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Faridabad
GREEN HOUSE
Real View
Shimla’s new construction loses old warmth
Regulator for real estate sector
LAUNCH PAD
TAX TIPS
office space
Security concerns
REALTY BYTES
Omaxe bags 136 cr contract
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In the fast lane
Charandeep Singh Faridabad, a city that was once considered a cesspool of industrial filth and pollutants, has now turned into a choice destination for home seekers, builders and investors. Year 2007 saw a sudden upsurge in property prices in the entire NCR and as prices skyrocketed all over, the only place that provided affordable housing was Faridabad. The scene changed in 2008 when builders like BPTP, Omaxe etc. launched their projects extensively, especially in the Neharpar region of the city. As the dynamics of the real estate market in the NCR shifted and it became a buyer's market from being a seller's market, builders, too, shifted focus on low-budget affordable quality homes. Winds of growth
Faridabad is about 25 km from Delhi and has emerged as the best destination for real estate investment in the NCR. "It's not too far from the commercial hub of south Delhi. Hence, connectivity is not an issue. Secondly, the property prices on this side of south Delhi are quite low as compared to those in Gurgaon and Noida. As a matter of fact, Faridabad is quite affordable", says Rakesh Gupta, who owns an up-market villa in Faridabad. "Another factor that has increased the realty potential of the city is the Faridabad-Ballabgarh-Palwal industrial complex", says Manjit Singh of Mech-Tech Forgings, who is an office-bearer of the Faridabad Industries Association. The Neharpar area of Faridabad can be compared to Gurgaon and Noida as far as development is concerned but still property prices are much less here. The main sore point of Faridabad was the congestion on the Badarpur border that made entry into Faridabad quite a pain. With Badarpur flyover nearing completion, access to the main city would be more comfortable and also the plan of Metro reaching there in Phase III will drive property to boomtown scene. Another infrastructure development to have taken place in the vicinity is the Taj Expressway (near Sector 80), and a highway beginning from Kalindi Kunj and running parallel to Mathura Road that will bypass the city. It will be the ring road of Faridabad. "The upcoming metro connectivity from Badarpur to the YMCA Chowk, six-laning of NH-2, widening of the existing bypass starting from Badarpur parallel to Agra Canal and six-laning of the Faridabad-Gurgaon road are going to change the face of Faridabad in a major way. The proposed international airport at Jevar will bring Faridabad on the international circuit. "When infrastructural development takes place, the real estate boom is bound to happen", adds Rakesh Gupta, MD of RPS Group, which is developing both residential and commercial properties in Faridabad. "Easy procurement as well as availability of land was the main reason for us to launch our projects in Faridabad. The infrastructural development that is taking place at a break-neck speed in the city has proved to be the icing on the cake", comments the spokesperson of Omaxe. The group is developing four properties in Faridabad. HUDA, too, has started taking keen interest in the development of the city and has earmarked Sector-79 as the commercial district of the city.
Realtors and the pricing mix
There has been a massive spurt in property prices in the past two years with certain pickets having scaled up in the region of 100 per cent. In December 2009 one could get a property in Sector 16 to 21 at around Rs 23,000 per sq. yd, but today the same costs around Rs 38,000 per sq. yd. New development is taking place all around Sector-80, in the Neharpar region, now re-christened as 'Greater Faridabad'. "The prices of plots, which are mostly available in re-sale, in Neharpar sectors are between Rs 9,000 and 12,000 per sq yd. For flats the prices are in the range of Rs 1,800 per sq ft. One of the best options for the area is the independent floors in various projects. The BPTP group has already announced a project offering independent floors. The rate of Puri Constructions' independent floors for an area of 300 sq yard is around Rs 27 lakh. Ansal Buildwell Ltd. and Crown Group have also launched New Faridabad's first luxurious, planned and integrated high rise apartments 'Ansal Crown Heights' situated at Sector 80, spread across 18 acres, adjacent to commercial hub of Faridabad Sector 15A, 15 and 14. "The project will include two bedroom, three bedroom, four bedroom apartments and four-bedroom duplex pent houses, with the price range of Rs 29 lakh to 1.80 crore", says Ranjeev Kalia, Head Marketing, Ansal Buildwell Ltd. "I believe many more such options will come up in the future in this area," says Rannvir Singh, of Shekhawat Estates.
