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Life in the lap of luxury
Ground Realty
TAX TIPS
vaastu wisdom
Nandi as watchguard
Pvt equity inflow in realty sector up 13% to Rs 7K cr
JDA’s project in Jaipur
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Life in the lap of luxury
On the issue of good demand for luxury properties, Sanjay Khanna, director of Delhi based Kailash Nath projects, says that there are enough buyers in this segment. “I think their number is only swelling. Our super luxury projects in areas like Defence Colony and Malcha Marg with a price tag of
Rs 7 crore have sold like hot cakes.” Experts recall that the luxury market arrived when it has seen near-stampede like situation for first and second phases of DLF capital greens in couple of years. Customers with deep pockets invested in 4 BHK+ air-conditioned super luxury apartments with power back-up and fully loaded kitchen. Market leader DLF offered 156 units with servant room over three towers of 25-29 storey each. Then the dream apartments were priced at a staggering range between
Rs 3.81 crore and Rs 4.18 crore. Meanwhile, Tata Housing is coming up with luxury flats in Kasturba Gandhi Marg. It has paid
Rs 218 crore to buy a bungalow on a one-acre plot in the centre. The real estate arm of the diversified Tata Group has bought the bungalow on 2, Hailey Road from the Singh family, consisting of two sisters and two brothers. Flats in this Tata project to cost over
Rs 10 crore and it is said that people are already keen to book their flat in this project. DLF Ltd launched 5,000 square foot apartments in Greater Kailash II in New Delhi priced at an astonishing
Rs 8 crore and more, which comes to over Rs 15,000 a sq ft. Of these 60 still-to-be-constructed flats, DLF has sold around 12 to buyers through its invitation policy for luxury homes. Then, in DLF’s The Magnolias, a 410-apartment complex on an 18-hole golf course is causing quite a stir. A 5,900 sq ft flat in New Delhi costs
Rs 4.5 crore — a little over Rs 7,500 a sq ft. But the price has already shot up to
Rs 9,000 a sq ft, and DLF has sold nearly 20 apartments at this price — around
Rs 5.25 crore. The 10,000 sq ft penthouses, 32 in the complex, are also a hit and DLF is selling them for ~10 crore. Sanjay Khanna says that the number of billionaires in India is growing thick and fast. That is why more and more developers are coming up with these homes in formats ranging from condominiums and suburban town houses to golf villas. According to Alimuddin Rafi Ahmed,CMD of ILD developers, “Unlike the houses costing up to ~60 lakh, developers find buyers for big ticket houses ranging from a whopping ~2 crore and above rather easily. Like others, we find customers for our luxury flats rather easily as compared to those for affordable homes. According to Sameer Jasuja, founder of PropEquity, “Some of the best residences on the market in Mumbai today are more expensive than those in Dubai. Going by prices per sq ft, London is the most expensive at $7,000, followed by New York at $3,000, Hong Kong at $2,000, Mumbai at $1,000 and Dubai, just a little less than that.” Talking about the current scene in the luxury residential market segment, Mahipal Singh Raghav, MD of MMR group, informs that given the market trend we are sure that that out project for luxury flats in Greater Noida will not face any issue in terms of buyers. These and other grand residential complexes are coming with swimming pools, gyms, and Jacuzzi, themed-landscaped gardens, water bodies and meditation centers too. In Mumbai, Shapoorji Palonji is collaborating with a local builder to shortly launch two 60-floor towers at Tardeo, where each apartment, sized 2,550-10,105 sq ft, will be designed specifically for the buyer. Apartments will begin only on the twelfth floor, with the first 11 reserved for parking and common utilities like a fitness centre. Brokers say the smallest flat here will cost ~6 crore. Prices in Mumbai’s suburbs have also hit the million dollar mark. The Hiranandani Group is selling a premium 72-apartment building in Hiranandani Gardens at Powai, with flats ranging between
Rs 4,880 sq ft and Rs 4,925 sq ft, at prices starting at about Rs 5 crore. Such prices are not limited to Mumbai and Delhi — the two most expensive real estate markets in the country. In Hyderabad, Emaar Properties is developing villas and apartments along an 18-hole golf course in Boulder Hills. Brokers say the project is so exclusive that just a visit to see a sample villa is nearly impossible to get. Each villa is expected to be sold for
Rs 7-8 crore. Nitesh Estates is selling 4,500 sq ft duplex penthouses for around
Rs 4 croreat Bangalore’s Langford Town. At Chennai’s Poes Garden, Vishranthi Homes is selling 4,000-4,386 sq ft apartments for
Rs 5 crore and above. In Pune’s upmarket Kalyani Nagar, Kumar Builders is selling its last 5,322 sq ft bungalow for
Rs 4.25 crore. It had sold the others a few years ago for less than Rs 3 crore. What is so special in luxury properties? Mahipal Singh Raghav says that if developers are charging good money and still people are ready to pay for that, then it is very clear that there are good number of buyers for luxury homes. According to Nikhil Jain, CEO of Ramprastha Developers, “Luxury projects typically provide CCTV surveillance, Jacuzzis, breathtaking interiors with imported marbles or the penthouses that are fully equipped with a swimming pool. Then there is e-home concept, where you can have access to your home sitting in your office or while traveling. In e-homes a buyer can get latest gadgets installed such as CCTVs and others.”
