REAL ESTATE
 


Divali discount on flats
Despite a booming industry in Baddi and builders offering discount on flats this festive season, poor infrastructure deters buyers, discovers Ambika Sharma
Poor infrastructure is affecting the real estate market in the industrial area of Baddi-Barotiwala-Nalagarh despite an otherwise booming market in the festival season. The realtors, who have invested crores in the region, are now awaiting buyers to come forward.

Commercial rents skyrocket
With the city being touted as the next IT hub, arrival of corporates has made the commercial rents touch the sky, says Ruchika M. Khanna
If the slump in sale of property is making realtors jittery, the returns accrued through renting out commercial property in the city is keeping the cash registers ringing. During the past four months, the city has witnessed a near 40 to 50 per cent jump in rentals for commercial property.           —Photo by Manoj Mahajan
Photo by Manoj Mahajan

Punjab to computerise land records
The Punjab Government has entered into an agreement with a private company, CMS Computer Limited, for computerising entire land record in the state. It will be done under the Integrated Land Management System (ILMS) project to be operated in 153 tehsils and sub-tehsils.

A model township in the valley
Concept of a planned township is being introduced for the first time in Srinagar, says Ehsan Fazili
To provide an array of world-class housing solutions with state-of the-art-technology, customised to Kashmir specifications is the vision of Lakshmi Vatika Limited, which is planning to construct its township near Srinagar.

Customers still awaiting regulatory authority
Despite the need to set up a realty regulator, builders “pressurise” the government to defer the move, says Manoj Kumar
“I had paid Rs 3 lakh as earnest money in 2004 to a builder in Gaziabad, who had promised to provide a flat for Rs 18 lakh in a year. But, he continued to delay the construction on one excuse or other, and I could get the possession only after two year that too by paying Rs 1.5 lakh escalation charges,” rues Sangeeta Verma, a government employee.

Light up your homes this Divali
And don’t switch off, says Shveta Pathak as the season also brings a variety of lighting fixtures for interiors and exteriors
Divali — the festival of lights — not only lights the dark amavas night of Kartik but also floods the market with various other lights to light up our homes. Surprisingly, it is not only decorative lights which are used as part of festivities that can be found almost everywhere in markets, but sales of lighting fixtures for interiors and exteriors and other fixed lights used in homes too register a quantum jump during this part of the year.
Shops in the electrical goods market in Chaura Bazar have been flooded with a wide range of fancy lights Shops in the electrical goods market in Chaura Bazar have been flooded with a wide range of fancy lights
Shops in the electrical goods market in Chaura Bazar have been flooded with a wide range of fancy lights. — Photos by Inderjit Verma

Politician-property dealer nexus defrauds residents
Change of regime in the state is usually accompanied by an upsurge in real estate prices, and this time was no exception. The usual modus operandi is that some big property players join hands with local leaders of the ruling party and purchase large chunks of agricultural land on the outskirts of towns and cities. This land is then divided into residential plots to be sold to unsuspecting residents.
An unauthorised colony coming up on the outskirts of Hisar An unauthorised colony coming up on the outskirts of Hisar
An unauthorised colony coming up on the outskirts of Hisar. — Photos by Sanjeev Mehta 

TAX tips 
Capital gains on house sale exempted if buying, constructing house
Q. I am a retired person and getting pension of Rs 1,10,000 P.A. I own a small house purchased in 1978 at Rs 1,20,000, which is at present valued at Rs 20 lakh. I propose to dispose it off and invest the sale process in my partially build plot (one room) so as to complete it. For this purpose, I may have to demolish the structure already raised on the plot to fit in revised plan or make additions. Kindly advise on the following points.


 

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