 |
|
| REAL ESTATE |
|
|
‘Conservative’ dwellings!
Energy efficient building can cut down your monthly power bill, says Manoj Kumar. With the increasing power cuts every summer and rising cost of energy, the builders and house owners have been forced across the world to think about ways and means how to bring down power consumption in the residential and commercial buildings.
Mixed-use malls in vogue
Builders merge architecture & Vaastu
GREEN HOUSE
Commercial realty to be buoyant in Delhi
ESTATE TALK
TAX tips
|
|||||||
|
|
|
Energy efficient building can cut down your monthly power bill, says
With the increasing power cuts every summer and rising cost of energy, the builders and house owners have been forced across the world to think about ways and means how to bring down power consumption in the residential and commercial buildings. In India also, well-known names in real estate have started working on energy conservation through eco-friendly designs, building material and use of solar lighting as well. Although most of urban houses constructed in a haphazard manner seem to have least concern for energy conservation.
One used to hear grandparents talking about mud houses remaining cool during scorching summer, but modern building experts have also devised various means to bring down power consumption on air-conditioning, water heating and lighting in a modern building. Integrated approach Says Milli Majumdar, Fellow and Area Convenor, Green Building Rating Cell, The Energy and Resources Institute (TERI): “The energy consumption can be drastically brought down in the residential and commercial buildings through energy efficient architect, appropriate building material, optimal use of sun light and energy efficient electrical appliances.” The institute is providing consultancy to the builders, housing societies and government agencies on “green buildings” which could bring down power consumption by 50-100 per cent. For instance, she says, “the roof could be insulated by using vermiculite concrete and China mosaic white finish. Walls could be insulated by using Styrofoam insulation to keep the temperature at a lower level during summer and on higher side during winter. The institute has constructed a sprawling green building at Gurgaon, where shading devices and fenestration have been adequately designed to cut off summer sun and let in the winter sun.” Landscaping could be adequately designed so that wind directions are favourably altered. The deciduous plantation of trees in the southern side of the building to shade the building during summer will help the households to burn less power for cooling. During winter, when the trees shed their leaves, they would let in winter sun to keep inside warm.” The energy expert tells that if a building is oriented along the east-west axis, it would have maximum exposure along north and south. Energy efficient Builders are also conscious among the demand of urban clients about long-term solution of energy consumption and water as well. Says Kunal Banerji, Vice-President, Marketing and Corporate Communications, Ansal API: “In all our integrated townships coming in North India and other regions, our architects and engineers are emphasising on energy conservation through appropriate building design, shading through plantation around the building to keep the inside building cool, rain harvesting to maintain ground water level and considering use of solar power as a supplementary power source.” On its impact of cost of building, he says, “the cost of energy is in-built in the total expenditure on construction, but the clients appreciate its long-term impact on their monthly power bills and better power supply.” According to another energy expert, use of energy-efficient compact fluorescent lamps, which give the same quality and amount of light as normal incandescent bulbs but require only one-fourth as much energy. Energy-efficient tubelights with electronic chokes can be used for drawing and reading rooms besides glare-free daylight through strategically placed skylights. Majumdar observes that most of the present Indian building are ill-designed especially for the summer season and have no provision of central cooling. “The window-air conditioners are most energy inefficient in comparison to central cooling and could consume 75-100 per cent more power in its comparison.” Solar water heating During winter season, the households may have to spend Rs 500 to Rs 1,000 a month for running geysers and heating the rooms. The use of solar water heaters and photovoltaic (PV) panels for street lighting and to supplement the conventional power can help the housing societies to save power worth lakhs of rupees annually. In addition, says Majumdar, the solar power could be used for lifting water from the ground floor and other purposes. The energy conservation is the need of hour, and should be pursued considering detrimental impact of consumption of fossil fuels and power from thermal and gas plants on environment.
|
||
|
Mixed-use malls in vogue
The “late entrants” in the three Ms of urban culture — malls, multiplexes and multi-cuisine food courts — are now shifting to mixed –use malls to look different.