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Shades of style
Lamps and lamp shades can work magic in your home Rajat Singhi
Most of us would like to see decorative and functional items in our homes that are unique and original. A skilful combination of modern technologies such as lamps and other well-appointed accessories is a key to successful creation of an interior that is self-indulgent as well as opulent. Nowadays, famous lighting designers are busy experimenting and innovating different lamps. This is true specially of crystal, as they are giving modern masters an opportunity to execute elaborate cut crystal designs with incredibly high precision. Decorating your home has been made easy with the regular innovations in design and usage of these lamps. Different coloured lamps can give a pleasing look to your home décor. Whether the decor is modern, elegant, eclectic or vintage, lamps add that extra pop of an unexpected colour to a space. This creates that extra wow factor that pulls the look of the entire room together in the best way. A dash of drama
Proper layering of light can enhance colour and ambience of any interior space. Layering involves the careful use of task, accent (or decorative), and ambient (or overall) lighting within each room. Lighting creates, paradoxically, both reality and illusion. Lighting fixtures illuminate the treasured objects and can highlight
colours. Enduring materials, dramatic textures and elegant designs — these are unique lamps inspired by a richly detailed life. Modern lampshades can be classed as drum, pendant or coolie depending on their shape. There are countless styles and designs of lampshades to suit every home and mood. Lampshades are made out of Glass: plain glass, thick, stained, tiffany. Fabric: Silk, cotton, leather; Wicker: strands of dried plants woven together. Wax, paper, wooden and ceramic shades are held together with a wire frame and are normally embellished with beautiful patterns. Metallic:
For fancy décor, metallic lampshades are the new entrants. Available in various sizes, these metallic lamps are a headturner. Metallic lamps are perfect because they match almost any type of colour scheme you want to add to your home. These also add to the style and glam quotient in any space.
Position well
Positioning the lamps so that rhythms are created by light and shadow, reflection and diffusions, can impart an active dynamic effect to the atmosphere of your home. To create an eye-pleasing lighting pattern, table lamps can be complimented by similar-in-design floor lamps. Although you can place floor lamps anywhere there’s a floor, you do want to give some thought to optimal placement. It’s obviously not a good idea to put floor lamps in the middle of the flow of traffic, which means the paths that people naturally take through rooms and to connect from one room to the next. The high speed of our lives, the intensity of constant rush, stress and worries of today's world, explains our longing for a quiet place, were we can relax and rejuvenate, spend quality time with a loved ones. That is one of the reasons why when coming home at the end of the day, most of us would like to cozy up in a favourite char with a cup of tea underneath a warm light from our favourite lamps.
— The writer is Founder and Creative Director, Address Home.
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Suitable contract
Jagvir Goyal
Check his workmanship
Visit some of the building works executed by the building contractor and check the workmanship. Check some work where plastering has not yet been done and another one where plastering of walls has been done to know the quality of plaster work. If you are unable to judge the level of his workmanship, take an expert with you. See that the lines look straight and sharp and levels are maintained accurately. Check the quality of RCC work and the extent of curing being done.
