area watch: shimla
High prices and haphazard growth
Frequent amendments in the TCP Act and restriction on purchase of land under Section 118 of the HP Tenancy and Land Reform Act has hit realty sector in the capital of Himachal Pradesh
Bhanu P Lohumi

With Shimla getting converted virtually into a concrete jungle and the Town and Country Planning Act completely failing to regulate constructions, the real estate business in the Queen of Hills is in doldrums. Lack of political will on the part of the state government to implement the Town Planning Act in letter and spirit has made a mockery of the Act so much so that it has actually been amended about three dozen times, mostly to regularise the illegal constructions.

Regularisation plea

As per the government rate the price of land in different categories and areas in Shimla are as under.

Note: Rates have been fixed on the basis of proximity to the roads, classified in three categories.  Class I— The rates are highest in the lands of which any khasra or part abuts any road in the revenue state. Class II— The land falls within 25 metres from the road. Class II— The land beyond 25 metres from the road and rates are lowest in these areas.

Regularisation of the unauthorised and illegal structures is a major issue in every election and the defaulters, mostly highly influential people, wait for elections for a “new retention” policy to seek regularisation of unapproved structures and colonies. The genuine real estate developers are encountering obstacles in acquiring land, getting the building maps approved and selling the plots and flats, while people with political backing are having a field day.

As there is complete saturation in the central town, most of the real estate developers are turning the peripheral areas of Shimla Municipal Corporation and even the suburbs like Sanjauli, Cemetery, Chakkar, Bharari, Summerhill, Tutikandi, Panthaghati, New Shimla and Dhalli have turned into urban slums due to haphazard and irregular constructions.

The Section 118 of the HP Tenancy and Land Reforms Act that bars all non-agriculturists, including bonafide Himachalis who have been living in the state for several generations are not entitled to purchase land in the state.

Scant compliance

Houses being constructed with scant regard for bylaws has almost become a trend as people know that unauthorised and unapproved constructions will be regularised ultimately.

While the developers are facing problems as they have to get permission for purchasing land, the buyers too have to get permission under this Section. For selling the property they again need a fresh permission. Because of this reason no national level realty group has set foot in Shimla to provide a truly world class residential or commercial development. The field is thus open only for small-time players who fail to provide a sustainable, planned and aesthetic project.

Consultant, designer and developer Atul Chitkara says, “Shimla is perhaps the only town where the new construction is worse than the old construction and opines that people are constructing houses in every available space with scant regard for bylaws because they know that unauthorised and unapproved constructions will get regularised sooner or later. This has marred the look of the city making it look like a haphazard concrete slum”.

As per the census reports, the number of vacant houses in Himachal had actually increased from 11 per cent in 2001 to 23 per cent 2011, but still the government is encouraging the builders to construct flats.

Tedious transactions

This cumbersome and highly discriminatory provision has made sale of property difficult and those who want to purchase the property for investment purposes are also wary of buying the property as its resale will involve a tedious process.

Property, thus, has lost its ‘investment’ appeal here as the return on investment is dismal. A large number of buyers who had purchased flats from the Himachal Urban Development Authority (HIMUDA) are getting a premium of 20 per cent on resale of flats at Shoghi, Sanjauli and Panthaghati but there are no buyers due to Section 118.

As per the Town and Country Planning Act 1977, the development of land above 2500 sq. m fell under colony, while buildings with more than eight dwelling sets (kitchens) were covered under the definition of apartment. There are very few four-room bedroom units as the demand is more for two and three bedroom flats.

No buyers but prices go up

The cost of flats ranges between Rs 3500 and 6500 per sq ft depending upon the location, availability of water and sunlight, type of construction, distance from road and parking facilities.

The local property dealers, however, blame the builders for jacking up the prices from Rs 3,000 to Rs 5,000 per sq. ft which had made several genuine buyers rethink their decision to purchase flats. The prices of flats have gone up threefold during the past 10 years and a two bed room flat which cost about Rs 12 -14 lakh now costs Rs 40-55 lakh, depending upon the locality says Rajan, a resident of Sector 2 in New Shimla.

