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How concrete is my Valley
This has not only led to haphazard colonies without any proper drainage, power, water and road systems, it has also triggered a steep hike in the real estate prices in the city, making it unaffordable for the lower middle-class residents who want to switch over to modern and more spacious houses compared to the crammed ones in the dense localities of the old city. These cooperatives, 17 of which already stand registered with the Cooperative Department of the state government, have come to the rescue of the needy customers. It has been with this aim that the cooperatives, for the first time, came on a common platform with the constitution of the Jammu and Kashmir Housing Cooperatives Federation earlier this year. The elections to the managing body were held in April, followed by reconstitution of the body on July 3, 2008. Out of nearly one dozen cooperatives, seven constitute the federation, while five or six others are yet to join its membership. In its first election, Abid Hussain Kanth, (Sheikh-ul-Alam House Building Co-operative Ltd) was elected president, Khursheed Alam (Paradise House Building Co-operative ltd)
vice-president, Mehrajuddin (Zum Zum House Building Co-operative Ltd) general secretary, and Nazir Ahmad Dar (Gousia House Building Co-operative Ltd) treasurer. Elaborating on its aims and objectives in the present scenario, Kanth says that with the establishment of various cooperatives over the past four years, there was a need to constitute the federation to help people at the individual level. This, he said, was in conformity with the Godbole recommendations. Not restricting themselves to urban Srinagar, the house building co-operatives have spread to the rural areas, which include the Yamberzal Co-operative at Pattan in Baramula district and International Co-operative at Shariefabad, near
Srinagar. The federation’s objective is also to keep a watch over other cooperatives so that the buyers are not cheated. He laments that the people in Kashmir are still not fully aware of the cooperatives in the housing sector. “We want to set up model colonies that are complete in all respects,” he says. The only one such colony had been set up by private builders at Peer Bagh here about a decade ago. “We want to create colonies with all facilities and with proper approval from the authorities concerned,” adds Kanth. There has been no proper method to develop the colonies around the city, he laments, adding that the posh colonies like Hyderpora are in a mess, lacking proper drainage and road system. These colonies had been developed by brokers without any permission. “We want to give good colonies…our aim is to help people and many of the cooperatives give plots and houses on loan without interest,” Kanth adds. This helps in keeping away the brokers, a trend that is on the decline in and around Srinagar. He refers to the two major projects that are coming up on the city’s outskirts. These are the houses being constructed at Gogo near Humahama and the Chinar Apartments comprising 96 flats by the Gousia House Building Cooperative, one of the constituent members of the Federation. The Gousia cooperative is also launching a super service colony with ready-to-live houses and locales of international standards, for which the booking has already started. This has attracted the NRIs from Kashmir settled in the USA, UK, France, Saudi Arabia and England, with 13 bookings so far, says Syed Khalid Fareedi, managing director of the Gousia House Building. The Sheikh-ul-Alam House Building Co-operative Ltd, of which Kanth is the chairman, is constructing a modern colony near the saffron township of Pampore, about 14 km from Srinagar, falling in Pulwama district. This colony is covered under the 2001-2021 Srinagar Masterplan, he explains. The colony, spread over about 600 kanals, has one kanal and half-a-kanal plots. The colony will be fully developed and provided with all facilities—power, water and road network, parks, and a shopping complex, which will be approved by the competent authority. The Sheikh-ul-Alam Co-operative, in association with four other co-operatives, are also providing 1-kanal plots at Mirgund, 18 km from Srinagar. The trend of systematic colonies being developed by the housing cooperatives is getting an encouraging response, though there
are certain hiccups as the city is still following traditional ways of construction. The housing sector is set to change the overall urban set-up of Srinagar, where a number of shopping malls are coming up. The Hassan group of builders that launched work on unique project “Forest Greens” at Zakura on Srinagar’s outskirts on the Sonmarg-Leh axis last year, has temporarily suspended work till certain formalities are completedbefore the government. There is no specific data available on the increasing number of shopping malls. One such mall, Sangarmal, is being set up by the Srinagar Development Authority (SDA), a state government undertaking. “This is the largest shopping mall of its kind in the country with a craft bazaar, multiplex, food court, children’s park, office-cum-commercial spine and semi-basement parking”, according to the SDA authorities. Allotment for its first phase has already been completed, while the auction for shops in the craft bazaar and other units is under process since May last.
