Keep these in mind before buying property

Buying a property is perhaps the single biggest investment made by a person during his lifetime. Therefore, it is a requisite to be extra cautious while on a lookout for purchasing property in India.

The basic thing to keep in mind while investing in real estate is the location. It is the most important aspect in the selection of property as the price is dependant on this. After zeroing in on the desired property it is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and the last known transactions.

A budget should be set for the required property type according to the market standards, as each property dealer has his own set rates and one needs to bargain and bring him down to his standard rates.

The second priority is the builder reputation. If a buyer goes to a good builder, there is no need to verify things beyond a point because a good builder generally takes care of things like permission required for the purchase of the property. At the same time, there is no harm in conducting preliminary inquiries and having a run through with the lawyer. Do not buy a property if the title of property is not clear or marketable as it will cause problem in future and financial institutes refuse to finance on such properties.

The third thing to consider is the list of amenities and facilities associated with the property. Proximity to transport hubs, schools, hospitals, markets, central business districts, entertainment centres etc needs to be verified before finalizing the property. Further, it is also important to assess the potential resale value or the potential rental income of the property.

There are certain points which need to be kept in mind when a buyer is buying a project which is under construction. One should always ask for the allotment letter and the development agreement. The allotment letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. It is issued to the buyer upon payment of the 15% of the property value to the developer.

The development agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.

In case of constructed properties, one should ensure that the seller has the title and possession of the property as well as the right to transfer the property. A check needs to be done if the building adheres to relevant municipal/planning authority requirements. Also a check needs to be done on whether dues such as property tax, society, water and electricity bills, etc. have been paid in full or not.

Finally, when the house is handed over to the buyer, the builder needs to give a Completion Certificate. A completion certificate is issued by municipal authorities who verify that the building complies with the approved plan. This is required for registration and other government formalities for the house.

Is your office safe?

The recent fire tragedy in Bangalore’s Carlton Towers claimed nine lives and left 60 injured. In most high rise office spaces, it has increasingly been observed that fire safety has a low priority. Future office spaces too will be taller but are they really fire safe? Do we really take measures against fire protection while building our buildings?

Even though fire is one of the most common disasters to strike corporate offices, it is also the most preventable. Most companies think they are well protected, and most believe that fire could never happen to them. Yet, 70 per cent of businesses involved in a major fire either do not reopen or fail. Fires often start in unlikely places because those are the areas where fire safety has been overlooked.

Innovative building solutions in interior construction can go a long way in aiding passive fire protection. Fire protection is achieved through a combination of active and passive fire

protection. Active fire protection operates at the shortest possible time after detection of a fire and is often given good importance in building design. It includes things like smoke detection and alarm systems, fire extinguishers and sprinklers etc.

Passive fire protection is the art of compartmentalization of the fire through the use of walls, floors, ceilings to limit the spread of fire and ensure evacuation of people and protect data for long enough for it to be rescued or fire to be put off. If a simple concept such as this had been implemented at Carlton Towers many lives could have been saved. Recognizing the perils of fire and the consequent importance of using fire resistant materials to minimize damage, the National Building Code (NBC) regulations prescribe stringent fire safety protection norms.

Role of drywells

Gypsum products have been used over centuries in the construction space and are the material of choice because of gypsum’s unique properties. Gypsum is a light weight material which is formed as the result of evaporating sea water in massive prehistoric basins.

Gypsum is used as Plasterboard to create false ceilings and high performance drywalls and partitions. Gypsum based products and systems (Drywalls) provide excellent passive fire protection solutions ranging from 1 hour to 4 hours taking care of all 3 elements of fire protection - stability, integrity and insulation requirements of the system in equal measure.

Gypsum contains approximately 21% water content and about 79 % calcium sulphate which is inert below a temperature of 120 degrees Celsius. The bound crystalline moisture in gypsum content plays a significant role in excellent fire resistance properties which makes gypsum a material of limited combustibility.

Over 80% of all interior construction in the developed markets across all applications is with Drywalls. Gyproc Fire Protection solutions are achieved through a combination of Gyproc Fireline gypsum plasterboard and Gypsteel ULTRA metal framing systems. The Gyproc Fireline plasterboard is made of a pink paper liner wrapped around an inner core made primarily from gypsum plaster.

Three key factors influence the performance of Gyproc Fireline plasterboards:

1. The quantity of gypsum - i.e. board density
2. Board shrinkage - preventing gaps opening between boards and board pulling away from fixings
3. Board integrity - preventing boards from falling. The inclusion of glass fibres and shrinkage inhibitors of fire rated products give a much higher fire protection by limiting the board shrinkage and improving the integrity

Well known brands such as Saint-Gobain Gyproc have a range of drywall solutions which are very popularly used by India’s leading banks, offices, data centre providers etc. to provide 1- 4 hour fire protection for its walls. Saint-Gobain Gyproc India Ltd. is part of the 43.8 billion Saint-Gobain Group and provides innovative building solutions and state of the art products backed by world class technical and service support.