While in New Shimla the current price is Rs  5,500 to Rs 6,000 per sq ft, at Pantaghati it is around Rs 5,000, Rs 6,000 per sq ft in Chota Shimla and Rs 4,500 in Summerhill. The price in Chakkar is between Rs 4500 and Rs 5,000 per sq ft, Rs 3,000 in Kamyana, Rs 4,000 in Bharari and Rs 5,000 in Tutikandi and Kaithu.

“The rates of flats on resale in the main town are as high as Rs 10,000 to Rs  15,000 per sq ft. but the buyers find the rates too high”, says Kailash of Himachal Estate property consultants.

With no new inventory available in central Shimla, Chota Shimla and Sanjauli, the prices are quoted in these locations as per the will of the owners. On the other hand there are no takers for a large number of vacant flats in Bharari and Kamyana as the 9-km-long route is narrow and the area has water problem.

The builders are now eyeing the areas along Shoghi-Dhalli and Sanjauli Dhalli bypass and large number of local youth have turned to property dealing and are offering land to prospective buyers. The price of land in Taradevi- Shoghi area along the road which was about Rs 5 lakh per bigha in 2000-2002 has jumped to Rs 75 lakh to Rs 1-crore now. The revenue rates, however, are much less.

50 pc realty buyers depend on Internet

As more Indians log online to seek information before entering into property deals, Internet today is estimated to be influencing decisions worth about $43 billion, search engine giant Google said.

Thinkstockphotos/Getty images

According to a study commissioned by the US-based firm, over 50 per cent of real estate buyers’ decisions are influenced by Internet research.

“This phenomenon of researching online for real estate information before making a decision is not limited to metros but also extended to buyers in Tier II cities,” Google India Industry Director Nitin Bawankule said.

The overall influence of Internet on real estate transaction value of both residential and commercial property including rentals amounts to $43 billion ($31 billion for residential and $12 billion for commercial), he added.

The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent) and financing and document processing information (43 per cent).

The survey, conducted by consultancy firm Zinnov across 15 cities in India included the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents.

Talking about search trends on Google, Bawankule said the number had seen a threefold growth in the past three years.

“There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the Internet,” he added. According to the study, 62 per cent respondents said aggregator sites (like makaan.com and magicbricks.com) were top sources of information for them on the Internet, followed by websites of real estate companies (52 per cent). About 45 per cent said they visited broker sites, blogs and forums to find information before making a decision. An increasing number of people are also using their mobile devices to search for properties online.

“Mobile queries (those originating from mobile phones) are doubling every year and about 40 per cent of total searches came through mobile phones,” Bawankule said. Also, the study found 73 per cent respondents saying they prefer using their mobile apps for researching for property. However, a major concern for people researching online was the lack of accurate and updated information. Respondents said websites of developers and aggregators often lacked availability of in-depth information about property and features like easy price comparison. — PTI

tax tips
Plot likely to be acquired
S. C. Vasudeva

Q. My father had purchased a plot in Patiala in 1996-97 in the name of my mother. Although the plot was mutated in my mother’s name, the same could not be sold during her lifetime due to a rumour that the land had been earmarked for a park. After the death of our parents the plot has been inherited by us (two sisters and three brothers) and has been mutated in our names. Please advise how we should proceed further in this case. — Rajinder Singh Brar

A. You have not indicated in the query what exactly you would like to do with the plot of land inherited from your parents. It is presumed that the intention of the legal heirs is to sell the plot. The truth in respect of the rumour can always be verified after going through the website of the concerned authority. The issue can also be sorted out by seeking information on the subject in accordance with the provisions of the RTI. In case it is ascertained that the plot has been earmarked for development of a park, you would be entitled to adequate compensation as and when it is acquired. However, in such a case you may have to wait till the time an acquisition order is passed by the competent authority. In case it is found as an enquiry that there is no truth in the rumour, there should not be any difficulty in selling the plot.

