|
|
|
|
| REAL ESTATE |
|
|
|
Punjab not fertile ground for NRIs
Festive season is time when realty players are enthused about investments made by the NRIs. This year the expectations of developers as well as brokers all over the country, especially in Punjab, were all the more high as a stable government in the Centre has led to a positive sentiment in the real estate sector. Real estate consultancies too have predicted a 30 to 35 per cent increase in queries and transactions involving NRIs in 2014.
area watch: hyderabad
tax tips
vaastu
wisdom
Green house: sowing and care of winter seedlings
Be legally sound
Project watch
guest column
Diversification
Realty bites
|
|
|
|
Punjab not fertile ground for NRIs
Festive season is time when realty players are enthused about investments made by the NRIs. This year the expectations of developers as well as brokers all over the country, especially in Punjab, were all the more high as a stable government in the Centre has led to a positive sentiment in the real estate sector. Real estate consultancies too have predicted a 30 to 35 per cent increase in queries and transactions involving NRIs in 2014.
According to a recent report Bangalore is the most favourite property investment destination for NRIs followed by Ahemdabad (2nd), Pune (3rd), Chennai (4th), Goa (5th), Delhi (6th) and Dehradun (7th). Punjab, however, is not among the top destinations in the NRIs’ itenary in spite of a large Punjabi diaspora. NRI sammelans organised by the state government annually, various investment schemes offered by the state government to the Punjabi diaspora settled abroad and even the 10 per cent quota for NRIs announced by the state government for flats in allotments in PUDA schemes have seemed to have failed to enthuse the NRIs to make any major real estate deals back home. While NRIs have “supported” a few projects like hotels, restaurants, hospitals and even group housing in the Doaba region in the past few years, investors claim that they have had a bitter experience at the hands of the government officials. As a result they have been discouraged from taking any more initiatives. The spoilsport “My son saw me facing all these hurdles and kept telling me time and again to dump the project and go back. But I insisted as I wanted my next generation to somehow remain in touch with their roots. But the ordeal that I went through makes me look for a buyer now to sell of the property and move”, he said. Ban on buying agri land Another major hurdle that the NRIs claim to be facing is with regard to RBI guidelines disallowing them to purchase agricultural land in India. Avtar Singh Johal, representing Indian Workers Association at Great Britain, said this clause had come as a big hurdle for the NRIs who wanted to purchase land for making any big investment in their home country. NRI Sabha president Jasvir Singh Gill said he had already made a representation to the RBI Governor in this regard. He has mentioned in his representation, “The NRIs are interested in making big investments in the real estate in India, especially for the purchase of agricultural land. The new industrial policy has given a special thrust to the development of agro-based industry and to build conducive industrial climate to attract fresh investments. But under the provision of FEMA, the persons of Indian origin residing outside India are allowed to sell their properties in India, but have been barred from acquiring agricultural land which makes them feel that they were being cut from their own country.” Gill said that the government had of late allowed the PIOs to purchase 10 acres of farm land, the definition of which was a little ambiguous and he had sought more clarity into it. He also said that the trend of investment by NRIs in Punjab was not encouraging but things would be clearer after a fortnight or so when NRIs would start arriving in large numbers. The reduction of fee by the government for getting PIO certificates and the recent visit of Prime Minister in the US may also have an impact, he said. According to Johal such policies were the main reason for reduced NRI interest in real estate investments in the region. Giving the example of his friend Avtar Singh Kang who wanted to set up an industry near Beas and another aide Lehmber Singh Deol who had showed keenness in making some investment at Jandiala in Jalandhar, he said that both of them had withdrawn their plans due to red tapeism. He, however, said that most residential projects coming up in Jalandhar had come up with investments from NRIs. “A group housing scheme in Surya Enclave, Jalandhar, has come up with 90 per cent stakes of NRIs. The new apartments coming up on Nakodar Road too have NRI investment of upto 70 per cent”, he said. Reaching out NRI Sabha president Gill said he had already started participating in radio programmes of Canada, US and UK inviting the Punjabi community there to invest here in a big way, telling them about various schemes and the assistance that the Sabha could offer them in making various proposals. He said that he was even responding to the queries of the callers during the shows. Interestingly, PUDA is trying to reach out to Punjabi community settled in Birmingham and Hounslow via HDFC Bank by organising awareness camps there to attract investors for its new scheme. It has invited applications for allotment of 490 three-bedroom and four bedroom flats under its new Splendid Heights scheme on old jail site. The 4 and 3 BHK flats have been priced at
Rs 91.9 lakh and Rs 71.9 lakh, respectively, for which the PUDA is looking for NRIs who have 10 per cent quota in all its residential schemes in Punjab. Chief Administrator PUDA, Manvesh Sidhu, said that he was hopeful of a good response from NRIs as the flats would be readied for anyone to walk-in. Hands that help The Punjabi diaspora settled in UK has also recently come up with a
Rs 4 crore project on Guru Nanak Mission Hospital at Mithapur. The hospital has come up in 50:50 partnership with the state government. Major Gurnam Singh and his nephew Parvinder Singh, both from the UK, had donated one acre ancestral property in the village. A group of five more NRIs donated over
Rs 2 crore for the construction and infrastructural facilities. Five Canadian NRIs, who had been instrumental in bringing up the project, include Amrik Singh Sangha of Rasoolpur village, Jatinder Jay Minhas of Adampur, Manjit Singh Saini of Alowal village in Hoshiarpur district, Sudarshan Bakshi of Khurla Kingra and Sarabjit Singh Dhaliwal of Hoshiarpur. They had jointly formed a Guru Nanak Mission Awareness Society of British Columbia, Canada, around 10 years ago. They are now waiting to see their dream project accomplished.