Bangalore thirst most preferred investment desitnation

In order to gauge the real estate trends that will be prevalent this year, Makaan.com conducted a nationwide survey, calling it “Realty Trends 2010” for Metros and tier II cities of India. As per the survey findings, Bangalore -- after Delhi and Mumbai--- is considered as the third most preferred real estate investment destination in 2010, nationally. Almost 11% of the national property seekers want to own a house in the city.

• Delhi tops the charts with 34% buyers wanting to buy a house in the capital.
• Mumbai follows the capital with 28% interested buyers nationally.
• Hyderabad along with Bangalore has also attracted 11% property seekers each. The survey also reveals that the realty sector in 2010 is going to be driven by end user. Due to recession and fluctuating property prices, property seekers were shying away from making a property purchase last year, but with improving economy and slightly stable property prices; seekers are ready to jump into the market this year.

It’s interesting to know that most of the buyers, who are interested to buy a house, this year, want it for self-consumption; this confirms the fact that speculators, which drove the real estate boom in 2004- 07, are more or less out of the market. And, even the ones who are willing to invest at this time are the longterm investors.

• 67% of the national property seekers want to buy a house for selfconsumption.
• Only 23% are looking for property options from a long-term investment perspective.
• Short-term investors have only 10% takers.

When it comes to Bangalore, the trend is in line with the national findings, 64% of the property seekers from the city want to buy a house for self-consumption. On the other hand 26% buyers from Bangalore, who want to buy a house this year, are only looking it from long-term perspective. Only 10% survey takers from Bangalore want to invest for short term.

• With 34% interested buyers, majority of property seekers from the city want to own a house in Bangalore South.
• Bangalore North comes next in demand with 24% property seekers looking for options in that area.
• 21% survey takers prefer Bangalore Central for buying a house in 2010.
• Bangalore east and west have attracted 14% and 1% interested buyers.

Commenting on the survey findings, Mr Aditya Verma , Business Head and Vice President, makaan.com says, “With economies stabilizing around the globe, the domestic market has also started showing signs of recovery and the buzz around property has started again. However, this time the buyer is more discerning and scrutinizing, while investing their money in projects. Our recent survey ‘Realty trends 2010’ is an effort to find out the psyche of the current property seekers and help them in making and informed property buying decision”.

The study was conducted on the portal between15th February 2010 – 5th March 2010. Majority of respondents who participated in the survey belong to the age group of 26 - 35 years. Conducted online, the survey saw participation from over 4,800 property seekers.

Source: www.makaan.com\survey

Prime Commercial Properties in Kolkata Metropolitan Area

At Shakespeare Sarani (Theatre Road) Kolkata, in a Prestigious Classic Building s 1600 to 20,000 or more Sq.Ft of Ready Prime (Optional A.C/Furnished) with ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Rates.

At Camac Street, Little Russell Street, Lower Range, Park Street & surrounding Prestigious South-Central Kolkata Locations 5000 Sq.Ft and more or less Prime Commercial Office s& Showroom s with option of ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Term s & Rate s on Rent or Sale.

At Salt lake, Sector – 5 & New Town Large & Very Large I T Space s & Commercial Offices & other spaces available on STP, IT Parks & other Prime Prestigious Commercial Addresses on Best Deal Term s & Rates on Rent or Sale. At Ultadanga & PhulBagan near VIP Road & E M

Bypass ‘X’ing 2000 Sq.Ft more or less Commercial Space s available for Educational Training Institute , Bank & other Financial services or

other Office purpose with ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on

Best Deal Term s & Rate s on Rent or Sale.

At Kankurgachi near VIP Rd. ‘X’ing & Mancktala Main Road Prestigious Premium Showroom s and Shop floor space s of 1000 to 5000 Sq.Ft with option of ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Term s & Rate s on Rent or Sale. Excellent Space for Departmental Store, Garment, Furniture, Electronics & other hi-class items.

At VIP Road near it’s best Business Destination Area, around 12500 Sq.Ft Commercial Space available on Rent prefarebly for Educational / Computer Training Institute, Coaching Centre & other Office purpose. At VIP Road, New Town, E M Bypass, Salt lake area Stall, Shops, Showrooms, Restaurant and Commercial Spaces, Large & Small Office Space s in Shopping Malls & in Prestigious Commercial Buildings available on best deal s & terms.

