|
|
|
| REAL ESTATE |
|
|
|
|
|
Bye Buy
At Stake… INVESTMENT worth Rs 900 crore was being made in the housing sector alone in the Baddi-Barotiwala-Nalagarh belt. As many as 25 licenses had been granted by Himachal Pradesh Housing and Urban Development Authority after the HP Apartments Act was enshrined in 2004. An estimated 8,000 flats are slated to come up once all builders initiate their projects. FROM just another backward area of the country with hardly any industrial activity to perhaps the most significant pharmaceutical production centre in India, Baddi and its surrounding villages in Solan district transformed into the pride of Himachal in barely five years flat. With industry came shopping malls, swank apartments and all things modern and more recently, the global meltdown. For the past few months, the real estate sector is facing a major slump in the area. There are few takers for flats and commercial projects in the state’s Baddi-Barotiwala-Nalagarh industrial hub, which once witnessed the advent of at least 25 housing colonies. It is not just lack of buyers that has brought about the situation. Precipitating it is the decision of bankers to put on hold funding for realty buyers. Realtors revealed that bankers had initially reduced the quantum of loans by making norms more stringent, but later finances were altogether put on hold. Consequently, realtors have also halted projects. “We have been forced to review our future plans as few buyers are willing to invest in commercial ventures at this juncture. The real estate sector is at its lowest ebb,” opined a realtor coming up with a shopping mall. What had harmed the real estate sector in this area -- comprising the outskirts of Chandigarh region -- was an announcement made by the Union finance minister directing the Reserve Bank of India to put on holds loans for this segment some months ago. Though later directions were issued to reverse the same, but the harm done is yet to wear off. It was concern expressed by realtors about crores being lost if such projects were refused funding that led the finance ministry to review its direction. Consequent to initial directions, banks have been reluctant to extend loans for these projects. Interestingly, the real estate sector contributes about 28 to 30 per cent to the GDP. Banks have now started showing signs of easing the severities but finances were yet to be released. They have received fresh circulars directing them to disburse loans but they were still exercising restrain while viewing the market scenario. “We are meeting bankers and are hopeful of getting loans again. Projects had to be virtually halted in the absence of adequate capital and this has slowed down their progress,” said a realtor coming up with a mall at Baddi. The slump was also obvious at a recent auction organised by the Himachal Pradesh Housing and Urban Development Authority. Barely five realtors came forward to bid for six plots and a commercial complex comprising 15 shops and four halls. The limited gain was the allotment of two plots at Rs 45.7 lakh and Rs 45.5 lakh which exceeded the reserve price by a mere Rs 70,000 and Rs 50,000, respectively. Executive engineer Surinder Vashishta said that since the bidders failed to make favourable bids vis-à-vis reserve price, the commercial complex could not be auctioned. The authority had fixed the rates of shops between Rs 30,000 and 35,000 a sq mt and another shop at Rs 45 lakh. Bidders showed little inclination to purchase, but the lone positive aspect of this meltdown is correction of prices due to fewer investors. So, if you are planning to buy property, this may be a good time.
|
||
|
TREND MILL
BY Jove, there cannot be a better way to liven up the blessed living space. Place a deity here and an idol there. And with god's grace, you add a touch of pious class to your pad. That's right. Deities in the house don’t just sanctify the abode, but also religiously render an aesthetic outlook to the elegant, functional and ultra-modern style that's so characteristic of dwellings these days. Now, don't you say the festive season is almost over, and the gods will have to wait for another year to make their presence felt in your lives and homes. Alright, the deities, through their presence in the house, celebrate the new dawn of spirituality in the material world of mobiles, malls and multiplexes. But needless to say, at the same time, they also add religious grandeur to your quarters. They succeed in achieving a balance between the contemporary and customary. With the gods around, your home will abound in old world charm. So folks, forget all about Leonardo da Vinci and Pablo Picasso. Bring in the gods, not just for sacred considerations, but also for arty reasons. "The idols don’t just lift your spirits, they perk up your home too," says interior designer Sheetal S. Kulkari. "Don't worry, you won't be labelled superstitious. You will just be one among so many, who have reorganised their homes to carve out space for the lords in houses in boomtowns of Shimla, Chandigarh, Ludhiana, Jalandhar and Amritsar."
Mâché Marvel
"They are durable and simple to clean. In fact, you can take them down for cleaning without damage to the wall," says Ramesh, an artisan working from a colony near Chandigarh's Industrial Area. "To top it all, they are ready to take home in a variety of sizes." Ramesh says depending on the space, you can go in for a full wall or poster-size mural borders. The latter with intricate frame can be yours for as less as Rs 100, if you pick it up from the right place. "The murals are ideal for passages, lobbies and even living rooms… the opportunities for putting up the wall mural are endless," he asserts. You can go in for Ganesha or else, ask for Krishna, believed to be Lord Vishnu's avatar. Oh yes, baby Krishna is also there. And then there is Lord Shiva. The bronze touch to the idol makes him all the more forceful.
