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Is there an opportunity in
rising inventory?
Every homebuyer wants to get a clarity on the arithmetic of the realty sector before making a decision to invest in a home in a particular location. But the clouds of uncertainity that were looming large before the general elections earlier in the year have not lifted completely in spite of the favourable policies and a positive sentiment in the property market after the formation of the new government.missing buyers: With 8.15 lakh unsold apartments in six main cities the demand-supply equation seems skewed
Ground
Realty guest
column tax
tips
realty
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project
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Is there an opportunity in
rising inventory?
Every homebuyer wants to get a clarity on the arithmetic of the realty sector before making a decision to invest in a home in a particular location. But the clouds of uncertainity that were looming large before the general elections earlier in the year have not lifted completely in spite of the favourable policies and a positive sentiment in the property market after the formation of the new government. The wait-and-watch approach adopted by the investors and end users is still continuing as has been revealed by lukewarm sales reported during the festive season so far. Realty pundits who had been hinting at a revival of the market by the year end, too, have graciously extended that to the mid of next year.
While end users are waiting for the prices to bottom out, low sale volumes have been giving sleepless nights to the developers as very few queries are actually materialisng into deals. The current scenario, thus, is a case of contradiction as while there is a shortage of 18.78 million residential units in India, the unsold inventory in the top six cities has risen to 8,15,000 apartments in the September quarter. According to a report released by property research firm Liases Foras last week the home sales have seen a 25 per cent quarter-on-quarter drop in September quarter — the lowest since 2009. Unsold inventory rose from 7,65,000 apartments in the June quarter to 8,15,000 apartments at the end of September. In NCR the unsold inventory rose to 3,18,000 apartment, while in Mumbai it shot up to 1,70,000 units. According to the report while sales in the NCR dipped 34 per cent to 11.51 million sq ft over the previous quarter’s 17.34 million sq ft, Mumbai saw 9 per cent decline to 10.22 million sq ft. Chennai and Bangalore were among the worst hit with 46 and 43 per cent drop in sales, respectively. One of the main reasons for poor sales is the high prices. As the prices in all of these major centres have peaked, the residential units have virtually become unaffordable for buyers. In the Mumbai Metropolitan Region (MMR) the average price is at an high of
Rs 1.34 crore. For NCR this is Rs 75 lakh and Rs 88 lakh for Bangalore. These average prices, no doubt, are way beyond the budget of a mid-segment buyer which explains the “absence” of buyers from the realty scene. High inflation and interest rates also deter buyers, pushing up the stock of unsold inventory. And with no further hope of price appreciation, the investors,too, are on a backfoot in these locations. Less than five per cent economic growth over the past two years, too, have made Indian as well as foreign investors cautious about investing in the real estate sector. According to research firm Venture Intelligence the private equity investment in the sector dropped to $1.6 billion last year from $1.95 billion in 2012. This has resulted in swelling inventories in the major cities. According to experts in NCR this pile up may take up to 53 months to clear at the current rate of sale and in Mumbai it may take 35 months to clear this inventory. Impact on end users But, then how does one assess the situation vis a vis a homebuyer. One query that every prospective home buyer has is: Is this the right time to buy or should one wait a bit more? Are home prices heading towards a fall and how will the revival of the real estate market effect home prices? Well, if one keeps the price figures in major markets in the country over the past 12 months in mind, then it is quite clear that there have not been significant corrections. The prices have remained flat or stagnated. As Liases Foras managing director Pankaj Kapoor puts it, “In the past year, only 1 per cent price rise took place. The prices are maintaining their level”. According to the National Housing Bank residential price index Residex for the April-June quarter, 18 of the 26 cities covered saw prices increase, albeit marginally from 0.5 per cent in Bhubaneswar to 3.9 per cent in Pune. Calling this a time correction rather than a price correction, he adds, “Whenever sales are taking off, developers are launching their projects at lower than market rates. However, the overall health of the market is not improving. Even if there is a 20 per cent price correction in Mumbai, the inventory will get cleared within 15 to 20 months.” Coming back to the homebuyers’ query, market watchers are terming it as a good time to finalise deals. “The Indian property market is always considered as a strong seller’s market but the latest figures indicate that the market has now started showing signs of turning in favour of buyers”, says Aditya Verma, CEO of real estate portal makaan.com. The Makaan Property Index (MPI) for the third quarter of 2014 released earlier this week, indicates softening in property rates in major cities in India. Home buyers had adopted a wait-and-watch approach for a longer duration owing to high property rates and an even higher home loan interest rates. This reduced the volume of property transactions considerably leading to an increase in unsold inventory in most Indian real estate markets. In the quarter July 2014 to September 2014, there are steep downward swings in property prices across all the major cities and sub-cities. Mumbai, Delhi, Kolkata, Ahmedabad, Bangalore, Hyderabad, Pune, Gurgaon and Faridabad registered a drop. Property prices remained stable in Chennai, Navi Mumbai and Ghaziabad and prices at Chandigarh, Mumbai Thane and Noida witnessed an increase. “On the national level the prices for properties shows a negative trend. The latest figures for Jul- Sept 2014 from the real estate market research and analysis point to a nation-wide decrease of 8.1 per cent for the quarter which makes the property market extremely lucrative for the buyers”, added Verma. Sahil