Commercial & rental high
HSIDC's planned industrial hub is going to jack up the rates further. The main commercial area is Sector 15-16, where 2,500 sq. ft of office space fetches you a rent of Rs 1 lakh a month. "Our project Savana is the largest single licensed Group Housing Project having over 2,300 dwelling units in Sector-88, Greater Faridabad", says Rakesh Gupta of RPS. Echoing similar sentiments Amit Raj Jain, Vice-President (Marketing), BPTP Limited, says, "Our budget housing projects are priced between Rs 20 and Rs 25 lakh and we have kept our profit margins at the bare minimum making these projects affordable. We are receiving excellent response from buyers. Our recently launched projects like Park Floors I and II at our 1,500-acre township BPTP Parkland have got very good response from buyers". Rentals in the residential segment are also quite affordable. "I came from Chandigarh and got a decent two-bedroom apartment in Sector 15 at Rs 11,000 a month, which I suppose is quite reasonable", says Sajdeep Handa, location head of a life insurance company. Most of the builders are developing their properties at a fast pace in Faridabad. Omaxe is having four projects, KLJ Greens in Sector 77 with a base price of Rs 24 lakh, Uppal's Jade with a starting price of Rs 12.5 lakh, and Puri Developers is developing 'The Pranayam' in over 20 acres. "For investors Faridabad is a good long-term investment as prices will appreciate significantly once all the ongoing infrastructural projects are completed. For end users, the prices are in the affordable range as of now and once the development in and around the area takes place, these will definitely shoot up", says Rannvir Singh.
Residential plots nirmalinfrastructures@yahoo.com
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Rose GYAN
Satish Narula This is festival time for gardeners and there is a good reason for this. Firstly, the spring is just around the corner and this is the time when he can see the labour of planning and executing his garden operations bearing fruits. Secondly, this is the time when flower festivals are held in almost every city. Chandigarh is holding its yearly mega-show - Rose Festival - in Zakir Rose Garden. It is also the most frequently asked question as to what the different types of roses are. A very valid question indeed and it is the right of the residents to know about these. Rose, undoubtedly is the queen of all flowers. It is one of the most sought after flowers for all occasions. In West the demand for its different varieties changes like fashion. However, a bloom with a long, straight and sturdy stem is always the most sought after. This comes from the class of roses that are called Hybrid Teas. Flowers in this class are borne singly on almost a meter long stem. The green-house roses are also the Hybrid Teas and command a good price in the market. In rare instances, some of the Hybrid Teas modify themselves to develop into climbers roses. Second important class of roses is Floribundas. This class of roses is valued for their bearing habit as the blooms appear in bunches at the terminals. They may be single-floret or multi-floret blooms. The life of these blooms is short but due to frequent and profuse blooming the bed never wears an empty look. Miniatures are another form of roses. Leaves of this variety are the miniature replicas of the original. The blooms are also small but due to the free flowering habit of the bushes, the plant looks full and attractive at all times. While planting these distances between individual plants should be kept the minimum to get that "full" look. The plant hardly grows more than a foot high. There is another interesting variety is - climbing roses. The climbing roses spread and cover any surface in no time. The beauty of this variety lies in profuse flowering. When in bloom, you can find thousands of them on a single climber which may have spread to about 30 ft. This column appears fortnightly. The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in
Fortnightly alert
Roses bloom only twice a year - once in mid-December and the next flush appears in March. Gardeners want to have the maximum blooms in this period. This is the time when you can work to have the maximum blooms. The reason for less
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Worth the wait
Sandeep Goel All is not hunky dory in the realty manor as most of the major real estate companies are in debt and are sweating hard to complete their projects. As per reports, major developers like DLF, Unitech, Parsvnath etc owe Rs 10,000 to 20,000 crore each to banks and the deadline for repayment is March 2011. The prices of shares of realty companies, too, have crashed and profit figures dipped by 50 to 78 per cent in 2010 as compared to those in 2008. In this dismal scenario the realty groups have even borrowed money from private sources at interest rates as high as 38 per cent. But now even the private financiers have become cautious in lending to players in the real estate sector so it will not be easy for the companies to meet construction deadlines. In this scenario the investors and buyers have to be extra cautious as “smart” strategies are being used by ‘short-of-funds’ developers to raise some capital. Many players have been trying to woo the investors by splashing huge advertisements promising possession in the next few months under the disguise of ‘partial possession’ to those making 100 per cent advance payment. But “partial possession” does not mean that a buyer