At Posh Location s at Ballygange & VIP Road Small Boutique Hotel with Boarder & Business Rooms Restaurant, Lounge & L.ger Bar other facilities’ Available on best deal. On E M Bypass, Raichak near Haldia & other Prime Tourist & Business locations of Bengal Star & other category Hotel s available on best terms. Around E M Bypass, CIT Road, VIP Road, Salt Lake, New Town, LansDown and other area s Prime Utility Stand Alone Building s & other Small, Moderate & Large Commercial Spaces and other Office Spaces Ready or Made to Order is available on best terms.

At Dalhousie, BBD Bag, Bara Bazaar & surrounding area s 300 Sq.Ft and Onward Commercial Spaces Available for Office, Warehouse & other purposes available with best terms & deals. At Kolkata Surroundings & Suburban areas namely Khardah, Belghoria, Behala Thakupukur, Barasat and other Developing Business locations numerals Commercial Spaces & Properties available with best terms & deals.

Please Contact: ASM Commercial, REBI Kolkata. Lake District.

74/1 Narkeldanga Main Road. Kolkata – 54 .

Ph : 033 4000 2801/ 02,

Mobile : +91 90070 04092 (Mr. Dhiman Chakroborty)

Selling your property? Get the papers in order

Planning to sell your old house to buy a new one? Undoubtedly, residential properties sell like hot bread in metros like Delhi, Mumbai or Chennai, or even in tier II towns like Pune, Coimbatore or Chandigarh. But you must keep in mind some of the important issues .

What are the essential documents you need to sell the house?
The documents required to sell a residential property are the housing society share certificate and the sale/purchase deed. Sale deed will confirm if the land is in the name of the seller and only he/she has the full right to sell the land. You need a copy of previous deeds, if required, to confirm the authenticity of the deal and the property. You also need original copies of stamp duty and registered house documents. The seller will also require an NOC from the housing society. In case of a joint ownership, the owner/owners have to submit documented consent. Home buyers insist on these documents if they are opting for a housing loan.

How should you file for missing documents?
Both the Malviyas as well as the Avasthys didn’t have a problem with missing documents as they had invested in new constructions. But, often old houses, which are 30-40 year old constructions, may not have proper registration. In such cases, the owner should ideally pay off the outstanding stamp duty and file for a registration. In the case of a missing share certificate, the intending seller should request the housing society to issue a duplicate copy. If the sale/purchase deed and/or chain of agreements/deeds are misplaced, an indemnity bond needs to be furnished by the seller, along with a confirmation letter from the housing society.

Is your property mortgaged with the bank?
You cannot sell the property if you are still servicing the loan. Remember that you can’t sell a mortgaged house if the buyer insists on accurate paperwork to apply for a loan.

How does one get an objective evaluation of the house?
The value of a property is decided by various factors, including the cost of similar properties in the same location, the view of the apartment, the available amenities in the building and the overall market trends in terms of appreciation and depreciation. Apart from checking out with your neighbours, get the property evaluated by 2-3 brokers to get a realistic quote.

What are the other clearances before putting the house on sale?
Apart from the title clearance and NOC from the society, the precise details pertaining to the age of the building, the floor plan, the carpet and built-up area, the conveyance of the society, car parking status, land title (free hold/lease hold/collectors land) and transfer charges of the building and the apartment need to be attended to.

What are the tax implications?
The capital gain would be exempt from tax under Section 54 and Section 54F if the sale proceeds are invested in a residential house and if you do not own more than one residential house at the time of purchase of such a house. But you have to purchase the new house within a year before the sale. Otherwise, this capital gain or net consideration is required to be deposited in a separate account before you file the return. You can reinvest only in a residential property. This doesn’t include a commercial property or vacant plot of land. Similarly, short-term capital gains enjoy no exemption.

The house you are planning to sell would be classified as short-term capital asset as the holding period is less than three years. There is no exemption available on reinvestment, be it a new house or capital gains tax saving bonds.

Reflect your style in interiors

Home decor is a personal, unique and exclusively innovative conception to create perfect home interiors. The wall colours, furnishings and accessories according to a theme create the perfect look for each room. A person’s taste and style is reflected in his/her home’s interior decor. The basic things required for a perfect home decor are comfort level, reflection of individuality, and of course, organization.

Nowadays, you can get plenty of varieties of home-interior items according to a theme, right from colour to accessories. For traditional style, you get warm wall colours, exotic beautifully carved wooden furniture, elegant artwork, and the list can go on. And if you are planning for a modern-style home decor you have bright shades which you can easily mix and match, leather or wrought iron luxurious furniture and much more.

