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Enter REIT regime
real view
tax tips
Ground Realty: better specifications - VII
real talk
loan zone
market pulse
launch pad
realty bites
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Detailed norms to be made public soon The detailed norms, to be made public soon, will also contain strict provisions for any misleading claims and will require them to a strict 10-point code of conduct for fair business practices. The code of conduct for REITs, as prescribed by SEBI, include conduct of all affairs in the interest of unit-holders, ‘adequate, accurate, explicit and timely disclosure of relevant material information’, avoidance of any conflict of interest as far as possible or ensure appropriate disclosure and fairness in charging any fees. To safeguard investors’ interest, new norms for the launch of REITs will require such bodies to take adequate insurance cover for their realty assets and bar them from promising any guaranteed returns. Besides, any change in the sponsor group of these Trusts, which will be listed on stock exchanges and their units can be traded like any other security, would need approval from a vast majority of unit-holders. Failing that, they would need to be given an exit option from the new sponsor. At the same time, regulator SEBI has decided to keep the disclosure requirements and overall regulatory compliance mechanism simpler for REITs, while registration fee would also be on the lower side vis-a-vis other instruments to raise funds from the capital markets. Other points include carrying out of business and investments as per the stated and disclosed objectives, high standards of integrity and fairness in all dealings and exercise of due diligence, proper care and independent professional judgements at all times. REITs would be liable to unit-holders for their acts of commission or omissions, notwithstanding anything contained in a contract or agreement. They would need to undertake that they do not use any unethical means to sell, market or induce any person to buy their units and the manager would be responsible for including such prohibited acts. There have been many instances of real estate players taking investors for a ride with unfair conditions, and many of them have faced penal actions from various regulators and agencies for such practices. However, a strict regulatory regime is expected to ensure that investors’ interest are protected under the REIT regime. Like any other listed entity, REITs would need to hold an annual meeting of unit-holders at least once a year and the gap between two such AGMs can’t be more than 15 months. Also, they would need to provide their unit-holders with an Annual Report within three months from the end of the financial year, as also a half-yearly report within 45 days from the end of the half-year ending September. The other documents required to be submitted include Offer Document (at the time of initial or further public offer), while immediate disclosure would be required of any price- sensitive information or other details having a bearing on the operation or performance of the REIT. These would include sale or purchase of properties valued at 5 per cent or more of the total value of REIT assets, additional borrowings, issuance of units, legal proceedings and non-compliance with applicable regulations. For change in sponsor, or change in control of sponsor, a prior approval would be required from unit holders, wherein the votes cast in favour of the resolution would need to be at least three times of the votes against such a proposal. If such a resolution fails to pass through, the new sponsor would need to give the dissenting unit-holders an option to exit by buying their units. If the total number of units with public investors falls below 200-mark or 25 per cent holding, the REIT would have to seek delisting. Like IPO or FPOs of equity shares, REITs would need to file a draft offer document with SEBI. The initial or follow-on offer would need to be undertaken by the REIT within six months from the date of issuance of observations by SEBI, failing which a fresh offer document would need to be filed. The offer can remain open for maximum 30 days, while the listing would be mandatory within 12 working days from the closure of the offer. The offer would need to be subscribed by at least 75 per cent of the total targeted issue size. Before listing, REITs would need to get registered with SEBI after paying
Rs 1 lakh as application fees and further Rs 10 lakh as registration fees at the time of grant of certificate. They would also have to pay filing fees of 0.1 per cent of total issue size in case of initial and follow-on offers, and 0.05 per cent in case of rights issue. Strict norms The new norms would allow formation of REITs to invest largely in completed and income-generating real estate assets and the subsequent listing of such trusts with an initial public offer (IPO) of at least
Rs 250 crore. The value of total assets of such trusts would need to be Rs 500
crore, while at least 25 per cent of total number of units would need to be offered to the public investors. These Trusts would not be allowed to invest in vacant land or agriculture land, while any deviation from their stated investment objective would need clearance from their unit-holders, as per the norms finalised by SEBI. The sponsor or its associates would also need at least five years of experience in development of real estate on fund management in real estate industry, while the new norms also prescribe eligibility conditions for manager of the Trust. The manager would need to arrange or ensure that the real estate assets of the REIT, or through an Special Purpose Vehicle, have “adequate insurance coverage”. The sponsors would also need to ensure that they hold at least 25 per cent of total units for at least three years after the listing, while they would have to maintain at least 15 per cent holding at all times.— PTI Industry reactions Welcoming the beginning of the REIT era which will attract more investors, Anuj Puri, Chairman & Country Head, JLL India said, “Currently, Grade A office space in the top seven cities of India amounts to around 376 million square feet, and we anticipate that approximately 50 per cent of this space will get listed in next 2–3 years. The valuation of these assets is around $10-12 billion, and this accounts for a fairly massive influx of funding waiting in the wings to hit the Indian real estate market via REITs over the next few years”. Terming it as an opportunity for influx of foreign investors and less pressure on the banking system Anil Mithas, CMD, Unnati Fortune Group said, “ The dependence of developers on bank funding is likely to come down as REITs will enable them to get access to cheaper funds compared to debt which is costly. The move will help India’s market to become more institutionalised and transparent while also making it more attractive for developers and local and foreign investors. With REIT regulations coming into force , investors have much to look forward to in terms of fair pricing.” Seeking a wider scope of investments Dhirender Gaba, CMD, Fairwealth Group said, “It would have been better if REITs had also covered residential properties along with commercial projects”.