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Class ceiling
If the room is very big we can insert these ducts in the ceiling itself without any hassles of installing air conditioners at every interval. And the good thing is that wiring remains hidden from view. “False ceilings are in vogue these a days. You can find them at most of the hotels, restaurants, offices, showrooms and even residential areas. This type of ceiling comprises ceiling panels or tiles dropped into a suspended exposed grid frame,” says Surinder Bahga, a city-based architect. One can go
in for the metallic ceiling—aluminium or “The plain sheet of gypsum is the most appropriate for commercial as well as residential areas. It is economical also,” says Bahga. “Acoustic tiles can be used to beautify this type of ceiling in auditoriums for sound absorption. Sometimes, we even add glass wool for more absorption of sound. “In movie halls we have acoustic tiles for sound absorption. So even in conference halls we can go for this type,” he adds. In the market, you can hunt for different brands of false ceilings. You can go for Lafarge’s Vinyl ceiling tiles, painted ceiling tiles, Artcote ceiling tiles, printed ceiling tiles and acoustic ceiling tiles or you can bank on Armstrong’s range. Painted ceiling tiles are finished using a special paint. They are easy to install in an exposed grid ceiling. In case of
Artcote ceiling tiles, a combination of semi-gloss face liner and elegant designs allow them to give a fresh, shiny finish that is durable, easy to
clean and maintain. But a disadvantage of this ceiling is that it cannot withstand dampness. It cannot withstand it and gives in, says
Bahga. So, if you are planning to go in for false ceilings, do weigh its pro and cons. Though it bestows an elegant look to the roof of your room, it may throw a damper in your works.
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Finding flora
Satish Narula
In the quest for finding something new for your garden, you always keep your eyes open while on the move. At first, you may sight a plant or a tree and pass it by with the oh-I-have-it attitude. But suddenly, your mind clicks and you exclaim: Of course I have something like it, but this one blooms differently! You find a similar tree with a different appeal and identity. You want to have it at any cost. Nature thrives on dynamism and the gardener on the wonders of nature. The diversity of flora breaks the monotony. You may not enjoy the sight of your neighbour’s garden if it has the same flora as you. Your garden becomes a souce of curiosity for the visitors when you have even a single specimen of the unusual kind. This is where you have an edge over others. Let us talk about a very common short-statured tree, Plumeria, the Temple Tree or Pagoda Tree. It is a common one that is frequently used for small gardens or on the periphery. Most of the species of this kind are deciduous and are also used under the overhead lines. A very hardy tree that thrives even on dry lands, it can be pruned to keep its spread under control. The fragrant flowers of this plant are showy and waxy and appear in bunches at the terminal of the branches. Normally, what you have is a range of white, cream, a mix of these two or at the most, a light pink blooming species. Go and look out for the red flowering one. In contrast to the giant green foliage, bunches of deep red blooms make this tree an excellent specimen, worth many more looks. Ask the nursery man to get it for you. In case you have seen it growing somewhere, multiply it during winter through cuttings. It propagates readily through this method, so much so that you can even try large cuttings. The tree is also suitable for planting in large pots for keeping on rooftops. When you talk about tall trees, the name of Simbal, also called the Cotton Tree, comes to mind. When fully grown, it reaches amazing heights. The mast-like thick main trunk grows absolutely straight up and is valued for its stately posture. After shedding leaves during winter, the tree wakes up from slumber in spring with red flowers that appear in abundance while it’s still without foliage. The fleshy blooms appear very far up on the tree but for you to enjoy the deep red display, Mother Nature gave them a giant size, so much so that when they fall on the ground they do so with a soft thud. Do not worry, they are not heavy enough to cause any injury. But have you seen Look at the accompanying pictures. I found the two types growing near the gate of the PGI in Chandigarh and took the picture standing in the middle of the road from where the branches seem to be shaking hands. The writer, a senior horticulturist, can be contacted at satishnarula@yahoo.co.in.
