REAL ESTATE
 

 

Peril in paradise
‘If there is paradise on earth it is here’, said a poet about Kashmir and Srinagar surely is the jewel in the crown of this state. Pristine charm and serene scenery have been the perennial appeals of this city. Ironically, while for tourists the city is a picture-perfect destination, residents have to cope with the other, not so beautiful, side of the picture, says Ehsan Fazili

The summer capital of Jammu and Kashmir and queen of Kashmir’s tourist destinations is not untouched by the damaging effects of burgeoning population and limited resources. The city is plagued by haphazard growth and lack of basic amenities.

“Land brokers sell land in an unplanned manner as individual plots without any consideration for community infrastructure, services and road network. As a result one finds that approach to several palatial houses/bungalows is from the narrowest possible street and the basic civic amenities are missing”. This is the description put forth by the Srinagar Development Authority (SDA) about “chronic problem” in Srinagar, the largest urban centre of the Kashmir valley. Unplanned growth has compounded the problems relating to the availability of basic civic facilities like proper sewerage, availability of drinking water and drainage system etc.

The city is faced with problems like traffic congestion and mushrooming of slum like settlements due to a number of reasons.

Population overload

One of the major reasons for the development woes of this beautiful city is the population load. The city has come under tremendous population pressure due to migration over the past one decade. The population of the city had increased from a mere eight lakh to 12 lakh within a decade upto 2000, and it is estimated to be between 13.5 lakh to 15 lakh at present. The population of Srinagar city, with 316 sq. km area at present, is likely to be close to 23.5 lakh by 2021 as per the Master Plan.

A large number of housing projects, most of which are unauthorised, have come up to accomodate the increased number of people. There has also been a considerable loss in terms of revenue to the urban development agencies, according to the officials of the SDA.

Alarmingly the annual migration to Srinagar from rural areas has been estimated at 16 per cent, against the national urban influx percentage of 9 (nine), with the result the population has increased from 8 lakh in 1989 to 13.5 lakh at present.

With the presence of work force and security forces the population is estimated at 15 lakh, according to the officials at the Srinagar Municipal Corporation (SMC). “The infrastructure is not even sufficient for a population of eight lakh”, comments Dr Shafqat H. Khan, health officer, SMC. The power, water and drainage facilities are not able to cope up with this haphazard growth in the city, which has increased from 185 sq km to 316 sq km in area.

“If we go by the Supreme Court guidelines, we need 6,000 sweepers against the strength of mere 2,000 at present”, Dr Shafqat Khan said. “We need a massive overhaul of drainage system and sewerage”, he adds though the city is not having proper sewerage.

Every year there is an addition of about 8,000 domestic and commercial drinking water connections within the municipal limits, officials of the Public Health Engineering Department said. At present there are at least 98,000 domestic connections, earning about Rs 1 crore as water taxes. According to officials against the demand for 54 mgd water only 45 mgd is available.

Violation of rules

This is mainly because of the violations in land use due to encroachments and illegal constructions. The SDA officials are of the view that there have been violations of building by-laws or regulations like in ground coverage, FSI, height and number of storeys, setbacks, density and total permissible area. The SDA has pointed out violation of the rules and regulations at over 50 structures in and around Srinagar. What concerns most is the violation of the right of way and building line, and that of sanctioned permission. Many private commercial complexes have come up in the city without the proper parking facilities.

This has lead to traffic chaos as well as encroachments. The SDA is also faced with the lack of integrated coordination between various government agencies (which act as key stakeholders in the physical development of the city).

It needs help and cooperation from the government departments for its constructions as well as from the private builders to comply with all mandatory conditions before starting projects like residential colonies, commercial complexes, industrial units educational and healthcare institutions.

What ails Srinagar

  • Haphazard growth, lack of basic services. 
  • Establishment of unauthorised colonies. 
  • Revenue loss to urban development agencies. 
  • Traffic and environmental problem. 
  • Congestion and slum like settlements. 

Back

 

Master Plan keeps hope alive

To overcome these problems the government has already set into motion the second Master Plan 2000-2021 with a view to regulate systematic planned growth of the city in a “comprehensive and sustainable manner”.