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real view
Those dealing in real-estate for the past several decades maintained
that though there was an overall slump in the market, still states like
Haryana, Uttar Pradesh, Gujarat and Madhya Pradesh had benefitted as investors
from Punjab had moved there due to the “friendly” real estate policies of
the state governments there. The president of Ludhiana Colonisers and
Property Dealers Association Kamal Chaitley said that due to the “non-friendly”
policies of the state government, the real estate business had come to a
standstill in Punjab. “If even today, the state government takes steps to
simplify the procedures, the property business will be back on track within
two months. But nobody is bothered in Punjab about the homebuyers as well as
the realtors who already have projects here. We have been requesting the state
government to take necessary steps to revive the market but to no avail”,
rued Chaitley. Interestingly, the investors have not just moved to other
states but other countries also. Georgia seems to be the hot favourite
destination for investment in real estate by HNI Punjabis. Satvir Singh of
Sukhi Real Estate, Ludhiana said that many Punjabis had purchased huge chunks
of land in Georgia to take up farming or to set up other businesses there. “A
person from Mohali has purchased 5,000 acres of land in Georgia as the
government there is providing so many facilities to investors. This buyer has
moved there with the labour and tractors to start farming operations. Peopole
who have the money don’t want to invest an block their money in the sluggish
market in Punjab”, said Satvir Singh. Colonisers and developers rued that
ever since the state government had enforced a ban on providing No Objection
Certificates on unapproved colonies, sale-purchase had come to a standstill.
“The rules are very complicated and confusing. For example as per the
existing rules if I have 2000 square yards then I can’t 500 square yards
from it. Besides, one has to move from one office to another to get clearances
which is not just tedious but too time consuming. In such scenario, no one
wants to invest in Punjab”, said Chaitley. A Sub Registrar in the
district, commenting on the present situation of realty market said that all
over Punjab, the Revenue Department had failed to achieve the targets given by
the government. “In all the Sub Registrar Offices in the district, about
600-700 documents were registered daily about three years back but today this
average has come down to just 250. The major reason for this has been a ban
put by government on giving No Objection Certificate in unapproved colonies”,
he said while suggesting that “A fixed fees should be imposed and NOC should
be given”. District Revenue Officer Mukesh Sharma, confirmed that targets
were not being achieved by the government as buyers and investors were
virtually absent from the realty market. “The policies of state
government are sick. There should be some restriction on the Collector Rates,
the procedure should be made simpler, NOC should be given by paying fees —
if government takes these steps then the business can revive. But it seems the
government is not bothered about the business on which all other investments
are dependent”, said a local coloniser.
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Collective appeal to consumer forum
S. C. Vasudeva email your queries to realestate@tribunemail.com Is it advisable for the allottees to come together and collectively fight the case at Consumer Forum? Will this be acceptable to the Consumer Forum? Please advise. — surendra sharma A.It is possible for all the allottees to come together and collectively file the case with the Consumer Redressal Forum so that all the allottees are able to get the desired relief. There should not any difficulty in approaching the Consumer Redressal Forum collectively.
