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Facing the heat
Construction companies are finding it hard to deliver the goods in view of the steep hike in the prices of steel and cement, writes
S.C. Dhall
The increase in the cost of land, steel and cement has put a question mark on the efforts to provide affordable housing to middle and lower middle segment buyers.
ESCALATION STEEL Jan 2007- Rs 28,000 (per tonne) April 2008- Rs 48,500 (per tonne)
CEMENT 2007- Rs 200 for a 50 kg bag 2008- Rs 240-245 for a 50 kg
bag
The real estate industry has lashed out at steel and cement companies for the hike, even accusing them of cartelisation. But some major players seem to be biding time and maintaining a positive outlook like Pardeep Jain, chairman, of Parsvnath Developers, maintained that there is no slowdown in the real estate sector due to high steel and cement prices and he did not forsee any softening in prices of residential property in the near future.
Projects under threat
Estimates suggest that public works to the tune of over Rs 5,00,000 crore could come to a grinding halt as contractors are finding it difficult to cope with the high prices of steel and cement. A number of associations have already taken up the matter with the respective state governments requesting them to review their contracts in the wake of rising prices. Contractors have already been incurring additional burden over the past two years. A number of state contractors’ associations have threatened to stop work if the terms and condition of their contractors were not reviewed. The contractors’ association has also demanded a uniform policy, which makes provisions for price fluctuations in steel and cement prices for structural projects. The government’s formula for price escalation in public construction contracts, however, fails to cover the full impact of recent escalation in the cost of construction steel. This is also likely hamper the execution of government and quasi government rate contracts for construction work.
Core issue
At the heart of the problem is the 70 per cent hike in the cost of steel over the past one year. The price of steel, which was Rs 28,000 per tonne in January 2007, has gone up to Rs 48,500 per tonne this year in April. The rate of contract is linked to wholesale price index and in terms of the formula for escalation contractors can only expect a mere four to five per cent raise in contract value for the hike in steel prices. On the other hand, the price of cement, which was Rs 200 per bag, last year has now touched Rs 240-245 for a 50 kg bag.
Cartelisation- an allegation or fact?
Last week the finance minister P. Chidambaram again targeted the cement manufacturers and steel producers by saying that they were acting like a cartel and warned that the government was looking at legal and administrative measures to deal with them to contain runaway inflation. “It is my view that cement manufactuers and to some extent steel producers are behaving like a cartel,” he said replying to supplementaries during the Question Hour in Rajya Sabha earlier in the week. MRTPC is conducting an inquiry into the allegations of cartelisation, he said. However, A.L. Kapur, Managing Director, Ambuja Cements, has termed the allegations of cartelisation in cement industry as absolutely false. “There is no cartelisation. We study the market and decide our own price.” “If there is any increase in input costs, we have to pass it on to the consumers. Our costs have gone up by Rs 14-15 for a bag of 50 kg in the last one year and only Rs five to seven have been passed on to the consumer,” added Kapur. “The cement industry requires 25 million tonnes of coal in a year but the industry gets only 14 million tonnes in a year. The remaining 11 million tonnes are procured through private parties where it is available for 40-50 per cent higher prices and we have no option.”
Innovative technology
Meanwhile, real estate developers are realising the importance of innovative construction technology to reduce costs and monitor effective quality control. The use of alternative technologies such as tunnel from technology, table forms and flyash is increasingly gaining the acceptance of realty firms as an ideal way to keep the costs under control. Real estate developers are of the view that they will be able to save up to 10 per cent in construction costs for high-rise structures by using flyash-based cellular light weight concrete, such a move can greatly benefit the real-estate sector as a whole. According to Jain using appropriate technology is extremely important in any project. Jain further added that besides the rising steel and cement costs there is also a shortage of skilled manpower and that too is adding to the cost besides increasing construction time of the projects. According to Chief Executive Officer, Marketing, of Ansal API, the organised players in the realty sector are fast adopting such methods to improve efficiency and speed up the delivery of projects. The impact of such a move on the industry will be tremendous. However, despite benefits, small and middle level contractors feel that the new technology is not popular as they are of the view that use of cost effective construction materials results in inferior structures. Potential buyers too have concerns about the safety, durability and resale value if a building has been built with anything but conventional materials and technology. There is a need for greater level of awareness among the buyers. According to a contractor, “we have absorbed as much as possible, but come price hike will necessarily have to be passed on to the purchasers.” — The writer is a
senior banker
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NCR rents likely to stabilise
Rentals in the National Capital region are expected to stabilise in the next quarter as supply is set to increase in Gurgaon and Noida, says a report. According to commercial real estate services firm CB Richard Ellis, rentals are expected to be stable in the next quarter as the supply is set to increase significantly in Gurgaon and Noida.