Kapoor,
Executive
“The developers have kept a check on the new launches in the past few months. They are focusing on smaller projects which enable easy sales and healthy cash flows”, he added. For the sceptics, however, who are concerned over the huge inventory pile up Rahul Gaur, CMD, Brys Group clarifies, “Buyers should understand what defines inventory. The report of existing inventory often fails to differentiate between unsold inventory and near completion inventory. The problem is only when the developer keeps adding inventory by launching more and more projects even when he is not in a position to sell the housing stock”. But this is not the case in today’s market. On the contrary a number of reports have indicated that there have been very few launches in the last three to four quarters. This clearly shows that the developer focus now shifted to delivery than launching more and more new projects. “So, at a time when the macro economic outlook is continuously improving these reports of housing inventory in the market should be seen as an ideal opportunity for the prospective home buyers”, adds Gaur. “With a stable government and a strong leadership market sentiments are becoming positive with each passing day. The first quarter of 2015 will witness the revival of the sector”, says Kapoor. So, if you have zeroed in on your dream house in a micro or macro market in the region then this is the time to negotiate a good deal with the developers who are ready to go an extra mile to boost their sales and make the most while the end users have an upper hand.
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decor
trends “Built-in” concept which has tiptoed into the lives of the Indian households not very long ago has witnessed a sharp upward swing in both popularity and demand recently as a lifestyle choice. More and more people are switching from traditional kitchens to easy-to-manage and sophisticated kitchens. The term built-in appliances is often loosely referred to for integrated appliances that are fitted into pre-existing countertops and cabinetry or otherwise. For example, the difference between a built-in refrigerator and a fully integrated refrigerator is that built-in one is integrated to fit in with all the other kitchen units. Integrated, on the other hand, will have its own door fitted to its outside face so as to blend in with its adjoining units. Built-in appliances and modular kitchens A modular kitchen lets you dismantle the whole kitchen, move it to a new apartment and fix it all over again. For e.g. while purchasing a new home, say you are given an empty room with just the requisite number of plug points and plumbing points. You will need no more than 2-3 days to set up a modular kitchen which can be dismantled in case you are planning refurbishments or shifting residence. The entire idea behind a modular kitchen is to save space by creating sliding cabinets and using efficient, modern appliances. Built-in appliances are a part of a modular kitchen simply because of their sheer efficiency and style quotient. A built-in appliances are designed to maximise flexibility and co-ordination. Having a kitchen with built-in appliances has the following advantages: Convenience and comfort: Built-in appliances not only blend in seamlessly, but also increase the level of accessibility. The built-in capability makes huge appliances smaller and compact. It offers you the flexibility of pairing appliances next to each other. Therefore, one can select the best combination of appliances and features to suit one’s style of cooking. For e.g. today built-in gas hobs are equipped with the latest in high-speed wok burner technology and are designed for comfortable handling. So whether your preference is for classic high quality stainless steel, or for a fashionably modern ‘gas on glass’ model, one can find a range of hobs range for your modern kitchen. Energy efficiency, flame failure device and responsive to climatic environment are among the other advantages to built-in gas hobs. Built-in induction hobs bring advantages such as speed, economy of use and safety to your kitchen. Balance of design and functionality:
A balance of design and functionality are the two elements that can enhance the effectiveness of a kitchen. One can opt for built-in range of ovens that have multi-functional options that allow you to cook without taking efforts to bend down to taste, season or stir. The combination cooking ensures that delicacies are perfectly roasted. Built-in ovens are a big hit among large families, young mothers or cooks who love to entertain. Space maximisation:
The more spacious a kitchen, the more effective it is. Built-in wine coolers and built-in dishwashers are designed in a way that these are installed under a counter and take up no extra kitchen space. These built-in models are available in a wide array ofdesign styles and sizes that match kitchen decors and fit budgets. Seamless blend:
All kitchen appliances must integrate beautifully to blend into the kitchen fittings. One popular trend is having refrigerators blend in with the cabinetries so that they merge with the walls. You can find a range of products such as hoods, hobs, ovens and microwave ovens, dishwashers and refrigerators in the built-in category. These products are priced between the range of
Rs 29,000 and Rs 7,00,000. So with such advantages at your disposal, it’s time to switch to a smarter built-in kitchen which not only provides the best technology but also higher efficiency, durability and advanced design creating a streamlined, seamless and upscale look for your kitchen. — Inputs from Ajaz Vakil, GM (project sales), Siemens Home Appliances
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Ground
Realty
The provision of false ceiling in residential units has become a common feature now. There were times when people used to decorate the roof ceiling with POP work entailing floral and geometrical designs. These days, if not full, a part of the roof ceiling is always provided with false ceiling. Let’s have a look at various aspects of false ceilings:
Height:
The false ceiling doesn’t touch the real roof but is provided at a suitable gap. The gap varies, depending upon the height of the real ceiling and certain items to be concealed above the false ceiling. People prefer rooms to have more height. Therefore, generally the gap varies between 6 inch and 15 inch. In flats and apartments, generally the ceiling height is 10 ft. Therefore, a ceiling gap of only 6 inch or so is kept. Down-beam concealment:
Often, in large-sized rooms it is necessary to provide a down beam in the roof. This beam projects from 6 inch to 12 inch below the ceiling unless the room area is too large and the depth of beam is more. The provision of false ceiling in such rooms effectively conceals the projection of down beam below the roof ceiling. The beam projection decides the gap between the false ceiling and the roof ceiling. Heat insulation:
The provision of false ceiling helps in insulating the rooms to some extent. It obstructs the flow of heat during summer and cold during winter from the roof to the rooms. The air gap between the roof ceiling and false ceiling is the real insulator. The insulation is more effective when the under surface of ceiling is provided with a 12 mm to 20 mm thick polystyrene sheet coverage fixed to it with anchor nails. Beautification: False ceiling helps in adding beautiful interiors to the house. Artistic, geometrical and attractive designs can be added to it and often, the visitors are forced to look up twice to appreciate the beauty of the ceiling provided. It is easy to provide concealed lights in the false ceiling and this advantage is well encashed by the architects. LED light strips have their best use and combination with false ceiling. Here, care has to be taken that the colours and designs used in false ceiling are not too gaudy which may rather have an adverse effect on the interiors of the house. Sound insulation:
False ceiling can act as a good sound insulator also if acoustic insulation materials are used in it for intercepting and absorbing the sounds. It can prevent echo of the sounds in the rooms. Conduit concealment:
The ducts or copper pipes for air conditioning can be hidden in the vertical gap between the false ceiling and the RCC slab. Sometimes, an air cooling system is created in the houses by installation of a large cooler on the roof of the house and ducts are run from it to various rooms, leading to vertical mesh provided in the false ceiling to supply cool air to the rooms. This system is adopted when an economical cooling system is to be used instead of installing air conditioners in all rooms. All these ducts get hidden above the false ceiling. The conduits for the lights and luminaries provided in the false ceiling also get concealed. Whenever a fire-fighting system is to be provided, smoke and heat detectors and alarms can also be installed easily in the false ceiling. Choice
of materials: Many types of materials are used for false ceiling. Initial trend, when no readymade materials were available in the market, was to provide a wooden framework made at site, covered with plywood and then painted. Now, metals, mineral fiber, wood, rock wool, gypsum board and POP are some of the materials that are used in false ceilings. Metal false ceiling:
When metal false ceiling is to be used, aluminum or steel panels are provided on a steel grid, again made of steel sections like T sections. The steel panels are rested on TE section flanges. Generally, a grid of 2 feet x 2 feet is used. The ceiling is suspended from real roof ceiling through rods on which T sections are supported. This system is used when a flat false ceiling is to be provided. To provide curvatures and round shapes, metal sheets are used instead of panels. The sheets are bent according to the shapes and then hung from the roof. The biggest advantage of such false ceiling is that you have access to the space between the false ceiling and the roof. However, such false ceiling is rarely used in houses and its use is mostly limited to offices, malls and commercial areas. Mineral fiber false ceiling:
In this type of false ceiling, the suspenders and support framework is again of steel, mostly, galvanized iron and the ceiling tiles used are of mineral fiber. In this type of ceiling also, a grid of 2 feet x 2 feet is popular. The fiber tiles are available in different densities, appearance, acoustics and insulation properties and their cost range is wide. Their major advantage is again an access to the space between the false ceiling and roof. These are mostly provided in offices, conference halls etc and in areas where flat-surfaced false ceiling is required. False ceiling tile properties:
The mineral fiber false ceiling tiles are available in ½ inch to ¾ inch thickness. More is the thickness of the tiles, more is their sound reduction property. This property varies as per the porosity of the tiles also. Sound absorption coefficient of tiles tells the extent of their sound insulation property. This coefficient should be near one and not near zero. Tiles with more thickness and least porosity should be selected to have their best sound insulation advantage. Their fire resistance and humidity resistance should also be checked. POP false ceiling:
This is the most common type of false ceiling for homes and residential units. POP is produced by heating gypsum. On heating, gypsum becomes soft and is crushed into fine powder, called POP. Care needs to be taken that POP doesn't come in contact with water before using it in false ceiling as it hardens on adding water to it. Flat surface, curves or any shapes with multiple level effects can be created in POP false ceiling. POP used in false ceiling should have good brand, slow setting property and above all, should not shrink on drying as such shrinkage causes appearance of hair cracks in the finished work. Precautions:
Biggest disadvantage of POP false ceiling is that the gap between roof and false ceiling doesn't remain accessible after provision of false ceiling. Therefore, one should become doubly sure that before the provision of false ceiling, all the electrical conduits and wires have been laid in position, all AC ducts and pipes, cooling system ducts, telephone wires, TV or cable wire conduits have been laid. In addition, the conduits and wires for lights to be provided in false ceiling itself should also be completed. — This column is published fortnightly
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As cities across the globe face multiple challenges through rising population and overburdened infrastructure, Smart Cities are the best way forward.
Globally, the top 600 cities contribute 54 per cent of world GDP. Cities hold 50 per cent of the world population, account for 75 per cent of the global energy use and 80 per cent carbon dioxide emissions. By 2025, 62 per cent of world GDP will come from these 600 cities. Globally, cities will hold 70 per cent of the population by 2050; and will need $350 trillion for urban infrastructure development and operational costs up to 2040. In future, global growth will be concentrated in a few hundred cities — being greater in small and mid-sized ones. Despite inherent geographical and demographical diversity, these cities face common challenges relating to managing growth and sustainability and competing globally. Burgeoning urban populations, increasing density and growing strain on infrastructure are major challenges. Additionally, cities face threats such as those to public security (cyber and terrorist threats, etc.) and a rising number and severity of climate events. Such a scenario of overburdened and challenged cities makes it imperative to create Smart Cities. The case for smart cities To address key challenges, cities must harness the power of technology to become ‘Smart’. Today, talent, employers and companies can easily move to competing cities unless governments create attractive conditions to retain them. Moreover, there is a rising need for action on improving security measures and resilience. Gradually, severe climatic changes will threaten cities that ignore the need for resilience or preventive measures. Cities also run the risk of penalties and public dissatisfaction due to non-compliance and lack of attention to sustainability issues. As the quality of life in Mumbai deteriorates each year, the city faces a similar crisis. Becoming a ‘Smart City’ means creating an ecosystem that is liveable; sustainable and efficient. Liveable denotes having a higher quality of life for residents; higher attractiveness to jobs and talent; and increased global competitiveness. Sustainable means having improved resilience to disruptions; and reduced infrastructure investment needs. Efficient connotes optimised collaboration and decision-making from bi-directional information flows; reduced incidents, outages and losses; and operational cost savings. Cities should implement various measures to boost attractiveness and attract talent. These include steps such as leveraging tax incentives, improving the quality of life, social programs and public services, implementing sustainability strategies, including renewable energy, electricity-powered vehicles and other measures that reduce emissions. City-specific solutions Smart cities create capacity by building new infrastructure to meet rising demand and replace old infrastructure. They also implement demand-side management to curb consumption by imposing restrictions or raising prices on consumption of resources and services. Fund generating schemes are implemented to pay for investments by increasing taxes, generating revenue through pricing for infrastructure or use of services, investing in infrastructure efficiency to drive cost savings and reducing resource consumption. To help cities transform into ‘Smart Cities’, companies with smart solutions offer comprehensive services that improve efficiency and reduce operating costs and capital expenditures through decreasing resource usage in electric, gas and water networks, buildings, and transportation. They also enhance the quality of life to boost city attractiveness and competitiveness. These companies reduce emissions via introduction of renewable energies and integration