Market is full of home-interior accessories. All you have to decide is the style and the theme for your dream abode. While decorating your home, space planning, windows, doors, lighting and furniture are essential. While designing the house, you must keep in mind that it should reflect your taste and style. Some vital components for home interiors are dimension, balance, rhythm, harmony, contrast and pattern.

One person’s choice is different from that of another - everyone has got his/her own style. Some would want to give a traditional and classical touch to their houses, while others prefer what’s latest and trendy. A few will plumb for an Italian style, whereas for some, rustic home decor is where their heart lies.

Some home designs that most professional interior designers swear by are rustic home decor, casual home decor, contemporary decor and formal home decor.

INFORMATION TECHNOLOGY IN BUSINESS

By: Pavan Shinde

India is said to have large number of budding entrepreneurs, but how many businesses last for more than 5 years? The truth is not many, various factors may be involved like lack of fund, inadequate advertisement or just pathetic business development strategies, but let’s take one important factor into consideration “technology”.

With the advances in technology over the last decade it is next to impossible to run an effective business without the help of technology. Most small businesses in this fast paced world have a website with their own SEO (search engine optimization) techniques, the question might pop in your head as to why will small businesses need a web page or internet visibility , well how many times haven’t you searched the net for simple products like a fedora hat or shop locator for better dress materials , everyone are now using Google for everything , so the business that understands this change are more likely to sustain longer than the business with traditional strategies , but when technology is to be used by the entrepreneur he does have lot of choices , but does he use the right tool or software for his business, that needs to be answered

I-Phone vs. BlackBerry vs. Android smart-phone. Mac vs. PC. "Cloud-based" computing vs. an external hard drive. A vast array of technology choices exists for small-business owners. There is so much out there that it can be overwhelming Entrepreneurs are often lacking time and money but need the latest technology to keep their businesses running as smoothly as possible. In addition, small-business owners "really don't have the luxury of a personal life and a business life," so they need devices that work in both worlds. It's vital to do homework before glomming onto any new technology. Entrepreneurs can check out reviews on websites, ask peers for technology feedback at networking events, and even head to bookstores to browse the magazine and book racks.

"Since every business is different, the best resource is someone in your business who is ahead of you in technology," One of the most interesting things for any business right now is that so much can be done on the Web for so little money or for free as to creating profiles and pages in social networking sites to improve the business visibility over internet or to create websites which provides blogging and commenting features , these websites with minimal pages can be done with very less capital , business can also have company owned websites on which they can put up their portfolio about previous achievements and their business clients , so as to people can see whom they are dealing with and by creating social media support in website they can invite their business partners and potential customers to take part in the activities or events of the company .

Entrepreneurs can also make use of the mobile technology like android, and create online support on mobile like free chat with the company and providing news feed to the users on mobile , by doing so the company improves its social network, when social network improves company draws to itself the potential customers. This explains the basis of the use of technology for endorsements, but technology is advanced enough to do the online transactions like selling products to company market share through net , additional risks like the password hacking or profile manipulation , change in data without notices are involved , companies implementing technologies for monetary benefits should take due notice and conduct market survey to understand market risks involved.

Technology in business is an asset but it comes with its own liabilities, business which adapt to changes are more likely to have a higher market share than traditional business , as advancement in their business strategies and goals are much higher and long term . Use of technology reduces redundancy time and when efficiently , will help build a stronger and longer sustainable business .

Real Estate, the growth engine of Gujarat

Gujarat has been in the forefront of economic growth in the country with its continued leadership in industrial development. With its reputation of being a highly investor-friendly state, the state has a proven track record of attracting large investments and as a result, becoming the most

favoured investment destination in India.

Gujarat is one of the leading industrialized states in the country. Led by entrepreneurial spirit and unfaltering support of the state government, Gujarat has emerged as a manufacturing powerhouse with world class production capabilities and facilities.

Gujarat notifies $21.7 billion Special Investment Region

The notification was issued to the Dholera SIR Regional Development Authority (DSRDA) recently. Following the notification, the process on the ground is expected to pick up speed.

This is the first concrete step in turning this SIR into a reality,

The authority will create the infrastructure in the region and make land allotments to units proposing to set up shop there. ‘The government has already notified 99,000 hectares of land in 22 villages in the region and an investment of Rs. 1 trillion is on the anvil. The investment may ultimately even exceed this figure,

SIR will be a global showcase for Gujarat with a port and an airport in the region coming up in Dholera town, about 30 km from Dhandhuka village of Ahmedabad district.

Industrial Infrastructure Facilities Plan

Continuing its land acquisition drive for development of industrial areas and estates, Gujarat Industrial Development Corporation (GIDC) has proposed to acquire 31,241 hectares of land during fiscal 2010- 11.

