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real trend
area watch: bangalore
market pulse
tax tips vaastu wisdom
decor trends Ground Realty
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real trend
With investment in flats having caught the fancy of buyers looking for a second home in Kasauli and its surrounding areas, the highly priced exclusive cottages have failed to find buyers over the past couple of years. While the real estate scenario in most of Himachal Pradesh has been dismal due to the overall slowdown in the sector, government policies and the tedious approval process for non-Himachalis has worsened the situation as far as sale and purchase of property is concerned. Owning a cottage in Kasauli and its surrounding areas has always been a dream of high-end buyers from Delhi, Punjab and Haryana looking for an exclusive retreat in the hills. Keeping in mind the old world charm which the quaint town of Kasauli offers to the visitors, builders were offering cottages with cobbled pathways, slanting roof, sprawling lawns equipped with the latest amenities like modular kitchens, jacuzzis etc. Away from the madding city life these cottages offered perfect ambience to those wanting to spend their vacation in quiet salubrious environs. Though the prices of independent cottages have seen a surge over the past three-four years and these have also been fetching good returns to the builders, the demand has gone down drastically now as buyers, most of whom buy these cottages as second homes, do not want to invest large sums in Himachal Pradesh. Renowned groups like DLF, Amaravati etc are selling cottages in the area, while scores of local builders too have constructed a few cottages in places like Jagjitnagar, Mashobra, Chabal, etc., in the vicinity of Kasauli. But there is not much difference in prices being offered by national level realty players and local builders. Local builders like Dev Bhumi are offering cottages in the Rajgarh area at costs ranging from Rs 1 crore onwards. A cottage spread over an area of 5-6 bighas is priced anywhere between Rs 1 and 1.25 crore in Kasauli and its precincts while those located in the vicinity of this town are available for a slightly lesser cost — ranging between Rs 70 lakh and Rs 85 lakh. The prospect of spending large sums of money for buying a lone cottage has deterred several prospective buyers and they are now confining themselves to easily available ready-to-move in flats available in the area. “Those opting for flats comprise people from the nearby Haryana and Punjab who wish to spend Rs 25-Rs 35 lakh to have a second home in the hills”, says a local property consultant. The biggest deterrent, however, has been the stringent provision of obtaining permission under Section 118 of the HP Tenancy and Land Reforms, Act, 1972, which is mandatory for any non-Himachali desirous of buying property in the state. Since the process is tedious and very few have managed to obtain this approval, the high-priced cottages have failed to find buyers. Though the state government has relaxed the lease rules considerably to facilitate outsiders buying land in the state, the enhancement of token money from the earlier 2 per cent to 8 per cent now is not providing enough incentive to non-Himachalis to invest in cottages. Interestingly, the inordinate delay and, in several cases, failure to procure the requisite permission from the state government has been forcing the flat owners to re-sell their properties. As a result some of the flats have been sold several times over the past few years, but none of the buyers have actually moved into these to live. The Jagjitnagar area had emerged as a hub of cottages as land prices were lesser there than in the nearby areas and this gave the builders adequate margins to build cottages. Offering scenic picturesque environs these builders are offering plush cottages at prices starting from Rs 1crore onwards. “Interestingly, most of the prospective buyers not only look for a quiet location usually located on a hilltop, but one which is somewhat away from the main road/highway, thus offering a perfect ambience for a quiet holiday in the hills,” confides Inder Singla from Delhi, who has been on the look out for a tastefully done abode in the hills. Other areas like the Sultanpur area along National-Highway 22 ahead of Kumarhatti and Kumarhatti-Nahan Road have also attracted builders who are offering flats and cottages as the cost involved is not just lower than that in Kasauli, but the area also had a “freshness” and “unspoilt” natural beauty. With a sharp decline in the number of buyers, the builders who have already completed cottages are now offering these on rent to those wanting to spend their vacation amidst the green pines. This appears to have emerged as the latest trend as builders are finding it difficult to recover their investments due to stalled sales. Anil Kumar, a local builder, who has been operating in the area for the past one decade said the demand for cottages had taken a sharp dip over the past two years while that for flats was rising.