|
|||
|
area watch: hyderabad
Hyderabad’s superior infrastructure, affordability and cosmopolitan ethos could have helped it score over many other cities which lack these attributes. However, the city is still caught in a slump caused by the partition of two states, and the accompanying bifurcation of resources. The bureaucratic machinery is still trying to sort out domicile issues, roles and postings of the involved IAS/IPS officers, and proactive decision-making is visibly lacking. The political effect Due to the prolonged uncertainty over the past few years, it was expected that the creation of Telengana would usher a stable policy regime into Hyderabad. However, it is evident that the kind of clarity that is needed to fully revive sentiments in the real estate sector is yet to come. However, it is not practical to expect overnight results — the successful creation of a new state and the revision of administrative machinery takes time. It makes no sense to harbor unrealistic expectations and come to any premature conclusions at this point. On the plus side, the new state has a new party with a dynamic Chief Minister who is very conversant and involved with the ground realities. Both the party and the government are determined to make Hyderabad a crown jewel for Telengana in terms of new initiatives and developments. This involves building confidence, providing stability – and, obviously, attracting investments. If this determination is followed through upon, it is not unlikely that Hyderabad will once again offer direct competition to other key IT/ITeS destinations in early 2015. The Telangana government’s budget is expected to provide more clarity on new initiatives and the status of many infrastructure- related developments. Corporates currently invested in Hyderabad are looking forward to this clarity, which will help them take decisions on their expansion plans and investments into the city over the coming months. Residential supply When compared to other Indian cities, Hyderabad is the only city that has displayed a less-than-robust trend in terms of new residential launches over the past few years. In light of the anticipated pick-up in office absorption and job creation, this effectively means that the supply of quality residential projects will become a challenge in the coming months. Also, unlike other cities, Hyderabad’s residential capital values have not yet breached the 2008-2009 levels. In other words, price appreciation has at best been moderate in Hyderabad. However, the prospects of an improving market environment make Hyderabad an excellent mid-to-long
term property investment destination, especially factoring in the relatively low entry points prevailing now. Residential Zones – End-Users And Investors Hyderabad can be divided into five broad zones for evaluating residential real estate investments: Hitech City–Gachibowli: The most lucrative and well-established zone. With maximum office supply absorption in this zone, it has the maximum potential for capital appreciation and growth for investors with a 5-7 years investment horizon. Here are some of the existing projects where high-profile residents currently or aspire to live in these locations, which also see the highest demand from expatriate HNIs. In terms of affordability, the price range for most of these projects is very attractive: Uppal-Pocharam: The execution of the Hyderabad Metro will bring Uppal, the Infosys campus and the Raheja IT campus in Pocharam closer to the city, and therefore attract more home buyers. Capital values are currently as low as
Rs 2500/sq.ft., and the prospects of substantial capital appreciation over a 8-10 year horizon are considerable. Miyapur-Chandanaga: Being closest to Hitech City and just 8 km away from the well-established zone, this corridor attracts budget segment home buyers who cannot afford the rates in the Hitech City-Gachibowli belt. An emerging location with good roads and social infrastructure, it has potential to grow with well-established gated communities in a specific budget range. North-West Corridor: The pharma industry is doing well in East Hyderabad, and this will fuel growth of investments into villa projects on Outer Ring Road. Capital values for such units currently range in between
Rs 1.50-2. 5 crore; again, there is attractive growth potential. Jubilee Hills-Banjara Hills: Residential prices in these areas, which are Hyderabad’s most premium locations, are still significantly lower than those being quoted in the suburbs of Mumbai and Delhi. — The writer is CEO – Residential Services, JLL India Top picks Like every other Indian city, Hyderabad has multiple projects which people aspire to buy into and become part of a distinctly upgraded lifestyle. On the basis of the demand and potential, here are the top six high-profile projects with robust demand from buyers looking for the ideal address and a property that has notable grow potential in terms of capital appreciation: 1
Project: Orange County – Apartments 2
Project: Meadows – Villas 3
Project: Mantri - Apartments 4
Project: Brigade @ 7 5
Project: Stone Valley - Apartments 6
Project: Silicon County – Apartments
|
|||
|
tax tips Can we purchase morebonds starting from the new financial year starting April 1, 2014? Is the maximum investment amount
Rs 50 lakh per year? Can you please advise us on how to save on tax on capital gain? —
