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Mega Makeover
Mohali is finally set to don a million dollar look, courtesy PIDB.
Grand plans are afoot to develop Mohali as the showcase town of Punjab. The Punjab Infrastructure Development Board (PIDB) is handling most of the prime infrastructure projects in Punjab and quite a few of these have been planned for Mohali. The PIDB, headed by Dr Sukhbir Singh Sandhu, has taken up these projects to see them through in the public-private partnership mode. The deal simply being that the land would be leased out by the government and the private developer would then work on it on built operate transfer (BoT) basis. “In many cases in these projects we are also allowing the private player to design the project. The D-BoT projects give the private player freedom to work and since he is the one who has to operate and earn profits in the initial years, he is the best judge of what design would attract the maximum footfalls. The final approval for the design would, however, be given by the agencies concerned in the government keeping the public interest in mind,” said Sandhu. The bus terminal-cum-commercial project in Sector 57 will come up on 6.6 acres. The land would be leased out to a private player who would plan, design, finance, construct, market and operate it. The private player would operate it for a concession period during which he would collect revenue such as adda fee from buses, rentals from commercial leases, advertisement and parking of vehicles. The expression of interest advertisement for the project has attracted a tremendous response from across the country with almost 30 top-notch national companies showing interest in the project. “The project is unique. It is the first of its kind not just in Punjab but also in India. The bus terminal is not just a bus stand. It will have the ambience of an airport complete with a bus traffic control room. The passengers will board buses from an AC building,” said Sandhu. Providing an international quality environment to passengers is just one of the facilities that the bus terminal would offer. Part of the vision for the bus terminal includes a shopping mall, a multiplex, food plazas, hotels and an entertainment office complex also. “The logic is that a bus terminal already has a minimum footfalls each day and that will make it a perfect location for running a commercial complex too,” said Amandeep Singh of Feedback Ventures, consultant for the PIDB for this project. Punjab’s first IT tower has also been planned in Mohali. To be built on eight acres in Sector 67, the IT tower would offer over 8 lakh sq ft of plug and play space to IT companies keen on coming to the state. Designed to be the state’s signature building in IT, the tower would be located in the Infotech complex in Sector 67. The complex is about 15.5 acres out of which one acre each had already been leased out to seven IT companies. These are HCL, Sebiz, Dibon Software Limited, KMG, IDS and Competent. Sebiz is already functioning from a state-of-the-art building. Other than the ready-to-use office space for the IT companies, the complex would also have housing facility for employees of various IT companies. The state has been facing an acute land crunch in the IT sector as the government has no land to offer to companies that had shown interest in setting base in Punjab. “There are some leading IT companies that have shown interest in setting up base in Punjab and the IT tower should bring good news for them,” said Sandhu. A Habitat Centre has been planned for Sector 68. The project would include a unique iconic building, which will be physically challenged friendly besides meeting the standards of ‘Green Building’ concept. The building would have a convention centre like plenary hall, guest rooms and business centre that are equipped with the state of art facilities. A variety of casual and fine dining restaurants and theatres for cultural and entertainment events are a part of the centre. Another 6 acres of land at Bhoothgarh, Mohali is being developed as an Institute of Hotel Management. The site is on the Kurali- Siswan road in the Shivalik foothills. The institute will have a built in fully functional hotel, a first in the periphery of Chandigarh.