will get “livable conditions” in a project. Ongoing construction in the project and movement of building machinery and inadequate parking facilities etc are some of the things that can give sleepless nights to the purchaser who plans to move into such a project. How such developers manage to get completion certificate from the authorities concerned, however, remains a mystery. A very good example of such a scenario is the case of a high-end and much publicised residential project in Manimajra. The project, which was to have world-class facilities, was delayed by almost three years. The handing over of apartments was put off a couple of times last year and finally only 30 persons were handed over possession out of the total 168. The management, however, claims to have sold all 168 flats way back in 2009. But going by the occupancy rate approximately 70 to 80 buyers have not been given possession till date. Those who have moved into the complex feel cheated as a number of facilities that were promised are not in place till now. There is ambiguity regarding the payment of monthly maintenance charges also. At the time of booking and handing over of possession monthly maintenance was fixed at Rs 1.50 per sq ft, and this had included club charges also, but now the management has “forced” the residents to pay Rs 2.35 per sq ft and that also excluding club charges. Another high-end project in Mohali where the promoters had collected advance payments from buyers in September 2010, on the promise of handing over the apartments in March 2011, is running behind schedule. With less than a month left for the handing over of flats, only the sample flat seems to be complete and parking lots, lawns etc are nowhere near completion. Going by the “on ground” situation, the possession will be delayed by at least two months and at that time also only a handful of flats will be handed over and without any external development. How will the people who will get possession in a couple of months live under such conditions is a big question. Thus, there are many big as well as local builders and promoters who are resorting to such malpractices to collect money from buyers by making false commitments. After making the payments the hapless buyers are left with no option but to keep waiting for the project to be completed. As the builders are falling short of infrastructure liquidity, the investors will be in trouble if they do not tread cautiously. The wait and watch policy will certainly yield dividends for investors as there is no dearth of choice. So investing in property at this juncture is not a sensible option and investors who can wait for another 6-10 months should wait in order to get a better deal. Investors should act wisely and not put their money into incomplete projects, especially in the ones that have been delayed already. It is best to buy in already completed projects rather than in the ones which have nothing more than promises to offer.
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Shimla’s new construction loses old warmth
Without feet on the fender, love is but slender,” this line from English play “The Maker of Dreams” makes Vivek Mohan nostalgic as he remem ers winter evenings spent in Shimla. The Mumbai-based stage artist who spent his childhood tramping through the snow-laden streets of Shimla, is one of the many local residents who miss the warmth spread by the fireplace in old buildings in the city.
The European style masonry chimney, a legacy of the British colonial era, that once reminded homesick sahibs of their beloved England, are fast disappearing from Shimla’s skyline. Early last century, when the town was the summer capital of British India, houses were adorned with sloping roofs, gables and chimneys. Shimla, fondly called the “Queen of Hills” by the British, has 91 British-era heritage buildings, and most of these have traditional fireplaces and chimneys. With residents opting for modern house designs the traditional fireplace and chimneys are now considered a waste of space and money. Besides, they say, the weather too is much warmer now, obviating the need for these. Builder P.K. Sood said grand fireplaces were once built in both small and large buildings. “People now find chimneys and fireplaces to be just a wastage of space. In the newly built houses, there is no provision for these. Moreover, the climate has changed much and these are no more required,” he said. Planners say changing climatic conditions and use of modern high-efficiency heating appliances have played led to the disappearance of the European-style masonry chimneys. “Our previous house had a provision of a grand fireplace in the dining hall. When we reconstructed the house in early 1990s, we decided not to have a fireplace. Our forefathers used to heat up the house with wood. Now, we have modern electric gadgets. Moreover, wood is not easily available now,” local resident Mohit Sood said. Massive deforestation and rise in vehicular pollution have robbed Shimla of its winter. Sanjay Verma, project officer with the state department of environment, science and technology, said: “The average temperature of the town has been rising.” The harsh winter is fading and with it the fireplaces and chimneys. — IANS
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Regulator for real estate sector
Property developer Tata Housing has sought the creation of a real estate regulator in the upcoming union Budget to ensure fair play in the industry and protection of consumer interests.