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area watch: bangalore
Whitefield is a burgeoning micro-market which has turned into a self-sustaining area over time. The growth story of this location was scripted in the early 2000s, when the IT boom of Bangalore reshaped Whitefield as a major suburb. It is now one of the most sought-after real estate localities in the country. Over the next 24 months, it will be excellently connected to other key parts of the city by the ‘Namma’ Metro. This micro-market is progressively developing into a standalone microcosm, with adequate social infrastructure already in place and even more coming up rapidly. Known for its scenic beauty with lush green trees, Whitefield has high-grade international schools and good hospitals are also being set up. It now has a number of outstanding residential projects by famous developers to offer. The area enjoys superlative connectivity to Bangalore's various business districts and is now a very hot location for both property investors and end-users. In addition to — and perhaps because of — the significant IT influence in Whitefield, the presence of good social infrastructure, rapidly developing physical infrastructure and top-quality educational institutions in the vicinity make Whitefield a highly desirable location in all respects. For home seekers in Bangalore, this area is a regular treasure-trove of attractions. Whitefield has a host of option such as gated communities, villas and high-end apartments to choose from. Developers in this area offer quality housing across all verticals, with the supply geared squarely at buyers from the IT and industrial sectors. Whitefield has been seeing consistent annualised appreciation to the tune of 11-14 per cent, which has been even higher in the case of select projects with superior specifications and amenities. This micro-market is also one of the most preferred rental destinations for the cosmopolitan work force in Bangalore, again because of its proximity to major IT centres and the availability of educational institutions. While Whitefield is rated as one of the topmost emerging tech hubs in Asia, it is admittedly not entirely free of challenges. With over 700 industries, IT parks, malls, international schools and residential spaces jostling for space in this corridor, increased pollution and rush-hour traffic are areas for concern. However, the Metro rail line extending up to Whitefield in its second phase and improving infrastructure such as flyovers, the Outer Ring road (ORR) and the 8-lane Peripheral Ring road will connect Whitefield to other major roads, and be instrumental in easing the situation considerably. In the meantime, the relentless rush for properties in Whitefield continues unabated, ensuring its viability as one of Bangalore's hottest real estate investment destinations for some time to come. —
The writer is Managing Director, South, JLL India
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market pulse
The Grade A commercial office market in the NCR attracted an increase in demand for office space, with rental values rising across select established micro-markets during the quarter ended June 2014. Delhi NCR is largely a leasing market that saw sustained demand for quality space in the prime office locations of Connaught Place, parts of South Delhi, and Gurgaon. Lack of quality options pose a challenge The peripheral micro-market of Gurgaon witnessed strong demand for Grade A office space during the second quarter. Although the region saw supply addition in the commercial segment, demand for Grade A office space in prime locations remained unmet. Owing to increased occupier interest, rentals of select IT developments appreciated in the range of 3-5 per cent over the previous quarter. In addition, rental values also increased by around 3-6 per cent for commercial developments along Golf Course Road and Golf Course Extension Road on a q-o-q basis; while remaining stable for the SEZ segment. Noida also attracted a marginal increase in demand for Grade A office space during Q2 2014. Leasing activity continued to be concentrated in the IT/SEZ segment; and the micro-market did not see any new supply addition in the second quarter. Rental values across IT and commercial segments in Noida remained stable over the first quarter. In a scenario where Gurgaon has been the preferred destination of corporate activity in the region, for both front and back office spaces, the current quality supply crunch at prime locations has been forcing corporate occupiers to reconsider their expansion and/or consolidation plans in the region.
