Our Personal Finance Expert Will Guide You on Saving, Spending and Investing In This Weekly Column
Retirement is the time when you hang up your boots from the hustle-bustle of daily life, relax, do your own thing. As we say, it’s time to say: “Goodbye tension, hello pension!” Suddenly, from the risk of dying too young, you have transformed yourself to the category where the risk of living too long exists. The last thing you want to do is to have your money run out before you do. Risks have to be taken in a controlled manner, and post-retirement returns are thus assumed at 1% or maximum 2% p.a. over inflation. During one’s retirement days, the key requirement is safety, liquidity and tax-free returns. It is important to analyse the pros and cons of some of the avenues available to generate cash flow.
RENTAL INCOME
Apart from a self-occupied property, all other real estate investments are made with the objective of either capital appreciation — like the purchase of land — or to generate return on investment, as in the case of rental property. 2008 has been a rude awakening, and we must prepare for the time when rentals may drop, and the property may remain vacant for a few months. Depending on rental income for 100% of one’s needs may be a risk that needs to be mitigated before heading into the retirement days.
DIVIDEND INCOME
A few weeks ago, a client approached me to plan some additional investments for his mother who was a retired senior citizen. He did not want to take risks with the investment and during the course of our conversation, we realised that nearly a third of her income was being received by way of dividends. So, while she was averse to risk investing, she was equally reluctant to reduce her shareholding because she was thrilled with the quantum of dividend that she would receive year on year. In this case, there is a need to reduce the risks that this client carries in her portfolio.
ANNUITIES
In all our retirement planning calculations, we assume a life expectancy of 85 years for males and 90 years for females. However, no one can say today whether that is an underestimation or overkill. To do away with this risk, one can consider purchasing of annuities which are paid for your lifetime, and on your expiry, to your spouse. Obviously, if one was to use this as the only source of retirement income, the quantum required to be invested would be large, so it’s best that about a third of one’s retirement requirement is met through this route.
FIXED INCOME INVESTMENTS
Returns on fixed income investments are normally taxable. For the purpose of planning, it may be best to consider these — like senior citizen bonds, post office schemes, fixed deposits — first so that the income is within tax exempt limit for senior citizens — Rs 2.40 lakh per year as per the latest Budget proposals. Practical examples abound which ensure income that is tax-free and carries minimalistic risk for the senior citizen.
The author is the Managing Director and Chief Financial Planner of International Money Matters Pvt Ltd
Courtesy:- ET dt:- 19-03-2010
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Saturday, March 20, 2010
HNI INVESTING IN COMMERCIAL PROPERTIES
Unlike in the past, the New Age Indians are not confined to investing in residential properties. They are now setting their sights on commercial property as well. Read on to know what attracts them to commercial properties
If you imagine that commercial properties are only purchased by companies to expand their business prospects, think again! Now high net worth individuals (HNI) too invests in commercial properties. As recently as a few years ago, commercial property was an investment option for select individuals. Apart from the issue of a large investment, it required a different mindset from the investment point of view as well. But, over the years, a large number of Indians have begun to earn huge salaries while many others are also making a lot of money through freelance jobs, which they are investing in commercial properties.
Unlike in the past, the New Age Indians are not confined to investing in residential properties. This trend is picking up fast. "If banks do not show reluctance to give loans to individuals in order to buy commercial properties, more and more HNI will come forward to buy commercial properties. It is now no secret that banks hardly show any positive attitude to sanction loans to individuals in order to buy commercial properties. This happens all over the world. That is why you cannot blame only our banks," says Samir Jasuja, CMD of PropEquity.
An official of PNB Housing Finance Ltd also admitted that while banks happily give loans for residential properties, they are not that forthcoming when it comes to loans for the purchase of commercial properties. Reason? He said that compared to residential properties, the rate of default is very high in this segment. That is precisely the reason banks avoid disbursing loans to individuals in buying commercial properties.
"As far as Ansal API is concerned, we have got bookings from a sizable number of such individuals (HNI) in our malls (Ansal Plaza in various locations), as also in small to medium office spaces in our commercial projects in Delhi NCR, Punjab, Lucknow, Kundli (near Sonipat in Haryana), among other projects," says the company's official spokesman.
Anu Gupta, director of Century 21 India, says that HNIs should make investments in commercial properties as these investments could maximize their return. The reason being, while they could go for bank loans up to 75-80% for such investments, the repayment of such loans could be set off against the rental incomes from such commercial properties. Thus, by investing a portion of the total price (say 25%), an investor can acquire a high-value asset, which will not only give maximum return (thanks to the set off provision in IT against rentals), but could see a significant appreciation over a period as the retail/commercial industry grows.
Giving his own example as to how he is earning less because he has invested in residential property while his friend is earning far more than him for investing in commercial property, a Delhi based financial professional, Narinder Gambhir, says that both he and his friend invested in residential and commercial properties in 2004 in East Delhi. Both invested close to Rs 30 lakh each. "While I am getting a rent of Rs 15,000 per month, my friend is earning Rs 25,000 from his property. This is a huge difference," Gambhir rues.
Discussing about the factors which are crucial for HNI to look buy commercial properties, a realty expert says that they should not invest where there is a deluge of supply. In that case before, the investment would not fetch good returns. HNI also invest in commercial property, as they are not restricted to a dingy market area. Today, swanky malls enable an individual to look at commercial property as a viable investment option. Moreover, the emergence of semi-commercial property in residential locations has made the investment financially viable.
RK Arora, CMD of Supertech group, says that there is nothing wrong if you invest in commercial property, but one must invest after taking all the pros and cons into consideration. "I feel that if you invest in some commercial space in NCR, then you have to wait for a long period before earning anything as there is a massive supply of such commercial property in NCR, unlike in Delhi. If you can invest in Delhi, then it is great."
However, Alimuddin Rafi Ahmed, CMD of ILD realty group, feels that as our economy is improving after tiding over a really tough time during the market slum of 2008-09, corporates are looking for commercial spaces on lease, hence it is a perfect time to invest in commercial properties. "This is just the right time to invest as the property is available at rockbottom prices. The crash in property prices led to downward revision of prices by developers. The reduction was to the tune of 30% or so. Hope things go better in the times to come and everyone benefits from the property," Ahmed concludes.
Courtesy:- ET Realty dt:- 19-03-2010
For information about real estate, real estate india, Indian real estate property, property in india, Indian property, apartments, apartments for sale, apartments for buy, apartments for sale in delhi, apartments for sale in gurgaon, apartments for sale in indirapuram, flats for sale in delhi, homes, homes for sale, houses for sale, homes for sale in delhi, homes for sale in gurgaon, houses for sale in delhi, houses for sale in gurgaon, property investment options in delhi, investment option in real estate, real estate consultant, real estate agents, real estate developers and many more log on to http://www.zameen-zaidad.com and http://propertycafeteria.com/
If you imagine that commercial properties are only purchased by companies to expand their business prospects, think again! Now high net worth individuals (HNI) too invests in commercial properties. As recently as a few years ago, commercial property was an investment option for select individuals. Apart from the issue of a large investment, it required a different mindset from the investment point of view as well. But, over the years, a large number of Indians have begun to earn huge salaries while many others are also making a lot of money through freelance jobs, which they are investing in commercial properties.