Main door décor
INSTALLING murals and idols in and around the main door was considered "important" in ancient days. Even today people associate the main door with the gateway to prosperity. You can put up the image of your family deity or kula devata. Going by tradition, you can also put up two prathiharis or sentinels. They are the ones bearing staff and swords in their hands. An artisan's delight, they are all decked up in the livery of discipline and glow with youth and beauty. Along with it, you can put up symbols like Swastika and Om. Even rangoli decorations are believed to stop the entry of evil spirits and influences in the house.
Aesthetic principle
NOW, things religious gurus want you to avoid in the house: Do not go in for war scenes from Ramayana and Mahabharata. Also say no to fight scenes using swords. Even magic scenes are a "big no". Just in case you are wondering, they are all up for grabs even in the crockery stores and you can have them for something like Rs 500. In the end folks, remember the idols, murals and statues you install are pleasing to the eye and bless the viewer with a cheer. Along with religion, bear aesthetic and cultural aspects in mind. Amen.
Lord at home
RELIGION has nothing to do with it, confirm the Atma Rams. But as soon as
you enter the palatial five-and-a-half kanal house of Punjab and Haryana High Court senior advocate Rajiv Atma Ram, you feel Lord Ganesha's presence. The lord smiles back as you stand in front of the impressive main door of the house in Chandigarh's Sector 4. As you walk past the icons hanging on the walls into the house, statues of Lord Ganesha on either side of the lobby greet you. Standing in the lobby leading to the living room, you see more of Lord Ganesha. "We must admit we have a bias in favour of Lord Ganesha, but it is not because of religion. We just like the way he looks." The family has Ganeshas carved out of wood, terracotta and even silver."
Buddha at the centre
ALRIGHT, you have read about him in the history books. But they do not tell you Buddha's statue is believed to be a symbol that's helpful in creating devotion, uplifting the mind and focusing attention. Ask the Sharmas of Sector 39, and they say Buddha statues inspire you to develop our inner qualities for achieve happiness, good fortune, and satisfaction in lives. Businessman Vivek Sharma suggests: “The statues may be placed in a central area in your house or office for your daily dose of inspiration.”
|
|||
|
GREEN HOUSE
IT is the era of specialisation. Everyone wants perfection. This, however, comes with hard work, knack for precision and experience. In gardening, too, there are innovative methods to create something different, which we shall deliberate upon. At a time when much attention is being given to the development of open spaces, parks and gardens, a shift from the routine parks and traditional gardens with a few trees, shrubs, climbers, annuals and some swings for children is in order. Now is the time for theme parks. Such gardens are developed along a certain theme or with a subject in mind like a story. Some themes could be fragrance garden, garden of five senses, spiritual garden, garden of zodiac signs, lily garden, nutrition garden, aquatic plants garden and butterfly garden. Moonlit garden could also be a theme and this could be one of the rare gardens to be visited and enjoyed at night. To develop such a theme park, the basic consideration is openness with no objects like high-rise buildings or trees so that there is maximum period of the silver shine of the moon when it is at its height of ascendance and rising. For such gardens, there should be no provisions of artificial lights. If at all there is, it should only be a very dim path-finder. On moonlit nights, the only object most visible is one that is white. Taking a cue from this, the flora that puts forth white blooms should be grown. Trees, shrubs, climbers and herbs that bear white flowers aplenty are ideal. Mass bearing for mass effect is another essentiality as it makes the blooms visible even from a distance. The best results are obtained when the flora is at eye level or low height. Small herbs and shrubs are grown near paths whereas tall trees provide the backdrop. The selection of tree species should also be such that they do not grow too tall, as looking at the blooms at a height with the moon glaring in the backdrop will kill the effect and the blooms may not even be visible altogether. If at all tall trees are to be included, these could be pruned to keep them low headed. Such gardens could be provided with high earth mounds, too, may be 15 to 20 feet. These would ensure that the trees can be viewed at eye level and the complete crown of the shrubs and herbs is easily visible. A Machaan or watch tower is another option. There is a wide range of flora to choose from for profusion of white blooms. It is also a coincidence that most white blooming plants are fragrant, a bonus for such a romantic theme. In this category, Plumeria is at the fore. Also called the Pagoda tree or Firangipani, it bears profusion of bold sparkling white blooms in bunches at the terminal of branches. The plant bears flowers almost all through the year. Chandni is one such shrub that is very hardy and bears white blooms aplenty and all through the year. The plant is very hardy and a row or group of shrubs is a treat for the eye, as the blooms glitter in moonlight. There are two types of Chandni, one with single blooms and the other with multiple petals or double blooms. This type bears fewer blooms and could be avoided. A similar type of double blooming, white flowering shrub is Gardenia. Unlike Chandni, it is fragrant too. Bauhinia alba (white Kachnar) is another good shrub with white flowers. It can be kept low headed (three to four feet) by pruning in January. Crataeva religiosa, the Barna tree, is another low headed tree that bears creamish-white flowers covering whole of the tree crown and when in bloom, it is almost leafless. Trees like Silver Oak have silver shining leaves at the back and as they sway in the wind, the silver shows up. Likewise, an otherwise wild-growing Budhleja, which also has immense medicinal qualities, has white-backed leaves that also show in the wind. Apart from blooms, shrubs with white variegated leaves -- like Hibiscus -- could also be used to get this effect. Climbers like white Jasmine bear white flowers with fragrance. Amongst shrubs, there is bougainvillea. Varieties like Shubhra and Million Dollar are best-suited for such gardens. A few white blooming rose beds could be created with varieties like Ice Berg. Summer Snow is another type that bears white flowers with an added advantage that it flowers almost throughout the year. In the low-headed category are also included bulbous plants like ornithogallum, lilium, gladiolus, narcissus, tuberose and Chrysanthemum with ball type bold blooms of Chandrama or reflexed type Cresta or Dorothen. Bushes like snowbush, and ground cover plants like alternanthra could also be used. (This column appears fortnightly)