“However, no significant change in supply is expected in Delhi except in Jasola where an additional 500,000 sq ft is expected to be added in the second quarter,” the report stated. Rentals rose steadily in the Central Business District Area of Connaught Place in the absence of any new supply in the first quarter of 2008. The report stated that an evident feature in the last quarter was that a number of the older buildings made a noticeable attempt to improve infrastructure in their premises in an attempt to cash in on the low available supply and high rentals. However, CBRE forecast that there would be no respite in rentals in the near future in the absence of any upcoming supply in the Central Business District of Delhi. The average rent in Connaught Place (Grade A) rose to Rs 340 per sq feet per month in March this year from Rs 325 in December 2007. While in the peripheral markets, Gurgaon and Noida, the rentals are expected to stabilise in the next quarter. Rentals in Gurgaon showed no sign of a meltdown in the previous quarter. However, they are expected to remain stable in the next quarter with additional supply on the MG and Golf Course Road offsetting the corporate demand, the CBRE report said. Besides, in Noida rentals were marginally higher in the last quarter but are expected to be steady with high supply available especially in the industrial/institutional sectors. Noida continues to be an attractive destination for IT/ITeS companies primarily for their back office operations. The report said absorption rates in Noida are expected to rise significantly this year with improved infrastructure and affordable rentals.
— PTI
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Solan’s sore point
With the district town of Solan witnessing the highest growth rate of 57.26 per cent in Himachal, the growth in real estate sector too has witnessed an upsurge. Though major builders are yet to set foot in the town, yet the overwhelming demand for flats has made the builders from plains to start projects here.
Major players have been hesitant to start projects here basically due to the lack of proper planning which has reduced the town into a jungle of concrete. “The government should identify specific sites for housing, malls, shopping complexes, parks, entertainment, etc. and auction them. This would ensure the hassle free availability of land to the builders who can then plan and bring renowned names to the town. A realtor desirous of setting up a mall in the town is left with little option, as the available space is either government land or else too expensive, opined Dr Ashwin Johar, a realtor planning to invest in the region. Johar adds “Since the people are on the look out for quality in shopping, entertainment as well as hotels, there is an immense scope for retail chains making an entry here.” What acts as a plus point for the town is its ideal location as it is merely a two-hour drive from Chandigarh, Punjab and Haryana. It is hence highly preferred by the people from the plains. Nearly 600 to 700 flats are coming up in the town, which range from two to three bedroom ones. Offering nearly 1,100 to 1,400 square feet area, the flats in Solan offer the basic facilities like parking space, a picturesque view which enables the cool pine whiffed breeze to pervade the rooms. “The beginning of tourist season is usually also the time when bookings for flats begin”, confides a realtor while adding that, “Buyers are typically on the look out for a summer house where they can escape from the summer heat of the plains.” As most of these house owners stay away for most part of the year, security is the prime concern when a buyer enquires about a flat. Equally significant is the view which a flat offers. A modest two to three bedroom flat is available for anything between Rs 20 to Rs 35 lakh in the town. The demand for such flats, however, is not commensurate with the availability as according to an estimate only 20 to 25 per cent buyers are forthcoming to pay this high-end price. With a high level of floating population, which resides in the town for professional reasons, the realtors feel studio apartments offer a better scope. “We are planning to come up with studio apartments which would offer the large chunk of the floating population here a modest one-room, bedroom along with a kitchen and a lobby. Priced at an affordable Rs 7 to Rs 10 lakh, it would be an reasonable option for a salaried person”, opined another realtor proposing to invest in Solan. The haphazard development of the town has, however, reduced the chances of planned development. Though the town’s development plan was approved in 2004 and it had clearly laid down the provision of reserving at least 10 to 15 per cent of the area as open green space, the large scale commercialisation has thrown this plan out of gear. The town and country planner Sandeep Sharma said, “Best planning can be achieved when we acquire huge chunks of land as is done in cities like Gurgaon and then distribute it as per the plan but despite all constraints the department has ensured that the development plan is adhered to so as to bring about a balance between environment and development.”