Can builder seek extra payment?

Q. I had bought a flat on down payment through SBI finance from a reputed builder. However, later the builder asked me to pay some extra amount for increased area and on a short notice. Though I have paid the amount as I didn't want to delay the payment and risk a penalty, I want to know whether the builder is justified in asking for an extra payment after receiving the down payment. — Anuj Sharma

A. You have stated in the query that the builder had asked for extra amount on account of increased area being provided in the flat purchased by you. The payment originally agreed to must have been for the area referred to in the agreement entered into with the builder. Therefore, if the increased area is being provided by the builder, you are liable to make payment for such an increased area. You could have contested the short time given for making the payment. However, payment for the increased area cannot be contested and such an amount would be payable by you in case you accept that an increased area is being provided to you in the flat.

LTCG tax on sale of second house

Q. I had bought my first flat in 1996-97 for Rs 3.5 lakh. In 2013-14, I purchased another (third) flat for Rs 28 lakh. However, I am yet to get the possession of this third property. To make the payment for the third flat, I had sold my second flat for Rs 14 lakh during this year. Am I liable to pay any long-term capital gain tax? —Rajinder Kumar

A. Reply to your query is based on the presumption that flats purchased by you are residential flats and the second flat sold by you is also a residential flat. According to the provisions of Section 45 of the Act, any profit arising on the transfer of a capital asset is chargeable to tax under the head ‘capital gain’. The facts in the query do not indicate the length of the period for which the second flat was held by you. In case the same was held for a period of less than three years, the profit arising on sale thereof shall be treated as short-term capital gain. Such a gain would taxable at the normal slab rate applicable to your total income, meaning thereby, that such short-term capital gain would form part of your total taxable income. In case the second flat was held for a period of more than three years, the profit arising on sale thereof shall be treated as a long-term capital gain which would be chargeable to tax @20 per cent plus education cess of 3 per cent thereon. The tax would be calculated by deducting the indexed cost of acquisition from the sale proceeds. It may be added that in case of a long-term capital gain you would be entitled to claim the benefit of exemption from taxability of such a long-term capital gain in case the third flat is purchased within one year before or two years after the sale of the second flat. The details with regard to the date of purchase and sale of the second flat as well as the date of purchase of third flat not having been indicated in the query, it is not possible to advise whether you would be able to claim such a benefit.

Tax liability under Income Tax Provision 194(A)?

Q. My wife and I (both government employees) have got transferred/purchased Letter of Intent (LOI) for a plot worth Rs 59.40 lakh from an original allottee through his GPA. The date of sale agreement is October 22, 2013 and the total amount paid to him through RTGS/DDs is Rs 19.53 lakh. Balance amount is to be paid to the Greater Mohali Development Authority (GMADA) under Punjab Government through half yearly instalments. Each half yearly instalment has principal part plus the interest part. For payment of principal part of instalments, we have negotiated a loan of Rs 25 lakh from Axis Bank. The bank while disbursing half yearly instalment of loan, issued one cheque for amount of 1 per cent of the principal portion of instalment in our favour for depositing the amount with IT department under Section 194(A) and second cheque for rest of amount in favour of GMADA. My queries are:

• What is our liability under Income Tax Act Provision 194(A)?
• Whether we should deduct 1 per cent amount from principal portion of each instalment payable to GMADA under 194(A), though GMADA says that they are not covered under 194(A) and demands full payment as per LOI?
• Whether we should also deposit 1per cent of Rs 19.53 lakh (amount paid to original allotee) from my saving to the Income Tax Department as deduction from the original allottee by me is not possible now? — AS Brar