About 10,117 hectares land already identified by the corporation, 7,000 hectares are for Dahej estates and 1000 hectares for Khergam and Vagra Vilayat each. Apart from this, around Rs 508.27 crore would be spent in 2010-11 for creating various infrastructures in different industrial estates. The corporation has proposed expenditure of Rs 4, 08.66 crore for different estates, which also include Bhat, Charodi in Ahmedabad, Dahej, Dahej-2, Vilayat, Jaghadia in Bharuch, Savli in Vadodara, Dahej SEZ and Ankleshwar. Nearly Rs 235 crore would be pumped in for Dahej-2 industrial estate.

GIDC also plans to construct common facility center for an apparel park in Ahmedabad and Garment Park in Surat involving an investment of Rs 3.96 crore. The corporation estimates its expenditure at Rs 2,200 crore for 2010-11. It may be mentioned here that Gujarat government has earmarked Rs 178.44 in 2010-11 for Critical Infrastructure Projects scheme of GIDC, which is aimed at upgrading infrastructure facilities of existing industrial estates.

The allocation for the current fiscal is higher than the provision of Rs 152.16 crore made for the purpose in 2009-10. So far, the

government has approved projects to the tune of Rs 1098.08 crore from 159 industrial estates under the scheme, where the state will offer financial assistance of Rs 502.32 crore.

Urban Infrastructure

Urban infrastructure is a generic name of the sector, which includes various types of services like Sewerage network, Solid Waste disposal system, Energy efficiency and Townships provided in the Urban agglomerations. The services provided in the Urban agglomerations in general are;

• Township Development

• Sanitation and waste water management

• Solid waste management

• Energy Efficiency Projects

• Multilevel Parking/ parking related facilities

Moreover to this, development of residential townships is also an important aspect of development of urban infrastructure.

Institutional framework

• Urban planning including town planning

• Regulation for land use and construction of buildings

• Planning for economic and social development

• Roads and bridges

• Sewerage Network for domestic, industrial and commercial purposes

• Rehabilitation & resettlement of slum pockets

To provide all these services in ever expanding cities of Gujarat is an enormous task, which the local bodies are doing with fair amount of success. But as these bodies are engrossed in their day- to- day. activities, they find little time for planning and structuring the new projects to address the ever increasing needs of the citizens of the urban areas.

Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR)

The Centre has signed an agreement with the Government of Gujarat for setting up a Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Dahej in the state.

The PCPIR policy is a window to ensure the adoption of a holistic approach to the d e v e l o p m e n t of global scale industrial clusters in the petroleum, chemical and petrochemical sectors in an integrated and environment friendly manner. The idea is to ensure the setting up of industrial estates in a planned manner to achieve synergies and for value added manufacturing, research and development.

The Gujarat Government proposes to set up a PCPIR at Dahej in South Gujarat spread over the blocks of Vagra and Bharuch in Bharuch district. It will cover an area of 453 sq km, with a processing area of 186 sq km, approximately 41.05 per cent of the total area. This is in conformity with the PCPIR policy that states that the minimum processing area for the PCPIR will be about 40 per cent of the total designated area. The balance will be used as non-processing area and will include residential, commercial and other social and institutional infrastructure.

An official press release said the Gujarat Government proposed to notify the Gujarat PCPIR (GPCPIR) under the Gujarat Town Planning and Urban Development (GTP&UD) Act 1976. The State Government proposes to make a Government Company as Area Development Authority, which would be nominated as the PCPIR Authority under clause 6(A) of the GTP&UD Act 1976.

The total investment expected in the Gujarat PCPIR is about Rs 50,000 crore. The proposal mentions committed investment of Rs 22,930 crore. The total employment generation from the GPCPIR is expected to be 8 lakh persons and the estimated direct employment in the PCPIR will be about 1.9 lakhs over a period of time.

The proposal envisages development of physical infrastructure such as roads, rail, air links, ports, water supply, power and soon at a cost of Rs. 7749.70 crore. The PCPIR policy prescribes that infrastructure will be created/upgraded through Public Private Partnerships to the extent possible and that the Central Government will provide the necessary Viability Gap Funding (VGF).

Wherever required, the necessary budgetary provisions for creation of these linkages will also be provided. Accordingly, the Gujarat Government has sought support from the Government of India involving a commitment upto Rs. 80.50 crore, on account of Viability Gap Funding for eight road and two rail projects through the PPP mode.