Ashok Mathur A.Your queries are replied hereunder: I.The investment in capital gain tax-saving bonds has to be made within six months of the date of transfer of a capital asset. The investment in such bonds can be made upto
Rs 50 lakh in a financial year. In view of the change in the provisions of the Act introduced by Finance (No.2) Act, 2014, it would not be possible to claim the benefit under the provisions of Section 54EC of the Act for the additional sum of
Rs 50 lakh even though the amount is invested within six months of the date of transfer of capital asset due to the fact that a part of the prescribed six months fall in the next financial year. II.A long-term capital gain arising on the transfer of a capital asset other than a residential house would not be chargeable to tax in case the amount of net consideration on transfer thereof is utilised towards the purchase or construction of a residential house. The purchase has to be effected one year before or within two years of the date of the transfer of the property. The period available for construction of a residential house property is three years from the date of transfer of the property. In case the transfer is of a residential house property, the amount of capital gain arising on the sale of such residential property has to be utilised towards the purchase or construction of a residential house property within the period specified above. Both the benefits specified in (i) & (ii) can be availed by an assessee by making a suitable combination of both the schemes.
Is capital gain on sale of agri land taxable? Q.My mother sold agricultural land in April 2014. Is the capital gain arising thereon taxable? She does not want to buy another land but intends to give this money to her children. What would be the tax liability of my mother and the children as and when they receive the money from her? — Ritwick a) in any area which is 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 than ten thousand; or b) in any area within the distance, measured aerially,- I. not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or II. not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding 10 lakh; or III. not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than 10 lakh. In case the agricultural land sold by your mother is not within the jurisdiction of a municipality etc. as per (a) above or is outside the limits specified in (b) above, the same would be exempt from the leviability of the capital gain tax. In case it falls within the specified distance or within the jurisdiction of municipality etc., the capital gain arising on such sale would be taxable. Any sum received on such sale can always be distributed by your mother to her sons to any extent and in the manner in which she likes as there is no gift tax leviable in the country on such distribution. I may add that such distribution should be made after the payment of capital gain tax, if any, leviable on account of such sale. It is not possible to compute the amount of tax leviable on capital gain as the figure of cost and sale price of the land are not indicated in the query.
Do I have to pay stamp duty on transferred property? Further in this residential house, a one marla plot is vacant. Can I invest the amount on the construction of a new portion within three years of the sale of my residential house? Is it possible that I demolish my old house and investment is made on the new construction? —
Raju A.Your queries are replied hereunder:
Can charitable trust properties be sold? A.You have not clarified what type of investment your friend intends to make after selling the shops which had been gifted to the charitable trust. Section 11 of the Act, which deals with the grant of exemption to charitable trusts, requires that the immovable property owned by a trust can be sold and exemption from taxability of such sale proceeds can be claimed provided the funds realised on the sale of such an immovable property are used for charitable purposes in the year of sale. The application should be of such charitable purposes which are specified in the object clause of the Trust Deed of the trust. The accumulation for future spending is also possible provided the provisions of Section 11 of the Act in this regard are complied with.
|
|||
|
vaastu
wisdom
Q.Each guest visiting our new home confuses us with regard to the
Q.I live in a small town in Punjab and I am really fascinated by the Rock Garden in Chandigarh. I want to have something on the similar lines in my home garden. But some of my friends have said that having rocks in house is not good according to Vaastu principles. Is it true? Please guide me in this regard. — Navin Jindal A.As such the use of rock structures is not completely prohibited in Vaastu Shastra, but ofcourse the direction of their placement should be right. Stone sculptures and rock gardens should be located on the south-west side of the house because they are heavy. Some of the other points that you can keep in mind about your home garden are about the type of plants grown. It is always good to grow a Tulsi plant on one’s property to nullify the negativity. Tulsi should be located on the north, north-east, or east sides of the house, or in front of the house. Creepers or other plants should not be grown by using the building or compound wall as support. Creepers should only be grown in a garden, and they should have their own independent supports. Do not allow tree branches to touch the house. — The columnist is a Chandigarh based Vaastu Consultant and Astrologer.