Is our flat a long-term capital asset? The question is if I sell this flat in October 2014, will it be considered a long-term gain or short-term gain. Income tax officer and my tax lawyer say that the date of allotment in this case should be considered for computing long-term gain. — udaiveer singh A.Allotment of a flat in a
multi-storeyed complex does give a right to the person who has been allotted the flat. This is treated as a right in an immovable property. There are a few Tribunal decisions in which it has been held that date of allotment should be considered for the purpose of calculating the holding period of the flat considering the fact that the allotment date being the date of right in a property. Therefore, the suggestion of your lawyer in this regard has a merit. However, as and when possession is taken such a right gets merged with the ownership right in the immovable property, and therefore, legally it is possible to argue that the holding period should be taken into account from the date of possession. The issue therefore may involve litigation. In case your tax officer is agreeable to the proposition of considering the holding period from the date of allotment, the chances of litigation would be remote.
How can I compute rental income?
A.A house property is taxable on the basis of its annual letting value. It has been clarified in Section 23(1)(c) of the Act that where whole of the property or any part of the property is let and was lying vacant during the whole or any part of the previous year and owing to such vacancy the annual rent received or receivable by the owner is less than the sum for which the property might reasonably be expected to let from year to year, the amount received or receivable for the period for which it was let, would be treated as annual value for the purpose of taxability under Section 23 of the Act. Accordingly, in your case the amount of rent for four months received by you will be treated as annual value on which tax will have to be computed in accordance with the provisions of Section 23 and 24 of the Act
How can we save tax on capital gain? Q.My son and I purchased a built up residential house on February 3, 2012 and the money spent on it is detailed as under:
Cost of house:
Rs 10,00,000 Now we have sold this house for Rs 20
lakh. Please advise me as the house is being sold within the period of three years from the date of purchase, if we can save the tax by re-investing the entire amount in the purchase of another residential house. Please advise any other way to save tax. —
Tarlochan Singh A.The gain arising on the sale of a residential house would be treated as a short-term capital gain as residential house has been sold within a period of three years of purchasing the same. Short-term capital gain of Rs 4,55,000 (½ of Rs 9,10,000) would be taxable in the hands of each one of you (yourself and your son). This reply is based on the presumption that the investment towards the purchase of the house was made by both of you in equal proportion. The provisions of the Income Tax Act, 1961 (The Act) do not provide for any relief in case of a short-term capital gain and therefore, it may not be possible for you to save the tax on the amount of Rs 9,10,000 even if the same is utilised for the purchase of a residential house. Your share of the amount of capital gain would become part of your total income. Your son's share would become part of his total income. The total income so arrived at would be taxable at the slab rate applicable to each one of you.
How can I transfer sale proceeds to Australia?
A.Your queries are replied hereunder: Foreign Exchange Management Act, 1999, you will become an NRI after you migrate to Australia. An NRI is allowed to remit an amount not exceeding $1 million per financial year out of balance held in NRO account. Sale proceeds of the apartment less taxes paid would be part of your NRO account after your migration. You will thus have no problem in transfer of sale proceeds of the apartment to Australia in view of the above RBI regulation.
As legal proceedings take a long time, please suggest some methods that will cut shorter my struggle of acquiring the possession of my home. — davinder singh A.On the basis of the facts given in the query you have given the property on lease and licence basis for a period of 11 months. The licensee is supposed to vacate the property after the expiry of the aforesaid period. In case he refuses to vacate after the period of 11 months, then legal course will have to be adopted and you will have to approach the court for seeking an order for the eviction of the licensee. You will have to wait for the lease period to expire and in my opinion apart from the above, there is no other legal option available with you at the moment.
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Ground Realty: better specifications - VII This week we look into certain important fittings whose right selection goes a long way in making your home a comfortable and low on maintenance living space for several years.