Bus Terminal &
Habitat Centre
IT tower
n
Enclosed Passenger Concourse
n Convention hall n Eight lakh square feet of work area
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Nestled in the Greens
Having a sprawling home right next to a golf course is the latest USP that major builders are offering to premium segment clients
all over the country
Residential dwellings built around a golf course are the latest buzzword in the super-premium housing segment of the Indian realty industry, estimated at $15 billion and growing at 35 per cent annually. Townships with designer interiors and world-class architecture are passé. Developers are now turning to golf to attract non-resident Indians (NRIs) and high net worth individuals (HNIs) in the premium housing segment. Residential dwellings built around a golf course are the latest buzzword in the super-premium housing segment of the Indian realty industry, estimated at $15 billion and growing at 35 per cent annually. “The golf cities make an attractive proposition for NRIs and HNIs who together constitute 50 per cent of buyers in the premium housing segment,” Kunal Banerjee, head of corporate communication, Ansal API, said. No wonder big players like Unitech, DLF, Ansal API, Omaxe and Jaypee have already taken the plunge with an array of golf-centric projects. “These high end customers are ready to pay big bucks for a sprawling home amidst the greens with a promise of high class lifestyle,” said a spokesman from DLF. “And even with a hefty price range from Rs 7.5 million to Rs 90 million, these projects have been snapped up like hot cakes,” he further added. DLF Golf and Country Club, Gurgaon, situated on the outskirts of Delhi, is flanked by the twin luxury high-rise residential projects ‘The Aralias’ and ‘Magnolias’ inside the 18-hole DLF Golf Course. And DLF is not a case in isolation. After the Karma Lakelands project in Gurgaon with a 9-hole golf course, Unitech has launched Unitech Grande over 347 acres along the Noida expressway neighbouring the capital city. It offers an ultra luxurious residential project built around Greg Norman-designed 18-hole golf course. In the same locality, Jaypee Green, a township by the Jaypee Group, also boasts of luxury villas and high-rise apartments built around Greg Norman-designed 18-hole golf course. Omaxe is also developing a Golf Theme Township estimated at Rs 18 billion in Raipur, the capital of Chhattisgarh. Developers attribute the trend to growing passion for golf among the elite. “Golf is not just a game but it’s a symbol of urban upper class lifestyle,” Pramod K. Magu, executive vice president, Unitech, said. “So from the top brass of the corporate world to those who aspire to arrive in life, everyone finds residences built around the golf course an ideal abode,” Magu added. The fact that the project caters to an exclusive segment of society goes in favour of the developers. “Golf home projects are exclusive projects. Slight slumps in the market that generally slow down the middle housing segments usually do not affect these projects, as the buyer is exclusive and very selective about the property,” Magu avers. And the trend is fast spreading from metros to emerging cities. For example, Ansal API’s Sushant Golf City Lucknow is spread over 2,000 acres on the outskirts of the Uttar Pradesh capital. “Earlier golf was restricted to a select group, but it has grown popular over the years with many middle level executives and business class taking active interest in the game,” Banerjee said. That is the reason Ansal API are proposing a Royal Palms Golf and Country Club in Lucknow that will offer residents the services of golf trainers and coaches. Even Sahara is providing a golf academy to impart professional golf training in its Amby Valley project built around an 18-hole golf course at Lonavala, 96 km from Mumbai.
— IANS
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Ushering in the Megaplex Era
You’ve heard of multiplexes. But now entertainment conglomerate Adlabs Cinemas has drawn up a plan to build 12 megaplexes in India where you can not only see movies but also cricket and soccer matches on screen! Unlike five to six screen multiplexes, the megaplexes will have 11 to 15 screens with a seating capacity to accommodate 4,000 to 5,000 persons in each of them.
Tushar Dhingra, chief operating officer of Adlabs Cinemas, told IANS in an interview that content available for viewing would not necessarily be movies all the time. “Anything that makes for enjoyable viewing will be screened. The customers will even be able to watch a cricket match or a soccer game in these megaplexes. We will offer a variety of content and something for everyone,” said Dhingra. Adlabs Cinemas currently operates 151 screens in 43 locations in India. With the film entertainment segment poised for further growth that will spawn a new generation of cine-goers, Adlabs Cinemas, a subsidiary of the Reliance Anil Dhirubhai Ambani Group, has conceived the concept of megaplexes. This new endeavour of the company will set a new benchmark for the exhibition outlets of the country. “India has the maximum number of film viewers compared to the Western world and the number is growing. But the number of cinemas per thousand people is still less in India. So there is enough room for growth and we plan to fill the gap.” Dhingra said in the metros and other large cities, cinemas have already ceased to be seen merely as exhibition outlets for films. “Apart from movie viewing auditoria, each unit will also have gaming zones, specialised kids zones, food courts and other value-added services to draw in crowds,” said Dhingra. He said five locations with massive sites have already been identified. To start with, while two of these megaplexes will be built in Mohali, Punjab, one each will be in Delhi, Lucknow and Hyderabad. Dhingra added the locations have been carefully chosen, keeping in mind the high spending capacity of consumers in these key cities. The company is now in the process of identifying seven more prospective locations across the country for building megaplexes. It will be fitted with the latest exhibition technology. High-end digital technology will be sourced from overseas to make film viewing enjoyable.
