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Realty summit in Chandigarh
real view
Green house realty bites
market pulse
real issue
tax tips vaastu wisdom
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Will CLU exemption revive realty scene in Punjab?
The decision of the Ministry of Local Bodies to exempt charging the Change of Land Use (CLU) fee within municipal limits has raised the hope of some revival of the now dormant real estate business in the state. New norms There would be no changes in the fee regarding multiplexes, marriage palaces, petrol pumps, multi-media centres, societies, warehouses and godowns. While making the announcement the minister said though some revenue might be lost, but overall the government would be a gainer as the fee exemption would lead to growth in sale and purchase of property and augment the real estate business also. At present, the municipal bodies on an average charge 5 to 6 per cent as CLU fee. This varies, at times, from city to city apart from the size of the plot or the building. Need to simplify norms Though hopeful of growth, the traders and property dealers have responded cautiously to the announcement while maintaining that mere exemption of the fee won’t make much difference unless it was accompanied with simplification of the process of getting a CLU. Parminder Singh, a property consultant in Ludhiana finds the decision positive but said the government should speed up the process of getting a CLU for land approved. “It takes months or even years to get the request for CLU approved or disapproved. The exemption of fee is welcome as it will save money. However, for investors time is equally invaluable. I wish the government provides single-window clearance for it.” Increasing revenue in Jalandhar Revenue collection from the CLU in the past few years also indicates that more investment and growth initiatives would be taken when there is no fee. In Jalandhar, the collection of Change of Land Use and Building Application fee was a nominal amount of just
Rs 4.01 crore in 2011 and 2012 but the last financial year saw a big jump of Rs17 crore even above the annual target of
Rs16.5 crore. In the first quarter of this year, too, the MC has already collected an amount of
Rs3 crore as CLU. While officials rue the loss of revenue, they feel the MC would gain from other fee like development charges if there was a spurt in real estate growth. The spurt in the number of cases is a clear-cut indication that more investors are going the commercial way. There are 18 commercially declared roads in Jalandhar, all of which now have huge malls, showrooms and markets, interspersed with some old houses. Senior Town Planner MC Jalandhar Tirlok Singh said, “Ever since July last year when the Local Bodies department authorised the MC Commissioner to carry out the change of land use, there has been a spurt in the cases and clearance of files has been taking less time. Earlier when the files were cleared at the government level, the pendency used to be huge.” The revenue collection with the Jalandhar MC on account of CLU and building application fee in 2008-09 stood at
Rs5.13 crore. There was a very minor improvement the next year with a collection of
Rs5.21 crore. The following year saw a double rise at Rs10.24 crore. It went up marginally again to touch the figure of
Rs11.25 crore in 2011-12. The collection dropped to a dismal amount of Rs4.01 crore in 2012-13 as the department took a long time in framing a new policy for clearing of CLU cases. Finally, all piled up cases got cleared in the last financial year. The charges now being levied stand at
Rs3,300 per sq yard for a building of height 38’6’’ which is approximately four storeys. For a taller building, the charges double to
Rs6,600 per sq yard. Relief in Amritsar Meanwhile, in Amritsar investors feel the SAD-BJP coalition government’s move to exempt industry, hotels and hospitals coming up within the municipal limits from paying CLU charges is a great relief for impending investments in these sectors in the state. The holy city is also likely to attract more investment in these sectors as industry, hotel and hospitals are already witnessing saturation. High CLU charges were the biggest deterrent for investors in these segments. Senior Town Planner Hemant Batra said, “CLU charge is collected at 5 per cent of the collector rate of the area. This is called non-scheme area. Besides, as many as nine roads have been notified as commercial which were originally set up as residential. CLU of a property on these prominent roads attract
