre-grinding process. The micro holes in the marble are filled with UV resin. After pre-grinding, marble lots are inspected to check if these are ready be polished. Once the lots are ready for polish, these are subjected to super gloss technology for polishing of marble. The industry yearns to provide highest gloss to the Italian marble processed by it. Industrial houses love to add their name to the marble thus ready for sale. That's why Italian marble in the market is known as Italian Botticino ABC, Italian Botticino DEF etc. Slab thickness: Italian marble slabs are kept 16 mm thick by the Industry. A tolerance of plus minus 0.75 mm is allowed in thickness. Variation in thickness creates problem in the laying of marble to a perfect level and finish. While buying Italian marble, one should take care to check that all slabs in a lot are of the same thickness. Size of slabs: Italian marble slabs are available in as large as a size of 10 ft by 4 ft. The cost of these depends on the size. One should, therefore, decide beforehand whether he wants to have tile-laying pattern or carpet-laying pattern of flooring. For tile-laying pattern, tile sized lots of Italian marble are available in the market. For carpet laying pattern, large sized slab lots may be chosen. Cost of Italian marble: Italian marble is available in the market at a cost of about Rs 250 to Rs 400 per sq ft, depending upon the size of slabs and quality of marble. One can negotiate the cost of the lot selected as the suppliers have the ability and scope to reduce the rates. As the VAT imposed on marble is quite significant, clear-cut rate inclusive of taxes and transportation to your site should be finalised. Further, depending upon the treatment given, lots of Italian marble are further divided as A grade and Average grade by the suppliers. One should check the grade and if average grade is selected, its cost should be lesser. Transportation: Special labour is required to load, stack it in the truck, save it from breakage during transportation and unload the marble and such labour is available with the supplier. These labour gangs know how to save marble from breakage during its transportation and handling. so don’t try to save money by hiring inexperienced labour for transportation of this expensive material. Post-use treatment: Italian marble is fragile and is treated with epoxy resins before its use in flooring. Yet it is loved by the super rich feel. After a few years of use, Italian marble starts losing sheen and needs re-polishing. If you have invested in Italian marble for your house, add its treatment cycle to your house maintenance schedule and enjoy the eminence and prominence it adds to your house.
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tax
tips Q. I want to give a loan to my son who wants to buy a flat. The loan will be given at 5 per cent interest per annum. Will he be allowed to avail tax benefit for the payment of interest on the loan and also the principal amount?
No tax benefit on rented property Q. I am working in Noida and stay in a rented accommodation. I purchased a house in Pune in 2005 after taking loan, for which I will be paying monthly instalments till December 2015. The Pune house is on rent and I get monthly rent, which I show as my income and pay tax on it. In August 2012, I purchased another house in Noida which is under construction and I'll get possession in July 2014. In this case, is it possible to get benefit on the total interest paid rather than just Rs 1.5 lakh? — ravi kant A. The restriction of Rs 1.5 lakh is applicable in case of self-occupied property and does not apply to cases where the house property purchased has been given on rent. Thus in your case, as per Section 24(b) of the Income Tax Act, 1961 (The Act) the entire amount of interest paid/payable in respect of the Pune property shall be allowed as a deduction since that house is on rent. For the house property purchased in Noida, the interest paid would be allowed as a deduction only to the extent of Rs 1.5 lakh if the same is going to be self occupied. However, as you have mentioned that the Noida property is under construction, the interest paid before the construction of the house, shall be allowed in five instalments starting from the year in which the construction of the house is completed. Do I need to pay tax for not rented property? Q.