— IANS
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GREEN HOUSE Sometimes plants of different species are ‘palmed off’ as palms. Satish Narula helps us to distinguish between real and fake palms We have all heard about palms. This usually is the first plant that a gardening enthusiast puts in his home garden. But not many are aware that many plant species that are often referred to as ‘palms’ are not only different from palms but are also not even remotely related to that species of plants. Here is a guide to distinguish real palms from those that are wrongfully referred to as palms. Let us start with Travelers’ palm, which is in fact a palm look alike. It has the same grace and grandeur like a palm. The leaves (in case of palms, we call them fronds) emerge at the tip of a bare stem and form a perfect fan at the top. As the plant matures, it starts giving off shoots near the base that keep appearing in a straight line in succession moving away from the main plant. This ‘moving’ nature of the plant gives it its name. These off shoots can be separated to form independent plants. Another very common class is of cycads, one of the most common plants being Cycas palm (commonly called kangi palm). Believe it or not, this plant has seen the dinosaur era and has not changed since. This also tells a lot about the sturdiness of the species. For this reason it is also known as Fossil plant. It grows very slowly and lives for several years. The stem is woody and the leaves appear in whorls. They are feather -shaped and individual units are thick, deep green and shining. In Japan, it is passed from elders to the coming generations, in the form of bonsai. The plant is like a shallow dish and forms a cauliflower like hump in the middle. The seeds are borne naked. The offspring appear at the side of the main stem. They have a swollen base. These can be removed and planted in the growing medium to give independent plants. Another popular cycad is Zamia that has ‘palm’ suffixed to its name mainly due to the growth pattern of the plant. Another name of this plant is ‘Cardboard palm’ and this is due to the leathery stiff cardboard like leaflets that appear in an arranged pattern on an extended stalk. Various such stalks appear from the middle of the plant that is low and has a short stout bulbous stem that has a swollen base, like a cauliflower. This plant grows quite fast. The young emerging leaves are very attractive and look soft but in no time the leaflets grow stiff and cardboard like. It is also very hardy and long lived plant. All species discussed above, however, need waterlogging free areas. Any stagnation and the plants die. Some even call Nolina, the ‘Ponytail palm’ but it too is not a palm. It is a succulent. The writer is a senior horticulturist and can be contacted at satishnarula@yahoo.co.in
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Tax tips S.C. Vasudeva Q. I am a senior citizen and government pensioner and ‘karta’ of an HUF. My son is settled in Ludhiana and has a three-room house. I have constructed a two-room set on the first floor of the said house. Both me and my wife are unable to climb stairs on account of pain in legs and hence I want to gift this portion to his HUF so that rent from this portion is treated as HUF income for him. I also want to give a part of Rs 2 lakh as gift to his HUF. This amount represents my accumulated PPF. Kindly clarify: a) Is it correct that a residential set on first floor of his own house, be called the asset of his HUF from IT point of view? b) Can I give any amount to his HUF as gift? c) Can I (as Karta) give any amount from my HUF to his HUF? d) What is the effect of the gift? Who will pay tax? How and where to show this liability and how/where to pay? Ram Murti, Malerkotla A. The answer to your queries is as under: You have not indicated in your query whether your son is having a separate HUF. It is also not indicated whether such HUF owns the house on which the house on the first floor has been constructed by you. It is therefore not possible to give a proper advice in this regard. As to the amount of gift to be made on behalf of your HUF, it has been held in Kuppayee vs. Raja Gounde (265 ITR 551) (S.C.) that a gift by a ‘karta’ within reasonable limits, keeping in view the total extent of the property of the family should be valid provided it is not vitiated by fraud or misrepresentation. As per the provisions of Section 56 of the Act, a gift exceeding a sum of Rs 50,000 in aggregate received by an HUF from a stranger would be taxed as income from other sources in the hands of HUF. The provisions of Section 56 are somewhat ambiguous on the subject of receipt of gift exceeding Rs 50,000 in aggregate from