Rs6,000 per square yard in addition to 5 per cent of the collector rate”. APS Chatha, an Amritsar-based hotelier while welcoming the move, added “the issue of concern for the government is that 75 per cent of tourists to the city wrap up their visit in a day and don’t stay in hotels. Thus, in order to sustain this industry it is mandatory for the government to finish heritage projects like Summer palace of Maharaja Ranjit Singh, Fort Gobindgarh, heritage village and others in the city”. He said the hospitality industry must be given reprieve from multiple taxes being imposed by the Union, state and local governments. He said these factors were holding back the investors from proceeding ahead with any new investment. Interestingly, over six years back, the number of rooms in the hospitality sector was not more than 2,600. A business community leader Amrit Lal Jain said, no new industry has been set up in Amritsar in the past seven years. Jain anticipated that the move may facilitate establishment of more industrial units here and added that the government needed to do more. As per the Directorate of Factories, a wing of the Labour department, the total number of units in Amritsar is 1,145. A majority of these units are situated in the government-notified areas. There are 10 big or small designated industrial clusters, including two focal points, an industrial area and an industrial estate. The two focal points are situated at Maqboolpura on Vallah road and another at Mehta road besides an Industrial Estate at Chheharta. In the city master plan, the government proposed to set up three more major industrial pockets. However, thousands of units are located in mixed-use areas in the city. As per the data gathered by a private company which prepared the Master Plan for Amritsar a couple of years back, 69 per cent of the small scale industries in the district were located within the Amritsar city. (With inputs from Deepkamal Kaur in Jalandhar and Neeraj Bagga in Amritsar)
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Realty summit in Chandigarh Keeping this goal in mind, the Federation of Indian Chambers of Commerce and Industry (FICCI) will be organising ‘Real Estate Summit-2014’ in Chandigarh on September 5. This one-day conference and exhibition is being held to discuss trends, challenges and opportunities in “Housing and Urban Development in North India” and aims to bring all stakeholders on a common platform. The conference will have specific focus on Punjab and the Tricity region. Giving details of the conference Didar Singh, Secretary General, FICCI said, “FICCI aims to create platforms to discuss urbanisation issues and opportunities for industry to offer feasible solutions. This conference will bring together experts to exchange ideas and knowledge on latest concepts that can influence urban development in the region”. Sectoral developments in Punjab and Tricity, trends, markets, future potential and prospects for housing and urban infrastructure projects in the region will be the thrust areas in this summit. Talking about the key focus areas of this summit, Anoop Kumar Mittal, Chairman, FICCI committee on real estate for North and CMD, NBCC Ltd. said,“Punjab and Tricity region have a huge potential for development and it is the need of the hour to deliberate upon issues which are critical to the growth of the housing and urban infrastructure sector in the region. This conference will help in addressing the key issues and will be a catalyst to the development process.” It will sensitise the government, urban local bodies, planners and real estate industry about the scale of challenges, opportunities and new approach to development of futuristic, smart and sustainable cities in North India. The participants ill deliberate on topics like Changing Shape of North India through Urban Development — Focus Punjab, Tri-City and nearby cities; Simplifying approval process; Planning Smart and Sustainable cities etc. Major real estate players from the region are likely to share their ideas and vision for a vibrant real estate market in Punjab in panel discussion on future of real estate sector in Punjab. Strategies for brand building in real estate, enhancing professionalism and transparency in this business, opportunities available in the state and the region and the key concerns of the industry will be taken up for discussion. Key speakers expected at the conference include A. Venu Prasad, Secretary (Housing & Urban Development), Govt. of Punjab; Pradeep Puri, Chairman, FICCI Urban Development Committee & CEO, METCO Project, (IL&FS); Anoop Kumar Mittal, Chairman FICCI Sub Committee on Real Estate - North and CMD, NBCC; Neeraj Mandloi, Joint Secretary, MOUD, GOI; Rakesh Kerwell, Director, DLF Universal Ltd.; M. S. Sidhu, Chief Administrator, PUDA; Sandeep Sharma, State Town Planner, DTCP, Himachal Pradesh; Sumit Kaur, Chief Architect, Chandigarh Administration; Mohit Goel, MD, Omaxe and Rajinder Gupta, Chairman, Punjab, Haryana & Himachal Pradesh Regional Advisory Council, FICCI and Chairman, Trident Group. — TNS
FICCI to release report FICCI will also release a knowledge report prepared jointly with Ernst & Young LLP during the conference. The report focuses on development in Punjab and Tricity and how Punjab has been able to trasform from an agrarian economy to an Industrial powerhouse. It further highlights the urban development in Punjab and role of Tricity in the region and emphasises on the growth drivers of Tricity and how the implementation of well-planned social, economic and physical infrastructure in the Tricity enables it to offer a good quality of life.