Know his reputation
Must check the reputation of the contractor on two counts. He shouldn’t be habitual of leaving a work in-between and should be known to pull the job without delays. Many contractors pull out their labour midway, may be temporarily, in order to clinch another work offered to them. Such a move by them jeopardises the schedule of work in hand, causing loss of time and money to the house builder.
Decide terms
After checking the workmanship and reputation of the labour contractors short listed by you, zero in on one of the names you consider best for your work. The next step obviously is to decide the rate per square foot payable to him for the area of your house at various floor levels. Before finalising the rate, certain issues related to the construction of basic structure must be made clear with the contractor, preferably in the presence of your architect. Major issues to be discussed and made clear are mentioned below.
Basement
Take the consent of the contractor for the construction of the basement, if you want to have one in your house. Tell him that it shall be in RCC and not in brickwork filled with steel and concrete in between. Most building contractors find it easier to construct basement walls in brickwork and insist on that. Remain firm that basement walls will be in RCC only. Composite walls made of two 4 ˝ -inch-thick brick walls with concrete and steel filled in between are porous, weak and invite dampness and termite. Go for RCC for which the labour contractor has to arrange steel shuttering. Note that for basement construction, the rate charged by the contractor is often 1.5 times the rate charged for the rest of the construction.
Scope of work
Know the scope of work relating to the basic structure. It includes the basement if any, foundations, damp-proof course, all RCC work in columns, beams, slabs and staircases, all brickwork, all plastering work of inside and outside of walls and ceilings, all designs like grooves in exterior plaster work, laying of earth under floors and its compaction, laying of sand and lean concrete in floors, making water tank structure at the roof and related miscellaneous works. Tell the contractor that his rate per square foot will cover all above items and nothing extra shall be paid for them.
Preparatory works
These include creating a water supply source at site for construction, constructing a water tank at site for storage of water for construction and curing, performing bhoomi pujan, constructing a temporary store for storage of cement and making any platforms for mixing of mortar, unloading of concrete etc. The labour contractor should do all these works without fuss and shouldn’t ask for any extra payment for these preparatory works.
Shuttering items
Steel shuttering is required for all the RCC work, be it the walls of the basement, sides of foundations of columns and RCC walls, beams, slabs, lintels or staircase. All this shuttering has to be in good condition, without any kinks, with any holes and clean of all dirt and cement deposits. Make it clear to the contractor that he has to provide all shuttering items to your satisfaction without any extra charges. Further, steel pipes and wooden planks, challis etc are also to be provided by him without extra charges for construction of walls and for plastering work. Generally, contractors quote extra rate of Rs. 5 to Rs. 10 per square foot of building if steel shuttering is insisted upon instead of the wooden shuttering. Here, don’t compromise on quality, insist for steel shuttering and negotiate over the rate.
Include specific items
Certain specific items of basic structure should be specifically brought out and discussed with labour contractor as included in the work of basic structure for which his services have been hired. These include the construction of boundary wall, laying of tile terracing on the roof, including laying of bitumen or proofcote coats, flooding of sand laid under floors, full compaction of soil under floors, sprinkling of anti-termite solution from time to time in foundations and floors, construction of staircases for all floors and to the basement. It is better to outline these important items to avoid any extra claims by the contractor later on.
Shuttering supports
Use of girders to support the shuttering for RCC slab is becoming common as contractors find it easy to do and save money. This is an incorrect method to support shuttering. The holes driven in the walls at slab support level become weak zones as these don’t integrate with brickwork when filled after the removal of girders. Be clear that shuttering should be supported on pipe network and not on girders. Make this clear to the contractor also to avoid a dispute later on.
Supervision
The work should be inspected and supervised by the architect and a structural engineer hired by you. The practice of hiring the services of a supervision consultant is also gaining popularity as such consultants do stage checking and tender their advice over quality and safety. Make it clear to the contractor that he shall have to abide by the advice given by the architect and engineer and any rectifications demanded by them will have to be done by him without any extra charges to you.
Area measurement
Area measurement for payment purposes should be worked out carefully. Generally, area at plinth level is measured for payment purpose. In case of double height lobby, the area of lobby well should be deducted from first floor area. Area of projections is counted for payment purpose. Measure the height of each storey at site before making payment. In case height of any storey is lesser by a brick course or so, deduct payment for it. Height is important to check as normally, lengths and breadths are measured at site and height checking is missed.