I have three houses in my name. I occupy one of the houses and the other two are vacant. I do not earn any rental income from these houses. Do I still have to pay tax? Should I transfer the house in my wife's name? A. According to income tax provisions the two houses that have not been let out and are vacant will be deemed to be let out. It would, therefore, be essential to determine the annual value by ascertaining the sum for which such houses might reasonably be expected to let out from year to year. This would be the gross annual value of such houses. From this, you can deduct the municipal taxes you have paid for the two properties. A statutory deduction of 30 per cent of such net figure would also be allowable for computing the taxable amount under the head "income from house property". Such income would be added to your other income, if any, to arrive at the total taxable income. Even if you transfer the two houses in the name of your wife, you would still be liable for paying the tax in accordance with the provisions of Section 64 of the Act which provides that income arising from assets transferred to spouse by an individual other than for adequate consideration or in connection with an agreement to live apart shall be treated as the income of such individual who has transferred the assets. You will also have to pay wealth tax on these two properties if their aggregate market value, minus any debt owed for the properties, exceeds Rs 30
lakh. How can I save tax on money got for redevelopment of flat? Q. I am a senior citizen and own a 700 sq. ft. house, which was purchased by my husband in 1973. My society will undergo redevelopment from October, 2013 and the owners will be compensated with around ~2 crore each. Out of this, I would distribute half the amount among my children as gift. With the remaining amount I will buy a flat for myself and pay for registration charges and stamp duty. What will be the tax liability for me and my children? How can I save tax? — raj rani A. The facts stated by you do not indicate whether you have transferred the flat to the society or whether you would be given another flat by the society in addition to the amount of ~2 crore. For the purpose of this query, it is presumed that the flat has been transferred by you to the society and you will only receive a sum of ~2 crore from the society. Any amount received with regard to redevelopment of society will attract the provisions of capital gain. As per Section 45 of the Income Tax Act, 1961 (The Act) any profits or gains arising from the transfer of a capital asset shall be chargeable to tax under the head capital gain and shall be deemed to be the income of the year in which the transfer took place. In your case, the date of redevelopment shall be taken as the date of transfer of the house and accordingly, the amount, ~2 crore minus the indexed cost of acquisition, shall be chargeable to tax. As per Section 55 of the Act, where any capital asset becomes the assessee's property, which had been acquired by him or the previous owner before April 1, 1981, then the cost shall be taken as the cost of acquisition to the assessee or the previous owner, as the case may be, or the fair market value as on April 1, 1981. The capital gain arising on the transfer of the house shall be exempt under Section 54 of the Act to the extent the assessee invests such capital gain in purchasing a residential house within a year before or two years after the date on which the transfer takes place or for constructing a residential house within a period of three years after the date of transfer. The remaining amount may be deposited in a capital gain scheme account before the date of filing returns to avail exemption. In view thereof, capital gain shall be exempt from tax to the extent the amount is invested in purchasing a new flat. The remaining amount of long-term capital gain shall be charged to tax at the rate of 20 per cent plus applicable surcharge. Further, the amount gifted to your children shall not be taxable in their hands as per the second provision of Section 56(2)(vii) of the Act, which provides that gift to children is not taxable as income of the recipient. Can loss in share value be used to save capital gains tax? Q. I sold my residential property in February this year. I had been living in it for 10 years. Will I have to pay long-term capital gains tax? Can I set it off against the losses I made in sale of shares last year? A. The gain, if any, arising on sale of residential property in which you have been living for the past 10 years would be taxable as a long-term capital gain. The gain will be computed by reducing the aggregate of indexed cost of the acquisition and expenses incurred for making such a sale from the sale consideration. The tax chargeable on net gain is 20 per cent plus education cess @3 per cent thereon. I presume that the losses that you have incurred have arisen on account of transactions in respect of equity shares which have been undertaken on a recognized stock exchange and where Securities Transaction Tax (STT) has been paid. The income arising from such transactions is exempt from tax under Section 10(38) of the Act. Therefore, loss arising on the sale of equity shares where STT has been paid is not allowed to be set off against any other income. In case, you have incurred loss in respect of such transactions, the loss incurred by you would not be allowed to be set off against non-taxable income of the nature referred to herein above. I may add that you can save the tax payable on long-term capital gain by investing such capital gain in purchasing or constructing another residential house property within the prescribed period or investing the capital gain in specified bonds within six months of the sale of residential property.