Processing activities

The processing area includes the two existing estates developed by Gujarat Industrial Development Corporation (GIDC)

- the Dahej Industrial Estate and the Vilayat Industrial Estate. The major processing activities at present in the region are chemical and petrochemical-based. The leading among them are Indian Petrochemicals Corporation Limited (IPCL), Gujarat Alkalies and Chemicals Limited (GACL), BASF, Birla Copper, Gujarat Chemical Port Terminal Company Limited (GCPTCL), Petronet LNG and Welspun. The ONGC Petro Additions Limited (OPaL) a joint venture company promoted by ONGC and Gujarat State Petroleum Corporation (GSPC), is the anchor tenant for the PCPIR.

The development of global scale industrial clusters in the petroleum, chemical and petrochemical sectors in an integrated and environment friendly manner. The idea is to ensure the setting up of industrial estates in a planned manner to achieve synergies and for value added manufacturing, research and development.

The Gujarat Government proposes to set up a PCPIR at Dahej in South Gujarat spread over the blocks of Vagra and Bharuch in Bharuch district. It will cover an area of 453 sq km, with a processing area of 186 sq kms, approximately 41.05 per cent of the total area. This is in conformity with the

PCPIR policy that states that the minimum processing area for the PCPIR will be about 40 per cent of the total designated area. The balance will be used as non-processing area and will include residential, commercial and other social and institutional infrastructure.

The total investment expected in the Gujarat PCPIR is about Rs 50,000 crore. The proposal mentions committed investment of Rs 22,930 crore. The total employment generation from the GPCPIR is expected to be 8 lakh persons and the estimated direct employment in the PCPIR will be about 1.9 lakhs over a period of time.

The proposal envisages development of physical infrastructure such as roads, rail, air links, ports, water supply, power and so on at a cost of Rs. 7749.70 crore. The processing area includes the two existing estates developed by Gujarat Industrial Development Corporation (GIDC)

- the Dahej Industrial Estate and the Vilayat Industrial Estate. The major processing activities at present in the region are chemical and petrochemical-based.]

The leaders among them are Indian Petrochemicals Corporation Limited (IPCL), Gujarat Alkalies and Chemicals Limited (GACL), BASF, Birla Copper, Gujarat Chemical Port Terminal Company Limited (GCPTCL), Petronet LNG and Welspun. The ONGC Petro Additions Limited (OPaL), a

joint venture company promoted by ONGC and Gujarat State Petroleum Corporation (GSPC), is the anchor tenant for the PCPIR. OPaL has planned to set up a grassroot integrated petrochemical complex (1.1 MMTPA dual feed cracker) at a cost of Rs.13,000 crore, which will process C2+streams (ethane, propane and butane) produced from ONGC’s extraction plant and Naphtha fro.

Business hub

Urban infrastructure is a generic name of the sector, which includes various types of services like Sewerage network, Solid Waste disposal system, Energy efficiency and Townships provided in the Urban agglomerations. The services provided in the Urban agglomerations in general are;

• Township Development

• Sanitation and waste water management

• Solid waste management

• Energy Efficiency Projects

• Multilevel Parking/ parking related facilities

Moreover to this, development of residential townships is also an important aspect of development of urban infrastructure.

Petrochemical complex

OPaL has planned to set up a grassroot integrated petrochemical complex (1.1 MMTPA dual feed cracker) at a cost of Rs.13,000 crore, which will process C2+ streams (ethane, propane and butane) produced from ONGC’s extraction plant and Naphtha from ONGC’s plants at Hazira and Uran.

The State Government has already conducted a preliminary Environmental Impact Assessment (EIA) while submitting its proposal. A detailed EIA study will be conducted subsequently and will require a time frame of 13-14 months beginning with the approval of the Terms of Reference for

the study by the Ministry of Environment & Forests (MOEF).

All existing labour laws of the country would be applicable in the PCPIR and SEZs, in the region, if any, would be governed by special laws, as approved by Government of India.

Monnet Ispat & Energy (MIEL) will set up cement plants in Chhattisgarh and Gujarat with an investment of about Rs 2,400 crore, as it embarks on an expansion and diversification drive.

Work on the two plants will begin in the October – December quarter under a new division of the company to be christened Monnet Cement. The project is excepted to become operational in three years. The metals-to-energy conglomerate will initially set up a 3-million tonne cement plant in Chhattisgarh close to its existing sponge iron and steel melting facilities in Raipur with a total investment of Rs 1,400 crore.

The facility will use limestone from 220-million tonne mine that has been allotted to the company by the state government. Besides, ash and slag generated from its existing and upcoming units in the state will also used as basic feed for the cement plant. The company proposes to carve its cement division into a subsidiary at a later stage when other projects are also finalised, the executive said.

MIEL executive vice chairman and managing director Sandeep Jajodia said the company is looking at various options to expand. MIEL also plans to set up a 2-million tonne cement plant in Gujarat with an investment of close to Rs 1,000 crore.