of green transportation. Through such solutions, many cities have achieved numerous benefits. The US city of Houston saves $3m annually with better performing municipal buildings. Sao Paolo reduced travel time by more than 14 per cent and increased speed by 25 per cent during peak travel times, while Mumbai reduced travel time and delays by 12 per cent. Belo Horizonte in Brazil reduced water outages by 14 per cent. Panama reduced outages by 25 per cent, while Vancouver reduced the operational costs of managing the power grid by 15 per cent. The solutions are implemented by using the existing infrastructure more efficiently, along with numerous smart metering systems that track resource consumption and curb wastage. These measures make cities more liveable by ensuring improved air quality, increased safety, better transportation and decreased traffic congestion. Such systems save up to 30 per cent in energy and other resource usage and costs, paying for their own keep. This can be especially beneficial for cities with resource constraints because the solutions ensure substantial annual savings. Clearly, Smart Cities are no longer a matter of choice — they are an imperative.
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tax
tips Q. My son (who is employed in an MNC) wants to buy a flat from some government housing development board. He is not having sufficient amount to pay the entire cost of the flat and wants to take house loan from the bank and partly some help from me. My queries are:
Firstly, as his father can I contribute a part of the cost (received by me from my terminal benefits on my retirement) of the flat by giving money to my son as a gift or otherwise so that neither my son nor me have to bear an additional tax burden? Secondly, can he avail house loan in his and my name (jointly, though the conveyance deed will be executed in his single name only) and can the loan installments be paid from my savings or from the accumulated savings of his mother? Thirdly, if the loan repayment is made in advance i.e. more than the EMI fixed by the bank, whether the bank will collect any pre-payment charges for advance payment to the loan? Alternately, if possible kindly suggest me some better option to help my son in purchasing of flat in his name. A. Your queries are replied hereunder:
Deductions on rental income
Q.
I have let out a commercial property which is situated in a district centre. Please let me know what are the deductions available against such income for the purpose of computing taxable income? — gian sachdev
A.
The Act provides that the annual value of a house property consisting of any buildings or lands appurtenant thereto of which the assessee is owner shall be chargeable to Income Tax under the head 'Income from House Property'. The annual value of any property is deemed to be the sum for which the property might reasonably be expected to let from year to year or where the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum for which the property might reasonably be expected to be rented from year to year, the amount so received or receivable. For computing such annual value the taxes levied by the local authority which have actually been paid during the year, are deductible. The following other deductions are allowable from the annual value so computed: Tax liability on gifted amount Q. My father has sold his ancestral agricultural land for
Rs 60 lakh through a deal registered at sub-registrar office. From the aforementioned amount, he wants to gift
Rs 20 lakh to me. I am interested in getting an FD of the said amount. My queries regarding the tax liabilities in this case are:
A. Your queries are replied hereunder: "In any area within the distance, measured aerially, (i) not being more than two km, from the local limits of any municipality or cantonment board etc; which has a population of more than 10,000 but not exceeding one lakh; or (ii) not being more than six km, from the local limits of any municipality or cantonment board etc; which has a population of more than 1 lakh but not exceeding 10n lakh; or (iii) not being more than eight km, from the local limits of any municipality or cantonment board etc, which has a population of more than 10 lakh." n There is no tax leviable on the amount intended to be gifted by your father to you. However, the interest earned on the fixed deposit made by you in respect of the amount gifted to you would be includible as part of your total income and would be taxable. Q. My brother and I had jointly bought 10 acres in a village in 1992 situated within municipal committee and on this land agricultural operation were being carried out. Recently HUDA acquired this land and paid a compensation which we have contested in the court. Please guide me about the taxability of such compensation amount which we have contested in the court. — h.k. choudhry A. Long-term capital gain arising on the compulsory acquisition of agricultural land situated within the municipal limits is exempt from tax under Section 10(37) of the Act provided the following conditions are fulfilled: The facts in the query indicate that you fulfill the above requirements. The capital gain arising on account of the receipt of such compensation would thus be exempt from tax under the aforesaid Section. Clarification on stamp duty amount Q. In response to a query in this column (dated Oct ober 10, 2014) you had stated that if some immovable property is to be transferred among blood relations, then there is no stamp duty. But I had to transfer immovable property to my son, and the officials of the Sub-Registrar office said that 4 per cent stamp has to be charged as infrastructure tax in urban areas and 1 per cent in rural areas.