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real view
The best way to understand what REITs are, is to think of them as real estate mutual funds. In REITs, the individually invested money is pooled to buy real estate assets instead of stocks as in case of mutual funds. The units of REITs are listed on a recognized stock exchange where investors can indulge in buying and selling of the units like stocks. In India, REITs have been designed with a low risk factor, projecting them as an avenue for stable, add-on income. To give effect to this, 80% of the assets of such funds will be invested in revenue generated completed projects and not in projects which only promise futuristic gains. Case for Investment Lower Entry Barrier: While real estate is an important asset class, it has a difficult access route owning to the large ticket size which acts as an entry barrier. With REITs making their way into the Indian market, individuals will be able to participate in the realty sector with a sum of as low as Rs.2 lakhs during the subscription period and eventually at Rs. 1 lakh in the secondary market. This will provide opportunity to people who have been desirous but have not been able to get exposure to this sector. Diversification: Diversification works best when the different assets in a portfolio are not directly correlated with each other. Real estate is a good diversifier as it has a low correlation with stocks and is more resistant during economic upheavals. For investors who have no exposure to this asset, REITs will provide diversification by adding a new asset class to the portfolio. In case of those who own some property, REITs will provide diversification within the asset class. Investing in REITs can help in diversification across different asset classes and within the asset class. Liquidity: Property is an illiquid asset which means that it cannot be turned into cash readily. Selling of property is not only cumbersome but takes time and effort. The opposite is true for REITs, once listed on a stock exchange; the trading lot of such units will be Rs. 1 lakh which will infuse investor participation and liquidity. Thus REITs, by their structure, are liquid and will provide investors the convenience of buying and selling. Regular income: According to SEBI, “REIT shall distribute not less than 90% of the net distributable cash flows to its investors at least on a half yearly basis.” SEBI has structured REITs to be instruments of regular income and for the same purpose REITs have to invest 80% in rental earning commercial projects. Though this may not look too lucrative right now, the demand and supply conditions in India are poised to favor higher property prices and rentals. REITs will earn more, as the rentals witness an upward trend, in addition to the gain through capital appreciation of property. Tandem with inflation: Real estate is a natural hedge against the corrosive effect of rising prices. Investing in property via REITs can help reap regular earnings that will move in tandem with inflation. This is particularly positive in a situation where there is lack of inflation-proof fixed income instruments. Risks-Return: REITs are typically perceived as “moderate return-low risk” investments. REITs have the potential to deliver stable income, with growth potential in the long run, making them suitable for investors with low to moderate risk tolerance. Taxation The taxation part of REITs is slightly complex as some segments of income are tax-free while others are taxable. However, for investors, the short term capital gain tax will be at 15 per cent (held less than 3 years), while long- term capital gain will be tax exempt. The interest income received by investors will be taxable at the tax slabs. The withholding tax for residents is at 10 per cent while the concessional rate for NRI’s is at 5 per cent. Last word Although REIT based investments still need to pass the test of time, as an investor, if you are looking for an investment which can act as a hedge against inflation, provide diversification and give decent returns, REITs may be just the right investment for you! —The writer is Director, FinFix Advisors & Planners Pvt. Ltd.