It said the watchdog should be on the lines of those in banking, insurance and other industries. “We want from the Centre in the coming budget to set up a regulator exclusively for real estate segment as exists in banking, insurance and telecom sectors. The main idea behind having a regulator is to protect the interest of customers and creation of level-playing field,” said company’s MD and CEO Brotin Banerjee. Banerjee added, “We have regulator for telecom, banks and stock market but we do not have any regulatory mechanism for real estate where customer makes big investments for housing needs.” Besides, the company also sought Tata Housing, which is undertaking development of 45-50 million square feet in several states, also stressed upon having a PPP policy for real estate sector to bridge widening gap between demand and supply of houses. According to Tata Housing, there is a shortage of 24-26 million houses in the country at present. The company also wanted the Centre to grant industry status to realty sector and make loans available at softer rates to provide impetus to residential and commercial projects in the country.
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Aero Homes
Aero Homes project was launched at Gazipur, Zirakpur earlier this week. The project has been planned to have 288 three BHK luxury apartments plus 32 EWS units. Speaking on the occasion Nitin Bansal, MD, N.H. Matcon, a unit of N.H. Constructions Pvt. Ltd said the project will have RCC framed and earthquake resistant structure and the apartments will have a unique biometric entry system which is being introduced for the first time in the region. Advanced and foolproof round-the-clock security system, 24-hour water supply and uninterrupted power back up will be the added features of the project. La Premiere
The Logix Group has launched an integrated mixed used project–La Premiere — in Sector 124 on Noida expressway. Spread over 16 acres, the project offers an amalgamation of hospitality, shopping, leisure, living and working avenues. The total cost of the project is estimated to be approximately Rs 2,000 crore, which is being funded by banks, FDI and own accruals by Logix. Logix has also partnered with Marriott International, a leading international hospitality company to create one of the largest hospitality developments by a single developer. Catering to all segments of business and leisure traveling, La Premiere will have a five-star hotel by Marriott, Fairfield by Marriott and Marriott Executive Apartment. La Premiere residences shall have two, three and four bedroom residences and penthouses.
FUSION HOMES
The Fusion Group has launched Fusion Homes, under the management of the experienced and well known financial and property service company - DHFL PSL. The company (DHFL PSL) will act as bridge between customers and the Fusion Group. This would be the very first residential project managed by a renowned financial institution in Delhi/NCR, which would be working on behalf of the customers safeguarding their interest and offering a sense of belonging. Fusion Homes is an exclusive residential project located near Hindon River in Noida Extension. The project is being developed on nine acres of total green area. The international class residential project will have 1,027 apartments with specifications of 2BHK, 3BHK and 4BHK with respective area of 970 sq ft to 2075 sq ft along with state-of-the-art club with basic and modern facilities.
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Perfect Agreement
— Ravi A. An 'Agreement to Sell' is normally executed between the buyer and the seller to incorporate details of the property proposed to be sold and other terms and conditions in this regard. Such an agreement should specify father's name and the addresses of both the buyer and seller in the preamble of the agreement. A few of the important aspects that should be covered are:
An 'Agreement to Sell' requires to be stamped as per the rates prevalent in the state where the property is situated. Such an agreement should be appropriately signed by both the parties and should also be duly witnessed.
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Exemption on repaying loan
— Bhushan A. Section 54 of the Act provides for exemption from taxability of a long-term capital gain arising on the transfer of a residential house provided a residential house is purchased within one year before or two years after the date of sale. You will, therefore, be entitled to claim exemption from the taxability of a long-term capital gain arising from the sale of a residential house provided the new flat has been purchased within one year before the sale of your old residential house. No exemption from taxability of such capital gain is available in case earlier loan raised from a bank for buying a property is repaid by utilising the capital gain arising on the sale of a residential house.
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Construction clause
— Santosh Garewal A. It should be possible for both of you to get the benefit in respect of the deduction allowable under Section 80C of the Income-tax Act 1961, (The Act) towards the repayment of principle amount of the loan received from a bank after the completion of the construction of the house. Please note that no deduction is allowable during construction period. It would be advisable to repay the amount separately in order to avoid any hassles with the tax department later. It may be added that the aforesaid deduction is allowable within the overall limit of Rs 1 lakh specified in the aforesaid Section. Both of you would also be entitled to claim deduction for the interest paid/payable on such loan against the income from house property.