the ‘karta’ of an HUF who is related to the ‘karta’ or other members of the recipient HUF. However, on the basis of a harmonious interpretation, such a gift should not fall within the mischief of the provisions of Section 56 of the Act, if the same has been received from the ‘karta’ of an HUF, who should be a relative of the ‘karta’ or other members of the recipient HUF. The gift results in an increase in the capital of the donee and decrease in the capital of the donor. Eventually it does lead to the increase or decrease of income of the donor. In accordance with the provisions of the Act, where an aggregate amount which exceeds Rs 50,000 is received without consideration, by an individual or HUF, in any previous year, from any person or persons on or after April 1, 2006, the whole of the aggregate of such an amount would be treated as income from other sources provided the amount has not been received from the specified sources. One of the specified source is the relative of the recipient. The amount so received by the recipient who is not covered within the above exception would be treated as his income from other sources and added to his other income, if any. The tax would be payable on the aggregate of the total income. The gifted amount should be indicated in the income tax return. There is no tax on gifts made but as indicated above the gift which is not exempt under the above provisions would be taxed in the hands of the recipient as income from other sources. The tax would be payable on the total income, including the receipt, which is taxable as income from other sources. Land acquisition
Q. My query is regarding our land in Khanna which has been acquired by the improvement trust. The date of notification under Section 36 of the Punjab Town Improvement Trust is September 14, 1973. Sanction was accorded by Punjab government under Section 41 of the Act on September 12, 1976. The date of award by Collector is August 14, 1978 and the date of taking possession was December 8, 1978. Are we liable to get the interest from September 14, 1973 to December 8, 1978 at the rate of 9 per cent. S.S. Ahluwalia, via e mail A.
In accordance with the provisions of Section 34 of the Land Acquisition Act 1894 where the amount of compensation is not paid or deposited on or before taking the possession of the land, the Collector shall pay the amount awarded with interest thereon at the rate of 9 per cent per annum from the time of taking possession until the amount awarded should have been paid. In accordance with the above provisions you should therefore be entitled to the interest at the rate of 9 per cent in respect of the period for which compensation was neither paid nor deposited.
Rebate on loan
Q. I have taken a loan of Rs 26 lakh from HSBC Bank by mortgaging a residential house. With this loan, I have purchased a commercial property in the open auction at Chandigarh and the money has since been paid to Estate office Chandigarh. This loan is granted at the interest rate of 12 per cent per annum. Please clarify the following points: As a senior citizen how much exemption is allowed to me under the relevant income tax section? I have kept a deposit of Rs 20 lakh with the same bank on the same rate of interest (12per cent). The bank is adjusting the monthly interest payable to me against the interest which I’m supposed to pay to the bank and the balance of interest, which varies every month, is paid by me. Is there any other method through which as a senior citizen I can get some deductions under the income tax act and how much? Joginder S. Bawa, Chandigarh A.
There is no exemption of income from interest under any of the Sections of the Act even in case of senior citizens. The interest earned on the deposit of Rs 20 lakh with HSBC bank will be taxable. The tax would be computed in accordance with the rate applicable to a senior citizen. The interest paid by you in respect of the loan borrowed for the acquisition of the commercial property will be deductible against the income from commercial property. A deduction for various sums deposited or paid for the items specified in Section 80C of the Act is allowable to the extent of Rs 1 lakh against the total income of assessee. There is no separate deduction allowable to a senior citizen over and above the said amount of Rs 1,00,000. However, in case of a senior citizen the maximum amount up to which tax is not payable is higher as compared to others. For example for assessment year 2008-09 in case of a senior citizen, the maximum amount up to which tax is not payable by him is Rs 1,95,000. As against this, the limit applicable for others is Rs 1,10,000 except in the case of women in whose case such limit is Rs1,45,000.