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loan
zone Q. I have an outstanding home loan of Rs 25 lakh that I had taken from a PSU bank and the current interest rate is 12 per cent. But the SBI is now offering loan in the range of 10 per cent. My existing bank has not offered a similar rate so far. I am seriously thinking of switching this loan to SBI because of the lower interest rate. Kindly advise me how to process the case? — saurabh A. Please carry out a cost-benefit analysis before taking a decision like this. Though there is no prepayment penalty on such transfers, there are certain other costs attached to it. If your loan is not from SBI With processing fee capped at
Rs 10,000, the current rate of SBI is the best available option. But wait, your bank also may follow SBI. If the difference between the new and old rates is very high, you should plan for a loan transfer. Switching makes sense only if the difference in interest is at least 1 per cent. Processing fee can’t be the sole determinant. You have to consider valuation charges, inspection fee, lawyers’ fee, stamp duty etc to get a clear picture and do a cost-benefit analysis. But try to negotiate with your existing lender before taking a decision for loan transfer. You can quote the SBI rate and try for a reduction in rates from the existing lender. Many lenders are allowing reduction in interest rates to the existing customers on a case to case basis. They are even ready to reduce the conversion fee, if your track record is good and if the lender wants to retain you as a customer. But please check the revised tenure of the loan, after the EMI is reduced. The lender can reduce the EMI by adjusting the loan tenure! If you are nearing the end of the loan tenure, transfer of loan will not help you much, because the interest component in your EMI is very small. You should also seek from banks their re-pricing policy and track record before switching banks. This will help you in taking the correct decision. If your loan is from SBI SBI is offering lower rates to its existing home loan customers, provided they are ready to pay 1 per cent conversion fee. If you switch over to this rate now, you will be eligible to avail the lower rates now as well as the thinner spread of 25-40 basis points over the SBI base rate, which will benefit you throughout the term of the loan. This option will be beneficial for you if your loan amount is not very high. However, if your loan amount is high, it is better to wait for other banks to come out with a similar rate. You can opt for a balance transfer at that time and save on the conversion fee. But you have to factor in processing fee in the range of 0.25 to 1 per cent depending on the new
lender.
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vaastu
wisdom Q. Is there any specific number of doors that is beneficial or otherwise in a building or a home? I am constructing my home and one of my friends has asked me to be careful about the number of doors. Do let me know in this regard. — sumedh singh
Entrance may be without doors but if these are covered overhead to form an enclosed passage, then these are counted as doors. Doors to partitions within the house which do not touch the ceiling are not counted as doors. The following is the explanation of number of doors in the house and their effect as per ancient directives in Vaastu. Q. Our house is at the crossroads or fork. Can it create any problems? — deepa singh A. When a house is located at the crossroads or fork, there is a scissor effect, with negative energies reducing the tranquility within the house. There can be a tendency towards minor accidents around the house. The solution is to change the position of the door so that it does not directly face the roads leading up to it. Alternatively, a low fence or a hedge should be built around the house, with a gate to serve as a barrier to counter the negative energies.
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ngt
sand mining ban Jain, who is also the CMD of Mumbai-Pune developer Kumar Urban Development Ltd, said it is shocking that NGT thinks sand mining causes floods in rivers. “Silting, on the contrary, allows free flow of rivers and prevents floods”, he said. “Sand is one of the most essential inputs for any construction. Planners, while issuing building permissions must also assess the requirement of materials like sand or metal. The ban might serve the populist purpose, but it is a retrograde move as it harms the nation’s growth,” he said. “I do not think it is proper for any authority to pass orders without giving opportunity to parties concerned like the developer community. The ban will also result in sand smuggling and add to the growth of sand mafia, instead curbing it. One most important point that one has to remember is that plaster quality, particularly in urban areas and coastal cities like Mumbai, is worsening by the day because of the non-availability of quality river sand. It is common knowledge that the use of sand mine with mud and pollutants from the creek is adversely affecting the quality of construction”, he added. CREDAI chairman also pointed out that it was the responsibility of the district collectors to issue permission for sand mining to match the requirement of the construction industry, for which they issue certificates. The ban will lead to delays in project completion, thereby increasing the cost by threefold as it will have to be imported from countries such as Pakistan and Cambodia to bridge the shortfall in supplies, Jain pointed out. Besides realty sector, sand is an important ingredient in infrastructure projects like mass rapid transit systems and metro projects. It is also a primary constituent in core sector projects such as power plants. He said as it is the industry unduly burdened with the huge increase in sand prices over the past three years. Instead of forcefully banning, the government must focus on finding alternative solutions in the nation’s interest.