Micro market options Alternate micro-market options today include the emerging areas towards New Gurgaon (10-15 km away from Gurgaon’s key office district) and Noida, which incidentally offer enough supply at more reasonable rentals. Now whether companies choose to move to Noida and/or New Gurgaon for their office space requirements is something that we shall have to wait and watch for over the next few quarters. The NCR’s Secondary Business District of Nehru Place, Saket and Jasola saw an increase in absorption levels, attracting demand from corporate occupiers from sectors such as banking/financial services, engineering, logistics, and automobiles, among others. Rising demand levels and the completion of a prominent development at Aerocity led to a marginal increase in vacancy levels. Rental values remained largely stable across all micro-markets in Q2 2014 over the previous quarter. As far as Connaught Place is concerned, CBRE’s India Office Market View for Q2 2014 felt that the market will continue to sustain demand for small format office spaces for companies that need to be in proximity to the central government and its decision making process. According to CBRE’s latest global report on Prime Office Occupancy Costs for Q1 2014, average occupancy cost for Grade A space at Connaught Place was ranked as the eighth-most expensive in the world at more than
Rs 750/sq. ft. /month (on net floor area). Space here is highly sought after because of its central location and connectivity with the rest of the city. Occupiers from the banking/financial services and manufacturing segments dominated leasing activity in the micro-market, and vacancy levels reduced marginally during Q2 2014. Steady demand levels also resulted in a marginal rental appreciation of about 1-2 per cent for Grade A developments during the period. Given the limited supply of prime space, rental rates remain high. Going forward, rental values in the micro-market are expected to remain buoyant in the short to medium term.
Stable rental market On the whole, office space rentals in the NCR are expected to remain stable, with a gradual tendency to rise northwards. Rentals in Gurgaon will remain fairly strong, with anticipations of further increases due to robust occupier demand in the face of a lack of quality space in prime areas. Rental values in Noida, on the other hand, are unlikely to see upward fluctuations for the next few quarters. In case of a significant demand overflow from Gurgaon, however,the trend could change. Demand for prime office space in the NCR continues to be focused on the peripheral micro-markets owing to the abundant availability of cost-effective space. In the short to medium term, we can expect rentals in key markets to either remain stable or accelerate slightly. — The writer is CMD, CBRE South Asia Pvt. Ltd.
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Will and inheritance issues S. C. Vasudeva
A. You have not indicated in the query whether the residential flat and the residential plot inherited by your husband from his father have been duly mutated in his name and he has become the legal owner of both the properties. Presuming that this has been done, there should not be any problem for your husband to make a Will with regard to these two properties in favour of his son. In view of the Will having been made in favour of your husband by your father-in-law, the question of distribution of these properties amongst the other legal heirs should not arise. It may not be possible for your husband’s sister and her children to claim share in the properties bequeathed by your father-in-law in favour of his son unless the Will is contested by your sister-in-law/her children at the stage of mutation of the property in favour of your husband.
A. Assets which are considered to be a part of the net wealth of an assessee for levy of Wealth Tax are as under: (a) Any guest house; residential house; commercial property; and/or farm house situated within 25 km from the local limits of any municipality or a cantonment board; but excluding:
(b) Motor cars, other than those used in assessee's hiring business or used as stock-in-trade; (c) Jewelry, bullion, and furniture, utensils or any other article made wholly partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, other than those used as stock-in-trade by the assessee; (d) Yachts, boats and aircrafts, other than those used by the assessee for commercial purposes; (e) ‘Urban land’ means land situate - (i) In any area within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than10,000; or (ii) In any area within the distance, measured aerially;- (I) not being more than two km from the local limits of any municipality or cantonment board referred to in sub-cause (i) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six km from the local limits of any municipality or cantonment board referred to in sub-cause (i) and which has a population of more than one lakh but not exceeding 10 lakh; or (III) not being more than eight km from the local limits of any municipality or cantonment board referred to in sub-cause (i) and which has a population of more than 10 lakh. but does not include land classified as agricultural land in the records of the government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building that has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of 10 years from the date of its acquisition by him. The population for the aforesaid purposes means population according to the last census of which the figures have been published before the valuation date. (f) Cash in hand, in excess of Rs 50,000, of individuals and Hindu Undivided Families and in the case of other persons any amount not recorded in the books of account. It may be added that there are exemptions in respect of certain assets which are contained in Section 5 of the Wealth Tax Act 1957. One of such exemptions is one house or part of a house or a plot not exceeding 500 sq. m belonging to an individual or an HUF. The assets mentioned above except those exempted under Section 5 of the Wealth Tax Act 1957, are chargeable to Wealth Tax without any exemption. The other assets such as, shares, debentures, deposits, units, loans advanced, etc., etc. are not liable to Wealth Tax. What are the rules on area and maintenance?