Malls will not just be restricted to having retail spaces or food and beverage zones. With an aim to offer novelty, the developers entering Ludhiana, Amritsar, Patiala, Chandigarh and Jalandhar will offer a slew of entertainment options in their malls, right from private radio station to star hotels. Tulip Infoservices, for example, has announced the setting up of shopping mall- cum- four star hotel in Zirakpur, Chandigarh Grandeur. “What is needed to attract and sustain customer interest is a combination of retail, entertainment and leisure,” says MD Pradeep Seth. Another shopping mall-cum-motel-cum- petrol station is being planned by Chandigarh-based real estate developer Harmit Singh Chawla, on the GT Road near Rajpura. Country Inn and Suites by Carlson, too, proposes to have mixed use malls (hotels in shopping malls) at Patiala and Mohali.
|
|
Baddi flats go abegging
People either can’t afford it or don’t prefer it, says
Jagmeet Y. Ghuman
Housing flats being constructed in and around Baddi have failed to get the desired booking response. Interestingly, the ad blitzkrieg done by the realtors to generate demand in Baddi has, in fact, resulted in a whimper. Though Himuda claims to have got good booking for its under-construction flats at Batholi Kalan, the response for private flats was not up to mark. The initial poor response for private flats has sent discouraging signal to the private realtors, who were expecting a healthy rush for flat booking. As many as 6,400 flats are being constructed at Baddi by private realtors. Private colonisers made a beeline to Baddi after the state Cabinet gave its nod to the HP Apartment and Property Regulation Ordinance, 2005, last year. The ordinance was an endeavor to improve the housing facilities at Baddi. The ordinance has provision to regulate the promotion of the construction, sale, transfer and management of apartments on ownership basis, to regulate colonies and property transactions. There was provision of 8 per cent of reserved flats for weaker section at 25 per cent less of total cost. The 8 licenses were cleared by Himuda to construct private flats at Baddi. The 417-bigha land was acquired by the realtors who were authorised by Himuda to construct flats. As per an estimate, over one lakh manpower has been employed in Baddi-Nalagarh units. The figure is likely to go up as a record number of new units has arrived after the announcement of the Central government industry package. The high prices of flats were the main reason behind the poor booking. Over 70 per cent of manpower in Baddi belt belongs to blue collar. As per the investigation, the monthly salary of this manpower class runs between Rs. 2,500 and Rs 5,000. It is unimaginable for a person of this salary breakup to own flats of over Rs 5 lakh. The rest 30 per cent of the white-collared manpower is also not interested to own flats at Baddi. Most of this class travels daily from Chandigarh, Panchkula and Mohali. The lack of the basic infrastructure at Baddi is another reason behind poor demand for flats. Generally an executive prefers to set up base at Chandigarh and its satellite towns where infrastructure situation is far better. The housing problem at Baddi, in fact, is related to workers class who needs cheap accommodation facilities, points Rajinder Guleria former President of Baddi-Barotiwala- Nalagarh Industries Association, now heading CII, Himachal Council. “In present scenario, the need of the hour is to construct economic housing apartments rather than allowing construction of Rs 20-lakh flats, Guleria maintains.
|
|
Builders merge architecture & Vaastu
‘Superstition’ and customer demand combines in Ludhiana, says In their efforts towards ‘assured happiness’, builders and owners of houses and buildings, are not just getting Vaastu conscious but are combining various methods in construction and designing. The latest trend is going in for traditional Vaastu, along with Feng Shui, Pyramidology and Chakra Vaastu together. From palatial malls, shopping complexes to premises of factories and households, the latest trend seems to have gripped one and all. Reasons vary. While some have the ‘superstition’ factor attached, there are many who are doing so to cater to customer demand. A Vaastu and Feng Shui expert Sunil Chadha says: “Most of our customers, both commercial and residential, want a complete package, right from construction to designing of interiors, colour combination etc. The situation has changed from what it was a decade ago, when people were not much aware and the ones who followed these focussed only on construction.” People ask Vaastu experts to take care of the colours they use inside the building, the type of pictures and other decorative items to be used, height of elevation, the pillars and other construction areas from the base. Experts say change in architecture and buildings that are high rise and also need basements have necessitated the combination of various ‘sciences’. “A combination gives a lot of flexibility. Flaws in one area can be corrected by another.” Talk of the users and it appears that one and all are following these. “All factories are Vaastu compliant. We have been following it for a decade or so and the results has been positive,” a leading industrialist says requesting anonymity. Even the latest day malls are following the trend. “If one goes merely by Vaastu, there is not much room for elevations. It is the combination of various other sciences that help balance energies and create structures in accordance with modern day demand,” explains Chadha. Gulshan Kumar of GK Builders says: “Customers are conscious about these factors. Right from the beginning we decide upon an architect who can take care of all these factors.” He says the selection of an architect is dependant on how qualified he is not just as an architect but also in Vaastu and Feng Shui. Taking care of these aspects does not come without a price. It could range from a few thousands and go up to several lakhs of rupees, depending on whom one is hiring. The reputation of architect matters a lot. With construction activity at its peak, one would expect architects in the region to be minting money. That, however, is not the case if local architects are to be believed. “It is true there is a lot of construction activity. But companies that come from Delhi or Mumbai hire their own architects. Those who are local get small scale projects only,” says Sanjay Goel of Designex Architects, who is also an office-bearer of the Ludhiana Architects Association.