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Correct calculations
— Dr K.B. Singh A. The query indicates that you had purchased the residential plot in 1973 for a sum of Rs 12,000. For the purposes of computing capital gain in respect of property purchased prior to April 1, 1981, the provisions of the Act give an option to the assessee to adopt fair market value as on April 1, 1981 of the property in respect of which capital gain is to be computed. Such fair market value has not been indicated in the query. Presuming that the fair market value of the residential plot was Rs 15 lakh as on April 1, 1981, you will be liable to pay tax on long-term capital gain of Rs 43,35,000 arising on such a sale. The computations are based on the cost inflation index applicable for financial year 2010-11. The indexed fair market value would work out at Rs 1,06,65,000 (15,00,000 x 711/100 = 1,06,65,000). The aforesaid amount has been computed by deducting Rs 1,06,65,000 from the sale price of Rs 1,50,00,000. You will be liable to pay tax @ 20% plus education cess @ 3% thereon.
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Avoid sham transaction
Q. I am employed with a multinational company and am getting house rent allowance (HRA). This HRA is exempt to the extent of prescribed limit, and I am claiming the exemption as I am living in a rented accommodation. My wife owns a house in the same city where I am employed which had been let-out by her. The tenant is going to vacate this house now. I intend to take it on rent and pay rent to my wife. Will I be entitled to claim the exemption of HRA?
— Anand A. It would be advisable not to enter into any arrangement of this nature whereby a payment of rent is made to your wife so as to claim exemption of house rent allowance. The Income-tax department is bound to treat such arrangement as a sham transaction. You would thus lose the exemption which you are getting at present.
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Rent for two premises
— Vinay A. The provisions relating to relief to employees who receive house rent allowance from their employer are contained in Section 10(13A) of the Income-tax Act 1961 (the Act) as well as in Rule 2A to Income-tax Rules 1962. The aforesaid Section provides for the exemption of any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed having regard to the area or place in which such accommodation is situated and other relevant considerations. Rule 2A of Income-Tax Rules 1962 provides the limits for the purposes of the aforesaid Section. The amount which is not to be included in the total income of an assessee in respect of allowance referred to in clause (13A) of section 10 of the Act shall be - (i) where such accommodation is situated at Mumbai, Kolkata, Delhi or Chennai, one-half of the amount of salary due to the assessee in respect of the relevant period; and (ii) where such accommodation is situated at any other place, two-fifths of the amount of salary due to the assessee in respect of the relevant period. Whichever is the least of (a), (b) and (c). As would be evident from the above provisions, the intention of the law is to grant exemption in respect of house rent allowance subject to the aforesaid provisions where the assessee is occupying an accommodation for the purposes of his employment. In my opinion therefore, you would be entitled to an exemption in respect of the rent paid in Chandigarh only. Section 80GG of the Act is applicable in those cases where a person is not in receipt of house rent allowance. Therefore you would not be entitled to claim the deduction under Section 80GG of the Act.
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Mumbai is world’s 6th most expensive city
Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield. The 2011 list was topped by Hong Kong, while London and Tokyo came second and third in the rankings, which valued Mumbai's office occupancy cost at $ 114 per sq. ft. a year. India's financial capital occupied the fifth position in 2010, Cushman & Wakefield (C&W) said. "Apart from being overtaken by Rio de Janeiro, Mumbai CBD (Central Business District) lost one position on the global ranking also because of the fact that it has not seen any change in the rental values over the previous year," the consultant said. As per C&W's estimates, the Brazilian city moved up to fifth position from 13th in 2010 as rental values rose very sharply. The average rental for opening an office in Rio de Janeiro has been estimated at $120 per sq. ft. a year. New York, which was a place below Mumbai in the 2010 list, moved up by a single notch to fifth place this year with an annual occupancy cost of $ 115 per sq. ft, C&W said. Hong Kong topped the list of the world's 10-most expensive office locations this year with an average rental of $ 241 per sq foot every year. It jumped up two places in the list from third position last year. London hung on to its distinction of being the second most expensive place to rent an office in the world, with an average rental of $ 233 per sq. ft. per year. Japan's capital, Tokyo, slipped to the third spot this year from first rank last year, with an average rental of $ 166 per sq. ft. per year. The other cities that found places in the list are Moscow, Paris, Zurich and Milan, the survey said. "Asian markets have been recovering and growing at a much faster rate than their European or North American counterparts, an aspect that is reflected in the Indian markets as well," C&W India Executive Director Arvind Nandan said. Most major micro markets saw growth in leasing activities in office market spaces, he added. The survey said that after recording the largest rental decline in 2009, Asia witnessed a sharp rebound in 2010, with rents in Hong Kong rising by 51 per cent. In India, Bangalore witnessed the highest rental growth of 12.68 per cent in 2010, followed by Pune (9.09 per cent), vis-a-vis the previous year. Net Zero Energy Home