— Chander Mohan Goyal A. Your queries are replied hereunder:
There are no government regulations for the issues raised by you in your query. How can I calculate the date for LTCG?
— A reader A. Your queries are replied hereunder:-
A. You should refuse to take the possession in view of basic work not being complete. A detailed letter giving reasons for not taking possession as also demanding the interest due as per agreement should be sent to the builder and an acknowledgement thereof should be obtained. Thereafter, it would be advisable to take up the matter with the State Consumer Forum. The proceedings in the Consumer Forum can be initiated on the basis of a simple letter and the expenditure on court fee etc. is avoided. The matter can be argued by you personally before the forum as you have all the documents in your possession and there is no necessity to engage a lawyer for arguing the matter. It may take a little time for the matter to be taken up as normally a large number of cases are pending in the forum. However, to my knowledge the pace of proceedings is faster than the court proceedings and are also less expensive. You also have the option to go to the competent court of jurisdiction. However, this will be an expensive proposition. It may also take considerable time on account of large pendency in the civil courts. Can I claim rebate on loan interest before possession of flat? Q. I had booked a flat with Army Welfare Housing Organisation in 2006 and am likely to get possession in October 2014. I had also taken a loan from PNB at the time of booking this flat. Handing over of flat delayed beyond three years by AWHO. I have been paying EMI regularly. Can I claim rebate of Rs 1.5 lakh plus 20 per cent of interest paid prior to taking over of the house. In case yes, then under what Section or rule? — Jaswant Singh Verma A. You are entitled to claim deduction in respect of interest paid/payable on the amount borrowed for purchase/construction of an residential house to the extent of Rs 1.50 lakh in case of self-occupied property. Such deduction is available against income from house property and therefore the deduction of Rs 1.50 lakh would be admissible as and when the house is handed over to you by the Army Welfare Housing Organisation. The amount of interest paid during the construction period can also be allowed as deduction against income from house property in five equal installments beginning from the year in which the house is occupied for you. The limit of Rs 1.50 lakh is applicable up to assessment year 2014-15 (financial year 2013-14). The limit for assessment year 2015-16 (financial year 2014-15) is proposed to be raised to Rs 2,00,000 by the Finance Bill (No.2) 2014 presented on July 10, 2014 by the Finance Minister.
email your queries to realestate@tribunemail.com
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Light up positivity Madan Gupta Spatu Q. There is a lot of variety available in the lighting system, fancy lights etc in the market. How can we have maximum benefit of lights as per Vaastu? — Prachi Bansal A. Lighting fixtures enhance the beauty of any space and create a warm, inviting and dramatic interior. More illuminated a premises, the brighter will be the prospects of business. Some of the points that Vaastu specifies for lighting are:
How can we boost workplace energy?
A. You can follow the given tips for your office to maximise the benefits of Vaastu.
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decor trends
Relying heavily on ornamentation, stained glass, high arches and peaks, the Gothic style transports one back in time to the medieval Europe. A lot of Gothic elements are being picked for the contemporary decor. If not in entirety, Gothic influences can be introduced in the form of signatureelements like a high chair, wrought iron furniture, pointed-arch windows and mirrors. This style of decor takes its cue from Gothic architecture, which can be seen in cathedrals, abbeys and churches in Europe, as well as castles, palaces, town halls, universities and some private residences too. Royal colours such as purple, red, green, blue and gold are used frequently in this style. Whether you are bored of urban minimalism or dislike the idea of classic sophistication, introducing a Gothic element can transform your den into a unique retreat.