Unlike in the past, the New Age Indians are not confined to investing in residential properties. This trend is picking up fast. "If banks do not show reluctance to give loans to individuals in order to buy commercial properties, more and more HNI will come forward to buy commercial properties. It is now no secret that banks hardly show any positive attitude to sanction loans to individuals in order to buy commercial properties. This happens all over the world. That is why you cannot blame only our banks," says Samir Jasuja, CMD of PropEquity.
An official of PNB Housing Finance Ltd also admitted that while banks happily give loans for residential properties, they are not that forthcoming when it comes to loans for the purchase of commercial properties. Reason? He said that compared to residential properties, the rate of default is very high in this segment. That is precisely the reason banks avoid disbursing loans to individuals in buying commercial properties.
"As far as Ansal API is concerned, we have got bookings from a sizable number of such individuals (HNI) in our malls (Ansal Plaza in various locations), as also in small to medium office spaces in our commercial projects in Delhi NCR, Punjab, Lucknow, Kundli (near Sonipat in Haryana), among other projects," says the company's official spokesman.
Anu Gupta, director of Century 21 India, says that HNIs should make investments in commercial properties as these investments could maximize their return. The reason being, while they could go for bank loans up to 75-80% for such investments, the repayment of such loans could be set off against the rental incomes from such commercial properties. Thus, by investing a portion of the total price (say 25%), an investor can acquire a high-value asset, which will not only give maximum return (thanks to the set off provision in IT against rentals), but could see a significant appreciation over a period as the retail/commercial industry grows.
Giving his own example as to how he is earning less because he has invested in residential property while his friend is earning far more than him for investing in commercial property, a Delhi based financial professional, Narinder Gambhir, says that both he and his friend invested in residential and commercial properties in 2004 in East Delhi. Both invested close to Rs 30 lakh each. "While I am getting a rent of Rs 15,000 per month, my friend is earning Rs 25,000 from his property. This is a huge difference," Gambhir rues.
Discussing about the factors which are crucial for HNI to look buy commercial properties, a realty expert says that they should not invest where there is a deluge of supply. In that case before, the investment would not fetch good returns. HNI also invest in commercial property, as they are not restricted to a dingy market area. Today, swanky malls enable an individual to look at commercial property as a viable investment option. Moreover, the emergence of semi-commercial property in residential locations has made the investment financially viable.
RK Arora, CMD of Supertech group, says that there is nothing wrong if you invest in commercial property, but one must invest after taking all the pros and cons into consideration. "I feel that if you invest in some commercial space in NCR, then you have to wait for a long period before earning anything as there is a massive supply of such commercial property in NCR, unlike in Delhi. If you can invest in Delhi, then it is great."
However, Alimuddin Rafi Ahmed, CMD of ILD realty group, feels that as our economy is improving after tiding over a really tough time during the market slum of 2008-09, corporates are looking for commercial spaces on lease, hence it is a perfect time to invest in commercial properties. "This is just the right time to invest as the property is available at rockbottom prices. The crash in property prices led to downward revision of prices by developers. The reduction was to the tune of 30% or so. Hope things go better in the times to come and everyone benefits from the property," Ahmed concludes.
Courtesy:- ET Realty dt:- 19-03-2010
For information about real estate, real estate india, Indian real estate property, property in india, Indian property, apartments, apartments for sale, apartments for buy, apartments for sale in delhi, apartments for sale in gurgaon, apartments for sale in indirapuram, flats for sale in delhi, homes, homes for sale, houses for sale, homes for sale in delhi, homes for sale in gurgaon, houses for sale in delhi, houses for sale in gurgaon, property investment options in delhi, investment option in real estate, real estate consultant, real estate agents, real estate developers and many more log on to http://www.zameen-zaidad.com and http://propertycafeteria.com/
Saturday, March 13, 2010
Need to check overruns in infrastructure projects
A PMI-KPMG report reveals the silent drain on national resources
While infrastructure has been driving economic growth in India, time and cost overruns impede the sector's potential, says the Project Management Institute (PMI)-KPMG Infrastructure Study 2010.
The report also highlights how project management can help ensure efficient deployment of resources. Of the 1,035 infrastructure sector projects completed during April 1992March 2009, the study noted that 41 per cent faced cost overruns and 82 per cent witnessed time overruns.
PMI, a global association for the project management professionals released a study with leading professional services firm, KPMG titled `Study on Drivers for Success in Infrastructure Projects 2010' at a conference on `Project management in infrastructure sectors' held in New Delhi this week.
The report presents a comprehensive mapping of infrastructure projects and highlights the important roles that all stakeholders will play towards building India's infrastructure with planning and efficiency. The survey was carried out after taking the views of over 100 top management personnel representing Indian companies across infrastructure sectors, namely oil and gas, power, roads and bridges, ports and shipping, civil aviation, urban infrastructure, railways, steel and telecom. Raj Kalady, managing director, PMI India, said, "As the Indian economy drives global growth, it is critical for owners and contractors, the government, and the entire project stakeholder community, to mitigate delivery weaknesses collaboratively while consolidating strengths for successful project delivery. PMI, as a not-for-profit body, has been successful in building advocacy for the use of project management."
Geno Armstrong, global head, major project advisory services, KPMG, said, "The infrastructure industry in India has enjoyed several positive indicators. However, certain hard facts such as the on-ground delivery and extent of success achieved in terms of timely and within-budget completion sound a cautionary signal to the industry and the stakeholders."
"India is a country with tremendous potential for infrastructure growth. This sector has enjoyed a growth rate of 22 per cent in 2008-09. Moving ahead, there is a planned government spending of Rs 46.3 trillion in the 12th five year plan, with a staunch commitment to infrastructure investment proposed by the government. Despite these figures, time and cost overruns threaten to limit the potential of this sector to not only achieve growth projections, but also the huge contribution it can make to the overall GDP," he added.
Courtesy: HT Estates 13 March 2010
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While infrastructure has been driving economic growth in India, time and cost overruns impede the sector's potential, says the Project Management Institute (PMI)-KPMG Infrastructure Study 2010.
The report also highlights how project management can help ensure efficient deployment of resources. Of the 1,035 infrastructure sector projects completed during April 1992March 2009, the study noted that 41 per cent faced cost overruns and 82 per cent witnessed time overruns.
PMI, a global association for the project management professionals released a study with leading professional services firm, KPMG titled `Study on Drivers for Success in Infrastructure Projects 2010' at a conference on `Project management in infrastructure sectors' held in New Delhi this week.
The report presents a comprehensive mapping of infrastructure projects and highlights the important roles that all stakeholders will play towards building India's infrastructure with planning and efficiency. The survey was carried out after taking the views of over 100 top management personnel representing Indian companies across infrastructure sectors, namely oil and gas, power, roads and bridges, ports and shipping, civil aviation, urban infrastructure, railways, steel and telecom. Raj Kalady, managing director, PMI India, said, "As the Indian economy drives global growth, it is critical for owners and contractors, the government, and the entire project stakeholder community, to mitigate delivery weaknesses collaboratively while consolidating strengths for successful project delivery. PMI, as a not-for-profit body, has been successful in building advocacy for the use of project management."