The 3C Company recently unveiled the first of its kind net zero energy home at the Acrex India 2011. The showcased model illustrates how a common man can contribute in restoring the health of our planet by adapting sustainable living standards and reducing his carbon footprint without compromising on the comforts and aesthetics. Inspired to shape a sustainable future, the company showcased the net zero energy home at the 12th edition of the Acrex India Expo 2011 being organised at Pragati Maidan. This energy efficient house utilises renewable energy from sun to make it independent of any electricity grid. Sheetal Rakheja, Partner, D&D (Design & Development) said, “Zero energy consuming building is expected to change the dynamics of real estate in the times to come. By lowering dependence on the depleting non-renewable energy sources, the building also consumes very less water and is mainly constructed out of the waste material. This energy efficient structure will further contribute towards the numerous efforts taken by us to reduce the carbon footprint.”
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Excellence awards presented
The Realty Plus Excellence Awards — 2011, for the North and the East Zone were presented to real estate players from the entire Northern and Eastern India in New Delhi last week. The awards serve as recognition of the extraordinary contribution made by real estate firms in terms of quality, product innovation and customer satisfaction.
In his keynote address on the occasion Anurag Batra, Chairman and Editor-in-Chief, exchange4media group, said, “These awards celebrate the successes of the real estate players who have conceptualised and executed people’s friendly landmark projects. Through this endeavour, we recognise and reward the best practices of realty sector every year.”
The winners (North)
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Security concerns
Video door phone has gained tremendous popularity and it is an integral part of almost every household abroad, which has indeed helped in reducing crime to a great extent. In India, the awareness and versatility of video door phones (VDP) is gaining momentum and people have started understanding its importance to secure their residential areas from unauthorised access.
According to a study, most of the crimes are committed in homes where senior citizens are alone or professionals are away from home for work. CP PLUS GmbH & Co. K, headquartered in Germany, a worldwide leader in electronic surveillance security products, has launched its video door phone in India in association with Aditya Infotech Ltd. The CP PLUS CP V71SM, an ultra-powerful and advanced video door phone, comes with a 7.1” display and captures and stores the video and audio along with time and date, of the visitor in the indoor monitor. You can monitor outdoor movements from your house without unlocking the door that enables you to be present at two places at the same time.
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Red Fort-Ansal joint venture
Private equity firm Red Fort Capital has agreed to pick up 26 per cent stake in a joint venture (JV) with Ansal Properties & Infrastructure (Ansal API) to develop a residential township project in Gurgaon for Rs 200 crore. “Red Fort will invest a total of Rs 200 crore in the JV, in which it will hold 26 per cent stake and Ansal API will hold the remaining 74 per cent stake,” Ansal API said in a release. The joint venture would develop a 108-acre township project adjacent to its existing 112-acre Esencia township project in Gurgaon. Ansal API said the investment by Red Fort in the JV would be through a mix of equity and compulsorily convertible debentures (CCDs). “Publicly listed real estate stocks have seen unfair declines in market values over the last couple months. This investment reflects Red Fort’s confidence in both residential real estate markets in India as well as proven leaders in the industry,” Red Fort Capital Managing Director Subhash Bedi said. Ansal API had earlier entered into a similar funding deal with ICICI Prudential Asset Management Company in a Special Purpose Vehicle which is developing a residential project in Aquapolis, a 131 acre township project in Ghaziabad. The company also raised Rs 231 crore in October last year through a QIP issue. The fund raised through this was mainly used for retiring part of the high cost debt. — PTI
Omaxe bags 136 cr contract
Realty firm Omaxe has bagged a Rs 136 crore contract from Defence Ministry to construct housing project in Mahrashtra.