Confluence of styles There are many different styles of this form of decor, all influenced by the bygone era where furniture was regal and hand crafted. There are no specific colour rules of Gothic interior design. When planning your Gothic room, you will probably want to address the walls before anything else. Faux painting ‘Trompe l'oeil’ — an art technique that tricks the eye into seeing something that is not real but only drawn to look real, is commonly used to get this look. Use this technique to mimic stonewalls of castles and cathedrals by taping off rectangular blocks and painting them in shades of grey and taupe. A fleur-de-lys is a common motif in Gothic rooms and can be stenciled on walls as a border. Some plastic or vinyl imitation stone tiles can also give you that authentic castle feeling, or another good option would be to paint the walls blue, purple or grey. Nothing can, in fact, beat the original stonewall look.
Architectural touch If Gothic architectural elements are missing from your room, add your own. Exposed wood beams on the ceiling, pointed arch doorways, huge stone fireplaces and wrought-iron chandeliers and sconces contribute to this look. Stained glass can be made with items found at craft stores, or old stained glass windows can be purchased at antique shops. Antique furniture can also be used to add to the Gothic appeal. Add a large chest, dark wood armoire, sideboard and some high-back chairs to your room. Exquisite floor pillows, elegant chaise lounge, dainty settees and tiny gilt tables help recreate the Gothic spell. Look for something eye catching like a chandelier, for example. A traditional, brass, candelabra chandelier can work with a softer Gothic look when more distinct lighting options can’t be found. Gothic home décor is all about lush fabrics, stunning silks, dazzling brocades and elegant velvet. Look for patterns in upholstery and accessories and fabrics that employ gothic-style points and fleur-de-lis patterns. Don’t forget candles, candelabras and wall sconces in your decorating scheme. These all add to the romance of this look. Gothic décor is also about extra oomph and sinful sophistication. Whip up the classic elegance by throwing in large oil paintings, framed mirrors and vintage woven textiles. —
The writer is Director,
Wisma Atria Interiors.
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Ground Realty Jagvir Goyal A housing project in fact includes more items of work than any other construction project. The quantities of some items may be small but each and every item in housing has its own importance. This week we will look into some important items: Factory-manufactured doors and windows Specifications: Decide the type of doors that you want for your house. These may be solid flush doors or hollow flush doors or paneled doors or paneled and glazed doors. Among all these, paneled doors suit the houses most. However, one may opt for solid flush doors also. Once these two factors are decided, the door manufacturer should be chosen after checking his reputation. Look for his wood seasoning arrangements, track record for the timely supply of material and the guarantee period that he is offering against warping of wood and termite resistance. The wood used in the doors, windows and frames must be well seasoned and chemically treated for termite and moisture resistance. Ask for manufacturer’s certificate for these treatments. Wooden moulding: Provision of wooden moulding along the circumference of door and window frames enhances their beauty. Door and window frames look awkward and half finished unless provided with wooden moulding around them. Technically, such moulding is not required but many provisions are made in a house to augment its appearance. The difference that the provision of moulding makes can be realised only after physical comparison of the frames with and without cover moulding. Moulding design: Choose moulding design and size carefully. The size of the moulding should be uniform and about 2 inch X ½ inch with its front face tapered towards the frame. Single design should be followed for whole of the house. The quality and variety of wood used in moulding should be same as for the doors and window frames. Go for a new design instead of the ones available in the market as these have become very common. Once the design is finalised, the carpenters get the ‘bit’ prepared for the same, the job can be easily done.