Geno Armstrong, global head, major project advisory services, KPMG, said, "The infrastructure industry in India has enjoyed several positive indicators. However, certain hard facts such as the on-ground delivery and extent of success achieved in terms of timely and within-budget completion sound a cautionary signal to the industry and the stakeholders."
"India is a country with tremendous potential for infrastructure growth. This sector has enjoyed a growth rate of 22 per cent in 2008-09. Moving ahead, there is a planned government spending of Rs 46.3 trillion in the 12th five year plan, with a staunch commitment to infrastructure investment proposed by the government. Despite these figures, time and cost overruns threaten to limit the potential of this sector to not only achieve growth projections, but also the huge contribution it can make to the overall GDP," he added.
Courtesy: HT Estates 13 March 2010
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The service tax conundrum
Thanks to the proposed levy of service tax on developers, the realty market is abuzz with speculation over its impact on property rates.
Syed Amir Ali Hashmi checks out the likely repercussions Illustration: Abhimanyu Sinha
This year's budget has left aspiring homebuyers in a tizzy. Ashok Kumar, a chartered accountant, can't decide if he should wait and watch or buy his dream home. He fears he will lose out thanks to the price rise that the new service tax on real estate developers is likely to bring about. Just like Kumar, a number of people are seeking clarity on changes in price and demand that are likely to result from the 10.3 per cent spike in costs that developers will now incur.
Experts are unanimous in their views on the new tax impact. Prashant Kaura, founder and director, GenReal, says, "The impact of the service tax will be passed directly onto the buyer, resulting in an increase in real estate prices. So, for projects under construction, we will see a marginal price increase. Tax experts anticipate the increase to be about 3.4 per cent of sale value."
Agreeing to this, Avinash Narvekar, tax partner-real estate practice, Ernst & Young, says, "In case developers are dissuaded from accepting pre-sale advances because of the additional service tax liability, they may have to look for funding from banks to complete their projects.
This could, in some instances, escalate the cost of projects."
Sanjay Dutt, CEO business, Jones Lang LaSalle Meghraj, feels that the benefits implied by the tax savings and interest rate subvention will, to some extent, be negated by the service tax levied on properties in preferred locations and construction costs of yet-to-be-completed buildings. "Builders are likely to pass on this additional burden to customers by increasing property prices proportionately," he says.
Differing slightly with the above view, Navrekar says, "Whether (increased costs) are actually passed on to the buyer will depend on the level of demand. Increasing home loan rates will surely impact the demand adversely, which may not be offset by the increased disposal income accruing to individuals as a result of the raised tax slab. The equation might have been different had there been incentives that would drive demand stimulation, such as an increase in the existing Rs 1.50 lakh deduction for interest paid on housing loans."
He adds that overall, given the already high property prices and slowing demand for property, it is possible that some developers may choose not to pass on the whole burden of the service tax on to consumers. Across the board Kaura says the effect will be felt across India -on the projects under construction and those on sale. However, Navrekar says, "The affect may be relative to the category of homebuyers. While the affordable housing segment and developments in Tier-II and Tier-III cities are somewhat susceptible to the cost increase, given that the net impact is only 3.5 per cent."
Pratik Jain, executive director, KPMG, says that unless exemption clauses of the service tax are clarified, impact will be widespread. More clarity is also required on whether houses below the Rs 20 lakh to Rs 30 lakh price range will be exempt. Very little choice Kaura says buyers don't have much choice. "The cheaper alternatives will become more expensive. Since already-built options are usually more expensive than yet to-be-completed projects, the relative rise in prices would not be significant for under construction projects. If buyers are looking at cheaper alternatives, they are still likely to go in for under-construction developments."
Narvekar says, "Typically, properties are costlier when purchased after completion of construction. Thus, the buyer is likely to choose between comparatively lower prices of under-construction properties and constructed property with a higher price tag, though without the service-tax component."
What is clear is that the added costs are not likely to dissuade investors or speculators, nor will it impact developers significantly. The buyers are likely to be hit the hardest.
Courtesy: HT Estates 13 March 2010
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Visit www.zameen-zaidad.com
www.propertycafeteria.com
Syed Amir Ali Hashmi checks out the likely repercussions Illustration: Abhimanyu Sinha
This year's budget has left aspiring homebuyers in a tizzy. Ashok Kumar, a chartered accountant, can't decide if he should wait and watch or buy his dream home. He fears he will lose out thanks to the price rise that the new service tax on real estate developers is likely to bring about. Just like Kumar, a number of people are seeking clarity on changes in price and demand that are likely to result from the 10.3 per cent spike in costs that developers will now incur.
Experts are unanimous in their views on the new tax impact. Prashant Kaura, founder and director, GenReal, says, "The impact of the service tax will be passed directly onto the buyer, resulting in an increase in real estate prices. So, for projects under construction, we will see a marginal price increase. Tax experts anticipate the increase to be about 3.4 per cent of sale value."
Agreeing to this, Avinash Narvekar, tax partner-real estate practice, Ernst & Young, says, "In case developers are dissuaded from accepting pre-sale advances because of the additional service tax liability, they may have to look for funding from banks to complete their projects.
This could, in some instances, escalate the cost of projects."
Sanjay Dutt, CEO business, Jones Lang LaSalle Meghraj, feels that the benefits implied by the tax savings and interest rate subvention will, to some extent, be negated by the service tax levied on properties in preferred locations and construction costs of yet-to-be-completed buildings. "Builders are likely to pass on this additional burden to customers by increasing property prices proportionately," he says.
Differing slightly with the above view, Navrekar says, "Whether (increased costs) are actually passed on to the buyer will depend on the level of demand. Increasing home loan rates will surely impact the demand adversely, which may not be offset by the increased disposal income accruing to individuals as a result of the raised tax slab. The equation might have been different had there been incentives that would drive demand stimulation, such as an increase in the existing Rs 1.50 lakh deduction for interest paid on housing loans."
He adds that overall, given the already high property prices and slowing demand for property, it is possible that some developers may choose not to pass on the whole burden of the service tax on to consumers. Across the board Kaura says the effect will be felt across India -on the projects under construction and those on sale. However, Navrekar says, "The affect may be relative to the category of homebuyers. While the affordable housing segment and developments in Tier-II and Tier-III cities are somewhat susceptible to the cost increase, given that the net impact is only 3.5 per cent."
Pratik Jain, executive director, KPMG, says that unless exemption clauses of the service tax are clarified, impact will be widespread. More clarity is also required on whether houses below the Rs 20 lakh to Rs 30 lakh price range will be exempt. Very little choice Kaura says buyers don't have much choice. "The cheaper alternatives will become more expensive. Since already-built options are usually more expensive than yet to-be-completed projects, the relative rise in prices would not be significant for under construction projects. If buyers are looking at cheaper alternatives, they are still likely to go in for under-construction developments."