In another query the person concerned had stated that he got the immovable property transferred from his father or grand father by paying a nominal fee. I want to know as to how he got the property transferred by paying a nominal fee? Also let me know what is the rate of stamp duty on exchange of property among blood relations, in Punjab? A. Your queries are replied hereunder: a) The reply to query published on October 11, 2014 was based on the notification dated May 7, 2014, issued by the Punjab Government. The relevant extract from the notification is reproduced hereunder: “The state government is pleased to remit stamp duty in whole chargeable on the instruments pertaining to the transfer of immovable property by an owner during his lifetime to any of his blood relations (i.e. children, grandchildren, brothers and sisters).” You may refer the above notification to the authorities. The above notification should, in my opinion, be applicable for the exchange of property between the blood relations specified in (a) above.
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zone Q. I owned a flat of 400 sq ft carpet area in a group housing society. My society is under redevelopment and the builder is demolishing the structure for redevelopment. I had paid stamp duty and registration fees and all papers of the flat are with me. The builder has promised that he will reconstruct the new society in two years. How can I get mortgage loan on my flat. — nitin chawla A. The process of getting a home loan for property under redevelopment is similar to that for any under -construction property loan. You will need to provide the following documents to the lender: Can a retired person take home loan? Q. My father is a retired government servant. How much home loan is he eligible to get? Can I be a co-applicant in that home loan? A. It is difficult for a retired person to take a home loan in view of their age and uncertain source of income. However, if you are working and join as a co-applicant, the loan can be availed based on your income and part of your father's income. Many lending institutions extend loan to retired people up to the age of 65 or 70 years, depending on a regular source of income. However, it's better to take a loan jointly with an earning child. But in this scenario, the property has to be in joint ownership between the child and the father.
Eligibility issues
Q.
I am working in a public sector unit and my net salary is Rs 35,000 per month. I have no loan liability of any sort so far. But in spite of this the bank is not clearing my home loan case. How can I deal with this situation. A. The sanctioning of home loan amount depends on a number of parameters such as monthly income, current financial liability, tenure, rate of interest, property value etc. You will need to check your eligibility for the loan amount with your lending institution viz. bank or housing finance company. Normally, lending institutions finance up to 75 to 80 per cent of the Market Value of the Property. About 50 per cent of your income is considered towards repayment of all your monthly liabilities through EMI within definitive parameters. However, your specific case will have to be evaluated to arrive at your actual loan eligibility.
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Centre is in the advanced stage of finalising the contours of its ambitious 100 smart cities’ project and has sought comments and suggestions from the private sector, including the academia and the industry, a top Urban Development Ministry official said at an ASSOCHAM event held in New Delhi earlier this week.