Telescopic channel sliders Hydraulic channel sliders:
Telescopic channels are available in hydraulic and mechanical mode. Hydraulic channels have a hydraulic piston provided at the inner end of the telescopic channel. When the drawer is given a gentle push, the hydraulic system gets activated and the drawer moves itself, slowly and completely in position, till it gets locked at the inner end. This action is similar to hydraulic hinges provided to cupboard shutters. Watching drawers move inside on their own looks quite fanciful. Hydraulic telescopic channels, though much costlier than mechanical channels should be preferred if soundless closing of drawers and trolleys is desired. —
This column is published fortnightly
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Centrade Business Park in Noida KRasa International Pvt Ltd has forayed into commercial housing with its new project 'Centrade Business Park' in Sector-140, Noida. Spread over an area of five acres, the project is located on a corner plot that will give it a distinct business advantage. The state-of-the-art IT/ITES Park project enjoys enviable location as it sits not only on Noida-Greater Noida Expressway but also surrounded by 13 group housing projects of leading residential developers. According to MD of KRasa group the total cost of the project will be approximately Rs 400 crore. The group is partnering with Aedas, a leading international design practice for conceptualising and designing the project. Civitech Stadia in Noida While the projects Civitech Stadia and Civitech Sampriti are situated in Sector 79 and Sector 77 respectively, Civitech Valencia is situated in Sector 1 at Greater Noida (W), also known as Noida Extension. Civitech Florencia is situated at Ramprastha Greens Vaishali Greens. The company has announced the rates for apartments at Stadia and Sampriti. Under the construction linked scheme, Stadia commands a basic selling rate of
Rs 5,100 per sq ft., while as the basic selling rate at Sampriti has been kept at
Rs 5,500 per sq ft. The price of apartments on offer range from Rs 65 lakh to Rs
1.45 crore.
Club 51 Belleville Park in Noida Wave Infratech launches realty project Club 51 Belleville Park at Sector 25A, Noida recently. The project is a limited edition luxurious villa living experience for the privileged few in a luxurious gated community with 51 bespoke Villas in sizes ranging from 300 to 500 sq. yds, prices of which are currently available only on request. On the occasion of the unveiling, Wave Infratech also announced a limited period exclusive gift of special BMW cars for the customers who booked the Belleville Park villas at the launch. The company is promising a guaranteed delivery in 30 months from the date of start of construction in September 2014. — Based on information provided by the developers
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Duplex flats in Zirakpur Subvention scheme on commercial property Sushma Buildtech Ltd. in association with ICICI Bank is offering ‘no-EMI’ offer on its commercial developement Sushma Infinium. The payment plan allows customers to pay 40 per cent of the amount upfront, thereby entitling them to receive 12 per cent assured returns annually, right from the day of investment till offer of possession. The remaining 60 per cdent will be drawn by Sushma from the bank on the customer’s behalf, EMI for which will be paid by the developer to the bank till possession. Giving information about the scheme Prateek Mittal, Executive Director, Sushma Buildtech Ltd. said, “ This ‘Subvention Payment Scheme’ will enable a customer to own his/her office space on a prime location of Chandigarh-Delhi Highway with a self investment starting from as low as
Rs 7.5 lakh*”.
Tata Housing forms JV for Kolkata project Realty firm Tata Housing has announced a joint venture with Keventer group for a 3-acre luxury residential project in Kolkata. “Tata Housing has enhanced its land bank of premium locations through JV with Keventer group for a 3 acre (approx) land parcel at New Alipore in Kolkata,” the company said in a statement. Commenting on the announcement, MD & CEO of the company, Brotin Banerjee said, “We believe this is the right time to increase our footprint of quality land parcels in city centers of major metros as the demand will start picking with improvement in macro economy by end of this year.” This joint venture is in line with Tata Housing’s vision to expand its presence in the fast growing segment, he added.