Narvekar says, "Typically, properties are costlier when purchased after completion of construction. Thus, the buyer is likely to choose between comparatively lower prices of under-construction properties and constructed property with a higher price tag, though without the service-tax component."
What is clear is that the added costs are not likely to dissuade investors or speculators, nor will it impact developers significantly. The buyers are likely to be hit the hardest.
Courtesy: HT Estates 13 March 2010
For more information regarding apartment in gurgaon, bedroom apartments, buy property in india, commercial complex in india, commercial real estate, commercial space in gurgaon, dealers, flats for sale, indian real estate investment, investment options in real estate, luxurious flats, malls, office space, office space in gurgaon, online real estate, penthouses gurgaon, plots, property consultants, property in gurgaon, property india, property investment, real estate company, real estate developer, real estate gurgaon, real estate in india, real estate investment strategies, real estate market, real estate news, real estate portals, realtors, realty, residence, residential real estate, sell property, shop, villas, Residential Apartment
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Tuesday, March 9, 2010
A bigger house, thanks to the Budget
More disposable income and increased loan eligibility for the aam admi
Satkam Divya
Finance Minister Pranab Mukherjee's recent budget announcements have come as a relief to the taxpayer. Under the revised tax structure, incomes between Rs 1.6 lakh and Rs 5 lakh will attract 10 per cent tax, while on incomes between Rs 5 lakh and Rs 8 lakh, 20 per cent tax will be applicable. For incomes above Rs 8 lakh, a rate of 30 per cent will be levied. The threshold for tax-free income remains unchanged at Rs 1.6 lakh. These tax concessions will put more money in the hands of consumers.
The revision in income tax slabs will increase the take- home salary of an individual earning 10 lakh per annum by Rs 50,000. This means that if he was earlier able to afford to pay EMIs for a loan of Rs 10 lakh, thanks to his increased disposable income, his eligibility for a housing loan has now increased by approximately Rs 5 lakh. The new tax slab would certainly bring a smile on the face of the aam aadmi.
For example, Ramesh, a resident of Delhi, earns a gross salary of Rs 1,00000 per month (Rs 12,00000 per annum). His salary structure and investments are as follows: Basic - Rs 40,000 HRA - Rs 35,000 Conveyance - Rs 800 Medical reimbursement - Rs 1,250 (or Rs 15,000 annually) House Rent - Rs 15,000 Investments under 80 C - Rs 1,00000 Therefore, his taxable annual income is Rs 9,43,400. While Ramesh would have paid Rs 1,87,020 under the old tax structure, he would now pay Rs 1,37,020.
Thus, Ramesh will now have Rs 50,000 (or Rs 4166.67 every month) more at his dis- posal. With the additional liquidity, Ramesh can either make further investments or increase his home loan affordability by that amount.
This means he can now afford to buy a house that costs Rs 4.5 lakh more (calculated basis an 8.25 per cent interest for a 20-year loan).
The writer is CEO and MD, Rupeetalk.com
Courtesy:- HT Estates dt:- 06-March-2010
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Satkam Divya
Finance Minister Pranab Mukherjee's recent budget announcements have come as a relief to the taxpayer. Under the revised tax structure, incomes between Rs 1.6 lakh and Rs 5 lakh will attract 10 per cent tax, while on incomes between Rs 5 lakh and Rs 8 lakh, 20 per cent tax will be applicable. For incomes above Rs 8 lakh, a rate of 30 per cent will be levied. The threshold for tax-free income remains unchanged at Rs 1.6 lakh. These tax concessions will put more money in the hands of consumers.
The revision in income tax slabs will increase the take- home salary of an individual earning 10 lakh per annum by Rs 50,000. This means that if he was earlier able to afford to pay EMIs for a loan of Rs 10 lakh, thanks to his increased disposable income, his eligibility for a housing loan has now increased by approximately Rs 5 lakh. The new tax slab would certainly bring a smile on the face of the aam aadmi.
For example, Ramesh, a resident of Delhi, earns a gross salary of Rs 1,00000 per month (Rs 12,00000 per annum). His salary structure and investments are as follows: Basic - Rs 40,000 HRA - Rs 35,000 Conveyance - Rs 800 Medical reimbursement - Rs 1,250 (or Rs 15,000 annually) House Rent - Rs 15,000 Investments under 80 C - Rs 1,00000 Therefore, his taxable annual income is Rs 9,43,400. While Ramesh would have paid Rs 1,87,020 under the old tax structure, he would now pay Rs 1,37,020.
Thus, Ramesh will now have Rs 50,000 (or Rs 4166.67 every month) more at his dis- posal. With the additional liquidity, Ramesh can either make further investments or increase his home loan affordability by that amount.
This means he can now afford to buy a house that costs Rs 4.5 lakh more (calculated basis an 8.25 per cent interest for a 20-year loan).
The writer is CEO and MD, Rupeetalk.com
Courtesy:- HT Estates dt:- 06-March-2010
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Construction in the service tax net
The proposed imposition of service tax on real estate comes as a surprise, say Pratik Jain and Siddharth Mehta
Real-estate was one of the biggest victims of the economic slowdown, which crept in about one-and-half years back.
Despite the falling realty prices, there were few takers, as potential customers were either out of money, or preferred to adopt a wait-and-watch approach.
Now, with the economy showing signs of recovery, real-estate prices have also started rising; rather steeply in some parts of the country.
Therefore, the Budget 2010 proposals extending service tax on real estate came as a surprise to most of us.
The government intends to levy service tax on sale of property (both residential and commercial), if any part of the consideration is received by the builder prior to issuance of `completion certificate' in respect of the property by the concerned authorities.
In such a situation, the activity of construction would be `deemed' to be a service. This means that if the entire payment is made after the completion of construction, service tax would not be applicable.
The proposed amendment would come into effect after the enactment of the Finance Bill, which could happen in next couple of months.
The issue of service tax on real estate transactions has been subject to dispute in the past. After extensive debate and litigation, the service tax authorities had clarified around a year back that any service provided by the builder in connection with the construction of residential complex till the execution of sale deed in favour of customer, would be in the nature of `self-service' and consequently would not attract service tax. In other words, the authorities also acknowledged that sale of an under-construction apartment by builder to the customer do not entail any provision of service from builder to customer. This also seems logical, as the transaction is typically treated as sale of immovable property and stamp duty is paid on the entire value.
The veracity of this latest proposal is being debated extensively and several tax experts believe that an activity, which is actually not a service, can not be `deemed' to be so.
Also, this would lead to double taxation, as stamp duty will continue to be paid on the entire property price. The state governments can also seek to levy VAT on material used for construction (such as cement, steel etc.), if the activity is treated as a service for the purposes of service tax laws.
Further, when GST is likely to be implemented from April 1, 2011, any structural change in the tax system should be done after analysing the possible implications in detail. If real estate transactions are to be brought within the ambit of GST, then ideally stamp duties should also be subsumed within its fold, an issue on which a consensus is still to emerge.
Therefore, over the next few days, the builder community is likely to meet the senior finance ministry officials and make a representation for withdrawal of the proposal.