Q.I have opened a spa at my residence but it is not functioning as per expectations. Can I get good results with some Vasstu tips? —
Shalini
A.Spa and aroma therapy areas should preferably be in north, east or north-east. The entrance should be preferably in the west or south direction. You can also ensure that within the spa area the mirrors are fixed on the northern or eastern walls. Cash counter should be on the north-east side. Sauna or steam system is advisable to be set up in the south-east direction. Apart from these points you should also be careful about the placemnt of the facial beds. The beds should be placed in a manner that the head of the customer is not in north direction. Store all your cosmetics and beauty treatment products in west direction. Always play a soothing and refreshing music. ACs and other electrical gadgets should ideally be kept in the south-east direction.
|
|||
|
Green house: sowing and care of winter seedlings A small nursery or a place to grow seedlings can be established in a partial shady area. Seeds of different kinds and desired varieties can be sourced from reputed companies or from one’s own collection from the last year’s flowering season. First step To begin with prepare a nursery medium by mixing The nursery medium so prepared can be sterilised by spreading a thin layer of it on the floor or polythine sheet under direct sunlight during hot summers for a week. It is then packed in gunny bag and stored. Add the fertilisers, 120 gram/sq m of super phosphate, 60 grams/sq m of CAN, 60 grams/sq m of muriate of potash. The nursery medium is then drenched with 0.2 per cent Bavistan for protection against soil-borne diseases like damping off. Preparing beds Prepare raised leveled nursery beds 8-10 cm high and 24-36 cm wide having water channels in between so that water can seep into the raised nursery beds and keep them moist. Alternatively, plug trays or small earthen pots can also be used to raise seedlings. Precautions Ants pose a major problem for the seeds as these carry away the seeds before these can germinate. This can be prevented by dusting Chloropyrifos 20 EC powder along the borders of the nursery beds. Sowing the seeds The nursery medium should be made moist and workable before sowing the seeds. Seeds are sown in lines 3- 4 cm apart at a depth of 0.5 -1 cm depending on the size of the seeds. The lines are made using an iron rod which is pressed considering the size of the seeds so that seeds can settle into it. It is very important to sow the seeds properly by leaving enough space between two seeds. If sowing is not done properly then the seedlings will grow in lumps which will have to be broken off so that each seed gets a sufficient space to grow. Seeds should be sown thinly and evenly to produce healthy seedlings. Some flower seeds e.g. senecio cruentus (cineraria) are very small. Small seeds are mixed with a small quantity of sand and are broadcast on the nursery bed. The fine layer of sand holds the seeds on the nursery medium. Seeds have to be planted in batches according to their flowering time. This way your flower seedlings will be ready for tranplantation together . A proper calculation calculation has to be made in reverse order to have an impressive flowering feat. Size of the seeds also have an bearing on the sowing time. Seeds which are minute germinate faster than the bigger ones. Marigold germinates within a week and can be sown from July onwards. Pansy, Larkspar should be sown when the weather gets mild starting from late September to early October followed by Dianthus, Carnation etc. Seeds which are bigger in size like those of Nasturtium, Sweet Pea can be sown directly in the flower beds. Hollyhock takes a long time to flower hence it is sown directly in flower beds in September to ensure flowering from March onwards. Tending tips Initially the nursery beds are covered with a newspaper sheet and a mist of water is sprayed to keep the nursery medium moist. As the seedlings grow withdraw the newspaper and mist it regularly with water to keep the surface moist always. Proper transplantation The saplings are ready for transplanting when they developed at least 3-4 leaves. The saplings should be hardened before transplanting by withholding watering for a day so to reduce transplanting shock. Transplantation should preferably be done during afternoon time. in order to take out the saplings without any damage moisten the nursery medium to make it soft and workable. Use a thin khurpa to loosen the soil near the base and with your fingers holding the leaves, gently pull out the seedling along with the soil attached to the delicate roots. Now transfer the saplings immediately into the flower beds followed by light irrigation. Avoid flooding the beds with water.