REBI; Fueling tomorrow’a torch-bearers in Real Estate.

Organized… Methodical…… Professionalism …… these are qualities we lack in most of the south Asian Countries, which are critical to economic and social progress – they could unlock the true potential and evolve a well set industry with beneficial returns . that’s why REBI invests enormous human efforts and energy in organizing the real estate sector in India. REBI strives for perfection wherever we live and work.

REBI – India’s largest chain of One Stop Property Shops supports and creates professionals, develops validated and acceptable methodologies, and partners with skilled groups for specialization aimed at grooming a well set industry outcome in Real Estate. REBI is an initiative to the young and the experienced to grow and benefit achievements and new trends thus become trend setters.

Supporting young individuals to realize their dreams homes and holiday homes and builders to prove new novel projects are just a few services REBI avails to the entire society. REBI Fuels tomorrow’s torch bearers in Real Estate.

Senior citizens’ homes emerging as serious segment in realty: JLLM

Indian real estate scene is witnessing the emergence of senior citizens’ homes as a new market segment as the number of projects and housing stock directed at this section of population is rising fast, a report by real estate advisory firm Jones Lang LaSalle Meghraj (JLLM) has said.

The observation is highlighted in a report Senior housing sector in India: Key Trends,’ which JLLM released on Friday. “The status of seniors in Indian market is experiencing a sea-change, owing to their growing cohort size, augmented financial independence and change in mindset. They are no longer considered withdrawn, risk averse and financially dependent. The immense potential of this segment, with its unique needs and promises, offers an array of opportunities to the Indian real estate market,” the report said.

Saumyajit Roy, associate vice-president (senior living) at Jones Lang LaSalle Meghraj, said, “Five years ago, there were only about 3 to 4 developers focusing on senior living sector to any degree. Moreover, their focus was diffused and their approach was not as well-researched and need-based, as it is today. In the current context, there are around 14 developers actively exploring this segment.”

In India, more than 60 per cent of households are nuclear and 8.94 per cent of the population is aged 60-plus, indicating that the aged are in greater need of support than ever.

According to real estate market sources, the number of housing units being built specifically for seniors has increased four to five fold and the segment is on a growth path. “We estimate the number of units in this segment at about 4,000 now, but the way the segment is growing we expect this number to jump to over 20,000 in three years,” said the chief executive officer of a Mumbai-based real estate consultancy firm who did not want to be named.

The report pointed out that while opportunities exist, it is important to comprehend the ecosystem in which seniors exist in India. It is imperative that real estate developers understand and acknowledge the unique requirements of the elderly while catering to the sector. The aged population faces numerous issues, typical of the sunset years of their lives.

“A growing sense of insecurity, craving for companionship, fear of getting obsolete and loss of relevance within the family, increasing physical disability, difficulty to access transport, a need for quality healthcare and geriatric care, complexity in conducting the daily chores of family life are some of the several issues that the aged face today. These, compounded by poor access to government and other support systems, insurance and legal assistance, immobilise them. These nuances of old age need to be thoroughly recognised by the developers,” the report has elaborated.

The report underlines that there are rising numbers of seniors who are adapting to the idea of senior living’ spending the sunset years of their lives with similar-aged companions and sharing facilities in settings of enablement and security. The report also points out to a recent survey of households with senior citizens which revealed that over 60 per cent found the concept of a senior citizen’s club or a senior citizen’s association as a viable and practical one. Contemporary retirement homes or resorts have replaced the earlier concept of old age homes, which symbolised the last option for needy and abandoned elderly, it said.

City-based Paranjape Schemes Construction Limited has pioneered the concept in the city with their project Atha Shree (the beginning), which has thus far completed three such projects and has set its sight on other cities and countries to develop retirement villages.’

Another realty firm, Ashiana Housing Limited, is constructing the Rs 200 crore Utsav Lavasa in Lavasa City near Pune. The project will comprise 475 retirement housing units comprising of villas and multiple choices apartments. Manoj Tyagi, vice-president, Ashiana housing, said there is a growing acceptance among discerning Indian senior citizens about retirement homes. He said the residents of the retirement resort will be able to maintain the active, healthy lifestyle that they have grown accustomed to, but with more luxuries like hobby clubs, activity rooms, swimming pool or health club.

Income from house liable to tax

Income earned from a house is taxable under a separate head - ‘Income from House Property’. The relevant provisions related to tax under this head are provided under Section 22 to Section 27 of the Income Tax Act. In order to be taxable, an assessee must be the owner of the property. Further, the property should consist of buildings or land adjacent. The property should not be used for the purpose of any business or profession by the assessee. It is to be noted that the property must either be used for or capable of being used for renting out and deriving a rental income. In case of a house, it is the annual value of the property and not the actual rent that is taxable. There is a specified procedure to determine the annual value of the property. Annual value means the capacity of the property to earn an income that may be more than the actual rent received by the owner of the property.