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Eco-friendly township in offing
The upcoming Rs 250-crore Alpha International City in Kurukshetra is being developed by the Alpha G:Corp as an eco-friendly integrated township project spread over 90 acres in Sector 29, adjacent to the town’s premium residential and commercial HUDA sectors. The self-contained township is designed primarily for existing residents and will comprise plotted development, villas, group housing and will be commercially backed by comprehensive infrastructure and amenities. The project has been duly approved by the Department of Town and Country Planning (DTCP) and HUDA. This eco-friendly, integrated township presents another opportunity to the Oberoi group to open 10 hotels by 2011
Leading hospitality chain Oberoi Group is planning to set up 10 more hotels in India and abroad by the end of 2011 and adding 2,300 rooms. "A decision to open 10 new hotels has been taken at the annual general meeting of the company held in Kolkata earlier this week.
Although no discussion took place regarding the investment modalities, the meeting took note of modalities like the room capacity and ownership structure for the new hotels," an Oberoi Group official said in New Delhi. “We will have, under the Oberoi brand, one City hotel at Dubai, two (one City and a Leisure) in Abu Dhabi and one City in Muscat in Oman," the official said.
Kamdhenu Ispat enters paint segment
Diversifying field of operation, homegrown steel maker Kamdhenu Ispat has forayed into the paint segment with launch of 'Colour Dreamz' range. The company, known for its Kamdhenu TMT bars, would initially invest Rs 30 crore in new paint manufacturing unit at Rajasthan, its chairman and managing director Satish Agarwal said, while unveiling the paint range in New Delhi recently He added that Kamdhenu Ispat had strategically invested in the paint segment with a view to harness immense opportunity that booming construction sector is offering.
Asked about the USP of Colour Dreamz, he said it is "best product at best price". "The entire range of Colour Dreamz products have been priced 10-12 per cent cheaper than the leading brands, which would help the company acquire a sizeable share of the Rs 20,000 crore domestic paint market, Agarwal added. Kamdhenu's new paint-making unit would have about 60,000 kilo litre annual capacity to start with, he said.
— PTI
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Indo-German pact for urban infrastructure
Aiming at providing solution to critical problems in urban infrastructure development
and capacity-building in cities, the Union Urban Development Ministry has joined hands with an international cooperation enterprise for sustainable development.
"I am delighted to note that we have reached a significant milestone in Indo-German technical cooperation in the field of Urban Development," M. Ramachandran, secretary, Urban Development Ministry, said while signing the joint statement of cooperation between the ministry and GTZ, Germany, in New Delhi recently. Areas such as management, strengthening of municipal institutions, green buildings, energy efficient measures, capacity building and training, sanitation and good governance would be covered under the
agreement. — PTI
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Swiss account
Infrastructure major Indu Projects has said it has received an investment of USD 77 million from Swiss banking major Credit Suisse.
This is the first tranche of an overall investment of USD 113 million, a company release said in Mumbai recently. "This substantial investment will help us create value by expanding our presence within India. It is also an important step in our diversification, wherein we plan to utilise our partner's global reach," the company's Chairman and Managing Director Syam Prasad Reddy said. "This investment bolsters Credit Suisse's long-term commitment to India. We see this as a tremendous opportunity to participate in the strong growth of the country's real estate and infrastructure sectors," Credit Suisse Managing Director and Head of Real Estate Finance, Asia Pacific, Samir Nayar said. Avendus Capital was the sole advisor to this transaction.
The Indu Group, with a sizeable presence in the south and west of the country, has a diversified business in the area of core infrastructure with several irrigation, road, railway and BOT (build, operate and transfer) projects under its belt. The firm plans to enter contract coal mining and build agro-food parks and rural transformation centres.