A. Your queries are replied hereunder:

a) According to the provisions of Section 194-IA of the Income Tax Act 1961 (The Act) any person, being a transferee, responsible for paying to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or payment of any sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to 1per cent of such sum as income-tax thereon. In view of the above, Axis Bank has facilitated your work by issuing a cheque for an amount of 1per cent of the principal portion of the instalment so as to enable you to discharge the liability cast on you to deduct and deposit the income-tax @1 per cent of the amount payable to Greater Mohali Development Authority. The provisions of the aforesaid Section are applicable for transfer of immovable property the cost of which is Rs 50 lakh or more. In case of default on your part to deduct and pay such tax, you shall liable to pay such tax along with the interest thereon under Section 201 sub-section (1) and (IA) of the Act.

b) You are supposed to deposit the aforesaid amount of tax as Section 194-IA of the Act does not provide any exemption in respect of Greater Mohali Development Authority.

c) The above provision was inserted by the Finance Act, 2013 w.e.f. 01.06.2013. The sale agreement was executed on October 22, 2013 and therefore, you should have deducted 1per cent from the amount of Rs  19.53 lakh paid to the original allottee as the total value of the immovable property exceeds Rs 50 lakh.

d) As stated above the provisions of Section 201(1) of the Act will be attracted in case of default for not deducting tax on Rs 19.53 lakh and you would be liable to pay such tax in case the proceedings under the aforesaid section are initiated against you. However, in case you can prove that the original allottee has-

• furnished his return of income under Section 139;
• taken into account such sum for computing income in such return of income; and
• paid the tax due on the income declared by him in such return of income and such person furnishes a certificate to this effect from an accountant in the prescribed form, you will only liable to pay interest from the date on which such tax was deductible up to the date of furnishing of return of income by the original allottee.

email your queries to realestate@tribunemail.com

Ground Realty
better specifications (III)
Aim for perfection in finer details
Jagvir Goyal

In the third article in the series on better specifications for your home, this week the focus is on some more specifications that will make your house better, stronger and attractive.

Inverted beams vs Down beams: Architects prefer to provide inverted beams in the slabs of the house because the projected portion of the beams above the slab surface gets hidden in the floor sub-base laid over the slab and is never visible. Rectangular down beam, when provided, project below the slab bottom and are visible in the rooms below and are not liked by the architects and house owners. Technically, rectangular down beams are better than inverted beams because in such beams, the advantage of using slab portion as beam flange is available and such beams prove economical.

Another important point to be noted is that inverted beams are not constructed at site in a proper manner. The masons lay the concrete in the slab portion and leave the steel portion of inverted beams projecting above the slab surface without concrete. After the laying of slab concrete, the balance portion of inverted beam is made up with concrete, creating a joint in the beam at slab level. This is an improper way of construction. Even the rectangular shape of the beams is not maintained in such cases, partially defeating the very purpose of beams. Thus, better specifications shall be to choose rectangular down beams instead of inverted beams in the house.

Balconies and cantilever specifications: Collapse of the balconies and cantilevers is the most common structural failure noted in the buildings. These failures occur due to the ignorance of such masons and contractors who do not know about the correct placement of steel reinforcement in the cantilevers. In a cantilever, the main steel has to be near the top face and not near the bottom face while in the roof slab or beams of a house or building, the main steel is near the bottom face. The provision of steel reinforcement in a cantilever should be got designed from a competent engineer and later, before laying of concrete, the laid steel for cantilevers should be got checked from that engineer.

The unsupported projection or span of the cantilevers varies from building to building. If this span is more then the steel reinforcement near the top face of cantilever slab has to be more. Often, the support-system varies and an engineer should have a look at the site conditions before designing the thickness of cantilever and the steel reinforcement in it. The thickness of a cantilever slab, too, is not uniform like that of the normal slab. It is thickest at the support and thinnest at free end. Therefore, it is beneficial if an engineer is allowed to design a cantilever and lay specifications for the concrete and steel in it. Another important point to be kept in view is to provide anchorage to the cantilever beams by providing sufficient counter-weight at the support to stop overturning of the overhang.