|
|||
|
Be legally sound
It is also important to investigate if the property has any encumbrance charges on it, before ownership is handed over. The critical question for the second home buyers is whether the developer is liable to all the builder-buyer clauses in totality if the original buyer has already sold his apartment. Analysts maintain the developer is liable to all the builder-buyer clauses even for the second buyer but only when the transfer charges are duly paid by the new buyer. However, it is better to check with the developer before making any purchase decision. The Builder-Buyer Agreement must be endorsed as-it-is by the developer in the name of new buyer(s) at the time of transfer of property. The new buyer(s), therefore, receive(s) all rights endorsed in his/her/their name from the first buyer, getting all the benefits as promised by the developer. For a registered property, however, the developer is not liable for all the clauses. Citing the developers’ perspective on such transactions, Abhay Kumar, CMD of Grih Pravesh Buildteck agrees that resale of under-construction property is a tricky matter where buyers need to look into some crucial points. When such a property is sold firstly one should look into the hidden charges of transfer and also the charges when it is again resold to a new buyer at another stage of construction. “In case the construction has already started then the buyer must demand papers like digging certificate, commencement certificate, pollution control board NOC, environmental clearance, layout drawings approval, fire fighting drawings approval, airport authority NOC, labour cess registration, payment and dues of land, whether the land is mortgaged, vetting agency of structural drawings, developers track record and financial health, clauses of the agreement etc.”, says Abhay. The builder is liable to the clauses of the agreement only when the property is transferred in resale in a completed project and is done after three years of completion of the project construction. In terms of legal safeguards, the builder is responsible to amend any construction defect in the property, visible at the time of possession. Any construction defect that is visible at the time of the delivery of properties should be corrected and amended by the developer. It is the responsibility of the second buyer to check on each and every document before the property gets transferred against his/her name. After the transfer, the second buyer becomes completely responsible for everything related to the property in question. Theoretically, there are safeguards available for the second buyer. As a safeguard, however, the second buyer may get an indemnity bond signed by the first buyer stating that in case of any default in the property title and/or misrepresentation of facts/default in commitment on the part of the first buyer (now the seller), the first buyer will be held responsible. The second buyer can enter into a separate registered agreement to sale with the first buyer stating all the clauses of transparency and in case of any hidden part which is discovered later can be fought in consumer courts and other courts of law. But practically the transparency needs to be checked by the buyer before getting the property transferred. There have been cases of fraud when a seller over commits on behalf of the developer which is denied by the developer later. Sometimes the seller makes false promises which the developer is unaware of and the second buyer gets disappointed later. The best way to deal in such case is to hire a good advocate who can whet the papers well and also take a small loan even if the buyer can pay through his own funds as banks do lots of verification and the margin of error is drastically reduced if there is a bank involved in the transaction. — The writer is Analyst, Track2Realty Points to clarify with developer Checklist with first allottee Legal safeguards for buyers
|
|||
|
Project watch
CHD Developers performed the Bhoomi Pujan ceremony of CHD Vann project in Sector 71, Sohna Road last week. This marked the commencement of the construction multi-storey group housing spread over 10.54 acres. The company plans to invest
Rs 300 crore on this ambitious project master-planned around the forest theme. The township offers 2, 3 and 4 BHK apartments. Mahindra Lifespaces launches affordable project Mahindra Lifespaces Developers, the real estate arm of Mahindra Group, recently launched its second affordable housing project under its ‘Happinest’ vertical at Boisar near Mumbai. “Our intent is to provide good quality housing at affordable rates. We have decided to undertake two pilot projects — one in Chennai, which we have already launched in August and the second one is in Boisar (in Maharashtra),” company's Managing Director and CEO Anita Arjundas said. The company had launched a new business vertical called 'Happinest' earlier this year in June. Spread across over 14 acres, the Boisar project offers 1RK, 1 and 2 BHK apartments in the range of 351 sqft to 695 sqft and will have a total of 1,400 units. The apartments will be priced between
Rs 9.1 lakh to Rs 17.5 lakh. In the first phase the company will build nearly 359 units. ‘Happinest’ endeavours to meet the housing needs of families with current combined monthly income of
Rs 20,000 to Rs 40,000. The company has tied up with credit scoring agencies like Inventure and micro home finance companies like Mahindra Finance and Muthoot to reach out to right customers. Godrej Properties to develop affordable project Realty firm Godrej Properties Ltd has entered into an agreement with a land owner to develop an affordable housing project near Mumbai. The project will have 1.3 million sq ft of saleable area. Godrej Properties is currently developing residential, commercial and township projects spread across 103 million sq ft in 12 cities. Mumbai-based Godrej Properties posted 16 per cent increase in its consolidated net profit to
Rs 45.61 crore for the quarter ended June against Rs 39.47 crore in the year-ago period. Astonia Classic at Undri Pune-based developer Amit Enterprises Housing Ltd (AEHL), has announced the launch of its mid-range homes project Astonia Classic at Undri. The project consists of exclusively 2 BHK flats, which are being offered at a concessional price of
Rs 50-52 lakh during the inaugural phase. This project will consist of 1200 flats with 905 sq ft of saleable area. The first 100 booked flats at Astonia Classic will be sold at a reduced inaugural price. Undri, located in the south-east corridor of Pune, has become a new focal point for affordable housing projects and is seeing massive demand from property buyers because of the advantages that this location offers. It provides convenient access to the information technology hubs of Magarpatta and SP Infocity in Phursungi, and Pune's traditional business and inter-city transport hubs of Swargate and Shivajinagar are easily reached from there. — Based on information provided by the developers
|
|||
|
guest column
NIMBY is not a term we often hear in India, though it is quite a popular word (and a dynamic concept) in the West. That said, NIMBY — an acronym for 'Not In My Back Yard — is definitely an unspoken mind-set when it comes to residential real estate in India.