— PTI
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Sale and stamp duty
S.C. Vasudeva
I have paid stamp duty and registration fee for my flat. Is it exempted under
If yes, then under which rule? Can I claim exemption for the stamp duty and registration in my IT returns of 2007-08? A. Clause (xviii) of Section 80C of the Act provides that for the purposes of purchase or construction of a residential property, the income from which is chargeable to tax under the head income from house property where a payment is made towards stamp duty, registration fee and other expenses for its transfer by the assessee, the same shall be allowed as deduction from the total income of an assessee, subject however to the fact that such a payment will have to be within the overall limit of Rs.1 lakh laid down by Section 80C of the Act.
Investment issues
Q. I purchased a 15 marla plot in June 1981 for Rs.15,000 @ Rs.1000 per
marla. On June 2008 (after 27 years), I sold it for Rs 9 lakh @ Rs 60,000 per
marla. Since I have no mind to purchase any property (plot or built-up house), I shall feel highly grateful if you let me know: A. The answers to your queries are as under: (ii) The investment in the acquisition of tax saving bonds required to be made is that of capital gain earned on the transfer of the property. The exact amount of capital gain required to be invested would depend upon the index to be notified for the financial year 2008-09. (iii) The bonds should be acquired within a period of six months from the date of transfer of the property.
Lease and liabilities
Q. I have a plot of 1000 sq yard which is on lease for 99 years, in possession since 1985, and also a self-occupied house. What is the wealth tax liability on a leased plot and who is entitled to pay wealth tax, me or the owner of the plot? A. The Wealth Tax Act, 1957, provides that ‘urban land’ shall form part of the assets chargeable to wealth tax. The term urban land has been defined by the it as the land situated within the jurisdiction of municipality etc. as well as land situated within such distance, not being more than 8 km from the local limits of any municipality, as notified by the government in the official gazette. It has been held by various courts that leasehold interest in any property, especially for a longer period, is an asset. Accordingly, leasehold land held for 99 years being an asset would be covered within the term ‘urban land’ and is eligible for wealth tax, provided the same is not covered within the exceptions. The wealth tax will be payable by the person who has a leasehold interest in such property. It may be added that the term ‘urban land’ on which construction of a building is not permissible under law for the time being in force in the area in which such a land is situated, or the land occupied by any building which has been constructed with the approval of the appropriate authority, or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition, or any land held by the assessee as stock in trade for a period of 10 years from the date of acquisition by him is not eligible for wealth tax.
Exemption benefits
Q. I need your guidance on the following issues regarding LTCG on the sale of residential property. 1. Do we need to invest only the capital gains from the sale in the new residential property to avail tax exemption benefit and the original investment can be utilised for other purposes? 2. Is one allowed to invest the capital gains in more than one residential property (or residential plus commercial property) and still get the exemption benefit? A. The answers to your queries are as under: An assessee can also claim exemption in case he invests the amount of capital gain arising on the transfer of a residential property in the acquisition of tax saving bonds within six months of the date of transfer of the property. The original investment in such a case can be utilised for any other purpose. (b) The capital gain arising on the transfer of a residential property would not be taxable if the same is invested in the acquisition or construction of a house only within the period mentioned in (a) above. The investment in more than one residential property may not be advisable on account of a difference in judicial opinion on the subject. The exemption would not be available in case the amount of capital gain is invested in the acquisition of a commercial property. The writer can be contacted
at sc@scvasudeva.com.
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With the number of housing colonies around Srinagar increasing over the past couple of decades due to the growing migration from the rural areas in view of population growth, this summer capital city of Jammu and Kashmir wears a changed look.
Thus, over the past about six years, over a dozen cooperative societies in the housing sector have been formed. This has also reduced the involvement of brokers in the sale and purchase of residential plots and the setting up of colonies in and around
Srinagar. 
To lend a modern look to your room one can
One can even use plaster of paris to beautify these ceilings. You can hunt for different types of false ceiling tiles to give a royal touch to your room. Light-weight wooden ceiling tiles, too, offer new possibilities for false ceiling designs. 
Q. I have only one flat in my name, which was completed in 2007-08 by taking a housing loan in 2005-06 from a scheduled bank.