Decide the rate
General trend is to pay a per square foot rate for the area of each floor to the contractor and to make all the above terms clear to him. The presently prevalent rate is Rs 100 to Rs 130 per square foot. A payment schedule should also be decided so that you may arrange the payment in time and the contractor may make timely payment to his workers. An agreement can be signed by both parties over the agreed rate to avoid any dispute. Make it clear that tea arrangements for the labour engaged at site shall be made by the contractor and will be added to his account.
Advice
Don’t break ties with the contractor during the currency of work. It is difficult to find a new contractor for the abandoned work. Progress of work suffers a lot. Even if a new contractor agrees to do the left over work, he charges heftily. (This column is published fortnightly)
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TAX TIPS
When is rebate under Section 24 admissible?
A. Your queries are replied hereunder: Deduction under Section 80C of the Act is admissible in respect of the repayment of principal amount towards the loan raised for construction of a house as and when the construction of the house is complete. This is because provisions of the relevant section provide that the deduction is allowable in respect of the amount of loan repaid raised for purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “income from house property” or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head. Deduction for interest payable on such a loan is also allowable against the income from house property i.e. when the house is complete. However, Explanation to Section 24 of the Act provides a relief for deduction of interest paid/payable for such loan for the construction period in five equal installments against the income from house property, starting from the year in which the construction is completed and four immediately succeeding assessment years.
Will I be able to save tax on capital gain?
Rs
15 lakh withdrawal from my retirement benefits which were deposited in bank/post office. Rs 3 lakh from my personal savings (amount withdrawn from saving accounts) Rs 4 lakh loan from my mother who is residing at my native village. My mother has prematurely withdrawn money from her Senior Citizen Savings Account. Rs 3 lakh loan from my wife who is an income tax assessee. Kindly advise how I can adjust the amount of LTG/net consideration against the construction of my house at Naya Nangal and how I reflect the sale of plot and adjustment of its sale consideration amount / amount of LTG in ITR-2. I have complete details of the amount spent on construction duly maintained in a register showing date-wise expenditure. —
R.C. Sharma
A. On the basis of the facts given in the query, you would not be able to save tax on long-term capital gain arising on the sale of plot as the construction of the residential house at Naya Nangal would be complete by the time capital gain accrues to you. You have stated in your query that the house being constructed at Naya Nangal would be complete by March 2014, whereas the plot at Ambala is intended to be sold in April 2014. The requirement under Section 54F of the Income-Tax Act 1961 (The Act) for saving tax on the capital gain arising on the sale of a capital asset other than the residential house is that the amount of net consideration is utilised for the construction of a residential house within three years after the date of the sale of capital asset other than the residential house. In view of the fact, that the sale of the plot at Ambala would take place after the completion of construction of the residential house at Naya Nangal, it would not enable you to save tax as you would not be able to utilise the amount of Rs 16 lakh towards the construction of said residential house. The information about the accrual / receipt of capital gain is required to be shown in ITR-2 in Schedule CG dealing with the capital gain. In the given case it may be possible for you to save the amount of tax payable on the capital gain arising on the sale of the plot by investing the amount of capital gain towards the acquisition of tax-saving bonds. These bonds can be purchased within six months of the date of sale. In the circumstances, this seems to be the only alternative available with you. Such bonds have a lock-in period of three years and carry interest @6% p.a.
Norms for tax on rental income
A. In case the owner of a property gets a composite rent for the property as well as for services rendered to the tenant, the composite rent is to be split up and sum which is attributable to the use of the property is to be assessed as income from house property under Section 22 of the Act. The fact that the rent being received is composite rent should be evident for the lease deed or similar document. In such a case amount pertaining to the rendition of services would be taxable under the head "Income from Other Sources". Such an amount will be computed on a rational basis.
Email your queries to realestate@tribunemail.com
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Pet concerns
Madan Gupta Spatu ...