Joinery fittings Specifications: Joinery fittings should be of the right size, smooth finish, should work smoothly and should have no sharp edges that cut the skin while operating them. Special care for sharp edges should be taken while selecting tower bolts as maximum instances of skin cutting by sharp edges are heard in case of tower bolts only. For brass fittings, care should be taken to ensure that the fittings are in brass itself and not brass-coated iron fittings. For stainless steel fittings, see that the steel is of AISI 316 grade. For aluminum fittings, see that the fittings are fully anodised and certificate for the same is available with the retailer for anodic coating. For long-term surface finish of the fittings, this coating should be of AC 15 grade. However, as per IS 1868, aluminum fittings should not be having less than AC 10 grade anodic coating. See that the holes for screws in the fittings are counter sunk type so that the screws get driven in the fittings with their heads resting flush with the fitting surface. See that after installation of door closers, these return the door from full right angle opening to about 25 degree opening in an instant and thereafter slowly till the door closes fully. See that the speed adjustment screw is available in the door closers to allow you to adjust the speed so that it neither closes too slowly nor bangs with the frame in a fast manner. Stainless steel screw specifications: Don’t take the screws used for fixing the joinery fittings lightly. Poor quality screws don’t have good threading and lose grip very soon. Use stainless steel screws of reputed brands and of the size demanded by the carpenter. Prefer slotted counter sunk head screws as these don’t protrude beyond the surface of the fittings. Check screw size carefully. A screw size of 30 X 8 means a screw of 30 mm length drawn out of an 8 gauge wire. For door shutters, choose 1.5 inch long screws and for window shutters, choose 1.25 inch long screws. See that the steel screws conform to IS 6760 specifications.
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real talk There has been a slowdown in the real estate sector over the past couple of years and the construction activity too has seen a slow progress all over the country. How has this affected tile and sanitaryware market and what strategies you have used to tide over the tough times? There surely has been a slowdown in the realty sector and sale volumes have remained low even in the bigger centres. Many residential projects have been delayed by the developers basically due to lack of adequate funds and lack of buyer interest but the tile and sanitaryware segment has not been affected much by this as during the normal times the market growth was 14 per cent y-o-y and it has been 11-12 per cent over the past two years. So the drop has not been significant. As far as our individual case is concerned there has been no effect as the net sales have increased by 27 per cent to
Rs 328.30 crore in Q1'FY15 as compared to Rs 257.97 crore during the same period last year. Also, the exports are showing a positive trend with the growth rate of 108 per cent to
Rs 13.38 crore. While the competition is highly leveraged we have been on a strong financial footing due to the strategy of having JVs with partners. Along with this our stake in retail was just 50 per cent as we started moving out of private developers’ projects as there are payment issues in delayed projects of such developers. What change have you seen in the tile segment in the country over the past five years? There have been a number of changes in the quality and range of the products as well as in the customer preferences. The buyer profile has changed and the products are also more environment friendly. As far as the customer preference is concerned there has been a turnaround in the past five years as now tiles are seen as a fashion statement and in most of the new constructions these are being preferred over traditional stones like marble and granite. As a result the demand has also expanded and now floor and wall tiles come in an extensive range including the glossy finish, mat finish, scratch and germ resistant tiles in different sizes. The latest trend that this market segment has witnessed is the increased demand for big size tiles as more and more people now prefer 3x4 ft tiles. Your group is among the market leaders in the country for the past several years. So as a market leader what are the main focus areas that you are concentrating on? The focus is basically on increasing the footprint in the country and increase the range to more and more Tier II and III towns as most of the construction activity is going on there. These markets have a huge potential as more and more people are now switching over to the use of tiles in their homes as well as in the commercial areas. As of now 70 per cent of our sales come from these smaller centres. Apart from this we are also focusing a lot on branding as at the end of the day it is the brand that sells in the market as customers now are aware that a good brand not only guarantees consistent quality but also offers a huge range to choose from. Good distribution network and availability are the other focus areas for our group as the customers should be able to get the product easily. At present we have around 17,000 dealers all over the country and over 10,000 touch points. — As told to Geetu Vaid
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loan zone
Review your credit position This is the very first thing that a bank will check in deliberating whether to sanction a loan or not. The bank will review all the credit scores through CIBIL. Based on your credit score, the bank will ascertain your re-payment capability. In case you have failed to pay the bills sometime then your chances of geting a loan will be rduced. Check your loan eligibility It is very essential to check whether you will get the loan or not. This depends mainly on your income, savings, debt obligations, value of property, track record of other loans like personal loan and other financial liabilities. This loan is available for professionals, self-employed peoples and government servants. The age of the borrower should ideally be less than 60 years. Go for income protection insurance If you are increasing your borrowing from your property then you need to consider whether you need income protection insurance or not. This is because you are putting your property at a greater risk by taking a second loan and you need to find money to recover if you are unable to make the payments due to a loss of job or an accident or physical ailment. Choose the right policy that suits your needs. Advantages
Disadvantages
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market pulse Delays in project execution & litigation on under construction properties has made several home buyers opt for ready-to-move-in properties. This was revealed by a survey of first-time homebuyers across the country conduted by property portal makaan.com recently. As many as 43 per cent respondents showed preference for ready-to-move-in properties in the survey. This can be considered a paradigm shift as far as first-time home buyers’ psyche is concerned.