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GREEN HOUSE Satish Narula gives tips on maintaining low cost and low maintenance species of ground-cover plants
The latest trend in horticulture is to cover most of the ground with various ground-cover plants making various patterns. Yes, it suits as the only maintenance they need is repeated cutting and trimming to give shape. The hedge, edge and topiary design also comes under this kind of landscape planning. Even a big ‘globe’ created with Duranta will require only about 10 feet of ‘hedge’ cutting (trimming of the feature), only once a month. But it is very important to understand the behaviour of different ground cover plants. In case there is a problem of more water or moisture then you cannot go in for lavender as it rots and dies. You let the iresin (kali patti) grow tall and it will only survive summer. In winter most of it will die. Alternanthra is also prone to dying in winter. For hardy planting go in for any of the Duranta species. Various agave plant species, although they do not come under this category, are also used as close planting to cover most of the ground. They are plant-and-forget kind of material. The landscapers have found enough of plant species suited for different purposes. Of late the emphasis is on those species that require minimum maintenance and negligible watering. Even the vast expanses of lawns are being fitted with pop-ups, sprinklers or water guns to quickly cover the area with moisture. This is also a labour and maintenance saving device. The traditional method of hose-pipe left in the lawn is being replaced fast. This is due to the water being a scarce commodity now. Moreover, it is like your lawn receiving rain everyday that keeps it lush green even during the simmering summer heat. In every kind of plants, whether trees, shrubs, climbers and even annuals and bulbous plants, the horticulturists have found species that need minimum maintenance and also that can stand stress even when they are in a state of neglect. The species like bougainvillea, various bamboo species, some beautiful flowering tree species like Erythrina indica (Indian Coral tree), Amaltas, Gulmohur, various Junipers, Thuja, climbers like railway creeper (the one with ivy like leaves and purple flowers) etc. In hills most of the bulbous plants grow without any effort and need no more attention once they are at place. Shrubs like hydrangea bear bunches of very attractive blooms and the only maintenance the shrub needs is a once in a year pruning near the ground. Winter annuals like mesembryanthemum (burf) can be planted near the bed edges or even on mounds and hills for magnificent show during winter. They require minimum watering and maintenance. The writer is a senior horticulturist and can be contacted at satishnarula@yahoo.co.in
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Realty meet to be held in Mumbai from April 28
Terrapinn is back with one of India’s most significant annual real estate events in Mumbai ‘Real Estate Investment World India (REIW) 2008’. With less than a week away, this groundbreaking conference will be held from April 28-30 in Mumbai. The three-day long forum will serve as a key platform to map out opportunities within India’s property sector.
India’s nine per cent GDP growth rate and the opportunities in its real estate market are well chronicled. The fundamental issue that REIW India purports to address is how to successfully tap into the rich and deep real estate sector while maximising its untapped potential. REIW India 2008 is a world-class conference that allows industry luminaries within the Indian real estate market to meet, network and conduct business. Participants at this established platform can look to penetrate the complex and multi-faceted Indian property sector, refine their portfolio management and investment strategies while forging rewarding joint-venture partnerships. Featured speakers include: Dr. Khater Massaad, Chairman, Chief Executive Officer — Rakindo Developers, Ras Al Khaimah Investment Authority, Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj, Pranav Ansal, Vice-Chairman and Managing Director — Ansal Properties and Infrastructure, Peter Morgan, Chief Economist, Asia Pacific — HSBC, Kapil Wadhawan, Vice-Chairman and Managing Director - Dewan Housing Finance Corporation Limited amongst many others trusted industry voices. “REIW India was an enriching experience. It provided a superb networking platform for our Capital Markets team,” said Vivek Menon, head of Marketing and Communications — Jones Lang LaSalle Meghraj, India.