Pay attention to painting: A variety of painting material is available for the house builder. For internal surfaces, simple distemper, oil bound distemper called OBD and plastic emulsions are available. For external surfaces, cement based paints or weather proof external acrylic paints are available. For woodwork, synthetic enamel paints, wood polishes such as melamine and PU polish are used. Cost factor often plays a major role in the choice of materials. However, best specifications have their own advantages. Plastic emulsion of good quality, when used on internal walls, doesn't fade or get damaged for years together. Any stains or marks on it can be wiped off with moist cloth. Weather proof external wall paints when used keep the new look of the house intact for years and don't get damaged during rainy season. These paints also stop ingress of moisture by the walls.

Polish specifications: Gone are the times when the woodwork used to be painted with enamel paints. These days, all wood work is polished. Choose PU polish of good quality and brand for your house. Use exterior quality polish for exterior surfaces and interior quality polish for interior surfaces. Apply the primers and sealers before final polish and avoid choosing brands that are vigorously marketed and advertised.

 

False ceiling and POP work Whenever rectangular down beams are provided in the house, these can be hidden from sight by providing false ceiling. Finishing the underside of the ceiling of the house with Plaster of Paris (POP) has now become an essential activity in the construction of a house. Plain looking plastered ceilings are no more liked by people. Choose a combination of false ceiling and simple POP finish in the house. Choose false ceiling provision for the drawing room, living room and the rooms having down beams. In other portions, choose POP work with attractive designs. Sky is the limit in choosing POP designs. Choose geometrical designs instead of floral designs. Provide concealed lights in the POP work as such lighting looks beautiful. Cover all rooms including toilets, walk in cupboards, dressing rooms, basement and kitchen. Wall preparation specifications A lot needs to be done before final colors are applied to the walls. The preparation of wall surfaces to make them ready to receive paints is much more important than application of paints to the walls. Wall preparation takes more time than the painting work takes. Always specify preparation of wall surfaces as part of the painting work. Look for right use of sand papers of different abrasive power on the surfaces to be painted. Right use of sand papers on the walls and the woodwork plays a vital role in final finish and smoothness of walls and door and window shutters. Sand papers used mainly include 80, 120, 180, 220 and 320 number sand papers. Higher is the sand paper number, the finer and costlier it is. The shine and smoothness in final paint and polish is a result of endless application of sandpapers on the surfaces in a methodical manner. An imperfect application of sand paper acts reverse and eats into the wall or the wood surface.

— This column is published fortnightly

vaastu wisdom
Clear the negative energy
Madan Gupta Spatu

The negative effect of overhead wires can be negated with the use of a plastic pipe filled with lime

Q. Our family has some land and three houses in a village near Panchkula on Ghaggar riverbed. The river flows from south to north and our fields have high tension wires. The source of water is our tubewell. We have been facing a lot of problems for the past three years. Kindly advise some economical remedies as we are not in a position to demolish or construct any portion of the houses. — Kehar Singh

A. If the rivulet or drain is flowing in a direction other than the north-east of the house and has anti- clock movement, then it is advised to place a statue of Ganesha facing west on the north-east corner of the house. Also check the direction inwhich the boring for your tubewell has been done. If it not the right direction, then place a picture of Panchmukhi Hanuman, facing south-west. For negating the ill effects of high-voltage overhead wires have a plastic pipe filled with lime erected from one corner to the other of the affected area in such a manner that its two ends remain outside by at least three feet each. This will eliminate the evil effects of energy being generated by the overhead wire. Swastika Yantra on the entrance of the main house will nullify the negative energy.