|
|
GREEN HOUSE
Management in monsoon is as important as rearing, says Satish Narula
Now when the monsoon is round the corner, it is time to think about plant management. Due to space constraints, shade-loving plants are mostly kept at places where these are subjected to weather stress, may be sunstroke or water stress due to extra evaporation. As a result of the sun exposure, there is burning of leaf margin, browning, fading of colour and ‘baking’ of leaves. The sun is still harsh. Due to the rains, you may be tempted to put the plants out. Any exposure after rains may be damaging. If at all you have to bring the plants out of their hiding, put them under the shade of some tree where they get rain and plenty of light sans direct sun. In case of certain prized specimen plants like Monstera (variegated), you can clip the burnt margins with the help of a pair of scissors. The difference will not be noticed. During this season there is another problem with the plants. There is yellowing of basal leaves, which turn bronze later, and there is premature defoliation. This is a sure sign of pot blockage at the base. The water stands in the pot and there is no drainage from the base hole. Do not try to correct the fault. You will never be able to do so. Change the pot and ensure proper drainage. In case there is incessant rain, there could be continuous wetting of pot soil and it may lead to choking of roots. Some plants like begonia, fittonia, poinsettia etc. are prone to such damages. In such cases, you can let the pot lie on its side till the weather is clear. Remove all water conservation material like moss grass, gravels, grass shaving, wood shavings, polythene etc from the surface of the soil, both in pots and the ground. In case of shrubs and trees, remove the plant basins so that there is no accumulation of water. Give a gentle slope to soil so that the water flows away from the main trunk. Also make sure that at no place in the home garden, is there standing water. Make proper arrangement for its disposal. Some plants are more sensitive to standing water. Remember, even a 20-year-old loquat tree could die if there is accumulation of water for a few hours. Papaya is also sensitive to such stagnations. Normally, we tend to give support to the plants by making mud mounds around the trunk. Nothing could be more damaging for the plant. The loose mud conserves the moisture, which remains in direct contact with the soil and trunk, causing hordes of problems for the plants. If at all you have to give support to the plant, give it with the help of a rope tied to the main trunk and some other fixed structure. Do not forget to put a piece of cloth or rubber tube so that the rope does not cut into the plant. At times, there is damage to the limbs where there is breakage when the rain is accompanied by fast wind. In such cases, do not pull the limb away but remove it using a saw. Cut the limb at least one third from below and then from above, letting the two cuts meet. Do not forget to apply blitox slurry at the cut end.
|
|
Commercial realty to be buoyant in Delhi
Real estate prices for commercial space in Capital are likely to remain buoyant in the short term while realty prices in Mumbai are expected to witness a dip in medium term, global consulting firm has said.
Lease rentals and capital values are expected to remain high in Delhi property market in the short term, Cushman and Wakefield said in its latest updates. It pegged office space supply at 7.8 million sq ft in the Capital during the year. During last quarter (January-March), office rentals rose by 10-16 per cent in booming satellite city Gurgaon. On Mumbai property market, C&W said supply of 12 million sq ft of new office space in the next 24-36 months was likely to bring a downward correction. This much-needed downward price correction over medium term would help retain Mumbai’s competitiveness over the long term, the realty consulting firm said. C&W, however, predicted the rising trend of Capital and rental values of office space to remain for few quarters to come due to short supply of quality space.