In order to create awareness among the people to strictly adhere to rules and regulations to ensure full implementation of the Master Plan for “Greater Srinagar”, the SDA has enlisted certain points.

“It is a vision document that guides on the overall structure of Srinagar,” said Munir Ahmad Khan, Senior Town Planner at the SDA. Things are changing and accordingly modifications are required in the overall and infrastructure development from time to time, he said.

“The objective of the Master plan is to regulate systematic planned growth of the city in a comprehensive and sustainable manner,” commented Mohammad Aslam, vice-chairman of the SDA. Its focus is also on “safeguarding the architectural heritage and water bodies of Srinagar, natural vistas and green belts and help to make the city-the most favoured tourist destination,” Aslam said.

The metropolitan area of Srinagar, is bound to increase manifold during the next two decades. In order to cover the requirements in terms of the population and stretching of the area, the master plan has projected guidelines on the basic infrastructure like roads, commercial areas and residential colonies.

It also has a framework of the government complexes providing facilities like educational institutions, healthcare, roads and buildings, drinking water and irrigation facilities, green belt areas and safeguarding water bodies. In order to avoid lopsided growth extension of the city will be carried out in all directions. These include areas of Nagabal and Harwan in the north, Wathora and Wagoora in the south, and the industrial township of Khrew in the east.

Chief Minister Ghulam Nabi Azad too has made a strong case for inclusion of Srinagar and Jammu in the central government’s mega plan of constructing bridges, bypasses, flyovers and ring roads in densely populated cities of the country and has urged the union ministry of transport to earmark Rs 600 crore for the purpose.

During his visit to New Delhi on November 26, the Chief Minister urged the ministry of transport to include Srinagar and Jammu in the scheme as a special case in order to ease traffic congestion in these cities.

If these remedial measures are taken up in earnest then the city can surely be a slice of paradise for tourists as well as for residents always. — E.F.

Back

 

Faridabad 
New favourite of developers
After the announcement of extension of Delhi-Metro link till Faridabad, development of 135 km Kundli-Manesar-Palwal Expressway, setting up of IT and ITES Park, Bio-Technology Park, Faridabad has become the centre of attraction for realtors, says S. Satyanarayanan

With real estate development in the NCR region touching a new high, Faridabad is fast emerging as a growing satellite town, with real estate developers investing heavily both in commercial as well as residential projects.

Faridabad, one of the few ‘green’ locales in the vicinity of Delhi, located in proximity to the historical Tughlakabad Fort and the ancient ruins of Surajkund, holds great potential as estate developers are vying with each other to develop real estate projects here as the land prices have sky-rocketed in other NCR areas like Gurgaon and Noida.

Builders have made a beeline for the city to make a killing as it is now a major focus area for HUDA too.

The present scenario is in contrast to the situation just two years ago. That time builders used to shy away from Faridabad real estate and the area was virtually not being marketed by anyone. But today it is an altogether different story as this city in the vicinity of national Capital has become a virtual goldmine for the realtors. Apart from this proximity factor HUDA also deserves kudos for playing a supportive role in encouraging the private mode of development.

Major real estate developers like Eros, BPTP and RPS Group have already launched their futuristic commercial and residential projects in the area.

Moreover, after the announcement of extension of Delhi-Metro link upto Faridabad, fast development of 135 km Kundli-Manesar-Palwal (KMP) Express way, setting up of IT and ITES Park, Bio-Technology Park, Faridabad has become the centre of attraction and has become one of the fastest growing residential and industrial hubs.

Recently BPTP Ltd, which owns approximately 1,300 acres of land in Faridabad, launched ‘The Resort’ BPTP Parklands a signature comfort, style and class project.

“Proximity to Delhi and the fast pace of infrastructural development is making Faridabad, the most sought after residential and industrial destination in NCR,” BPTP Ltd’s vice-president Amit Raj Jain told The Tribune.