“Not so long ago, people preferred to buy under construction properties as they were more affordable but now possession delay has forced people to consider ready to move in properties”, said a spokesperson of the realty portal. Ready-to-move-in flats have additional advantage in the form of rental saving and income tax deduction up to 2 lakh p.a. on interest paid on home loan. The only concern with ready-to-move-in accommodations is that these are pitched at higher prices in comparison to under construction properties. The survey also revealed that more first-time buyers prefer to buy properties directly from the builder but did not fall for the schemes and discounts offered by the builders. Builders offer homes at the cheapest prices, also buying a home from a builder means that one will be the first owner of the home. Around 58 per cent respondents said that they preferred to buy properties directly from builder whereas around 39 per cent preferred to buy from owners. Only 3 per cent people would like to buy a property from agent or a broker. — TNS
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launch pad
Exotica Dreamville in Noida Extension Noida-based real estate company Exotica Housing recently unveiled Exotica Dreamville at Greater Noida West (Noida Extension). Located on Plot No. GH-01/A, Sector-16C, the new project will be spread over an area of 10 acres. I t will have 2, 3 BHK luxury apartments priced at
Rs 33 lakh onwards. The unit sizes will be between 920 sq ft and 1705 sq ft, according to a company press release. According to Dinesh Jain, Managing Director, Exotica Housing, “The project is well connected with NH24 and FNG that offers swift transport towards New Delhi, Ghaziabad, Faridabad apart from Noida and will have international design standards and state-of-the-art facilities and the possessions of the under-construction Phase I will be handed over by December 2015”. Sobha Arena in Bangalore Sobha group recently announced the launch of Sobha Arena, an exclusive luxury residential project being developed on Kanakapura Road (South Bangalore). Spread across 10.76 acres, the project comprises of 657 units, in a combination of 2BHK and 3BHK apartments with basement parking. The apartment sizes vary from 119.84 sq m to 122.81 sq m (1290sq ft - 1322 sq ft) for 2BHK and from 147.25 sq m to 157.47 sq m (1585 sq ft - 1695 sq ft) for 3BHK configurations. The USP of the project is provision of a wide variety of sporting facilities in a single complex. A 50-metre Olympic size 3-lane swimming pool along with a separate 25 metre swimming pool for kids and a world-class skating park and a racing bay. Commenting on the launch of the project, J C Sharma, Vice Chairman and Managing Director, Sobha Ltd., said, “Today South Bangalore has emerged as one of the most sought after localities in Bangalore when it comes to high-end homes. In the last four years, we have seen an appreciation in the property prices by about 63%. In fact, Southern Bangalore has witnessed peripheral growth leading to an increase in the demand for homes in this part of Bangalore. Understanding the importance of the area and real estate potential of South Bangalore, we have come up with our iconic project Sobha Arena on Kanakapura Road to meet the growing demand of luxury homes in Bangalore. Sobha Arena not only offers world class luxury homes equipped with the best of amenities, but also encourages the society to lead a more healthy and active lifestyle, something that is amiss in our fast-paced busy lives today.” — Based on information provided by the developers
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realty bites
Supertech Limited has received an investment of Rs 400 crore (US$ 66 million) from the Singapore-based real estate investment arm of The Xander Group Inc., a global investment firm focused on the infrastructure, hospitality, retail and real estate markets. Since 2005, the firm has committed over US$2 billion of capital to theIndian market across private, public and credit investments. The investment has been made in Supertech’s Township and Group Housing projects in Sector 79, Gurgaon, one of the fastest growing sectors south of the NH-8. Godrej Properties plans to launch 15-16 projects in FY15 Realty player Godrej Properties plans to launch 15-16 residential projects in the current fiscal. “We are upbeat about the revival of the sector. Because of the slowdown in past few years, some of our project launches which were delayed we plan to launch those this fiscal,” company’s Managing Director and CEO Pirojsha Godrej was quoted in a PTI report earlier this week. The company may launch 15-16 residential projects this fiscal, he said. “While some will be the next phases of the current projects, some will be new launches. We may launch new projects in markets like Bangalore, NCR and Pune, while the next phases launch will be in Kolkata, Nagpur and Mumbai,” he said. “The new launches will be developed on joint development model,” he added. The company added one new project in Gurgaon with 1.6 million sq ft of saleable area. The Mumbai-based company had reported a net profit of
