King of the ring While the argument for affordable housing is gaining momentum in the country, Chandigarh Housing Board seems to have taken a lead by offering around 13,000 dwelling units for different income groups, making the housing mart all the more exciting for buyers, writes Pradeep Sharma The real estate boom in Chandigarh and its periphery is set to make consumer the king in the year 2008. Close on the heels of major realtors changing periphery’s skyline, the Chandigarh Housing Board (CHB), the monopolistic real estate arm of the Chandigarh Administration.

Global Touch
A luxury villa designed by Giorgio Armani, an 18-hole golf course conceptualised by Greg Norman and skyscrapers with the FX Fowle touch - hiring global professionals has become a new trend with Indian realtors. With the $15 billion realty sector in India booming at an annual growth of 35 per cent and global players lining up investments worth some $10 billion, this industry has begun attracting international planners and architects.

REALTY CHECK                                                 TAKE II Growing at a rate of 25 per cent, the country’s organised retailers are set to exploit the potential of the tier II and tier III cities, as they have already lined up about Rs 1,31,804 crore in the last six months, a study said last week. PUDA auction dampens realtors’ hopes The much-hyped recent auction of over two acres of government-owned land situated in the heart of Ludhiana ended in a whimper, raising serious doubts about the claims of real estate prices soaring in the city. Much against expectations the auction of Old Sessions Courts land fetched just Rs 1.46 lakh per square yard for the PUDA.

Pre-fab wood houses enter India
Lockwood International, a leading New Zealand-based wood construction company, has launched its first pre-fabricated wood houses in India aimed at the luxury realty segment in the country. The company showcased its first model house at the Classic Golf Resort in Gurgaon, on the outskirts of the national capital, on Tuesday. MacDonald Sarin, a realty asset management company in Gurgaon, will market the houses in India.

Realty deals under IT scanner
S.C. Dhall
To keep a check on underhand real-estate transactions the Income-Tax Department will now mandatorily scrutinise cases in which loss from house property is shown as more than Rs 2,50,000 and investment in property is more than five times gross receipts. In a communication from the Central Board of Direct Taxes to IT officials it has been pointed out that secrutiny notices should be sent to all builders and those involved in real estate business activities having a turnover of Rs 5 crore or more.

Pay panel report jacks up realty stocks

Realty stocks continued their upward march on the bourses on Tuesday on brisk buying by brokers and other market participants on optimism that the proposal to raise salaries of government employees will help lift demand for housing. The BSE realty second index shot up by 645.06 points at 7,451.24 on Tuesday as construction stocks led by country’s biggest developers DLF Ltd and Unitech Ltd recorded handsome gains, extending maximum support in lifting the Bombay Stock Exchange (BSE) benchmark Sensex to regain 16,000 points level.

Salarpuria group eyes hotel industry
Real estate major Salarpuria Group is all set to invest billions in West Bengal with projects ranging from hotels and residential complexes to IT special economic zones (SEZs), a top company official said in Kolkata. Some of the key projects on the anvil for the group include a 350-room four-star hotel at the upcoming township of Rajarhat, Kolkata and also investments in two IT special economic zones (SEZs).

GREEN HOUSE Grooming Grass Satish Narula gives tips to keep your lawn well-groomed & lush green throughout the year You may have created many special features in your garden. You may have planted many shrubs and climbers. You may also have put a few good pots in the passage. But all compliments may be choked if the grass in the lawn is not lush and green. It’s like a man dressed in an Armani suit with dust-coated shoes.

Tax tips
Computing fair market value of land
S.C. Vasudeva
Q. I am a senior citizen and have recently sold for Rs 26 lakh my share of the inherited agricultural land within municipal limits acquired by my grandfather much earlier than 01.04.1981. As its acquisition cost is not known to me, I have been advised to get the fair market value of the land in question ascertained from an approved valuer.