“Once the Taj Express Way is built, connectivity between the new sectors of Faridabad, Noida and Greater Noida will improve. Faridabad will also find fast access to Noida and Ghaziabad through the FNG Express Way,” he said.

“Another bypass highway is planned which will begin from Kalindi Kunj and run parallel to Mathura Road in Delhi…Obviously, the connectivity is spurring real estate activity in Faridabad,” Jain added.

‘The Resort’ BPTP Parklands is a 28.5-acre residential complex, designed by Bose International Architects from the USA, he informed.

Avneesh Sood, director (Projects) of EROS’ Charmwood township says that “the strategic location of Faridabad adds to itslso furnishes it with enormous advantages. Being in vicinity to the Capital, it attracts attention of people looking towards shifting in fast flourishing and attractive place.”

“Real estate development offers immense choice for both residential and commercial property seekers. With companies adopting world class technology, design and architecture, it is a value for money for investors,” Mr Sood said.

Rakesh Gupta of RPS Group, which has recently launched Savana township and Crown Plaza feels that with real estate prices skyrocketing in Delhi, Gurgaon and Noida, Faridabad is attracting attention from people in the NCR.

“Those who are working in Delhi prefer to a own residential property in its vicinity and Faridabad has transformed into a green suburb offering economical solutions to home seekers looking to stay around Delhi,” Gupta said.

Another reason for large scale development in Faridabad is the intense demand for both commercial and residential properties, he said asserting that “the city is on its way to make it big and would soon give a stif competition to cyber cities such as Noida and Gurgaon.”

“With property developers eyeing the trans-capital land acquired from villages along the Yamuna and soon to come up Taj Expressway Corridor, Faridabad is expected to sell out at least 20,000 high-end and mid-segment properties within the next two years,” he added.

Back

 

Global biggies eye India's realty sector

India’s booming real estate industry, growing at a scorching 30 per cent and estimated to touch $ 60 billion by 2010, has caught the fancy of global realtors and investors who have pumped in or are looking to invest heavily in the sector.

Indian real estate industry, which is currently pegged at $16 billion, is witnessing increased interest from several international developers, primarily from the Middle-East, South-East Asia and Europe.

During this fortnight itself, Donald Trump Jr of US-based Trump Organisation announced it was scouting for partners to foray into the country’s realty market, while Dubai-based DAMAC Properties said it would invest up to $5 billion (about Rs 20,000 crore) to develop properties in India.

Early this week, Merrill Lynch & Co also bought 49 per cent equity in seven mid-income housing projects of India’s largest real estate developer DLF in Chennai, Bangalore, Kochi and Indore for Rs 1,481 crore. The projects would be developed in about 7-8 years.

Dubai-based Nakheel and Hines of the US had earlier this year tied up with DLF to develop properties in India. DLF has formed a joint venture with Limitless Holding, a part of Dubai World, to develop a Rs 60,000-crore township project in Karnataka.

“We are looking for JV partners to enter India. That is precisely why I am here. We are interested in the major cities for investment,” Trump Organisation’s Executive Vice- President (Development and Acquisition) Donald Trump Jr had told reporters in Mumbai.

DAMAC Holding, the parent company of DAMAC Properties, Chairman Hussain Sajwani said: “We plan to invest between $ 3 to 5 billion in the Indian market to develop properties in Mumbai, Delhi, Bangalore and Hyderabad.”

Trump is looking at cities like Mumbai, Delhi, Hyderabad and Bangalore, where the IT sector has witnessed a boom.

“Now is the time to come to India, we hope to strike the deal in the next 12-18 months. We will be eager to do it before that,” Trump Jr had said.

DAMAC is open to developing property on its own and also in joint venture with local partners.

Sajwani noted that the Indian property market has become very expensive in the last three years, but there was still a large potential for growth.

Israel’s Elbit Medical Imaging Ltd had announced last month a tie-up with a leading developer in Bangalore for joint development of a large-scale mixed-use project in the city. The revenue generated from the project is estimated to exceed $ 4 billion.

According to Ernst & Young latest report on Indian real estate, prominent Middle-East based developers such as Nakheel Group and Signature Group, both from Dubai, announced their plans and projects in India.