Tax liability for housewife
Q. My mother purchased a house in July 2006 for Rs 8 lakh and has now sold it for Rs 17 lakh and the payment will be received this month. She is a 65-year-old housewife having no other income. What will be the tax liability on this deal in the next financial year and whether making some sort of investment can lower the tax liability. Mukesh Kumar A.
The capital gain on the sale of the house would be Rs 9 lakh. This will be a short term capital gain as the house has been held for a period of less than three years. The amount of Rs 9 lakh would be taxable on the slab rate applicable to a senior citizen proposed by the Finance Bill 2008 for the assessment year 2009-10. On the said basis the capital gains tax would work out at Rs 1,67,500 plus education cess of 3 per cent thereon.
The writer can be contacted at
sc@scvasudeva.com
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‘Make real estate part of college curriculum’
Real estate, housing and urban development issues should be included in the college curriculum to make the infrastructure industry more professional, K.P Singh, chairman of the DLF Group, said here last week. “There is a mushrooming growth of thousands of fly-by-night builders who made rampant unauthorised constructions all over the country,” he said at the seventh graduation day of the Indian School of Business, here. “This in turn led to haphazard growth and cities are now full of unauthorised shanties, slums and a substandard urban infrastructure,” Singh added. “To rectify this situation, we have to make a new beginning. And it is in this context that strategic education comes into play,” Singh argued. “While India can be proud of its industrial development, we certainly cannot be proud of urban development and housing,” he said. According to him, “The challenge is not just achieving growth. Growth will take place.
The challenge is to manage growth in a manner which makes it truly inclusive. In the 1950s and 1960s, there was a complete absence of industrialists representing the real estate and urban infrastructure sectors of the economy, and that’s why real estate was not included in the curriculum,” Singh said.
— IANS
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Emaar plans big to boost tourism in West Bengal
The West Bengal government has signed an agreement with real estate player EmaarMGF Land Ltd and city-based Sinclairs Hotels aimed to boost tourism sector.
The state government has earmarked 400 hectares at Jharkhali in the Sunderbans for setting up an integrated tourist complex where hotels and resorts would be set up, State Tourism Minister Manab Mukherjee said. EmaarMGF Land Ltd and city-based Sinclairs Hotels has signed an agreement with the West Bengal Tourism Development Corporation and Sunderbans Infrastructure Development Corporation. “The primary focus under the agreement will be the hospitality industry, particularly the budget segment and theme tourism,” EmaarMGF COO (hospitality) Sanjiv Rai told reporters in Kolkata. EmaarMGF would set up a holiday resort Sunderbans, Rai said. The Sinclairs group would set up an eco-friendly ethnic resort in Jharkhali at a cost of Rs 15 crore. Sinclairs would set up a resort with golf course in North Bengal with a budget of Rs 50 crore and would also come up with a hotel management institute near Kolkata within three years, Sinclairs Chairman Niren Suchanti said.
— PTI
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Realty bytes
Mumbai: C & C Constructions has bagged a Rs 574 crore contract from Jaypee Associates for the construction and development of a four-lane road passing through Himachal Pradesh, Haryana and Punjab. The company has received the contract for building the road from Zirakpur in Punjab to Parwanoo in Himachal Pradesh (HP) across Haryana, it informed the Bombay Stock Exchange adding that the project is expected to be completed in 26 months. C&C Constructions had previously bagged two orders worth Rs 202 crore from the HP Road and Infrastructure Development Corp, which were under the aegis of the World Bank. The contract from Jaypee Associates is the second EPC contract in HP for the company.
— PTI
ACI forays into Indian market
Hyderabad:
ACI Real Estate, an affiliate of Alternative Capital Invest GmbH, has forayed into India’s southern markets through Hyderabad-based Global Properties as a franchisee. The ACI’s Indian franchisee network is established to serve ACI’s real estate portfolio in the United Arab Emirates (UAE) currently valued at over Rs 10,000 crore, the Dubai-based company’s joint managing director Sanjay Chimmani told reporters here earlier this week. “In the coming months, ACI will continue to seek prime franchisee operators to represent them across key Indian cities. Its portfolio, includes residential, commercial, leisure and retail developments in prime locations across Dubai, Abu Dhabi, Ajman and other emerging cities across the UAE,” Chimmani said.