“We have already put up a draft concept paper on our website and once we finalise the contours we will go to the EFC (Expenditure Finance Committee) and to the Cabinet,” Shankar Aggarwal, secretary, Ministry of Urban Development, said while inaugurating a national conference on ‘Opportunities & Challenges@100 Smart Cities’, organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) recently. “We are in the process of identifying those 100 smart cities in consultation with their state governments, he added. We have got to focus on satellite towns of mega cities as well as the mid-size towns,” he added. He said the government wanted to achieve 100 per cent reliable and robust connectivity while taking the advantage of information and communication technology (ICT) under smart cities. “The idea is to get 24x7 electricity and water supply, cyber connectivity and urban mobility.”— Agencies
M3M signs MoU with Chinese infra firm M3M Group, that has several ultra-luxury real estate projects to its credit recently announced a strategic tie-up with the XinJi Co. of China for massive multi-usage complexes with Multi-Trade Exposition Centre's in India. Both the companies signed an MoU for planning to build new multi-usage complexes with convention and exposition Centre in Gurgaon. The total value of these new projects over the next five years will be worth over $ 5 billion. China has shown interest in partnering with India in the urban development sector, including the development of new smart satellite cities and large Expo Centres, to foster world trade employing mutual resources and talent. The top leadership of China conveyed its areas of interest during extensive talks that were held during Chinese premier's visit to India recently. Pankaj Bansal, Director-M3M Group, stated at a formal signing ceremony on the association between M3M and the Xinji Group, “This is a historic step taken by any Indian company, inspired by Prime Minister to ‘Make in India’. These complexes will have hotels, housing sections for staff, service apartments, retail and commercial blocks”.
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Delhi-based real estate developer Ambience Group, announced the launch of two luxury housing projects - Ambience Tiverton and Ambience Creacions - in Gurgaon and Noida, earlier this week. The projects will be spread over 3.5 acres and 14.5 acres, respectively and offer ready-to-move-in air conditioned condominiums. "After the proven track record in retail, hospitality, corporate offices, education and luxury housing segment, Ambience Group is again geared up to set new standards in luxury living but at an affordable prices. We are confident that both of our projects would be one of the finest premium residential developments in India crafted for the connoisseur & uber buyers who are looking for unique designs and concepts. Each of our residences has a personalised touch and offers something for everyone." said Raj Singh Gehlot, Chairman, Ambience Group.
Ambience Tiverton, that will have over 280 3,4 BHK apartments complex is located in Sector 50, Noida. "Tiverton", which means "Castle" will offer easy accessibility from Noida Expressway and multiple roads from all over the city. The cost of project is likely to be
Rs 465 crore and it will be financed through internal generations and project loans from banks and HDFC Ltd. On the other hand Ambience Creacions offers over 750 3,4 BHK Residential Apartments in Sector 22, Gurgaon along NH-8. The cost of this project is likely to be
Rs 1480 crore. The land is freehold, fully paid for and duly registered in the name of the company. Tiverton and Creacions are being offered at
Rs 9,000 per sq. ft. thus pricing the apartments between Rs 2 crore and Rs
4.50 crore.
Possessions handed over Omaxe Limited has begun handing over the possessions of plots and independent floors (Silver Birch) located in Phase-I of its flagship project ‘Omaxe New Chandigarh’ in Mullanpur. According to a company spokesperson more than 1000 families were expected to move into the township by next year. The group is focusing on possession of its G+2 Cassia, Mulberry Villas, phase 2 and 3 plots. The group also recently announced the launch of a group housing project ‘The Lake’which will have a lotus- shaped club "Club Lotus". — Based on information provided by
developers
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One of the main reasons for poor sales is the high price. As the prices in all of these major centres have peaked, the residential units have virtually become unaffordable for buyers. In the Mumbai Metropolitan Region (MMR) the average price is at an high of
Rs 1.34 crore. For NCR this is Rs 75 lakh and Rs 88 lakh for Bangalore. These average prices, no doubt, are way beyond the budget of a mid-segment buyer which explains the “absence” of buyers from the realty scene.
A kitchen is not just a place where meals are cooked but also a place which evokes memories of the aroma of mother’s cooking and comfort food. While the warmth and feel have remained unchanged over the years, kitchens have undergone massive changes from their earlier traditional avatars. Kitchens now reflect the homeowner’s personality and passion for good living. A significant trend that has been gaining ground is that of open kitchen which is not confined by walls and doors and thus give more opportunity to the homeowner to display swanky and chic built-in appliances and styles.
Increasingly, cities need to compete globally and differentiate themselves to attract jobs and talent from within and without. This is only possible if a city provides high standards of living and uses innovation to overcome problems.
You can gift the amount required by your son without payment of any tax. The gift so made out of the terminal benefits cannot be questioned by any authority. 