— ANI
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Theme dreams
The windows of your house can open to a Spanish, Hawain, British, Balinese, Chinese landscape or even to quiet whispering woods, here in India as theme housing projects catch the fancy of home buyers
“Theme-based housing projects are a huge attraction now,” says Mohammed Ali, Director, Vakil Housing Development Corporation, whose projects include some like an English gamlet, Moghul garden city and Whispering Woods. These projects revolve around certain themes: Vakil Hamlet aims at capturing the world of mystery romance and extravagant living of the English. “Hamlet is an impressive reminder of the medieval grandeur right in Bangalore. Modelled on the magnificent architecture of old with an imposing entrance arch, water walls with thematic murals, ornate designs and ancient street lamps, Vakil Hamlet is straight out of a history textbook,” says a spokesperson. Located at Jigani on intermediate ring road, the township offers an old world charm but with all modern amenities, including an amphitheatre, day care centre for children, indoor and outdoor games facilities. Another leading city developer, Purvanakara, has come up with ‘Purva Venezia’ in Yelahanka. “The project, to be completed in 2010, offers a slice of Venice in Bangalore,” says a marketing personnel of the city developer. Spread over 23 acres, it offers the beauty of canals with gondolas, arched bridges and a piazza outlined with supermarkets and stores. Those wishing to take a break from the cacophony of the streets and workplaces can return to a home that offers the serenity of Bali, with tropical foliage, the rich landscaping and overpowering Balinese motifs or sit by the Marina bay of a Chinese dwelling. One could be in Bangalore and yet be away from it, says a marketing officer of a leading developer. “Your home could be an ideal getaway from your chaotic workplace,” he says. “Many of today’s customers are globe trotters. They have been abroad and seen the world. They want to have something of that when they return home and a theme -based project gives them that opportunity,” says Ali. The booming economy, the increasing purchasing power of consumers and the need to be associated with anything exotic is what is driving this segment, says a developer. A theme project is worked out after a brainstorming session, says Ali. “We have a series of meetings, before we finalise the theme. We then have experts some from abroad flown in to design the project,” he says. Many customers are very quality conscious. A cut and paste job of a landscape really did not work. “Execution of theme in perfection is of utmost importance,” Ali said, adding that all calls for meticulous planning and detailing before executing the project to the finest detail. Vakil’s garden city which replicates the Shalimar Baug, aims at providing the beauty of the well laid out gardens.
“Gardens are very important in our layouts,” says an official of the company. However, the pheonomenon of theme projects is not limited to Bangalore, but has extended to other metros as well. Purvanakara’s are busy developing their Swan Lake in Chennai. The project is built around the theme of the lake, says an official. While cities like Gurgaon are seeing slices of Hawai and Egypt bristling in their own land, Mumbai has its own version of mini Udaipur. Once ready, the maintenance of these societies is one of the crucial points and is handled by builder briefly. Speaking about the cost factor, a marketing personnel of Purvanakara said the cost is marginally higher. “If a project is executed well, there will be takers,” says Ali. Consumers know the difference between shoddy work and work of quality and are ready to pay the difference. While theme projects are on the rise, another trend that developers have been offering is adding a theme to a part of usual housing project. Some developers have thrown in a ‘butterfly park’, an orchard, an athlete’s corner, a kiddies corner or clubhouse facilities. While some developers like Sobha which are not pursuing this line term it as a promotional line of activity, the others insist that offering good amenities and focus on greening projects with rain harvesting facilities, cutting down power bills are those that have more takers.
— PTI
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Sluggish economy retards realty growth in Lanka
According to the state-run Daily News, the developers have said “there has been a drop in condominium (apartment) sales” with the banks reluctant to fund the projects. “All developers are experiencing a difficult time as there is a downturn in the economy. This is a short-term crisis and things will turn around,” P&A Developers managing director and chairman A.E. Pararajasingham told the newspaper. The Board of Investment has approved several condominium projects, resulting in several modern high-rise residential buildings adorning Colombo and its immediate outskirts with several million-dollar investments. According to the developers, over 90 per cent of the buyers of these super luxury apartments are locals, including Sri Lankans working abroad. Expressing similar views, Sunil de Silva, who heads Benison International Property Developers, said “the high inflation rate” had badly hit the housing market. Bank interest rate has gone up from 11 to 22 per cent per annum. “As property developers our challenge is to settle our bank loans,” he said, adding he had to launch a special marketing campaign to sell 23 remaining apartments. “All our buyers are local professionals. However, we had to delay our next project due to unfavourable market conditions. Today construction cost has increased by 100 per cent,” Silva said.
— IANS
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Tax tips
Will it be necessary to park the total proceeds/capital gain in the ‘capital gains deposit account’ in some bank till the purchase of agricultural land? In case one decides not to purchase agricultural land, what is the time limit for the deposit of capital gains tax after the sale of land? — Rameek Singh, Jalandhar A.
The amount of capital gain arising from the sale of the agricultural land is required to be utilised for purchasing the new agricultural land. The amount of capital gain which is not utilised by the assessee for the purchase of the new agricultural land before the date of furnishing the return of income under Section 139 of the Income-Tax Act 1961 (the Act) is required to be deposited under the capital gains scheme account which can be opened with any nationalised bank. The capital gains tax has to be paid in the same manner in which the advance tax on other income is paid i.e. on September 15, December 15 and March 15 of the year in which the capital gain has been earned.