However, assuming the proposal is implemented, the silver lining is that service tax would only apply on 33 per cent of the value of property and therefore the impact is likely to be around 3.4 per cent of the sale price of the property. However, any PLC (Preferential Location Charge) or other development charges recovered by the builder would also attract service tax at 10.3 per cent.
Those of who have already booked apartments/ commercial properties would be wondering as to whether the builder would seek to recover any additional amount on account of service tax.
Unfortunately, the proposal is not clear on this aspect.
One would hope that the government would come up with suitable clarifications in this regard and at least provide exemption where the entire consideration for the property has already been paid and the property is already under construction.
The authors are executive director, KPMG and senior manager, KPMG, respectively
Courtesy:HT Estates dt:06-March-2010
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Real-estate was one of the biggest victims of the economic slowdown, which crept in about one-and-half years back.
Despite the falling realty prices, there were few takers, as potential customers were either out of money, or preferred to adopt a wait-and-watch approach.
Now, with the economy showing signs of recovery, real-estate prices have also started rising; rather steeply in some parts of the country.
Therefore, the Budget 2010 proposals extending service tax on real estate came as a surprise to most of us.
The government intends to levy service tax on sale of property (both residential and commercial), if any part of the consideration is received by the builder prior to issuance of `completion certificate' in respect of the property by the concerned authorities.
In such a situation, the activity of construction would be `deemed' to be a service. This means that if the entire payment is made after the completion of construction, service tax would not be applicable.
The proposed amendment would come into effect after the enactment of the Finance Bill, which could happen in next couple of months.
The issue of service tax on real estate transactions has been subject to dispute in the past. After extensive debate and litigation, the service tax authorities had clarified around a year back that any service provided by the builder in connection with the construction of residential complex till the execution of sale deed in favour of customer, would be in the nature of `self-service' and consequently would not attract service tax. In other words, the authorities also acknowledged that sale of an under-construction apartment by builder to the customer do not entail any provision of service from builder to customer. This also seems logical, as the transaction is typically treated as sale of immovable property and stamp duty is paid on the entire value.
The veracity of this latest proposal is being debated extensively and several tax experts believe that an activity, which is actually not a service, can not be `deemed' to be so.
Also, this would lead to double taxation, as stamp duty will continue to be paid on the entire property price. The state governments can also seek to levy VAT on material used for construction (such as cement, steel etc.), if the activity is treated as a service for the purposes of service tax laws.
Further, when GST is likely to be implemented from April 1, 2011, any structural change in the tax system should be done after analysing the possible implications in detail. If real estate transactions are to be brought within the ambit of GST, then ideally stamp duties should also be subsumed within its fold, an issue on which a consensus is still to emerge.
Therefore, over the next few days, the builder community is likely to meet the senior finance ministry officials and make a representation for withdrawal of the proposal.
However, assuming the proposal is implemented, the silver lining is that service tax would only apply on 33 per cent of the value of property and therefore the impact is likely to be around 3.4 per cent of the sale price of the property. However, any PLC (Preferential Location Charge) or other development charges recovered by the builder would also attract service tax at 10.3 per cent.
Those of who have already booked apartments/ commercial properties would be wondering as to whether the builder would seek to recover any additional amount on account of service tax.
Unfortunately, the proposal is not clear on this aspect.
One would hope that the government would come up with suitable clarifications in this regard and at least provide exemption where the entire consideration for the property has already been paid and the property is already under construction.
The authors are executive director, KPMG and senior manager, KPMG, respectively
Courtesy:HT Estates dt:06-March-2010
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Monday, March 8, 2010
WEEKLY ROUND-UP OF SOME BIG-TICKET CITY DEALS
Mumbai
A residential apartment, covering an area of 1,850 sq ft, was leased out in the plush Altamont Road area for a rental value of Rs 275,000 per month. The location has been commanding an average rental value of Rs 2, 00,000-3, 50,000 per month for mid-segment residential units and has remained stable over the last quarter. The apartment is fully furnished, including white goods. The current economic stability, coupled with an increase in enquiries and lucrative financing schemes being offered by several banks, will stimulate demand. This is likely to result in some appreciation in capital values in this location. Altamont Road is one of the most highly sought after destinations in Mumbai, and is home to many prominent social and corporate citizens in the city. The area commands a premium due to factors such as high quality of construction, distinguished neighborhood, adequate social infrastructure, including film and entertainment, education and healthcare, etc.
Pune
An apartment, admeasuring 4,000 sq ft in Kalyani Nagar, was leased out to a corporate for a monthly rental of Rs 160,000. This high-end apartment was well within the prevalent range of Rs 1,10,000-210,000. While prices in this micro market have remained stable over the last two quarters, they are expected to appreciate on account of the growing demand from expatriates and corporates due to its proximity to the airport, railway station and central business district.
Another apartment in Kharadi, admeasuring 2935 sq ft, was sold for Rs 14,381,500. This mid-segment apartment commanded an average capital value of Rs 4,900 per sq ft, which is within the expected range of Rs 4,500-5,500 per sq ft. The location, which once was an unexplored fringe area of Pune, has seen some hectic development activities in recent times, with infrastructure and connectivity also improving. Its proximity to the airport, Koregaon Park, Kalyani Nagar, Viman Nagar and Ranjangaon is an added advantage.
NCR
A residential apartment in a high-end gated community in Gurgaon was leased out for a rental value of Rs 100,000 per month. This high-end condominium is spread across an area of 3,890 sq ft, and comes with amenities such as swimming pool, gymnasium, along with two dedicated car parks and a domestic help’s quarter. Gurgaon has been one of the preferred residential locations in NCR, owing to its growing importance as a commercial sector, especially for expatriate and senior officials of corporate as it is in the vicinity of their work places. The residential options are high in quality while being cost-effective compared to other locations in NCR. In addition, Gurgaon has over the years developed excellent social infrastructure like entertainment and retail, healthcare and education. This lease was within the commanded range of Rs 100,000-175,000 for high-end residential properties in the area.
Courtesy:- ET dt:- 05-Mar-2010
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A residential apartment, covering an area of 1,850 sq ft, was leased out in the plush Altamont Road area for a rental value of Rs 275,000 per month. The location has been commanding an average rental value of Rs 2, 00,000-3, 50,000 per month for mid-segment residential units and has remained stable over the last quarter. The apartment is fully furnished, including white goods. The current economic stability, coupled with an increase in enquiries and lucrative financing schemes being offered by several banks, will stimulate demand. This is likely to result in some appreciation in capital values in this location. Altamont Road is one of the most highly sought after destinations in Mumbai, and is home to many prominent social and corporate citizens in the city. The area commands a premium due to factors such as high quality of construction, distinguished neighborhood, adequate social infrastructure, including film and entertainment, education and healthcare, etc.
Pune
An apartment, admeasuring 4,000 sq ft in Kalyani Nagar, was leased out to a corporate for a monthly rental of Rs 160,000. This high-end apartment was well within the prevalent range of Rs 1,10,000-210,000. While prices in this micro market have remained stable over the last two quarters, they are expected to appreciate on account of the growing demand from expatriates and corporates due to its proximity to the airport, railway station and central business district.