— PTI
Rs 300-cr project for Kochi
Kochi: In a bid to spread its wings in the realty market in the South, Sahara Grace has announced a Rs 300 crore residential complex project in the city. Giving details company sales head Sundar Lal said “the project, to be completed in four years, offers residential and coomercial facilities spread on 14.72 acre and proposes to house 728 residential units.” The apartments, to be furnished in European style, would be in the price range of Rs 35 lakh to Rs 80 lakh and have a mix of two to four bedroom apartments, three and four bedroom duplex apartments and penthouses. Lal said the company was planning to launch more residential and townships projects in various cities across south India.
— UNI
Hero Group forays into realty
Hardwar: Munjals promoted Hero Group is foraying into real estate construction through a group company called Arrow Infrastructure and said it may lookout for a partner in the future. Arrow Infrastructure, which has developed a residential complex for the employees of Hero Honda’s new plant here, would look beyond executing projects for the Hero Group, Hero Honda Motors’ Managing Director Pawan Munjal told reporters here. “This is the starting for the company (Arrow Infrastructure) and it will go out and do business outside,” he added. Asked if the company was roping in any partners, Munjal said, “Right now it is from the group. However, as we go out, we may lookout for partners." He further said right now it is too early to say about the possible partner, planned investment and projects that the company was looking to take up. Arrow Infrastructure has taken up the project for construction of the residential complex at Hardwar plant, aiming to bring in modern infrastructure facilities such as shopping complex and schools.
— PTI
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Buzz on bourses
Mumbai: After exiting its stake holding in the institutional broking arm JM Financial Ask Securities, Ask group plans to launch a private equity with an initial corpus of $ 100 million, besides a real estate fund by June, a top official said. Ask Group had recently sold its 40 per cent stake in the broking JV to the majority shareholder, JM Financial, for a consideration of Rs 81 crore. Ask Group’s chairman Asit Koticha told PTI that the firm is set to launch a private equity fund in 2-3 months with an initial corpus of $100 million and is in talks with more potential investors to invest in the fund. “We are in talks with potential investors and are waiting for the final regulatory approvals for the new ventures. We expect to launch the fund in the next 2-3 months and will invest across the board,” Koticha said. The group also plans to set up a real estate fund by June which would invest in different projects in the realty sector, Koticha said.
— PTI
Lodha Group plans IPO
Mumbai: Real estate developer Lodha Group plans to raise Rs 8,000 crore from the primary market to fund its various projects and expand its operations. “We are planning to raise Rs 8,000 crore through initial public offer in the third quarter of this fiscal and enter new markets Pune and Hyderabad,” Lodha Group senior vice-president R.Karthik said. Lodha Group is developing 27 projects in Mumbai and Thane. Its profile consists of 60 per cent residential projects, 30 per cent commercial and 10 per cent retail. The company, which specialises in building luxury homes, announced the launch of a new luxury residential project, Lodha Marina, in Mumbai. “With Lodha Marina, we look forward to making premium lifestyle available through residential offerings in Mumbai’s eastern seaboard. At Lodha, we understand the demands of ultra-modern living and are committed to focus our endeavours towards creating landmarks of exemplary design, luxury and quality that benchmark the highest standards of international living,” he said. Last year, Deutsche Bank invested $ 425 million in Lodha Group.
— PTI
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An international makeover seems imminent for Mohali, as the city’s skyline will soon be dotted with magnificent structures complementing the international airport project. The IT Tower in Sector 67, Habitat Centre building in Sector 68 and the first of its kind state-of-the-art bus terminal in Sector 57, all envisaged under the private-public partnership mode, are expected to turn this poor cousin of City Beautiful into a showcase of Punjab’s indomitable spirit. 