“An increasing interest from Israeli-based firms was also witnessed. Companies such as Meshulam Levinstein, Elbit Medical Imaging, Electra Real Estate entered the realty space,” the report said.

Leading developers from South East Asia which have evinced interest in Indian realty market include Jurong Group and Keppel Land Asia Pte Ltd of Singapore, Shanghai Urban Construction (Group) Corp of China, it said. — PTI

Back

 

Buzz on Bourses
Alliance to build lifestyle villas in Hyderabad

Hyderabad: Bangalore-based Alliance Group has announced its entry into the city of Nizams by setting up of a Singapore lifestyle villa project, Inner Circle, at Shamirpet, for a total investment of Rs 480 crore. Inner Circle will have 350 luxury villas designed by Asia’s leading architectural firm, Surbana of Singapore, Alliance Group chairman and MD Manoj Namburu told reporters in Hyderabad. The company has marked Rs 480 crore for the project of which Rs 60 crore would be for land, he added. Spread over 60 acres, the villas on plot sizes ranging between 2,400 sq ft and 6,000 sq ft would be priced between Rs 80 lakh and 2 crore. The project is expected to be completed in 36 months. — PTI

Accor to invest euro 150 m for hotels in India

Mumbai: Accor Hospitality plans to set up 40 hotels in the country with an investment of euro 150 million in the next three years. “We have an aggressive expansion plan in India and we will have at least 40 hotels in the next three years pan-India,” Accor’s senior vice-president development, Asia Pacific, Gaurav Bhushan said. The group plans to have its hotels in Mumbai, Delhi, Hyderabad, Pune and would also stress on mini metros, he said. Presently, the group has only one hotel at Hyderabad. “There is a huge demand for quality hotels and also budget hotels in the country. We are planning to have about six hotels both luxury and budget by the end of December 2008,” Bhushan said. Stressing on Mumbai as a key market he said the group would come up with two hotels in Mumbai by the end of 2008. “We are coming up with a hotel in Bandra Kurla complex under the group’s flagship category called Sofitel,” he said. — PTI

DLF to acquire controlling stake in Aman Resorts

New Delhi: Realty major DLF Ltd has entered into a definitive agreement with owner of Aman Resorts to acquire controlling interest in the group. DLF and Adrian Zecha, founder of Aman Resorts, will hold equal stakes in the company that is valued at $400 million, DLF said in a statement. The deal also includes debt of about $150 million. Aman Resorts, world’s leading hospitality and lifestyle business, currently owns and operates 22 luxury hotels, many with residences, in 12 countries. “We are delighted at this unique opportunity to become a partner in one of the world’s leading hospitality and lifestyle brands,” DLF’s vice-chairman Rajiv Singh said. — UNI

Back

 

TAX tips
Co-borrower not eligible for rebate on home loan
By S.C. Vasudeva

Q. Me and my father are Haryana government employees. We have a 10 marla plot in HUDA sector on which my father has taken a housing loan of Rs 12 lakh from SBI, in which I am also a co- borrower. The repayment of the above mentioned loan started in April 2007. The plot is in the name of my father. First name in the loan is also of my father. But there is no demarcation i.e. no share of 50 per cent. Both of us are loanees. My father is going to retire in May 2008. We have to avail tax exemption in this year. I am repaying the loan at an EMI of Rs 12,000 per month by Internet banking transfer through my savings account. My father is not interested in availing tax exemption on this housing loan. Am I eligible for availing the tax exemption benefits. My salary is Rs 20,615 per month. My parents are living in the house and I am posted in another district and am also availing HRA. Kindly advise me in this regard as I am repaying the loan and have no other means to avail of tax exemption benefits.

— Dr Pardeep Kumar

A. From the facts given in the query it seems your father is the owner of the house as the plot is owned by him. The deduction under Section 80C of the Act for the amount paid towards the repayment of the loan borrowed from the State Bank of India would be allowable to a person who is the owner of the house property. Accordingly in case your father is owner of the house then he would be entitled to claim the deduction of the amount paid toward the repayment of loan raised for the construction of the house.