Q. We will soon be moving into a rented accomodation. The previous tenants of this house were involved in some illegal activities and are behind the bars now. Will there be any sort of negative energy left in this place because of the former inhabitants. If yes then how can it be countered? — Amrit Kaur

A. It is always best to have a purification ceremony before moving into a new residence in order to “clean” any negative energy. Apart from the purification rituals prescribed by your religion, you can try out the following:

Cleaning and painting: If you are moving into a house that had occupants before you, then the most effective way to clear out the old negative vibrations left behind by the previous inhabitant s is to clean the house thoroughly and get a fresh coat of paint. Fire: Light an incense stick or burn loban and take it around the house, chanting mantras or verses from holy books. Wave the smoke into every corner and wish for good health and happiness in your new house for your family. Salt: Sprinkle sea salt in piles in corners or around the room and leave it overnight; it soaks up the negative energy of your home. In the morning, sweep it up and take it out of the house to get rid of the negativity.Sound: Sound moves energy and can be used to purify your new home. Go around the new house ringing the prayer bell or a conch shell.

A ceremony involving chanting, or singing in your new house will surely bless it with positive vibrations.

realty bites
Real estate show

The second edition of North India Real Estate Show organised by Estate Avenues and Microtek will be held in Chandigarh on June 28 and 29 at Himachal Bhawan in Sector 28. North India Real Estate Expo featuring top builders and developers of North India will be a part of this real estate show. Real Estate Colloquium'14 will be held on June 28 and around 30 speakers from the real estate industry, experts from international property consulting firms and top management institutes and support service providers and business facilitators will deliberate on topics like Integrated Townships - An Ideal Definition, An Alternate Land Policy - From 2014 GoI Bill, Gujarat & Haryana Acts, Retail Estate - Do we need "More" or "Better" shopping malls?Speakers will also deliberate on "On-Hill or Landscaped Developments - Impact on environment." North India Real Estate Awards'14 will also be presented to the leading names in the real estate sector. Suraj Sharma, Editor-in-Chief & Publisher of Estate Avenues, said, "this Expo is a great opportunity for property buyers & investors as they can preview the best properties from top developers and at the same time gain investment tips from renowned property experts, all at one place. Entry to the Expo & Seminar at Himachal Bhawan will be free.

Omaxe eyes 20 per rise in sales booking in FY15

Realty firm Omaxe is expecting about 20 per cent increase in sales bookings this fiscal at over Rs  2,500 crore. The company’s sales bookings fell by 11 per cent during last fiscal to Rs 2,107 crore against Rs 2,373 crore in the year before. In terms of volume, sales bookings fell by 31 per cent to 7.83 million sq ft in 2013-14 fiscal. However, the average realisation grew by 29 per cent to Rs 2,692 per sq ft.

Giving outlook of sales bookings for the current 2014-15 fiscal in a conference call with analysts, Omaxe's CEO Mohit Goel said: “...in terms of bookings which were Rs 2,100 crore last year, we are expecting a jump of around 20 per cent”. Omaxe’s net profit fell by 26 per cent at Rs 78.52 crore during 2013-14 fiscal against Rs 105.68 crore in the previous year. Consolidated income from operations declined 22 per cent to Rs 1,623 crore as against Rs 2,078 crore during the period under review. On the debt status, Goel said: “As of March 31, 2014, the gross debt equity ratio of the company stood at 0.48, while the net debt equity ratio for the company stood at 0.37. Gross Debt for FY'14 stood at Rs 1,049 crore, while the net debt stood at Rs 806 crore.” Delhi-based Omaxe has presence in 30 cities across nine states. It is executing about 125 mn sq ft of area currently, comprising 14 group housing, 18 integrated township and 10 commercial projects.

Info on investment options

Real estate has grown as an asset class with more and more buyers looking at it as a preferred investment option. Keeping the needs of these buyers in mind, property website Makaan.com, recently launched ‘INVEST’ tab on its site. This tab, which is currently in beta version, allows users to search properties that have given higher Rate of Appreciation (RoA) in the past years. Users can refine their search based on other popular filters like geographical preferences, budget, property type etc to arrive at a suitable shortlist.