— PTI
|
|
ESTATE TALK
Uppal Group, a real estate major with a turnover of Rs 1,138 million with networth of Rs 973 million, has tied up with Aviv- Ocif Investment & Development Ltd, an Israeli firm.
Talking to The Tribune, Mr Rumneek Bawa, Director & CEO, Uppal Housing Projects Limited, said the tie up with Aviv-Ocif Group is a 50:50 joint venture, which marks the company’s diversification into the infrastructure sector. “The Memorandum of Understanding provides a platform for both parties to decide the strategy for project persuasion. The joint venture shall identify, source and evaluate opportunities for development of potential projects in India. The partner will also be participating in Uppal’s existing projects,” he says. The Uppal Group plans to have pan–Asia presence through the tie-up. “The Aviv-Ocif Group is considered one of the oldest, largest and leading building companies in Israel. It has successfully developed complex engineering projects; both for housing and commercial purposes, in Israel and the world over they specialise in advanced and complicated building techniques. Working with a veteran in the field of infrastructure will benefit Uppal Group in the long run,” he says. The group is currently working on hi-end luxury apartments in Chandigarh besides a lot many projects across India.
|
|
TAX tips
Q. I am a senior citizen of 81 years and a retired officer from State Bank of Patiala. My annual income is on account of interest on the Senior Citizen Savings Scheme and LIC (Rs.1,50,000) M.I.S. of post office and term deposit with the SBoP. I am not getting any pension but a monthly ex -gratia relief of Rs.300 linked with DA (present amount Rs 1,307) from the State Bank of Patiala.
1. For the financial year ending March 31, 2006, the total income from the above will be Rs.1,20,758 2. In August 2005, we five brothers sold our six kanals of agricultural ancestral land in Kanuwal village for Rs 2,25,000. My fifth share comes to Rs 45,000. Thus, my total income will be Rs.1,20,758 + Rs.45,000 (Rs.1,65,758). It is less than Rs.1,85,000 = exemption amount for senior citizen. 3. If the sale proceeds of ancestral agricultural land are separately to be taxed under Capital Gains. Our father expired on May17, 1981, when we inherited it. Now its value will be accrued at to determine long-term gains and capital gains tax. — Des Raj Sharma, Karnal A. The capital gain on the sale of an agricultural land will be taxable only if the agricultural land, which has been sold, is held to be a capital asset. For this purpose, it is essential to ascertain whether agricultural land is covered within the notified distance from the outer limit of the Municipal Corporation/Municipality/Notified Area/Cantonment Board. The Ministry of Finance has issued a Notification No. SO 10(E), dated 6-1-1994, as amended by Notification No. SO 1302, dated 28-12-1999 in this regard. Since these particulars are not indicated in your query it is not possible to ascertain as to whether the capital gain earned by you and your brothers on the sale of ancestral agricultural land in Kanuwal village for Rs.2,25,000 would be exigible to capital gains tax. For the purpose of computing the capital gain the cost price as on April 1,1981, will have to be ascertained and indexed up to the year of sale so that the taxable amount of capital gain can be worked out. These details are also not available in the query. I may add that in any case, since the exemption limit applicable in your case is Rs.1,85,000 and the aggregate of your total income, including the proportionate share of the sale price of Rs.45,000 is less than the above maximum amount, which is not chargeable to tax , there would not be any tax liability in your hands. This is because the proportionate share of the capital gain is bound to be less than the amount of Rs.45,000 being the proportionate sale price. Remitting proceeds Q
I am an NRI settled in the UK. I had a property in Jalandhar. The property was built in 1981/1982. I sold my property for Rs 25 lakh on November 7, 2005. I had the valuation done on the property by a government-approved valuer. The valuation came to Rs. 2.5 lakh dated as on April 1, 1981. Can you please advise me about the capital gains tax implications in selling the property and transferring the money to the UK? Could you also provide me with information about what percentage tax I have to pay and what sum of money this will approximately come to and what is the time limit on tax payment after the sale of the property? —