Another apartment in Kharadi, admeasuring 2935 sq ft, was sold for Rs 14,381,500. This mid-segment apartment commanded an average capital value of Rs 4,900 per sq ft, which is within the expected range of Rs 4,500-5,500 per sq ft. The location, which once was an unexplored fringe area of Pune, has seen some hectic development activities in recent times, with infrastructure and connectivity also improving. Its proximity to the airport, Koregaon Park, Kalyani Nagar, Viman Nagar and Ranjangaon is an added advantage.
NCR
A residential apartment in a high-end gated community in Gurgaon was leased out for a rental value of Rs 100,000 per month. This high-end condominium is spread across an area of 3,890 sq ft, and comes with amenities such as swimming pool, gymnasium, along with two dedicated car parks and a domestic help’s quarter. Gurgaon has been one of the preferred residential locations in NCR, owing to its growing importance as a commercial sector, especially for expatriate and senior officials of corporate as it is in the vicinity of their work places. The residential options are high in quality while being cost-effective compared to other locations in NCR. In addition, Gurgaon has over the years developed excellent social infrastructure like entertainment and retail, healthcare and education. This lease was within the commanded range of Rs 100,000-175,000 for high-end residential properties in the area.
Courtesy:- ET dt:- 05-Mar-2010
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A cyberland in NOIDA
Flush with the success of its first-ever launch of a residential project, Logix Group is launching Phase-2 of its cyber park in Noida in end-March.
Krishna Kumar Mangalam reports
After the launch of its first residential project, Blossom County in Sector 137, Noida last month, Logix Group is back to what it does best – building IT parks. The group is launching Logix Cyber Park, Phase-2 in end-March, in which Tower C & D will be on offer to IT/ITeS and other technology firms. Phase-1 of Logix Cyber Park (Tower A & B) was launched last year, and both the towers have been leased out to leading IT firms and MNCs with 100% occupancy.
The site is located in Sector 62, the corporate hub of Noida, and is 9km from DND expressway and 2km from the national highway. Logix Cyber Park is also close to industrial centres like Faridabad (35 km), Ghaziabad (5km), Greater Noida (20 km) and Meerut (50 km). Connaught Place in Delhi is about 20 km from here.
Talking to Times Property, Shakti Nath, chairman and MD of Logix Group, said that the project is not just about an IT park. “Logix Cyber Park is not merely an IT park. Our philosophy is to let the clients concentrate on their core business activity while we take care of all their other family and social requirements. We have in-house support facilities like a medical desk, a travel desk, concierge that will lend them all conceivable services, a clubhouse with 250-seat auditorium and sports and recreational facilities, a yoga and meditation centre, among others. We are also in the process of constructing service apartments within the premises, which we can safely say will be an USP for our project.”
The Cyber Park’s Phase-2 comprises two interconnected towers, C & D, with each having 10 floors. The total builtup area of the project is over 12,00,000 sq ft and Phase-2 has a built-up are of 6,85,168 sq ft. The project has a Leadership in Energy and Environmental Design (LEED) certification with ‘Silver’ rating in the Green Building rating system.
The project has been built to sateof-the-art specifications and boasts of technical feature, which are among the best in the country.
Some USPs of the project
A professionally managed day-care centre and creche for working mothers Dense plantation and lush green ambience Special provision for access to people with disabilities Water bodes with flowing and cascading waterfalls Workstations with north and east orientation to offset heat and direct sunrays Structure designed to seismic Zone V specifications Parking space for 1,800 cars in the basement, lower ground and ground levels CAT 6 data cables for high-speed data transfer Provision of protected internet and data transfer facility through highspeed servers in incubator centre Has secretarial and other back-up facilities for startups – even a one-man entrepreneur may set up shop here with an assurance that his back-end office work will be professionally managed here
The project has a clubhouse with a fully equipped gymnasium and two squash courts. A leisure lounge and deck on the ground floor opens up into golf putting greens and water fountains. There is also a 250-seat auditorium with PVR-like facilities that can screen movies on request and according to client choice, and also a performance stage. The club complex is located between the towers.
Along with a 205-seat business centre, the complex has cafeterias and coffee shops by respected brands like Sagar Ratna, Barista and TopBreads, along with bank ATMs.
The 10-storey complex has a façade of glass elevation and all floor lobbies will have a panoramic view of the lush green front lawns. The façade is a combination of aluminium and clear tempered frameless glass cladding. The other sides have insulated low e-glass with aluminium panels. The metal canopy on the terrace spanning the towers will create a spectacular display of authority and distinction, says Nath. The floorto-floor height is 4.1 metres and the clear height for each floor after accounting for the false ceiling is a good 9 feet. There are seven high-speed elevators in each tower. Among the various services provide are uninterrupted power from dual high-tension feeder lines placed along the rear service yard and provision of HT transformers with metering rooms. There is a STP (sewage treatment plant) for the entire complex. All services are placed at the rear of the complex to maximize the efficiency of maintenance.
Logix Cyber Park is spread over 44,100 sq metres with ground coverage being 26% and open spaces accounting for 75%. Every tower has a floor plate up to 11 levels. Every tower has a double height atrium with all of them connected through glass corridors at the ground floor. According to Nath, the basic layout plan of the complex is in accordance with vaastu principles. Logix Group has raised 4 million sq ft of international-class corporate buildings in Noida since 1997. “We have 250 top-notch IT/MNC clients occupying our buildings. We have a gross net worth of Rs 1,500 crore and an annual turnover of Rs 200 crore,” says Nath.
Courtesy:- Times Property dt:- 06-Mar-2010
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Krishna Kumar Mangalam reports
After the launch of its first residential project, Blossom County in Sector 137, Noida last month, Logix Group is back to what it does best – building IT parks. The group is launching Logix Cyber Park, Phase-2 in end-March, in which Tower C & D will be on offer to IT/ITeS and other technology firms. Phase-1 of Logix Cyber Park (Tower A & B) was launched last year, and both the towers have been leased out to leading IT firms and MNCs with 100% occupancy.
The site is located in Sector 62, the corporate hub of Noida, and is 9km from DND expressway and 2km from the national highway. Logix Cyber Park is also close to industrial centres like Faridabad (35 km), Ghaziabad (5km), Greater Noida (20 km) and Meerut (50 km). Connaught Place in Delhi is about 20 km from here.
Talking to Times Property, Shakti Nath, chairman and MD of Logix Group, said that the project is not just about an IT park. “Logix Cyber Park is not merely an IT park. Our philosophy is to let the clients concentrate on their core business activity while we take care of all their other family and social requirements. We have in-house support facilities like a medical desk, a travel desk, concierge that will lend them all conceivable services, a clubhouse with 250-seat auditorium and sports and recreational facilities, a yoga and meditation centre, among others. We are also in the process of constructing service apartments within the premises, which we can safely say will be an USP for our project.”
The Cyber Park’s Phase-2 comprises two interconnected towers, C & D, with each having 10 floors. The total builtup area of the project is over 12,00,000 sq ft and Phase-2 has a built-up are of 6,85,168 sq ft. The project has a Leadership in Energy and Environmental Design (LEED) certification with ‘Silver’ rating in the Green Building rating system.