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Launch pad
All specifications are naturally high-end, and innovatively avant-garde – from floating club-houses, Juliet balconies off master-bedrooms to rain-showers and wooden flooring.
Membership rewards programme IndiaProperty.com, announced the launch of India’s pioneer property portal rewards program me titled ‘IndiaProperty Smart Savers’ recently. The programme will enable ‘IndiaProperty Smart Savers’ members to make significant savings on a home purchase while enjoying special benefits on allied services and products. Members who sign up for the new programme will not only be privy to exclusive launch and pre-launch offers from builders but they will also be invited for exclusive previews on new projects. Members can also access discounts and avail privileges of allied services such as painting, bath & sanitation fittings, modular kitchens, home loans, interior decorators, furnishings etc
Vasilia at Wave City Wave City Center, spread over 152 acres, has a diverse portfolio of offerings in additional to premium and ultra luxury residences like multi-use studio apartments, premium office complexes, high street shop condominiums, mall & multiplexes, a range of premium hotels, convention center and family entertainment center “Catering to the rising demands of premium residences
in Noida , Wave City Center has conceived Vasilia targeting middle and upper middle class home seekers and offering them an unparalleled lifestyle, in an unbeatable location, which will suit their pockets,” Amar Sinha, Executive Director at WAVE Infratech said while launching the project.
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Realty bites
Realty firm Lodha has planned an investment of over
Rs 5,000 crore for developing residential and commercial real estate on the 17 acre land in Worli in south Mumbai, which it bought from DLF last year.
In last November, Lodha acquired 17 acres from realty firm DLF for
Rs 2,727 crore. “We have planned a total investment of Rs 5,000 crore for the entire project, out of which we have already invested over
Rs 2,700 crore in buying the land. We will be further investing over Rs 2,300 crore in developing a variety of projects, including high rises, town houses, luxury retail and even select bungalows,” company’s MD Abhisheck Lodha informed recently. When asked how the company was planning to raise funds for this project, Lodha said, “we have already spent
Rs 2,700 crore. For the additional, we already have strong cash flow from the pre-launch sales. In addition to that, we also have tied-up with banks for construction finance”.
NGT issues notice to builders The National Green Tribunal (NGT) has issued show cause notices to 12 real estate developers, including DLF, Supertech and Jaypee Greens, after it was found they were using ground water for construction purposes in Noida and Greater Noida in violation of its orders. A bench headed by NGT Chairperson Justice Swatanter Kumar sought appearance of the CEOs of Noida, Greater Noida and Yamuna Expressway authorities on the next date of hearing and also directed them to file on record the steps taken by them to ensure implementation of the tribunal's order banning extraction of ground water. Apart from DLF, Supertech and Jaypee Greens, show cause notices were also issued to Wave Infratech, BPTP Ltd, 3C Company, ET Infra Developers, SDS Infratech in Noida and Greater Noida, Capital Infra Projects, Sunworld Residency and Paras Season Haven.