Rs 39.47 crore in the April-June quarter of FY'14. For Q1 FY15, GPL's total revenues increased 48.57 per cent to
Rs 362.93 crore from Rs 244.28 crore in the corresponding period last fiscal. Pirojsha further said due to improvement in the overall sentiment in the real estate sector, it is getting good response for its new project launches. “We look forward to sustaining the momentum in the year ahead,” he said, adding, “We also expect realisations to improve in the medium term.” The company recorded 141 per cent growth in volume and 260 per cent growth in value of residential sales, a company release said. Valenova Park gets AGIF approval Hawelia Group has got approval from Army Group Insurance Fund (AGIF) for its project — Hawelia Valenova Park in Noida for the Indian Army personnel. The approval from AGIF will entitled Army men to book a flat of their choice in this project on a lower interest rate. AGIF provides loan to the Army personnel on a lower interest rate in comparison to the banks. Hawelia Valenova Park is a gated 4-acre development with podium design. It will have up to 21 storeys of fully furnished 2 & 3 BHK apartments ranging from 1120 sq. ft to 1870 sq. ft. The basic price range for the apartments in the project starts from
Rs 3,000 per sq ft. — Agencies
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Real Estate Investment Trusts (REITs) are finally a formalised concept in India after SEBI approval on August 10. This instrument will bring better and faster funding for the real estate sector and has been welcomed by the stakeholders in the sector. While the developers lobby is elated at the prospect of an increased interest from foreign investors and better funding avenues, SEBI is going strong on its commitment to safeguard the interests of the investors. The new REIT regulations, which were cleared by SEBI’s board on August 10, would be notified soon after necessary fine-tuning, a senior official said.
Property
market, which was at its peak till about three years back in Punjab, is going
through its worst phase for the past 18 months. Market watchers in Ludhiana,
that is considered the industrial hub of the state and prime real estate
location, claim that almost 60 per cent of those, dealing in properties in the
state have quit the business all thanks to the state government’s
complicated policies, due to which the property business is at its worst
today.
Q.Please refer to a question asked by Deepak Jjagota pertaining to 'Delayed possession by Builder' (August 2, 2014). There are many buyers (including me) who have invested with Singla Builders & Promoters in SBP Homes, Sector 127, Kharar - Landran Road,
Mohali. As per the 'Agreement', the date of completion of the project was March 31, 2013. However, the builder has not only missed this deadline, but the construction is not likely to be completed anytime soon. The construction pace is such that it may take 8 to 10 months more for making the premises livable. I am surprised that Deepak Jiagota has been issued a 'Possession letter'. The builder is attempting to pressurise the allottees to take over incomplete flats.
Q.My grandfather was allotted a flat by
AWHO, New Delhi, and details are given below:
Q.I have a query regarding computing of income from house rent. I am a senior citizen and I file my IT returns regularly. I have my own) residential house in
S.A.S. Nagar (Mohali). The ground floor of this residential house is occupied by my family, while the first floor is rented out. It remained on rent from April 2012 to July 2013 and accordingly the rent from April 2012 to March 2013 was included in my IT return for assessment year 2013-2014. Now in financial year 2013-2014 it has remained occupied only for four months i.e. from April to July 2013. Kindly confirm how much income from house property should be added to my income as it remained on rent only for four months and was vacant for the remaining eight months in financial year 2013-2014. . —
Jagdish Singh
Q.I am a 66-year old retired person. I am not getting any pension and have no other source of income. I hold "Australian dependent parents visa" and am likely to shift permanently to Australia by January 2015. I had booked a 3BHK apartment in Zirakpur about three years back and intend to sell it when I get the possession in December this year. My queries are:
Q.I am a resident of Ludhiana and have given my house on rent. I have signed a notarised lease and licence agreement with him and the term of the contract is 11 months. However, tenant is not keeping the house tidy. He is not even paying the rent on time. When I asked him to vacate the house, he refused to do so. Could you please guide me how can get the house vacated before the completion of the 11-month term mentioned in the agreement. What steps do I need to follow to make my case more strong?