Sale of agricultural land
Q. I am a government employee and an income tax payer. I own agricultural land in rural area, which is co-owned by my brother (a government employee who also pays income tax) and my mother (a retired government employee). We want to sell our land, Are we liable to pay any income tax on the sale of this land? Or is it exempted from the income tax. If any income tax is to be paid on account of this sale, what is the percentage of income tax that needs to be paid? — Daleep Singh Kanwar A.
The capital gain on the sale of an agricultural land is exempt from tax in case the agricultural land is situated in any area which is outside the jurisdiction of a municipality, municipal committee, municipal corporation, notified area committee, town area committee, town committee or a cantonment board and which has a population of not less than 10,000 according to the last preceding census of which the figures have been published before the first day of previous year or in any area which is more than 8 km from the local limits of the municipality or cantonment board etc. referred to herein above as the Central government may specify in this behalf by Notification in the official gazette. Since the above particulars are not available in your query, it is not possible to state whether the capital gain arising on the sale of the agricultural land owned by you would be taxable or exempt from tax.
Gifting sale proceeds to son
Is there any legal hurdle/tax liability? Kindly also advise about the capital gain arising out of the sale proceeds. Is the capital gain to be retained by us or can it be gifted too. We are not filing Income-tax return now, as our income is less than the limit of taxable income. Calculate the capital gain for us. — Surinder Mohan Dhawan, Abohar A.
You purchased the plot in the year 1978. You have thus an option to adopt the fair market value of such plot as on 01.04.1981 for the purposes of computing the capital gain. This value will be indexed taking the financial year 1981-82 as the base year. On the basis of the cost of plot of Rs 5,000, the indexed value would work out at Rs 27,550 giving a net long-term capital gain of Rs 4,72,450. The tax thereon would be payable at the rate of 20 per cent and would work out at Rs 49,490 (after considering the exemption of Rs 2,25,000 available to a senior citizen) plus education cess of 3 per cent thereon. The total tax liability would thus work out at Rs 50,975 (49,490 + 1,485). As indicated above, you have an option to adopt the fair market value as on 01.04.1981, which will raise the base figure of Rs 5,000. The capital gain amount would get reduced thereby resulting in a lower tax thereon. The total amount of sale proceeds less tax and expenditure in connection with such sales, if any, can be gifted by you to your son without any tax liability on such a gift.
Partition of HUF property
All of us have agreed in writing on a stamp paper of Rs 10 to sell the house and out of the sale proceeds to buy a house elsewhere which may accommodate all the members of the HUF, if need arises. It is also agreed that the karta after paying all taxes, keep accounts of the balance money and divide the same amongst the members according to law. Can I sell the house and soon thereafter transfer the sale proceeds in the bank account of the HUF from my individual account and thereafter buy a new house as agreed by all members of the house, pay capital gains tax to the government from HUF account and partition the new house with an undertaking that the new house shall not be sold for three years and divide the balance money amongst the members of the HUF or I must wait for three years for total partition to get benefit of Section 54 of the Income Tax Act. How many shares can be in the HUF property; six or five. Can there be a total partition of HUF property on an ordinary paper or it should be done on a stamp paper; if so of how much value. Is the partition deed required to be registered or not. — M.L. Gupta, Greater
Kailash, New Delhi A. You can sell the house and take the action in the manner suggested by you with regard to the sale proceeds. The partition of an HUF property can be effected any time as such partition is not considered to be a transfer in accordance with the provisions of Section 47(i) of the Act provided it is a total partition of the family. There will be six shares of the HUF property. However, it is not essential that the share of all the co-parceners should be equal. It will better to have a Memorandum of Partition. The recital of such memorandum would state that the partition had been agreed orally on a particular date between the various parties and the same is being reduced in writing after the date of such partition. This may involve a lesser amount of stamp duty. It would be advisable to get such memorandum registered with the Registrar.
The writer can be contacted at sc@scvasudeva.com
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Real Ventures
New Delhi: Real estate player Parsvnath Developers is on the verge of signing an equity partnership with Groupe Casino for the latter’s cash-and-carry business in India, while the realty firm will be the franchise partner for retail venture of the French giant. According to sources close to the development, the Delhi-based realty firm is in advanced stage of negotiations with Casino and is likely to sign the equity agreement in the next 4-6 weeks. When contacted, Parsvnath chairman Pradeep Jain declined to comment. Groupe Casino is holding talks only with Parsvnath Developers in the country for all formats of retail market, the sources said. Earlier in November last year, Jain said the company was in advanced stage of talks with “internationally renowned” hypermarket operators. There had also been reports of Parsvnath having negotiations with another French player Carrefour. The 22 billion Euro Groupe Casino had, in 2002, entered into strategic alliance with the Home Stores (India) and a realty developer Ansal Housing and Construction. It has over 10,000 stores around the world.