The project has been built to sateof-the-art specifications and boasts of technical feature, which are among the best in the country.
Some USPs of the project
A professionally managed day-care centre and creche for working mothers Dense plantation and lush green ambience Special provision for access to people with disabilities Water bodes with flowing and cascading waterfalls Workstations with north and east orientation to offset heat and direct sunrays Structure designed to seismic Zone V specifications Parking space for 1,800 cars in the basement, lower ground and ground levels CAT 6 data cables for high-speed data transfer Provision of protected internet and data transfer facility through highspeed servers in incubator centre Has secretarial and other back-up facilities for startups – even a one-man entrepreneur may set up shop here with an assurance that his back-end office work will be professionally managed here
The project has a clubhouse with a fully equipped gymnasium and two squash courts. A leisure lounge and deck on the ground floor opens up into golf putting greens and water fountains. There is also a 250-seat auditorium with PVR-like facilities that can screen movies on request and according to client choice, and also a performance stage. The club complex is located between the towers.
Along with a 205-seat business centre, the complex has cafeterias and coffee shops by respected brands like Sagar Ratna, Barista and TopBreads, along with bank ATMs.
The 10-storey complex has a façade of glass elevation and all floor lobbies will have a panoramic view of the lush green front lawns. The façade is a combination of aluminium and clear tempered frameless glass cladding. The other sides have insulated low e-glass with aluminium panels. The metal canopy on the terrace spanning the towers will create a spectacular display of authority and distinction, says Nath. The floorto-floor height is 4.1 metres and the clear height for each floor after accounting for the false ceiling is a good 9 feet. There are seven high-speed elevators in each tower. Among the various services provide are uninterrupted power from dual high-tension feeder lines placed along the rear service yard and provision of HT transformers with metering rooms. There is a STP (sewage treatment plant) for the entire complex. All services are placed at the rear of the complex to maximize the efficiency of maintenance.
Logix Cyber Park is spread over 44,100 sq metres with ground coverage being 26% and open spaces accounting for 75%. Every tower has a floor plate up to 11 levels. Every tower has a double height atrium with all of them connected through glass corridors at the ground floor. According to Nath, the basic layout plan of the complex is in accordance with vaastu principles. Logix Group has raised 4 million sq ft of international-class corporate buildings in Noida since 1997. “We have 250 top-notch IT/MNC clients occupying our buildings. We have a gross net worth of Rs 1,500 crore and an annual turnover of Rs 200 crore,” says Nath.
Courtesy:- Times Property dt:- 06-Mar-2010
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Tuesday, March 2, 2010
Reflecting your colour
People are experimenting with colours on the facades of their houses much more than in earlier times, says Vivek Shukla
Holi, the spring festival of colours, is round the corner and we may as well seize the occasion to reflect upon the importance of colours in our life – be they at home, office, or the city around us. Life without colours is unimaginable. And, our language if full of expressions that recollect colour to express emotions – red with rage, feeling blue, green with jealousy, black-hearted; soft and pink, bright and yellow – and so on and so forth. Remember, all colours are beautiful and there are no ugly colours. Ugly combinations can make or mar the overall effect, though.
So, when refurbishing your home, ensure that walls are painted in a light shade like creamy whites, ivory, soft pink, pale blue or very light green. This is because light colours have a soothing effect; they help in reducing tension and most importantly, they reflect light and lend the room a bright, sunny and happy look. Surely, a condition many of us would like to be in.
Professor Najma Rizvi, formerly of School of Planning and Architecture, says that red, orange, dark yellow should be avoided because they exercise a negative effect on the inhabitants of a house. Red incites anger and passion, and black and grey give the place a dark, gloomy and sombre look.
Professor D S Meshram, director of Institute of Town Planners, says that due to cost factor, we see more and more building owners opt for permanent finish rather than colours. As colours start fading after three-fours years, owners of buildings opt for a more permanent option even though many may love to see light colours on their buildings. “Even after so many years of their construction, the Raj era buildings still look so elegant because they have opted for either light colours or they were made of red sandstones,” Meshram says.
As far as houses are concerned, gone are the pastel shades and serene whites. Instead, you find houses with new coats of paint. The colours defy aesthetic logic at times. You will see deep blue, violet, orange and yellows. But then, it’s a matter of personal preferences. “These people have no clue as to what colours can be used. They depend on people at the paint shops to decide on the colours and the more gaudy, the merrier,” says an architect.
Should we have uniform colours for both commercial and residential buildings in Delhi? Some architects and developers say that as Delhi is a green city with lots of trees and a rich forest cover, buildings should be painted in shades of beige, light brown and off-white as these colours go nicely with green. A green Delhi would look out of the world.
While some feel that with its blue skyline offset by fluffy white clouds, a white Delhi would look great. White is the universal colour of purity and peace. White and blue, in conjunction, would give Delhi a very Mediterranean and glamourous look, yet others opine.
Alimuddin Rafi Ahmed, MD of ILD developers, says that they decide on colours of their buildings after a lot of thinking and discussion. Of course, there is no place for dark shades. They go for light and attractive colour schemes. The choice of colour can make or mar the beauty of a building. “To begin with, we decide on what portions of the exterior to highlight –blocks, windows or mouldings. Bright-coloured building are prominent, appear large and closer to the eye,” he says
On the other hand, Ajmal Zaheer Khan of the well-known architect firm, Kothari Associates, has a soft corner for dark colours for exteriors of buildings. “I think school building for kids should prefer dark shades,” he says.
Giving his inputs on the preferable colour-schemes of buildings, Harinder Dhillon, VP of Raheja Developers, says the colour of a building generally depends upon a number of factors like the profile of residents, location and whether it is located across a fairly large area or is the area restricted. An upper class luxury residential condominium complex will have subtle colours like cream, while a lower-classes residential tower is likely to have green or red.
Experts also say that in many cases, some clients settle for colours which are associated with their religion. For example, green is associated with a certain community and saffron with another.
“I also get many clients asking for bright colours on exterior walls. They want orange, red, yellow and blue. As a professional, I prefer light colours for exteriors like cream and grey, but then, a client is always right,” says another architect.
And, why is there a trend for bright colours? “Houses that are shown on TV are mostly brightly painted. In some houses, only the frontage is painted with such colours. Amidst the concrete jungle of white, cream and grey, the bright houses are a feast to the eye and dazzle a city’s skyline.”
Experts say that people are playing with colours a lot more now. Earlier, colours were restricted to the interiors. For exteriors, all homeowners wanted light, evergreen and low maintenance colours. Some even used stones, marble and brick tiles so that a house needed practically no painting, but after some time these houses start looking dull. If you use colour, you can give your house a new look every time you repaint. For now, play Holi with lots of colour, but see that they do not spill on to the walls or facade at your home or the office.
Courtesy: Times Property 27th Feb 2010
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Holi, the spring festival of colours, is round the corner and we may as well seize the occasion to reflect upon the importance of colours in our life – be they at home, office, or the city around us. Life without colours is unimaginable. And, our language if full of expressions that recollect colour to express emotions – red with rage, feeling blue, green with jealousy, black-hearted; soft and pink, bright and yellow – and so on and so forth. Remember, all colours are beautiful and there are no ugly colours. Ugly combinations can make or mar the overall effect, though.