Basically, ‘Nimbys’ are residents of a locality of project who are opposed to the implementation of a certain initiative by the government, industries or private developers in their neighbourhood. Classic examples in the Indian context are flyovers, chemical factories, power plants and in fact any kind of development that could conceivably obstruct the view, disrupt the peace or pollute the air. ‘Nimbyism’ does exist in the Indian real estate space, but the choices of opponents to certain developments within their neighbourhoods are generally quite restricted. The Indian real estate space is still largely unorganised, and problems such as encroachment, unauthorised structures and lack of scientific town planning are still the order of the day in most of our cities. The concepts of regulated real estate development and macro-level town planning are beginning to take hold and are, in fact, already operational in cities like Chandigarh, Navi Mumbai and even in Pune. While this evolution is happening against a large backdrop of damage that already been done and is difficult to undo, this does not mean that ‘Nimbyism’ is a futile and impotent concept in India. In Indian residential real estate, middle-class housing societies — administrative bodies comprised of residents within a registered housing complex — have the right to refuse unscheduled construction within the complex premises. That said, they have little or no control over what happens beyond the compound walls. In cities like Mumbai and Delhi, upscale housing complexes continue to co-exist cheek-to-jowl with slums and slapdash tenements. This is more or less accepted as a reality of life, since slums are often under the political protection. The ultra-luxury segment presents a rather different picture. Indian cities do have their elite pockets, such as Lutyens Zone in Delhi, Nariman Point in Mumbai, Sahakar Nagar in Pune, Jubilee Hills in Hyderabad, and so on. In these areas, residents have a stronger voice over what happens in their immediate neighbourhoods — and they do raise them. This level of influence derives from a combination of factors, including the financial clout of the residents. As such, Nimbyism is definitely not a negative concept. Residents should have a say in what happens in their neighbourhoods. This is especially true if the developments they are opposing are taking place outside of the existing zoning laws and are serious threats to the health, harmony and safety. What is needed is more exacting city planning, which should ideally be part of the overall development plan for the city. Likewise, developers also have a responsibility towards ensuring the sanctity of the residential projects they create. — The writer is CMD, Amit Enterprises Housing Ltd.
|
|||
|
Diversification
Wave Group has forayed into housing finance sector with the launch of New Habitat Housing Finance and Development Limited (NHHFDL). New venture will offer home loans, home improvement/extension loans, home construction loans, plot and construction, top up for extension/improvement, balance transfer loan & top up, etc. The company will currently cater to customers in Delhi NCR and in the near future expand its reach to other tier II and tier III cities as well.