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This colourful graft is a work of art C. S. Bewli ... It is difficult to visualise flowers when one talks about cacti. But this is not an impossible combination and mind you we are not talking about the flowering that takes place in a cactus after 15-20 years in some cases. Some cacti can give the impression of a flowering plant and one or more such flower-like plants in any garden, big or small, can be a focal point to attract any onlooker. These are commonly called red caps or lollipops which are grafted on robust stalks and are often mistaken to be beautiful flowers that appear to bloom day and night and also last about a couple of years on graft. What more one can expect from a plant? The basic colour of cacti is generally in shades of green due to the presence of chlorophyll, but with variegation, formation of different coloured zones in the form of stripes, patches or spots in leaves or stems appear. Variegation is common and natural mutation that prevents the production of desired amount of chlorophyll due to the coloured portions in the plant. This deficient photosynthesis effects reduction in the variegated plant’s metabolism resulting in low resistance to strong sunlight. Few of the cacti are without any chlorophyll, but many are with deficient chlorophyll that are represented in a wide range of succulent genera. These variegates have slower rate of growth and are less vigorous than their green counter-parts; they have a tendency to revert to their normal green growth form. With the passage of time, the normal growth pattern which grows more vigorously outgrows the variegated form; hence for the better growth of the variegated form, the normal growth should be carefully removed from the plant with a sharp razor during the growth season. The unique colouration in these xerophytes due to their natural attraction has generated a lot of interest in cactophiles world over and some of them render a dramatic display of vegetative splash of colouration. These creations are most coveted due to their attractive forms and hence are much sought after by the collectors; these also cost more than their normal forms from which they originate. Due to their prominent ornamental shapes and the ability to attract attention there are some hobbyists who collect only these forms. As these forms are less robust, therefore these are more prone to red spider mites, mealy bugs and sunburns. Hence they need more care. They are generally propagated vegetatively and for these freaks to remain robust and exhibit beauty, they are generally grafted on tall stocks. Gymnocalycium mihanoivichii and yellow stemmed Chamaecereus are some of the cacti that really do not have any chlorophyll; in the absence of chlorophyll they assume other vibrant pigments in shades of red, orange and yellow. These plants cannot survive on their own roots due to their inability to manufacture food through the process of photosynthesis as they do not have chlorophyll. For this reason these plants are always grafted on to vigorously growing rootstock to draw nutrients for their survival. They grow well in bright light. However, to avoid sunburns do not put them under direct sunlight. Windowsill is an ideal place for these. Propagation is generally carried out by grafting offsets which generally appear at the base or even on the body of the grafted plant. The writer is the President of National Cactus and Succulent Society of India.
Tending tips n
Remove normal growth-form from the plant periodically. n
Spray with a solution of 3 ml of Malathion pesticide to a litre of water every couple of months to keep it disease free. n
Do not place the plant in direct sun light. n
Fertilise with NPK (nitrogen, phosphorus, potash) twice in growing season.
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realty bites
Sotheby’s International Realty Affiliates LLC has signed an exclusive agreement to develop the Sotheby’s International Realty brand in India with the opening of North India Sotheby’s International Realty. The team that boasts of several decades of collective experience in the Indian market ranging from real estate advisory to wealth management, will look into the luxury residential real estate market throughout Northern India. The first office will begin operations in September 2014 in New Delhi followed by Gurgaon, Noida, Chandigarh and Jaipur. Amit Goyal, co-owner and Chief Executive Officer of the firm said, “The luxury residential real estate market in India is beginning a period of expansive growth and the Sotheby’s International Realty brand will meet the needs of high net-worth individuals internationally looking for luxury homes in India and overseas using the brand’s global platform. We also envision future appointments of exclusive representation of luxury residential properties. India’s luxury residential market is poised to grow rapidly, supported by strong economic growth, and we are in an ideal position to lead this growth by leveraging the Sotheby’s International Realty global platform.”