The writer is a senior horticulturist and can be contacted at
satishnarula@yahoo.co.in
|
|||
|
TAX TIPS
Q. I sold my ancestral agricultural land on August 30, 2008 for Rs 60 lakh. The land is situated in a village six kilometres from Municipal Committee limits. However, its population is about 1,000 only. Out of the above-said amount, I purchased a house in November 2008 for Rs 20 lakh. Rs 1,60,000 was spent on purchase of stamp duty papers. Kindly clarify:
— Des Raj Sehgal A. The reply to your queries is as under:
The fair market value may be determined by obtaining a valuation report from an approved valuer. Q. I was going through your apt replies. In this connection, could you please clarify the following points:
— S.L.N. Mutthy A. Section 112 of the Act provides for the levy of tax on income arising from transfer of long-term capital asset that is chargeable under the head Capital Gains. According to the said section, income tax is chargeable on long-term capital gain at the rate of 20 per cent plus applicable surcharge and education cess. The benefit with regard to income tax rate on long-term capital gains being limited to 10 per cent thereof is available in respect of capital gain arising on the transfer of listed securities, units or zero coupon bonds. No such benefit is available in respect of tax on the capital gain arising on the transfer of agricultural land.
Contact a civil lawyer
Meanwhile, B died leaving a registered will bequeath his 1/5 share to be divided equally between his two sons D and E. The will has been upheld by revenue courts on being challenged by C, who is continuing with series of appeals. Mutation has been done in favour of D and E. Please tell me if the X/5 share of father B (as per decision of sessions court) will be considered as ancestral property or his own and the will of his X/5 share will withstand scrutiny of law in higher courts. — Jaswant A.
The facts given in the query indicate that the agricultural property was inherited by A as ancestral property. As per the provisions of Hindu Succession Act, 1956, A could have willed his share in an ancestral property and the balance 4/5th would have devolved by survivorship as a co-parcenary property However, as the matter seems to have been settled amicably between the parties up to a particular stage, it would not be advisable to go into the transaction from the very inception. In my opinion, the character of the property would still remain ancestral and the share to the extent of 1/5 share should also be of the similar nature. The issue raised by you, however, has civil law implications and I would suggest that the matter should be referred to a civil lawyer and pursued in the court on the basis of his advice.
Make a will
Q. We are of Indian origin but adopted New Zealand citizenship because we lived there for 10 years. We are now based in Dubai. My husband's parents own an apartment in Delhi. What would be the most advisable method to ensure smooth transfer of property in case the parents decide to move out of Delhi or in case of any untoward incident? What are the legalities involved when it comes to citizenship issues? Would you advise that we get our PIO cards? — Madhu Bhatnagar A. It would be advisable for the your husband's parents to make a will in his in respect of the property owned in Delhi. The will should be got registered with the sub-registrar's office in Delhi. In case of any untoward happening, it would be possible to get the property mutated in the name of your husband on the basis of the registered will. The inheritance of property by your husband should not involve any difficulty as your husband is a person of Indian origin. The PIO card has its advantage. You will have to therefore make your own decision in this regard.
This column appears weekly. The writer can be contacted at sc@scvasudeva.com
|
|||
| HOME PAGE |
|
YOU can go in for the stone sculptures on marble stands intricately carved out and designed for the purpose. Or else, you can go in for the murals made out of papier-mâché. They are rather the best option that's available to you. Local artisans, putting up in slums and colonies around Chandigarh and other cities are all the time adding their flair to the papier-mâché, just to bring for you gods that are easy to install and extremely affordable. 
Q. A had X acres of ancestral agricultural property. He gave X/2 share to his only son B and X/4 share each to his two grandsons C & D in 1956 by ‘Hiba’ (gift deed). B was blessed with one more son E. B gave 1/2 out of his X/2 share to E by gift deed. Thus, now the father B and sons C, D and E all have 1/4 share each. A had kept no share for himself even when he was alive. After many years B was blessed with one more son F. By a written family agreement, not registered in court, the land was equally divided into five shares so that father B and four sons C, D, E & F all had 1/5 share each. C backtracked from this agreement and went to court to claim his original 1/4 share. The session court, after many years of litigation, upheld that all B, C, D, E and F (father and four sons) are entitled to 1/5 share each. The land records were amended accordingly by mutation. C has now filed an appeal in High Court which is pending.