At the launch, Rakesh Kapoor, CEO & Director, New Habitat Housing Finance and Development Limited, said, “In the present scenario, there has been a gap in housing demand and availability of housing finance. We, at NHHFDL, are aiming to fulfill the dreams of all segments with thrust on affordable housing and also informal sector.” The group’s initiative in the Housing Finance sector is in sync with the government housing policies and agendas. The Housing Finance sector has been undergoing a sea change in the recent times. The government is pushing for developing smart cities in India while continuing its thrust on affordable housing. Earth Infrastructure enters education space New Delhi-based development firm Earth Infrastructure Ltd. plans to fund educational institutes under the banner Earth Eduvision Ensemble Pvt Ltd (EEE) for aspirants aspiring to shape their careers in civil services, business management, electronic and new-age media and career in policy, political training and consultancy. Veteran educationist and career counselor, K. Siddartha will be the director of the newly formed company. “Planned at 10 locations in the first phase of expansion, the newly formed company EEE will open its centres in cities such as Delhi, Noida, Kota, Jaipur, Patna, Allahabad, Varanasi, Bhubhaneswar, Hyderabad and Ahmedabad”, said Earth Infrastructure’s JMD, Vikas Gupta earlier this week. Looking at the growth potential in the education sector, a number of real estate firms have been attracted towards the sector. Firms such as Ansal Properties and Infrastructure, Rustomjee Group, Hiranandani Group, Jaypee Group, Prestige Group, Mantri Develpers, MCN Group, Salarpuria Group, Ghaziabad-based SVP Group and Noida-based Supertech Ltd have already entered the education sector by establishing their own institutions. While some institutions are part of their mega township projects, some others have been established as a standalone projects, said industry experts. — TNS
|
|||
|
Realty bites
Real estate portal commonfloor.com, launched ‘Common Floor Property Festival’ earlier this week in association with Flipkart.com, to celebrate the beginning of the festive season. The property festival will continue till November 30, 2014. The festival will bring the best deals for discerning property shoppers from some of the top builders and partners in the country. Interested buyers can simple log on to Commonfloor.com/deals, an exclusive page that showcases properties across Delhi-NCR, Mumbai, Bangalore, Pune, Chennai and Hyderabad at attractive prices points. Discounts and deals, value-added benefits, gift vouchers, free site visits are some of the other highlights of this property festival, said Sumit Jain, Co-founder and CEO of the portal.
Some of the major property developers participating in the festival are: Mittal builders, Kolte Patil, Mahima Developers, VBHC, Realmart Property Solutions, Stepsstone Promoters, Guardian Corporation amongst others. M3M awards
Rs 133cr contract to German kitchen appliance maker Realty firm M3M India has placed a contract worth
Rs 133-crore with Germany-based Miele for supply of kitchen appliances for its luxury housing project in Gurgaon. The company is developing about 3,000 apartments in a golf centric housing project, spread over 75 acres at Gurgaon in various phases with an investment of about
Rs 4,500 crore. The project was launched in 2010 and delivery of the first phase comprising 600 flats is scheduled for the next year. M3M India and Miele entered into an agreement under which the German firm would supply 12,000 built-in kitchen appliances to M3M India for these 3,000 apartments. Miele is a premium supplier of high-end domestic and commercial appliances. “Market in India has changed and is right for quality premium product. Therefore, we have signed this contract with M3M India,” Miele co-owner and Executive Director Reinhard Christian Zinkann said in New Delhi. The total value of contract is
Rs 133 crore for supply of 12,000 kitchen appliances over the next four years, Miele India MD Rana Pratap Singh said, adding that this is the company’s biggest contract in India so far. Gurgaon-based M3M has about 2,000 acres of land bank in the national capital region. It is currently developing 12 projects covering 11 million sq ft of area. Assotech to invest
Rs 1,000 cr on serviced residences Real estate developer Assotech Realty plans to invest up to
Rs 1,000 crore in 5-7 years to set up serviced residences for which it has tied up with hospitality chain Lemon Tree Hotels Group for management. Assotech Realty will launch the first project - Sandal Suites at its Assotech Business Crestera in Noida that will have 210 units, which would be managed and operated by Lemon Tree Hotels. “We plan to launch up to 10 similar projects in next 5 to 7 years with an investment of
Rs 800 crore to Rs 1,000 crore,” Assotech Realty Pvt Ltd Managing Director Neeraj Gulati said recently according to a PTI report. After Noida, the destinations that are bing considered are Ahmedabad, Goa, Hyderabad, Bangalore and Visakhapatnam, he added. “We have joined hands with Lemon Tree Hotel Group to offer world class services to our customers at these 4 star serviced residences,” Gulati said. The Sandal Suites aim to address the needs of the transit stay, extended stays as well as other segments, he added. Lemon Tree Hotels Group Deputy Managing Director Rattan Keswani said, “With this alliance we step into new horizon of serviced residences hotel concept with the aim to accelerate our growth plans in India.” Under its business model, the serviced apartments buyers can lease back their assets to the Assotech Realty and they will be given right to stay in the accommodation for a specified period per year and also get returns on their investment. ASK Group launches Rs 1500 cr realty fund ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of ASK Group, recently announced the launch of its fourth Real Estate “ASK Real Estate Special Opportunities Fund II” of
Rs 1500 crore. This is the largest domestic real estate fund by any player in the industry in last five years. The fund will invest predominantly in self-liquidating residential projects in six major cities i.e. Mumbai, Pune, Chennai, Bangalore, Delhi-NCR and Hyderabad. While commenting on the announcement of the fund, Mr Sunil Rohokale, MD & CEO, ASK Group said, “Our previous real estate funds have generated superior returns during tough times. This has encouraged us to launch a larger fund considering the opportunities in the markets and investors’ preference. We intend to raise this through domestic institutions and high net-worth individuals. Our ability to repeat deals with existing partners has been a differentiator reflecting our understanding and strong relationships” ASK Group has real estate assets of more than
Rs 2,100 crore. The Group has successfully raised two domestic funds and an offshore fund. — TNS
|
A few years back, Hyderabad was offering the likes of Bangalore stiff competition for attracting office space investments. Today, the formation of a new state, a new government and a stabilised political environment are yet to instill the confidence that is needed to revive Hyderabad’s real estate fortunes.