Ascott to manage premium serviced residence in Gurgaon CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Somerset-branded serviced residence in Gurgaon. Slated to open by 2019, the 174-unit Somerset Diplomatic Greens Gurgaon is Ascott’s second serviced residence in the city, after Ascott Ireo City Gurgaon which
is scheduled to open in 2017. The management contract for Somerset Diplomatic Greens Gurgaon was awarded by Puri Constructions Private Limited, a company focusing on real estate development in northern India. Somerset Diplomatic Greens Gurgaon is located next to Dwarka Expressway and is a 20-acre residential area within an 82-acre integrated development that includes retail and commercial spaces. It offers a range of stylish studios, one and two-bedroom apartments. Each apartment features a fully-equipped kitchen and separate living and dining areas. — TNS
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market pulse
Housing sales dropped by 37 per cent in Delhi-NCR to nearly 28,500 units during the first six months of this year due to slowdown in the property market, real estate consultant Knight Frank said today. In the year-ago period, the National Capital Region (NCR) had witnessed sales of 45,300 housing units. Launches of new homes in NCR fell by nearly 43 per cent at 35,500 units during January-June 2014 as compared with the corresponding period of last year. Despite lower launches, Knight Frank said nearly 1.67 lakh units remained unsold in the NCR market in June and it would take more than two years to sell these unsold inventories. “The National Capital Region witnessed a slowdown during 2013, and this downward trend continues in 2014 as well,” Knight Frank India said in a report ‘India Real Estate Outlook’ released recently. “Pressures of substantial unsold inventory and liquidity constraints have compelled developers to keep new launches in check. Knight Frank said the average housing prices in Delhi-NCR rose by 5 per cent during the first half of 2014 at Rs 4,400 per sq ft and expects rates to increase further by 2 per cent in H2 2014 in view of the recovery in sales volume. However, company’s Executive Director (Capital Markets & North) Rajeev Bairathi said there is no effective increase in residential prices after taking into account the benefits offered to buyers under subvention scheme and freebies. “No developers want to reduce basic selling price (BSP). If they will do that, it will start a downward spiral. Builders come up with interest subvention scheme and freebies to boost sales,” Knight Frank India National director Residential Agency Mudassir Zaidi said. Presenting an outlook for the second half of this year, Knight Frank expects NCR property market to gain momentum despite reeling under immense pressure of unsold inventory. “Market sentiment has already seen some improvement post the election...sales enquiries have gone up in the past month, indicating some sort of revival,” the report said. New launches would increase by 10 per cent to 37,000 units in the second half of 2014 compared to the same period last year while absorption is forecast to increase by 17 per cent to 30,500 units in H2 2014 compared to H2 2013. However, Knight Frank said that even with a recovery in H2 2014, the overall yearly numbers will be slightly below those of 2013. New launches and absorption for the year 2014 will stand at 72,700 units and 59,000 units, showing a decline of 24 per cent and 17 per cent, respectively. — PTI
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real issue
While raising the demand for increasing the height of the structures, a demand for introducing the floor wise sale of property is also being made. It is being argued that to end litigations that are arising out of sale of property on ratio basis, the state government should allow floor-wise sale as is being done in the case of buidings made by private builders Even as UT in its draft master plan has rejected the demand for allowing additional floors in Chandigarh, Mohali residents are now seeking permission to construct additional floors in residential properties in the township. Another demand for introducing the apartment act is being made by different residential welfare associations. “Allowing additional floor as the family size increases is just being realistic and the government needs to move with time”, say Amarjeet Sethi, a resident of Phase 3A in Mohali. Raising the demand for additional floor in a representation to the Greater Mohali Area Development Authority (GMADA), N.K Marwaha, former Councillor of Mohali, said people who had settled in Mohali after constructing houses when the town was established were now finding it difficult to adjust all family members in those houses. They are left with only two options, either to find an alternative house on rent or to construct another floor in the existing house. “It will be most appropriate, suitable and economical for the owner if GMADA allows construction of the third floor,” said Marwaha, adding that the Town Planning Department should not have any objection to this as now the government and private builders were constructing multi-storeyed flats with 14 or more floors. “A number of property owners have illegally constructed additional room by extending the mumty. This should be regularised”, said Marwaha. Shalender Anand, property consultant, said a lot of litigations were going in cases where the property was being sold on share basis as the area of the share was not defined. Floor wise permission would clear a lot of things, he added. “Even in Delhi, the local authority has permitted the construction of third floor in residential areas. GMADA can charge a nominal fee for allowing the extra floor, which will help make GMADA financially strong,” said Amardeep Sharma, a senior member of Industrial Area Welfare Association. The demand would benefit the owners of residential property in industrial area. On the demand of the residents, GMADA has forwarded the issue to the architecture department, Punjab At present, GMADA has allowed the sale of share in the residential houses but it has not permitted the sale of floors. “Sale of share in residential houses creates lot of complications and leads to litigation in most cases. It will be appropriate, if GMADA also allows the sale of floors as is being done by the Haryana Urban Development Authority (HUDA) in Panchkula,” Sharma added. What is the rule? n As per the existing rule, the total height of the residential property can be 36 ft, apart from the 7 ft height of mumty. n The existing FAR for residential plots of up to 250 sq yard is 1.95. Beyond that it is 1.40 for the next 100 sq yd; 1.20 for the next 100 sq yd; and .9 for the next available area. What residents are demanding? n
Residents demand that government should all another floor by increasing the total height up to 40 ft excluding the mumty.