A. A dog will remain healthy and alert if the kennel is located in the south, south-east or in the north-west corner of the house. Q. Please guide us about the placement of a fish aquarium. People have confused and controversial concepts about it. — Harpal Singh A. An aquarium can rejuvenate the mood of the family and reduce stress to some extent. Inevitably, the popularity of aquariums has led to the propagation of many myths. If it is placed in the east or south-east zone of the house, then it controls excessive thinking that helps to negate stress. Anything that stores water has to be placed only at a designated place as per Vaastu Shastra. An aquarium, if placed in a conflicting direction, can cause a major imbalance or a Vaastu dosha. However, it is erroneous to believe that aquariums can attract wealth. An aquarium does not make you rich; rather, it creates an atmosphere where you become content with what you already possess. The desire to earn more, the level of aspirations and demands, all go down with the presence of an aquarium in the house. The most positive thing that an aquarium can do is to kill anxiety and stress if it is placed in the east-south-east zone. It creates a dynamic field, keeps the environment mobile with the mobility of the fish.
A. Since time immemorial, we have heard stories of parrots caged by princesses or kings and it has been a practice in many rural and urban homes to keep birds in cages. But the fact is that the caged birds are the unhappiest and therefore release negative energies in the house. Astrologically, if Mercury is not in a good position in the horoscope of any of the family members, then having a pet like a parrot will be detrimental to the family entailing asthmatic problems, poor memory, deteriorating interpersonal relationship. If at all you are a great pet or bird lover, then the proper direction to keep it will be north-west. — The writer is a Chandigarh-based Vaastu expert. Mail yout queries to vaastu@tribunemail.com
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Nandi as watchguard
A group of six teenagers in Thane claim to have deviced a gadget that will protect a house from theft when its residents are away. The gadget, named 'Robo Nandi', will immediately get activated and send an alert message on a person's registered mobile number if anybody tries to break into his house or attempts to steal or shift anything from there, according to Purushottam Panchpande, the students’ guide for the project.
The person can then alert his neighbours and friends to seek quick action, he said, adding that the project was the branchild of six boys studying at different schools in Thane. Panchpande is a professor in Children's Tech Centre, which imparts science and technology practical training to young students. He supported their endeavour. 'Robo Nandi', the name of the mythological bull of Lord Shiva, will soon hit the market and would be available for commercial purposes, Panchpande said. The gadget will be of immense help to people going on long vacations. Though most housing societies and offices these days are equipped with CCTV cameras, they require huge investment and continuous monitoring of the footage. Moreover, what's the point in realising later that something has been stolen and then watching the footage? 'Robo Nandi' can be installed at a much less cost and works real time, thus avoiding the time lags. In fact, the gadget alerts the person without making a noise and without the intruder even knowing that an alert has been sent
— PTI
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REALITY BITES
Private equity investment in the real estate sector increased by 13 per cent to
Rs 7,000 crore last year on higher inflows in the residential segment, global property consultant Cushman & Wakefield said. “Total inflows from private equity funds in the real estate sector for 2013 was recorded at
Rs 7,000 crore ($1.2 billion), an increase of 13 per cent compared to 2012 (Rs
6,200 crore/$1.1 billion),” C&W said in a statement. Overall private equity investments across sectors in India have also increased by 11 per cent to $10.5 billion in 2013 from $9.49 billion in 2012.
The consultant attributed the increase in private equity inflows to “rising investments in residential assets and retail and hospitality”. The total PE investments in the housing segment for 2013 was recorded at
Rs 4,050 crore ($650 million), an increase of 42 per cent compared to 2012 levels. While the number of deals has increased to 40 last year, compared to 34 in 2012, the average deal size has declined marginally at about
Rs 175 crore (Rs 28 million). C&W Executive Managing Director South Asia Sanjay Dutt said: “The residential asset class continues to provide tremendous potential for growth in the coming years. With housing requirements growing across cities and funds investing in the asset class primarily in the form of NCDs providing fixed returns, investments in the right project have the potential to yield healthy returns.” Dutt noted that a number of large global investors, including sovereign funds, have taken the first step by partnering with successful local investors and developers. “This is expected to result in high transaction activity especially in income yielding commercial office assets during 2014,” he added. Bengaluru continued to witness the highest level of transaction activity in 2013 with overall investments of about
Rs 2,200 crore ($350 million), though it declined by 33 per cent from 2012. Both Pune and NCR witnessed an increase in transaction volume in 2013. Transaction volume for NCR in 2013 was more than double that of 2012 at about
Rs 1,650 crore ($260 million), all of which was in the residential asset class.” Mumbai witnessed a fall of about 15 per cent in investments for 2013 to
Rs 1,100 crore ($180 million). However, the investment activity in the city is expected to increase with a few large deals in office assets in the pipeline.