This tab has trend charts to track price movements. Users can see historical and most recent price movements. Those looking for rental returns can see the expected rent for select properties. Users can contact the seller through “Instant Call back” feature

Speaking on the occasion, Aditya Verma, CEO Makaan.com said, “home buyers who want a property for self use, look at current and future requirements of their family, to zero down on the property specifications. The criteria for investment is different, and therefore, there was a need for a differentiated product offering.”

Strategy to mobilise resources for urban dev

Industry body Assocham has laid out a strategy to mobilise resources worth Rs 70 lakh crore by 2030 as an aggregate capital investment mainly for urban roads, affordable housing and transportation, in a meeting with Urban Development Minister M Venkaiah Naidu here earlier this week.

The 10-point strategy directed towards urban development includes incentivisation of Real Estate Investment Trusts (REITs) and Urban Development Funds (UDFs) to invest in public utility services like slum rehabilitation, water supply, waste management and sanitation. Besides, it has suggested development of basic infrastructure like public transport, flyovers, drainage, sanitation waste management and deepening of e-governance mechanisms for electronic delivery of public services.

The strategy further proposes to establish regulatory authority to monitor work of Urban Local Bodies (ULBs), build capacity in research, planning, human resource development facilitated by states, strengthening of financial position of ULBs through improved revenue collection, expense management, budgetary allocations and developing Municipal Bond Markets by providing suitable tax incentives to investors.

Launch pad

Silver Lune Urbe in Meerut

Luxury real estate group Tulsiani Construction and Developers Ltd., in association with Sunshine Infraheights Pvt. Ltd. announced the launch of its signature residential and commercial township project in Meerut - Silver Lune Urbe earleir this week. The project will be taken up in joint association with Grey Stone Infra. The 130-acre township will have over 1500 independent floors comprising 2, 3 & 4 BHK units and 100 exclusive luxury villas. There would also be approximately 325 low cost housing units. All independent houses and villas at Silver Lune Urbe are two side open, and are planned to enjoy greens, natural light and fresh air at all times.

DDA to launch largest-ever housing scheme by July end

Delhi Development Authority (DDA) is all set to launch its largest ever housing scheme by end of next month. As many as 26,000 flats across various categories will be on offer in this scheme. Most of the flats will be built with ‘green technology’.

According to officals the scheme will have 24,000 one-room apartments. The houses will be spread across Rohini, Narela and Dwarka and will be priced from Rs 14-15 lakh to Rs 1 crore. The much-awaited scheme comes four years after the DDA offered over 16,000 flats in its 2010 scheme.

“While 24,000 flats will be low-cost, the remaining 2000- 2,500 flats will be available across LIG, MIG and HIG categories. We will soon hold a meeting to discuss whether the one-room flats would be made available to all or only to the economically weaker sections,” DDA vice-chairman Balvinder Kumar told PTI recently.

According to Kumar, "By July, 15,000 flats should be ready, another major chunk by December end and, finally, about 1,000 will be completed by March next year.”

Mantri Lithos in Bangalore

Mantri builders recently announced the launch of a luxury housing project Mantri Lithos in Manyata Tech Park, Bangalore. Offering the residents walk-to-work option, this project will have all the features of a green building along with landscaped gardens and water bodies. The architecture and design of the new project is inspired by nature rock formations, hence the name Lithos.

 

Sound of Water by Puvankara Purvankara announces villa project Puravankara Projects Ltd has announced the launch of ‘The Sound of Water’ on Bangalore’s Bannerghatta Road. This theme-based villa project is inspired by the elements of a rainforest, and will have a 35-ft high artificially created waterfall. Located in the vicinity of Bangalore Mysore Infrastructure Corridor this project has easy access to Koramangala, Electronic City, Kanakapura Road and Mysore Road. This self-contained city coming up on sprawling 20 acres, has 209 villas ranging between 3009 sq.ft and 4723 sq.ft, with an approximate base price of Rs 1.92 crore to Rs 4.15 crore, respectively.

— Based on information provided by the developers