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How much wealth tax I need to pay? S. C. Vasudeva email your queries to realestate@tribunemail.com Net income from Clinic AY2014-15
isRs10,42,500 for which income tax return will be filed after audit work by CA is over. An old car with a written down value of
Rs3,45,000 chargeable to clinic account. Cash in hand from clinic account on 31-03-2014 is
Rs1,31,500. I have simple gold jewellary in shape of a ring, a chain and a bracelet totally weighing 38 grams and priced at
Rs25,000 per 10 grams. I also own four plots all falling within 2 km range of municipal limits of Hoshiarpur city and all in unapproved colonies for which plot regularisation fees now stand paid. Details are:
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size 31 marlas and circle rate is Rs
85,000 per marla and this plot is having eucalyptus plantation right from year of purchase. n
11 marla plot with circle rate of Rs 1,10,000 per marla. n
9 marla plot with circle rate of Rs 1,15,000 per marla n
15 marla plot with circle rate of Rs 60,000 per marla. I also have a 2-bed room house in Chandigarh worth about
Rs 60,00,000. Kindly work out my wealth tax liability. — R K Saini
A. Wealth tax is chargeable on the basis of the market value of the assets. Therefore, you will have to get the valuation of jewelry and the plots done from an approved valuer. It is because the plots owned by you are situated within the municipal limits and will be covered within the term ‘urban land’. According to the provisions of Section 2(ea) of the Wealth-Tax Act 1957, ‘urban land’ is chargeable to wealth. Any amount of wealth tax computed on the basis of value given by you in the query would not be a correct proposition. You may please get the valuation of the properties (except cash in hand and 2 bed room house in Chandigarh) done and the wealth tax liability will be computed on the basis of such valuations. Cash in hand in excess of Rs50,000 would be considered as part of your wealth. One house is exempt from the levy of wealth, and therefore, the house in Chandigarh need not be referred to an approved valuer for valuation. On the basis of valuations obtained from an approved valuer, in case the aggregate value of assets chargeable to wealth tax exceeds Rs30,00,000, you will be liable to pay wealth tax @1% on such excess wealth. Tax liability on compensation amount A .Reply to your query is based on the premise that the agricultural land was situated in an area referred to in item (a) or item (b) of sub-clause (iii) of Section (14) of Section 2 of the Income-Tax Act, 1961. In other words, the agricultural land was either situated within the municipal limits or within such distance of the municipality etc; as is specified in the aforesaid Section. The capital gain arising on account of the compulsory acquisition in such a case would be exempt from tax subject to the fulfillment of the following conditions: i) The capital gain arises to an individual or a HUF from the transfer of a land which was being used for agricultural purposes by such HUF or individual or a parent of his. ii) Such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India. iii) The capital gain has arisen from the compensation or a consideration for such transfer is received on or after first day of April 2004. In case you comply with the above requirements the capital gain arising on such compulsory acquisition would be exempt from tax.