Jagvir Goyal
Joinery fittings mean the fittings fixed on doors, windows and cupboards. These include tower bolts, handles, knobs, door stops and eye hooks etc. These fittings can be in mild steel, stainless steel, aluminum or brass. Brass fittings are the costliest among these. Brass or steel fittings are oxidised while aluminum fittings are anodised. Steel fittings are black enameled also. Similarly, brass fittings are chromium plated also. Joinery fittings are given attractive finish such as Gold, Nickel, Satin, Chrome, matt or Antique copper finish to meet the buyer’s choice.
Mortise lock specifications: These days, sliding bolts have been replaced by mortise locks in the houses. Mortise locks are supplied in 2 ½ inch, 3 inch and 4 inch sizes. Here, size means the depth of lock part that gets inserted into the thickness of door. Choose locks with width of lock part around 15 mm so that it fits conveniently into the thickness of the door. Prefer six lever locks. Each lock should have at least two keys, preferably 3 keys. See that the locks are heavy duty and with anti-corrosive coating. For toilets, often, latch bolts without locking arrangement are chosen. Instead, prefer mortise locks for toilet doors also.
Door closer specifications: Door closers are used to close the doors automatically by using a hydraulic speed damper. These can be
surface mounted or concealed type. Concealed door closers are very costly in comparison to surface mounted door closers. Moreover, a door thickness of 45 mm or more is required to provide concealed door closers. These are produced in light duty, medium duty and heavy duty qualities. Their closing force is governed by the width and weight of the door to be closed. Choose heavy duty door closers for large width doors. For proper functioning of door closers, see that the weight of the door is less than 80 kg. Choose door closers that are reversible and suitable both for left hand and right hand doors. See that the door closers carry IS 3564 mark. See that the door closers are tested for undergoing a minimum 5 lakh cycles and have a hold-open range up to 120 degrees. Door opening angle can be even up to 170 degrees in case surface mounted type closers.
The factors to be kept in mind while choosing a water storage tank for your house are its capacity, ability to keep the water cold during summers, resistance to algae and being leak proof. Indian house builders are always undecided whether to build an RCC or brick masonry tank or to choose a polyethylene tank. A polyethylene tank is more resistant to leakages, algae and can be chosen as per the required capacity. Water tanks built in RCC or masonry are prone to leakages and invite algae quickly. Therefore, the choice should be a readymade polyethylene tank.
Tile and sanitaryware segment is one of the most fluid and buoyant segments of the building and construction material industry. Innovation has been the keyword here as demand has seen a steady increse over the past few years. Somany Ceramics Limited, the flagship Company of the H.L. Somany Group, is one of the principal players and India’s first tile company to get government recognition in 1996 for its R & D centre, and a patent for its ‘high abrasion resistant glaze composition’. Its product offering includes tiles (floor tiles, wall tiles & vitrified tiles), sanitary wares, CP fittings and tile laying solutions. Abhishek Somany, JMD of the group talks about the changing paradigm and future course of this industry in India. Excerpts:
Many people prefer to opt for a loan against property to arrange funds for different needs like for business venture, education of children or buying a second property. For this loan you can mortgage your own property as an assurance/guarantee and get a higher amount than a personal loan. The rate of interest for this loan is also quite low as compared to those for other forms of unsecured loans. In this the interest rate will be between 12 and 15.75 per cent. This is the main reason why several people like to take a loan against a property (LAP). However, there are certain points that one should keep in mind before deciding to go for this option:
Prateek Group has announced the launch of Prateek Grand City at Siddharth Vihar, next to Indirapuram in Ghaziabad. Spread over a collective area of over 40 acres along NH-24, the new project will offer an integrated township of 2, 3 and 4 BHK homes with luxurious amenities in the price range of
Rs 28 lakh to Rs 63 lakh (approximately).