Homestead gets Innovative Corporate award Homestead, a group that speciaises in Boutique Branded Residences has been awarded the Rajiv Gandhi Excellence award for the most innovative corporate of the year. This award is been given in recognition of Homestead India’s efforts in redefining the trends of the real estate market by introducing a refreshing new concept of Boutique Branded Residences. Boutique Branded Residences is a carefully crafted section of branded residences wherein an unique experience is being created based on personal traits of leading icons. The product is envisaged and designed in such a fashion that one gets a firsthand experience of how an iconic lifestyle can be a part of your existence. Homestead is aggressively expanding its idea of Human Architecture with its two stellar offerings- Michael Schumacher World Tower and Ace by Sharapova. The company has analysed their personal characteristics and included into the design character of the building design. The Rajiv Gandhi excellence award instituted in 2010 is awarded to outstanding performers across various sectors. — Agencies
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decor
trends
tax
tips
While the Haryana Government may claim that the new policy is “intended to encourage the planning and completion of group- housing projects within a targeted time-frame to ensure the increased supply of affordable housing”, a closer look at the policy reveals that apartments under the policy would hardly be affordable for a common man. Moreover, while the aam aadmi is not likely get affordable houses, the builders in the recession-hit realty sector may be laughing all the way to the bank.
Fact File
Exemption from licence fees, infrastructure development charges
2013 is the year of design and colour. It stands for vibrance and variety in décor and interiors. Designers are coming up with collection of ideas quiet unheard of before and the best part is that all of these are workable and have been widely accepted.
Tray ceiling
Whenever the standard of materials used in the construction of a house is assessed, the first two materials described are marble and wood. The use of Italian marble and MP Teakwood in a house puts it into the top bracket. These two materials serve as sort of status symbols. Best Italian marble is the one that has white pureness and crystal like appearance. Italian marbles further have many names, depending upon the location of the marble rocks in Italy.
Production: Italian marble available for use in homes undergoes a sequence of processes before it is finally offloaded in the market for sale. Large sized industries undertake its processing. Huge rocks of Italian marble are first shipped in from Italy, and are converted into ‘thappis’ of usable marble.
A. Your son would be entitled to claim a deduction in respect of the interest paid/payable against the income from house property. This is, however, subject to the condition that amount given by you to your son as a loan is not out of borrowed funds. In such a case the chargeable interest should not be less than the rate at which interest is payable to the lender. Your son, however, would not be able to claim the deduction in respect of the repayments made to you in respect of the loan. The provisions contained in Section 80C of the Act are applicable to repayment made in respect of the amount borrowed for the construction of a house from sources such as bank including cooperative bank; central or state government; Life Insurance Corp; National Housing Bank; assessee's employer where such employer is an authority or a board or a corporation or any other body established or constituted under any Act; assessee's employer where such employer is a public or a private sector company; a university established by law or a college affiliated to such university; a local authority or a cooperative society; any company in which public are substantially interested or any cooperative society, where such company or cooperative society is engaged in the business of financing construction of houses; any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of residential house in India.
A.
Your friend is right the number of doors in a house or a building does have an effect on the lives of the inhabitants. The number of doors should be even in count, but not 10 or in the multiples of eight. 
However, there are several rules before counting all 10 doors. The main gate or the doors in the outhouse are not counted with doors in the house. Two flanged doors are counted as one door.
Describing the National Green tribunal (NGT) populist ban on sand mining as arbitrary and anti growth, developer’s apex body CREDAI Chairman Lalit Kumar Jain, indicated that the developer community is considering appropriate legal options to challenge the order. The nationwide stay on sand mining from river beds by the NGT is being termed as a measure that will add to the ever-increasing burden on the real estate industry.
Puravankara Projects Limited, has launched Purva Skydale project off Sarjapur main road in South Bangalore. Situated in the heart of the IT hub, the panoramic 4.6 acre property entails 314 ‘maravilloso’ homes, reminiscent of beautiful Spanish habitats. It will have 2 BHK apartments of 1341 t 1371 sq ft area and 3 BHK apartments of 1700 to 1929 sq ft area. The price will be in the range of
Rs 4491 to Rs 4995 per sq ft.
WAVE City Center, a mixed-use project by WAVE Infratech announced the launch of premium residency project in Noida proper (in the heart of Noida) – Vasilia earlier this week. Vasilia offers 2 and 3 bedroom premium residences with servant quarter and study room options. Available in sizes ranging from 1264.18 sq ft to 1748.12 sq ft, these apartments will be priced at ~93.34 lakh onwards.