Will in name of third party

Q. I have purchased a plot in a city and also taken a bank loan for the construction of house. My wife is not living with me for the past 15 years. I have one daughter who is living with her since her birth. Both of them are living with my in-laws. My wife is getting maintenance for herself and my daughter from me as per court orders. She has created a mess for me and has spoiled my life. I want to debar both of them from my property. Can I make a Will in the name of third party? In that case, what should be the contents, so that it is legally valid?

— D. Kapoor

A. You have all the right to make a Will in favour of anyone. The law does not prohibit making of Will in favour of someone who is not one of the relations of the Testator. However, It will be better to get the Will registered and properly witnessed. It is not possible to reproduce the contents of a Will on account of the paucity of space.

Revision of Will

Q. I am 67 years old and have one son and two married daughters. My wife had expired sometime back. As per my Will, which was prepared and registered by myself in 2001, my son will inherit my property and assets. My question is whether this Will is still valid or has become invalid after the recent amendment in provisions of Section 6 of the Hindu Succession Act 1956, Do I need to revise/amend the Will which was prepared in year 2001 before the amendment took place.

— R.P. Srivastava

A. Section 6 of the Hindu Succession Act, 1956, as amended deals with the devolution of interest in co-parcenery property i.e. in respect of the joint family property. It has no relation with the right of a person to make a Will in respect of his self acquired property. I presume that the property and assets referred to in your query are in the nature of self acquired property and have not been inherited as a joint family property. You have not indicated in the query as to whether the Will executed in 2001 is intended to be changed or it is only because of the amendment in Section 6 of the Hindu Succession Act 1956 that you have raised this query. In case you intend changing your earlier Will, it will be better to incorporate a clause in the new Will that all earlier wills/codicils will have no effect after the execution of the latest Will. 

No deduction allowed on interest on loan for buying plot

Q. I have purchased a plot at Zirakpur and have taken a home loan of Rs four lakh for the purchase of plot in August 2007 from State Bank of Patiala. I have paid an EMI of Rs 4,200 regularly till date. I have purchased the plot to build a house on the site and have got the building plan approved from Notified Area Committee, Zirakpur. Since it takes two-three months at Zirakpur to get the plan approved so now I have submitted the plan to the bank again and have applied for a further home loan of Rs 5 lakh from the same bank. I had told the bank about my plans at the initial stages only but I was told that the balance loan of Rs 5 lakh would be sanctioned only after I submitted the approved plan. Now my questions are:

1. As I have bought a house property, can I claim deduction on interest paid on the entire home loan of Rs 9 lakh under Section 24(b)?

2. And principal deduction under Section 88 for the entire principal repayment for entire loan amount?

— Rajwant Rai

A. The answers to your queries are as under:

(i) The interest paid in respect of the loan raised for buying a plot is not allowable as deduction under any provisions of the Act. You would, however, be entitled to a deduction of interest paid/payable in respect of the loan raised for the construction of the house against income from house property.

(ii) The deduction under Section 80C of the Act (Section 88 of the Act is no longer applicable) is allowable against the total income in respect of the repayment made towards the amount borrowed from a bank for the construction of a residential house. Such deduction is allowable within the overall limit of Rs 1 lakh provided in the said Section.

Back

 

GRound REALTY
Piped perfection
Follow these guidelines for laying of pipes and enjoy a hassle-free sanitary system, says Jagvir Goyal

For laying sanitary and drainage network either two-pipe or one-pipe system is followed as per the choice of the user. Single pipe system is cost effective but causes maintenance problems. Therefore, it is better to stick to the two-pipe system. All waste water from wash basins, sinks and floors has to be taken to floor traps (FT). The slope of horizontal pipes should not be less than 1 in 50 and nor steeper than 1 in 10. The FTs are to be connected to waste water pipes leading to gully traps (GT). All GTs are to be connected to Inspection Chambers (IC) and all ICs are to be connected to manholes (MH).