DLF sales down by 25pc in Q1 India’s largest realty firm DLF has reported 29 per cent decline in consolidated net profit at
Rs 127.77 crore for the quarter ended June on lower sales. Net profit stood at
Rs 181.19 crore a year-ago. Income from operations fell by 25 per cent to Rs
1,725.17 crore in the first quarter of this fiscal as compared to Rs 2,314.08 crore in the corresponding period of previous year. Total income declined to
Rs 1,851.6 crore in the first quarter of this fiscal from Rs 2,453.18 crore in the year-ago period, DLF said, while expecting market situation to be challenging in the short term. DLF’s profits have declined in April-June period despite lower operational expenditure, tax expenses and finance cost. During the first quarter, total expenditure fell to
Rs 1,122.70 crore from Rs 1,576.71 crore in the year-ago period. In a statement, DLF said the realisation from divestment of non-core assets stood at
Rs 240 crore during the quarter ended June. For the past three years, the company has been selling non-core assets/businesses to focus on core real estate venture and reduce debt. It has sold luxury hospitality chain Amanresorts, insurance and wind energy ventures. “The company expects the market conditions to be challenging and demanding in the short term. Whilst the company believes that the slowdown is bottoming out, it will take a couple of quarters for the ground situation to improve,” DLF said. DLF informed that 0.38 million sq ft of sales
were booked in the quarter against 0.44 million sq ft in the previous quarter. Leasing volumes were
0.71 million sq ft and 1.83 million sq ft of area was delivered during the quarter. It has a total developable potential of 307 million sq ft, of which 57 million sq ft area is under construction at the end of the quarter. —
Agencies
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Morphogenesis Architecture and urban design practices firm Morphogenesis has bagged the SIA- GETZ Architecture Prize 2014. The award was presented to Sonali and Manit Rastogi at a ceremony held in Singapore recently. This prestigious prize seeks to bring recognition to Asian architects, who ‘through their vision and commitment have made a significant contribution in shaping the changing landscape of Asia, and to honor a living architect's remarkable career that is in progress’.
Supertech Supertech Limited received ‘Best innovation in real estate industry’ award for its Supernova project at “Infra & Realty Sutra” organised by Gill India Concepts Pvt. Ltd in New Delhi recently. Nitin Gadkari, Union Minister of Road Transport, Highways and Shipping, was the Chief Guest of the function and gave away the award to R.K. Arora, Chairman & Managing Director and Mohit Arora, Director of Supertech Limited.
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Ambika Sharma
Nonika
Kohli
The IT/ITeS sector continues to be a dominant growth driver for Bangalore, and some areas stand out from the rest as far as the impact of this sector is concerned. Whitefield in the eastern part of Bangalore is one such area. Whitefield was an early settlement in Bangalore and remained a quaint little suburb till the 2000s, when Bangalore’s IT boom reshaped Whitefield into a major suburb.
Over the last few quarters, barring the Noida office market, a key challenge facing the region has been a lack of quality options in key office districts, especially in Gurgaon. The region saw a two per cent increase in q-o-q investment-grade office space absorption rates in the second quarter over Q1 2014.
Q.
My husband has inherited two residential properties — a flat and a residential plot though a registered Will made by his late father. We have a son and a daughter. My question is whether my husband can further bequeath these two properties to whomsoever he wishes through a registered Will or whether these properties are to be distributed equally among all legal heirs? Can the children of my husband’s sister also claim share in these properties? —
Payal
Q.
What are the assets that fall within the purview of Wealth Tax? — K.L.
Varma
Q.
My queries are as follows:
Q.
I was allotted an LIG flat in Sector 29, Rohini in a DDA housing scheme in 2010. I had applied for the flat by giving
Rs 1,50,000 on December 22, 10. RThe draw of lots was held on April 18, 2011. Block endorsement date and date of issue of demand letter was September 30, 2011. The date of allotment letter issued is September 16, 2011. I paid the transfer duty and stamp duty of
Rs 57,549 on November 16, 2011. I paid the rest of the amount of Rs 10,92,276 on December 26, 2011. The possession letter was issued to me on February 29, 2012. I took possession on May 14,2012. The conveyance deed was completed on August 9, 2012. (Total payment
Rs 13,11,425). Kindly clarify:
Q.