— PTI
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JDA’s project in Jaipur
The Jaipur Development Authority, is planning to launch a mega housing scheme project near Ajmer road. It will be located along in Jaisinghpura, Kaakroda and Privthiraj Singh Pura areas. This will be the development authority’s major project after a gap of almost four years.
According to reports the housing project plan has been given to the project works committee recently. According to information provided by an official, the scheme is proposed to be developed on around 250 bigha land and will have 1,510 plots. The JDA will allot 1,297 plots through a lottery system while 213 corner plots will be auctioned. The plot sizes will be between 45 and 360 square metre, an official said. In keeping with the proposal, the JDA will develop 499 plots of 45 sq m , 343 plots of 90 sq m, 419 plots of 162 sq m, 180 plots of 252 sq m, and 69 plots of 360 sq m. — PTI
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While the realty market is not in the pink of health, the luxury housing segment is doing well. In times when talking about affordable homes has become fashion, the realty market for luxury homes is seeing a huge surge. In India, the concept of branded luxury homes is only two or three years old.
The growth of this segment could be pegged at roughly 5-6 per cent per annum,
owing to the fact that it is a very exclusive niche category with a limited
number of buyers.
Samir Jasuja, MD of Prop Equity, says even though the prices of the latest offering from DLF were a little on the higher side, still there were close to 50 bookings on the first day of the launch. That is indication enough that the market for luxury flats is there and it will only thrive as Indian economy is doing well”. And close on the heels of DLF, API Ansal also launched super luxury apartments and villas not in any metro city, but in Lucknow. They were in the range of over
Rs 2 crore to Rs 4 crore. Ansals group also sold their luxury flats and villas through invitation.
Fabric, wall coverings, and furniture can all transform a room, but one of the most inexpensive and effective ways to freshen up and enliven a room is through lighting. Your house is likely a hive of activity, with family members doing a number of things in different rooms, and the right lighting in each room will set the mood, whether it is to encourage relaxation, for study or to enhance family gatherings at mealtimes.
Lamps have always played a vital role in home decoration. One of the inventions of man-made lighting, lamps can be used to dramatise elements of interior design — line, form, colour, pattern and texture. Their function is practical as well as functional. Available in various shapes and sizes, be installed on a flat surface such as a desk or hung on the ceiling and walls. Besides their practical use, they are best known for their aesthetic and decorative features.
Whenever you want to begin with the construction of the basic structure of your house, the first step you take is to hire a building contractor. A building contractor remains with you throughout the construction of your house, till its completion, while other expert gangs keep entering the work, do their job and make their exit. It is, therefore, very important to choose a building contractor very carefully and to hire the services. Here are a few points that you must keep in view while finalising and signing a building work contractor to erect the basic structure of your house:
Q. Kindly let me know when the rebate under Section 24 regarding payment of interest on home loan is admissible? I have been told that it is admissible after taking possession of the house. If that is so, how the rebate regarding the payment of interest in the previous assessment years, is to be claimed? The payment of interest starts immediately after taking the loan instalments. Similar is the case of deduction under Chapter VI regarding repayment of the principal amount of home loan. —
Sham Lal Mittal 
Q. I purchased a plot (200 yards) near Ambala Cantt on June14,1986 for Rs 6,000 + Rs 750 sale deed fee. I spent Rs 80,000 on raising the level of the plot and construction of the boundary wall and one small room in the same year. Now I intend to sell this plot for Rs 16 lakh during April 2014. I have already started construction of my house at Focal Point Naya Nangal (Punjab) in February 2013, which will be completed by the end of March 2014. For construction of the house at Naya Nangal, I have arranged money as under:
Q. I own a property that I have given on rent. I am charging a sum of Rs. 1,00,000 pm. which is inclusive of different services like lift, air conditioners, security etc. Can I ask the tax authorities to split up the above sum? How will the amount so split up be taxable? —
Radheyshyam 
Q. We have dog. According to Vaastu principles is there a right place or direction in the house where we should keep the dog house? —
Suman Lata
Q.
My son insists on bringing a parrot home. I have read somewhere that keeping birds in cages is against the principles of Vaastu. Is it right? —
S Parkash