The highest of municipal value or fair rental value of a similar property in a similar locality is treated as taxable income. However, in case the higher of the two exceeds the standard rent of the property, determined in accordance with the Rent Control Act, the standard rent will be treated as taxable rental value of the property.

In respect of let-out properties, the annual value is determined as highest of:

Municipal rental value of the property Fair rental value of a similar property in a similar locality Rent actually received by the assessee for the property in a given previous year However, if the Rent Control Act is applicable in the locality where the property is situated, the taxable value cannot exceed the standard rent fixed in accordance with the Rent Control Act, except where the rent actually received exceeds the standard rent. From the gross annual value, certain deductions are available to an assessee to arrive at the net annual value.

These include Under Section 23

The municipal taxes paid by the owner of the property are allowed as a deduction from the annual value.

Under Section 24

These expenses are allowed as deductions from the amount arrived at after deducting municipal taxes from the annual rental value: Repairs and collection charges: 30 percent of the net adjusted annual rental value. This is irrespective of whether the assessee has actually incurred the expenses or not. However, if the repairs are borne by the tenant, this deduction is not allowed to the owner of the property.

Interest on borrowings: Interest paid or payable on money borrowed for purchase, construction, repair, renewal or reconstruction of a house is allowed as a deduction. In case of a self-occupied property treated as such, the maximum deduction will be restricted to Rs 30,000. If borrowings are for the acquisition or construction of a house after April 1, 1999, Rs 1.5 lakhs will be deductible. If the house has been acquired or constructed with borrowed money, the interest for the period prior to the previous year in which the property had been acquired or constructed will be deductible in five equal annual instalments starting from the previous year in which the house has been acquired or constructed. There are no other deductions towards ‘income from house property’.

Self-occupied property

In case an individual or Hindu Undivided Family (HUF) has only one self-occupied residential property, that property will be treated as selfoccupied. There will be no taxable income in respect of such a property. The condition is that the owner should not have let-out the property for any time during the year, nor earned any benefits from the property . In case the assessee owns more than one property, the exemption applies to only one self-occupied house. The owner has the discretion to choose any of the properties as selfoccupied. The deemed income from all other properties is taxable, even if they are self-occupied and no rental income is being derived from them. Although not actually let-out, they will be deemed to be let-out, and notional rental value will be treated as taxable income in the hands of the owner.

In respect of let-out properties, the annual value is determined as highest of:

Municipal rental value of the property Fair rental value of a similar property in a similar locality Rent actually received by the assessee for the property in a given previous year However, if the Rent Control Act is applicable in the locality where the property is situated, the taxable value cannot exceed the standard rent fixed in accordance with the Rent Control Act, except where the rent actually received exceeds the standard rent. From the gross annual value, certain deductions are available to an assessee to arrive at the net annual value.

These include Under Section 23

The municipal taxes paid by the owner of the property are allowed as a deduction from the annual value.

Under Section 24

These expenses are allowed as deductions from the amount arrived at after deducting municipal taxes from the annual rental value: Repairs and collection charges: 30 percent of the net adjusted annual rental value. This is irrespective of whether the assessee has actually incurred the expenses or not. However, if the repairs are borne by the tenant, this deduction is not allowed to the owner of the property.

Interest on borrowings: Interest paid or payable on money borrowed for purchase, construction, repair, renewal or reconstruction of a house is allowed as a deduction. In case of a self-occupied property treated as such, the maximum deduction will be restricted to Rs 30,000. If borrowings are for the acquisition or construction of a house after April 1, 1999, Rs 1.5 lakhs will be deductible. If the house has been acquired or constructed with borrowed money, the interest for the period prior to the previous year in which the property had been acquired or constructed will be deductible in five equal annual instalments starting from the previous year in which the house has been acquired or constructed. There are no other deductions towards ‘income from house property’.

Self-occupied property

In case an individual or Hindu Undivided Family (HUF) has only one self-occupied residential property, that property will be treated as selfoccupied. There will be no taxable income in respect of such a property. The condition is that the owner should not have let-out the property for any time during the year, nor earned any benefits from the property . In case the assessee owns more than one property, the exemption applies to only one self-occupied house. The owner has the discretion to choose any of the properties as selfoccupied. The deemed income from all other properties is taxable, even if they are self-occupied and no rental income is being derived from them. Although not actually let-out, they will be deemed to be let-out, and notional rental value will be treated as taxable income in the hands of the owner.