Avoid overflow

Don’t insert all pipes into one GT or IC as it will make the GT or IC to overflow. One GT may be common for 2 or 3 FTs, one IC may be common for 2 or 3 GTs and one MH may be common for 2 or 3 ICs. Also ensure that no FT or GT is required for soil pipes. These pipes are to be directly connected to IC or even MH whichever falls nearer in layout. A MH may need to be constructed within a house’s boundary wall if the sewerage and drainage network of the house is large and more than 2 ICs are to be constructed. This manhole is to be connected to the manhole of main sewerage pipeline of the locality.

While connecting the building manhole to main pipeline manhole, see that the connecting pipe runs along the direction of flow of sewage. Never tap the main sewerage pipeline. Connect the ICs or manhole of the house to a manhole only, however far it may be from the house. Ensure that no water supply line passes through an IC or MH of your house. Otherwise drinking water may get contaminated.

Septic tank

Wherever sewerage has not been provided in a locality, the house has to establish its own disposal system by constructing a septic tank and a soakage pit of suitable capacity. Construction of a septic tank and soakage pit is costly and these require periodic cleaning also. Therefore, always prefer to build your house in a locality where sewerage lines have been laid by the local body.

Ventilation pipes

For ventilation, extend all soil pipes vertically to the roof and raise their height by at least 6 ft above the terrace level if the terrace is accessible and by 2’3” if terrace is inaccessible. Though these pipes look ugly, height of soil vent pipes can not be reduced. However, you may keep the height of vent pipes provided with waste water pipes as lesser than parapet so that these are not visible in the front elevation. Provide cowls over the open mouths of all pipes extending above terrace level. While extending these pipes above the terrace, see that these don’t cause any foul smell in the neighboring houses. In that case, you may have to further raise the height of these pipes.

Diameter of pipes

Never keep the diameter of soil pipes as less than 100 mm and always provide them with HCI heel rest bends for proper support. Fix all heel rest bends in 1:2:4 concrete. Always prefer long radius bends to allow easy flow of waste inside pipes. These days, concealing of pipes in walls is increasingly being replaced by carrying them in shafts with openings at pipe joint levels for maintenance purposes. Make this provision if possible.

Chamber location

There is no need to provide a gully trap inside the walls of a building. At the most, it can be in a verandah. Provide no IC or MH inside a building or a verandah. As far as possible, keep these away from the passages also.

Floor traps

Floor traps are fixed in the floors to take waste water to waste pipes. Ask for self cleansing type traps. CI floor traps should be IS 1729 or IS 3989 marked. Always check the water seal of floor traps. It must be deep and not less than 40 mm. Deep seal will not allow foul smell to travel from the pipes to the rooms. Water seal is not the depth of standing water in the floor trap. It is measured from water level to the trap tongue dipped in water. Floor traps should be in perfect level and well set in 1:2:4 concrete laid under and around them. Provide all cast iron traps with CP brass hinged gratings with frames.

Stoneware pipes

Use Stone Ware pipes (SW) for connection between Inspection Chambers and Manholes. Choose SW pipes carefully. Always look for IS 651 mark. ISI marked pipes pass a hydraulic test and their glazing is proper. Proper glazing of SW pipes, both on inner as well as outer face makes them waterproof. Pipe lengths are 2 feet, 2.5 feet and 3 feet. Choose required lengths to match the distance between IC and Manhole and to avoid wastage. This tells of good burning. Each pipe should have one spigot end and one socket end. All SW fittings such as bends, junctions, taper bends etc should also carry IS 651 mark.

Laying SW pipes

While laying SW pipes, keep their sockets facing the direction of flow i.e. while moving along the flow, every pipe should begin with its socket. Always provide a concrete bed below every joint of these pipes. Provide tarred hemp in every socket around the spigot of other pipe coming into it before sealing the joint with cement mortar. Note that wherever there is a change in direction of pipeline, an IC should be provided at the point of change. Similarly, provide an IC at every point of change in slope of pipeline also.

Take care and happy building!

Writer is Superintending Engineer Civil, PSEB, author, technical books and can be reached through www.jagvirgoyal.com

Back

 

HOME PAGE

Back