Transfer of property rights to daughter
A. It would be advisable to make a Will in favour of your daughter in respect of the plot on which you have built a single-storey house for yourself. The Will would take effect after your death and she will become owner of the property after your death and be able to build and own the said property without payment of any tax. Any gift of your property at this stage would involve payment of stamp duty on the market value of the plot which can be a substantial sum and therefore, it would not be advisable to gift the property at this stage.
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Directions for a temple Madan Gupta Spatu ... Q. I am living in Solan and am heading a trust that wants to construct a good temple in typical South Indian style in our village. Please advise. —Ram
Lal Thakur. A. World famous Tirupati temple is an ideal specimen of Vaastu principles. There is a lake and a pond in the northeast direction and the entire complex is in square shape. The main temple occupies only one fourth area and on its northeastern side there is an open area. The perfect Vaastu makes it rich and famous. We find that temples, which are financially prosperous, have their Pushkarnis or water areas in the north of northeast. If you are planning to go for a well, underground water tank, a bore or a fountain, then you can locate it in the same direction on your site.
For construction of temple make a Vaastu-pad of sixty four squares:
n
Main gate should be constructed in the centre of all the four sides, which is auspicious. Half of the breadth should be kept for the garbhgriha (central room where idol is to be placed). n
All round the garbhgriha, one hath (cubit) wide path should be provided for circumambulation (parikrama) and then the wall be constructed around it. One fourth of the breadth of garbhgriha should be the width of the door. n
The height of the door should be twice its width. The temple or place of worship should be in the northeast portion of the building. This is the best direction for worship and prayers according to Vastu
Shastra. n
Though all the directions are good but prayers should be offered in the northeast direction.
Mail your queries to— vaastu@tribunemail.com
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Minister for Local Bodies, Anil Joshi has in a recent announcement said the CLU fee has been exempted in case for development of Industry, hotels and hospitals within municipal limits of the city. He also announced reduction in rates of External Development Charges, licence fee, and CLU charges for housing and group housing schemes by 50 per cent of the existing rates.
North India plays an important role in shaping the economic environment of the country. With major infrastructure projects and industrial corridors being planned, a new wave of development is soon going to sweep the region, especially Punjab and Haryana. The Government of Punjab with its new industrial and business policy has taken steps in this regard. It is the need of the hour to deliberate on issues that are critical to the growth of housing and urban infrastructure sector in the region and create a road map for the authorities and industry to usher in holistic and planned development of the region in a sustainable manner. 
The real estate portfolio of a “middle income” individual has been governed by the law of all-or-none for many years now. The soaring property prices of residential property and commercial spaces has not let the realty sector become a reality for many people. Today, a minimum of Rs 30-40 lakh is needed to own a decent property in any tier I city or metro. The lack of opportunity to “partially” participate in real estate has left this asset out of league for many potential investors. Not anymore though! The Real Estate Investment Trusts (REIT) promises to provide the much awaited gateway to the realty market for those who have not made a breakthrough till now. 
With Mohali real estate market remaining in the grip of a slowdown, demand for increasing the height of residential and commercial buildings in the developed parts of the township is being made from different corners. 
Q. CBDT vide their notification S.O.1576(e) dated 23/06/2014 have desired that all those covered by Section 44ab should henceforth e-file their Wealth Tax Returns in Form BB. In this connection I request clarifications and wealth tax amount on the following basis:
Q. I had inherited agricultural land owned by my father in a village near Rohtak. The same has been acquired by the Government of India for starting some educational institution. What are the tax implications with regard to the compensation received/receivable from the government?
— Chaudhary Shiv Ram 
Q. I am an original allotee and sole owner of a house (single storey) built on a 10 marla plot in Sector 2, Panchkula. I wish to give all rights to build and own a residence on 1st floor and above to my married daughter. I am 79 years old. Please advise the best way to do this — avoiding long procedures and tax liabilities for me and her. —
Jagdish Mittar Wasdev