Its subsidiary Omaxe Infrastructure & Construction has bagged a contract from Director General Married Accommodation Project (DGMAP) under Ministry of Defence to construct housing accommodation for Officers, JCO/ORs at Deolali (Army) and Nasik (Air Force), Maharashtra. The value of the contract is Rs 136 crore, Omaxe said in a statement. With this contract, the company’s total order book has crossed “The project would involve construction of 194 blocks of single to four-storeyed buildings with a total of 1,111 residential units for JCO’s, OR’s and Officers,” it said. — PTI
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This is festival time for gardeners and there is a good reason for this. Firstly, the spring is just around the corner and this is the time when he can see the labour of planning and executing his garden operations bearing fruits. Secondly, this is the time when flower festivals are held in almost every city. Chandigarh is holding its yearly mega-show - Rose Festival - in Zakir Rose Garden. It is also the most frequently asked question as to what the different types of roses are. A very valid question indeed and it is the right of the residents to know about these.
All is not hunky dory in the realty manor as most of the major real estate companies are in debt and are sweating hard to complete their projects. As per reports, major developers like DLF, Unitech, Parsvnath etc owe Rs 10,000 to 20,000 crore each to banks and the deadline for repayment is March 2011. The prices of shares of realty companies, too, have crashed and profit figures dipped by 50 to 78 per cent in 2010 as compared to those in 2008.
locations in 2011, according to global realty consultant Cushman & Wakefield.
The 2011 list was topped by Hong Kong, while London and Tokyo came second and third in the rankings, which valued Mumbai's office occupancy cost at $ 114 per sq. ft. a year. India's financial capital occupied the fifth position in 2010, Cushman & Wakefield (C&W) said.
"Apart from being overtaken by Rio de Janeiro, Mumbai CBD (Central Business District) lost one position on the global ranking also because of the fact that it has not seen any change in the rental values over the previous year," the consultant said.
Avtar Nagar,
15,800 to 22,000/Abadpura,10,500 to 13,800
number of blooms is the fading or faded blooms on the plant. Unless you remove them the appearance of new blooms will be blocked. Remember, every bud below a flowering bud is a potential flowering bud. If we do not remove the fading or faded bloom, the bud below remains dormant and the plant energy is diverted towards seed formation. Another reason of short life of the blooms is attack of aphids and thrips. They attack in thousands and suck sap from the buds and petals. Keep them under control by spraying rogor/metasystox, dissolved at one milliliter to a litre of water.
Q. I am intending to sell my plot, which I had got about 10 years back. I am interested in signing an Agreement to Sell so that the buyer is bound by the terms and conditions of the transaction. Could you please explain what should be the major concern for me so that all issues concerning the sale are included in the agreement?
Details of the property in respect of which transaction is to be entered into. These should be more particularly described in an Annexure to such an agreement. The Annexure should also indicate the location of the property.
The amount of consideration agreed to between the parties for the sale of the property. 
The amount of advance being paid at the time of execution of the 'Agreement to Sell'.
Particulars about the payment of the balance consideration and the period within which the sale deed is to be executed.
Particulars regarding the handing over of the possession of the property.
Q. I purchased a flat recently by taking a house loan from a bank. I intend to sell my old house which was constructed in 1998. Will I be entitled to claim an exemption from the capital gain arising from the sale of the old house if I repay the loan that has been raised for purchasing the flat?
Q. I was allotted a plot by HUDA in Panchkula. My husband and I are Central Government employees. Now we want to construct house on the plot. Will both of us be able to get rebate in income tax if we take a house building loan from a bank? I have come to know from my office that both of us can claim tax rebate, is this correct?
Q. Kindly let me know the tax liability if I sell a residential plot for Rs 1.5 crore. I had purchased this plot in 1973 for Rs 12,000.
Q. I have recently joined an organisation and I am posted in Chandigarh. I am living in a rented accommodation. My family, children and parents are living in Delhi also in a rented accommodation. The rent for that accommodation is also being paid by me. The payment in both the cases is being made through cheque. Can I club both the rentals and claim HRA? I have come to know that under Section 80GG there is some possibility of claiming expenses on account of rent paid for Delhi premises also.
the actual amount of such allowance received by the assessee in respect of the relevant period; or 
the amount by which the expenditure actually incurred by the assessee in payment of rent in respect of residential accommodation occupied by him exceeds one-tenth of the amount of salary due to the assessee in respect of the relevant period; or
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