I purchased a flat from Singla Builders & Promoters in SBP Homes, Sector 127, Kharar-Landran Road, district Mohali in January, 2012. This flat was purchased under a construction- linked payment plan and 90 per cent payment of the flat was paid to the developer by me before June 30, 2013 as per the agreement and the possession of the flat was to be handed over to me by the developer by June 30, 2013 failing which, interest at the prevailing rates of FDR of State Bank of India was to be paid /adjusted by the developer. However, the developer has recently offered me a possession letter (on June 26, 2014) demanding 10 per cent remaining payment along with other maintenance charges. The developer has refused to pay the interest on account of delayed possession. The clause for payment of interest by builder is clearly mentioned in the Agreement but in spite of it he is refusing to pay the same which amounts to
Rs 56000 till date and may increase further in case the possession is delayed more. The flat is not ready for possession as yet due to incomplete basic work. Should I take some legal measures and demand the adjustment of interest in my full and final payment legally? Please advise. —
Deepak Jjagota
Q. We have very uncomfortable atmosphere in our office. It is a call centre and our income is going down day by day while expenses are escalating. Is there any Vaastu remedy that can improve the conditions? —
Narinder Singh
Many house builders tend to go for factory-manufactured wooden doors and windows these days instead of hiring a carpenter for their fabrication and erection at site. The trend is growing now as the manufacturers of door and windows have become more consumer friendly. Earlier, they used to produce doors, windows and frames of standard sizes which sometimes didn’t suit the house builder. Now, the manufacturers have started accepting orders for customised sizes also. Moreover, they now give guarantee for the quality of wood, its seasoning and ensure timely supply also. As wood of different varieties is being used, doors and windows in full cost range are available. All these factors have made factory-manufactured wooden doors, windows and frames an attractive option.
Next, decide the quality or variety of wood. Here, cost becomes the main criterion. Undoubtedly, MP teak or Nagpur teak wood is the best for houses but it has become very costly. Burma teak, too, has become very costly. One may go for Ivory Coast teak wood or Sudan teak wood. 
Telescopic channel sliders, also called ball bearing sliders are provided to the drawers and trolleys to make them run smoothly and without any interruptions. A good telescopic channel pair makes a drawer come out running on a small pull and sends it back in shut position on a gentlepush. Telescopic channels are available in mild steel and stainless steel. Mild steel channels are zinc coated. Both types channels pose no problem and allow smooth running. Choose zinc coated MS channels for locations where there are no chances of presence of any moisture. For kitchen trolleys and bathroom vanities, choose stainless steel channels. Telescopic channels are available in various sizes. Choose size of the channel as per the depth of the trolley or the drawers. For bigger drawer or trolley width, choose heavy duty channels. Telescopic channels are rated according to their load carrying capacity. Those able to carry up to 30 kg load are called light duty channels. Those carrying 40 to 45 kg are called medium duty channels and the channels bearing more than 45 kg are called heavy duty channels. More the width of a drawer, the higher has to be the rating of the channels. The channels should carry a lock mechanism at the inner ends.
Noida-based developer Civitech Group, recently launched Civitech Stadia project at Sector 79, Noida. The new project will have approximately 600 residential units. With more than 1,000 residential units, across four projects, in various suburban areas of National Capital Region (NCR), the group plans to launch another 1,000 residential units in the next two years.
Barnala Builders group launched 6-bedroom flats in its Maya Garden City project in Zirakpur earlier this week. These luxury flats, each costing
Rs 1.82 crore would offer high-end facilities in the gated community of the project on Chandigarh-Ambala highway. Giving information about the project Sandeep Pruthi, General Manager, Maya Garden, said, “Each of the 48 duplex flats is being constructed on an area of 5110 sq ft and these will come up in two 12-storey towers.” The project, with each flat having a modular kitchen, boasts of a clubhouse, swimming pool, health club.