— PTI
Ansal API ties up with Malaysia’s UEM Group
New Delhi: Real estate developer Ansal Properties and Infrastructure Ltd has joined hands with Malaysia-based UEM Group to form a new company to carry out construction activities across the country. Ansal API has signed a shareholders agreement with UEM Builders, a subsidiary of UEM Group, to form a joint venture company for the purpose of carrying out building, construction and engineering activities for Ansal’s projects across the country, the Delhi-based realty firm said in a statement. The new JV company, UEM Builders-Ansal API Contracts Pvt Ltd, would initially have an authorised capital of Rs one crore, divided into 10 lakh ordinary shares of Rs 10 each, and a paid up capital of Rs 50 lakh, the statement added.
— PTI
Berkeley group forays into
real estate
Chandigarh: Berkeley Group announced its foray into real estate business earlier in the week with the launch of Berkeley Realtech and aims a business of Rs 300 crore in the first year of its operations. “We will help the corporates in finding suitable space on rental basis in the tricity of Chandigarh, Mohali and Panchkula as per their requirements,” Berkeley Realtech Director Sanjay Dahuja said. Berkeley Group, with interests in automobiles, insurance, finance, is looking to increase its turnover from Rs 400 crore to Rs 1,000 crore by end of 2008-09. “We are expecting our sales from other businesses to increase from Rs 400 to Rs 700 crore and balance Rs 300 crore would come from realty business,” Dahuja said. The company would also assist corporates through personal verification and surveying of site, proper handling of legal procedures till the signing of the final agreement, he said. “We have already identified 400 such locations which are available with us and we are further looking for more space so as to cater to the emerging requirements of companies,” he said. “The tricity of Chandigarh, Mohali and Panchkula is gaining immense momentum and becoming an economic hub of Punjab, Haryana and Himachal Pradesh. As a result of it, several companies are quite keen on establishing their base, so as to mark their presence in this region,” he said.
— PTI
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Housing loan scheme for slum dwellers
United Bank of India has launched a housing loan scheme for slum dwellers across the country in order to facilitate construction or upgradation of dwelling units for the urban poor.
The bank has planned to disburse Rs 100 to 150 crore which is likely to cover around two lakh customers by 2012. The interesting point of the scheme is that loan will be available at 4 per cent rate of interest.
— TNS
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Faced with spiraling input costs and margin, the construction companies in the region are now feeling the heat of the rising steel and cement costs. According to experts the steep hike in cement and steel prices has pushed up the construction costs by Rs 150 to 225 per sq. feet in the past one year. 
According to reports the soaring steel and cement prices are threatening to stall a number of government and semi government projects in a number of states across the country. 
One of the most demanding aspects of landscaping is the low cost or minimum maintenance concept. This can only be achieved when the planner is well versed with the kind of species and their behaviour. Selected species also need to have a matching environment for placement. Let us discuss some of these, starting with the lowest growing, the ground covers.
Property purchasers can now choose between spending their time among the mysterious landscape of an English hamlet or visually cruising along a Venetian gondola as developers vie with each other to offer theme based housing projects to its clients.
Although the real estate market is up and vibrant in Sri Lanka, property developers have complained that the industry has been badly hit due to “the downturn in the economy,” a media report said earlier this week.
Q. Kindly clarify the following points: Whether the total proceeds or only the capital gain from the sale of agricultural land will have to be used for the purchase of agricultural land?
Q. I am a retired senior citizen and my wife too is above 60 years. We had purchased a plot jointly from our savings way back in 1978 for Rs 5,000. Now we are selling the plot for Rs 5 lakh (Financial Year 2008-09). Our married son (in service) lives in a rented house in another city. We want him to purchase a house there. Can we gift the sale proceeds of the plot to him for the purchase of a plot/house? 
Q. I, the Karta of HUF own a house at Delhi. It is being assessed as HUF property since seventies. In the sale deed and in the municipal records it stands in my name only. The HUF consists of my wife, my four married daughters and myself (karta). I want to divide the HUF property and funds amongst all members legally and honestly.