With winters approaching most gardening enthusiasts are all excited to enjoy the riot of colours with different flowers in their gardens in sunny winter afternoons. While the current trend in the ‘time-strapped world’ is to make a trip to the nursery and pick up pots with flower plants, creating your own collection is not an impossible task.
The NRIs are also hassled by the lengthy approval process involved in any real estate project. Several claim that the single-window system was just a sham as in reality they were forced to follow the staff of various departments concerned to seek the approvals. “The state politicians have only been making speeches, there has been no practical relief to any of us. When I was to set up a hotel-cum-resort on a 7-acre land along Tanda on Jalandhar-Pathankot Road, almost every officer created a hurdle to my proposals till he was satisfied monetarily. I wanted clearances from 10 departments for which I had to run after officers in each department to push my case. For three years, I used gensets to run my hotel 24x7 as I could not get a power connection”, said US-based hotelier Manjit Singh Dasuya, who has opened outlets of Park Balluchi and Café Coffee Day at the site.
Among the best investments made by the NRIs in the recent past are those by Birmingham-based Punjabis who had got together to set up Bilga General Hospital on Nurmahal Road in Jalandhar. The hospital is catering to the needs of as many as 45 villages in the vicinity.
A few years back, Hyderabad was offering the likes of Bangalore stiff competition for attracting office space investments. Today, the formation of a new state, a new government and a stabilised political environment are yet to instill the confidence that is needed to revive Hyderabad’s real estate fortunes. With the Telengana movement picking up pace, other cities emerged as destinations for IT and ITES players and Hyderabad lagged behind in the race.
Q.We have recently sold a property worth
Rs 1.30 crore and got bonds for Rs 50 lakh on March 26, 2014. My queries are:
A.The capital gain arising on the sale of an agricultural land is exempt from the leviability of capital gains tax if such agricultural land is not covered within the definition of the term ‘capital asset’. In accordance with the provisions of Section 2(14) of the Act, agricultural land situated in the following areas is covered within the definition of the term ‘capital asset’:
Q.Kindly clarify the following points. Out of capital gain (in the shape of FDRS taken for three years. Withdrawl made from capital gain account with the bank for FDRS) with the statutory period, I want to purchase a residential portion from my son within two years of sale of my residential house by getting a registry with the Tehsildar. Kindly tell whether I have to pay the stamp duty on its registry, as the Punjab Government has exempted stamp duty in the case of transfer/sale of property to the relatives or any extra tax shall be charged on the amount of capital gain now to be invested by the government on the amount of purchase of the portion of the residential house in which I have 1/4th share also.
Q.My friend is running a charitable trust for the past 20 years and is getting income tax exemption. Now he wants to sell the shops gifted to the trust and wants to invest the amount in the charitable trust in the same name at another place. Can he do so? Kindly quote the income-tax section/rules which mandate that he cannot sell the property. As per income-tax rules the property gifted to a religious trust cannot be revoked. —
Rajan Chauhan
A. Here are some age old and established Vaastu guidelines for cooking area or kitchen in a house. 
With winters approaching most gardening enthusiasts are all excited to enjoy the riot of colours with different flowers in their gardens in sunny winter afternoons. While the current trend in the ‘time-strapped world’ is to make a trip to the nursery and pick up pots with flower plants, creating your own collection is not an impossible task. It is not only cost-effective but also enjoyable as spending some time working in your garden with plants and seeds is a sure shot stress-buster. So here are some tips for you to create a flower plant nursery in your small home garden.
In the resale market of under-construction properties a no-objection certificate (NOC) from the Developer is necessary before formally acquiring ownership. Also, the second buyer must check the loan documents and NOC from the bank, in case any home loans have been availed by the first party for the under-construction unit.