R.N Sharma A. The indexed cost on the basis of details given in the query would work out at Rs.12,42,500. The capital gain would thus work out at Rs.12,57,500. The capital gain tax thereon @ 20 per cent would work out at Rs.2,82,183, including surcharge @ 10 per cent and education cess @ 2 per cent. The above tax should have been paid to the extent of 60 per cent of the above tax by December 15, 2005 and the balance amount by March 15, 2006. You are required to file the return by July 31, 2006, and pay the entire amount of tax, along with interest under Sections 234B and 234C of the IT Act, 1961 (The Act). The interest under Section 234B would be 1 per cent per month, from April 2006 to July 2006 i.e. for four months. The interest under Section 234C of the Act on the basis of prescribed method would be Rs.10,438. The amount of sale proceeds after the payment of tax can be remitted by you to the UK subject to the conditions given in reply to a query of Mr Balwant Singh published in the columns of the Tribune dated June 3, 2006. Self-occupied property Q. Kindly advise me in respect of the following issues: I have got a single-storeyed house. I want to raise the construction of the first and second storey of this house after taking loan of about 7 lakh from the bank. Kindly clarify as to whether deduction from the income of the rent of this house on account of interest up to a maximum limit of Rs.1,50,000 per annum is available if such loan is taken from 2006-07 from the bank for constructing the first and second storey, if me or my son occupies the ground floor and the first and second storey are let out. It may also be clarified as to whether I will be entitled to deduction of the amount from the total income which is paid by way of repayment of the instalments of the loan in terms of provisions contained in Section 80C of the Income Tax Act subject to the limit of Rs 1 lakh. — B.C. Gupta, Hoshiarpur A. The deduction from income from house property is allowable in respect of the interest payable where the property has been acquired, constructed, repaired, renewed or reconstructed with the borrowed amount. In case of self-occupied property, the deduction is limited to Rs.1,50,000, provided the property is acquired or constructed on or after April 1, 1999, and such acquisition or construction is completed within three years from the end of the financial year in which the amount is borrowed. You would thus be entitled to the deduction of Rs 1,50,000 only in respect of self-occupied house. If the ground floor is occupied by your son as member of your family it would be possible to claim the status of the house as a self-occupied property. In case of let out property also interest payable in respect of amount borrowed for the construction of a house property would be allowable against income from house property under Section 24 of the Act. You would also be entitled to deduction of amount of the instalment paid towards the repayment of the borrowed money within the overall limit provided by Section 80C of the Act. This deduction would be allowable against your total income. Short-term and long-term Q.
What is meant by long-term and short-term capital gains? How is the tax calculated on both? — Gurdev Kumar, Mandi A. The short-term capital gain is computed with reference to the short-term capital asset. A short-term capital asset is defined by the Act as a capital asset held by the assessee for not more than 36 months immediately preceding the date of its transfer. However, in respect of capital asset held in the shape of shares or any other securities listed on a recognised Stock Exchange in India or a unit of the Unit Trust of India or a unit of the mutual fund specified under the Clause (23D) of Section 10 of the Act or a zero coupon bond, the period of 36 months is to be substituted by 12 months. Any gain which arises on the transfer of a short-term capital asset would be treated as a short-term capital gain and taxable at the normal slab rates. In other words, such short-term capital gain is added to the other income of the assessee and tax is computed on the total income inclusive of such short term gain. The long-term capital asset has been defined as a capital asset, which is not a short-term capital asset. Long-term capital gain arising on the sale of shares and units etc. referred to herein above is exempt from chargeability of tax provided the sale has been transacted through a recognised stock exchange and Securities Transaction Tax has been paid on such sale. In case of long-term capital gain arising in respect of such shares etc. which are not transferred through a recognised stock exchange, tax is chargeable @ 10 per cent plus applicable surcharge and education cess. Long term capital gain arising on the sale of other long-term assets is charged @ 20 per cent plus applicable rate of surcharge and education cess. It may further be added that in case of long-term capital asset the benefit of indexation is available to partly offset the effect of inflation. |
‘Superstition’ and customer demand combines in Ludhiana, says