So, when refurbishing your home, ensure that walls are painted in a light shade like creamy whites, ivory, soft pink, pale blue or very light green. This is because light colours have a soothing effect; they help in reducing tension and most importantly, they reflect light and lend the room a bright, sunny and happy look. Surely, a condition many of us would like to be in.
Professor Najma Rizvi, formerly of School of Planning and Architecture, says that red, orange, dark yellow should be avoided because they exercise a negative effect on the inhabitants of a house. Red incites anger and passion, and black and grey give the place a dark, gloomy and sombre look.
Professor D S Meshram, director of Institute of Town Planners, says that due to cost factor, we see more and more building owners opt for permanent finish rather than colours. As colours start fading after three-fours years, owners of buildings opt for a more permanent option even though many may love to see light colours on their buildings. “Even after so many years of their construction, the Raj era buildings still look so elegant because they have opted for either light colours or they were made of red sandstones,” Meshram says.
As far as houses are concerned, gone are the pastel shades and serene whites. Instead, you find houses with new coats of paint. The colours defy aesthetic logic at times. You will see deep blue, violet, orange and yellows. But then, it’s a matter of personal preferences. “These people have no clue as to what colours can be used. They depend on people at the paint shops to decide on the colours and the more gaudy, the merrier,” says an architect.
Should we have uniform colours for both commercial and residential buildings in Delhi? Some architects and developers say that as Delhi is a green city with lots of trees and a rich forest cover, buildings should be painted in shades of beige, light brown and off-white as these colours go nicely with green. A green Delhi would look out of the world.
While some feel that with its blue skyline offset by fluffy white clouds, a white Delhi would look great. White is the universal colour of purity and peace. White and blue, in conjunction, would give Delhi a very Mediterranean and glamourous look, yet others opine.
Alimuddin Rafi Ahmed, MD of ILD developers, says that they decide on colours of their buildings after a lot of thinking and discussion. Of course, there is no place for dark shades. They go for light and attractive colour schemes. The choice of colour can make or mar the beauty of a building. “To begin with, we decide on what portions of the exterior to highlight –blocks, windows or mouldings. Bright-coloured building are prominent, appear large and closer to the eye,” he says
On the other hand, Ajmal Zaheer Khan of the well-known architect firm, Kothari Associates, has a soft corner for dark colours for exteriors of buildings. “I think school building for kids should prefer dark shades,” he says.
Giving his inputs on the preferable colour-schemes of buildings, Harinder Dhillon, VP of Raheja Developers, says the colour of a building generally depends upon a number of factors like the profile of residents, location and whether it is located across a fairly large area or is the area restricted. An upper class luxury residential condominium complex will have subtle colours like cream, while a lower-classes residential tower is likely to have green or red.
Experts also say that in many cases, some clients settle for colours which are associated with their religion. For example, green is associated with a certain community and saffron with another.
“I also get many clients asking for bright colours on exterior walls. They want orange, red, yellow and blue. As a professional, I prefer light colours for exteriors like cream and grey, but then, a client is always right,” says another architect.
And, why is there a trend for bright colours? “Houses that are shown on TV are mostly brightly painted. In some houses, only the frontage is painted with such colours. Amidst the concrete jungle of white, cream and grey, the bright houses are a feast to the eye and dazzle a city’s skyline.”
Experts say that people are playing with colours a lot more now. Earlier, colours were restricted to the interiors. For exteriors, all homeowners wanted light, evergreen and low maintenance colours. Some even used stones, marble and brick tiles so that a house needed practically no painting, but after some time these houses start looking dull. If you use colour, you can give your house a new look every time you repaint. For now, play Holi with lots of colour, but see that they do not spill on to the walls or facade at your home or the office.
Courtesy: Times Property 27th Feb 2010
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Monday, March 1, 2010
Central Registry to simplify loan process
Ashish Gupta
explains how this proposal will make the due diligence process easier
The government is contemplating on setting up a Central Registry office for home loans. The Central Registry will equip the lender better to make a fair assessment of the risk undertaken while providing finance against property, thus making lending easier and safe.
The country is moving closer to a Central Registry for equitable mortgages. Once it is in place, it will be virtually impossible for someone to raise loans twice against the same property. The establishment of a Central Registry is a necessary step to maintain data relating to charges created on any property.
As of now, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act in India has enabled the provision to set up a Central Registry. Thus, the government will have to issue a notification which will be the first step to the formation of the registry.
The Central Registry for equitable mortgages will cover only those properties against which an individual or an entity has taken a loan. In its report to the government, the Indian Banks’ Association (IBA) has proposed that initially the Registry will register immovable items like properties. The IBA has also said while banks will have the ownership of the Central Registry, the government will have to appoint a registrar as the chief operating person to run it.
The forthcoming Union Budget is likely to contain a mention of the Central Registry. In response to the government’s proposal, the IBA has submitted a feasibility report on the Central Registry. Sources said commercial banks will set up a company under Section 25 of the Companies Act 1956 as a non-profit company.
Under the proposed system, all banks and housing finance companies will provide data on title deeds and home loan borrowers to the Central Registry. When the bank processes a home loan proposal, it will first verify with the Central Registry if the title deed is clear and not registered in any other entity’s name, or if any other bank has taken it as a security.
Besides being beneficial to lenders as well as to third parties, the establishment of the Central Registry will result in advantages such as a single source to verify charges on any asset created by any entity, data on charged and encumbered properties being made available in a transparent manner, charges or encumbrances created being easily traceable etc. Also, due diligence on sale and purchase of properties will become easier.
It is to be noted that the biggest challenge is that of setting up a system, whereby each plot of land and structure is verifiable and can be identified separately. Also, land records are not computerised in all the States. So, tracing title of properties is a complex problem. This requires a co-ordinated effort between the central and state governments.
Courtesy: Times Property 27th Feb 2010
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explains how this proposal will make the due diligence process easier
The government is contemplating on setting up a Central Registry office for home loans. The Central Registry will equip the lender better to make a fair assessment of the risk undertaken while providing finance against property, thus making lending easier and safe.
The country is moving closer to a Central Registry for equitable mortgages. Once it is in place, it will be virtually impossible for someone to raise loans twice against the same property. The establishment of a Central Registry is a necessary step to maintain data relating to charges created on any property.
As of now, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act in India has enabled the provision to set up a Central Registry. Thus, the government will have to issue a notification which will be the first step to the formation of the registry.
The Central Registry for equitable mortgages will cover only those properties against which an individual or an entity has taken a loan. In its report to the government, the Indian Banks’ Association (IBA) has proposed that initially the Registry will register immovable items like properties. The IBA has also said while banks will have the ownership of the Central Registry, the government will have to appoint a registrar as the chief operating person to run it.
The forthcoming Union Budget is likely to contain a mention of the Central Registry. In response to the government’s proposal, the IBA has submitted a feasibility report on the Central Registry. Sources said commercial banks will set up a company under Section 25 of the Companies Act 1956 as a non-profit company.
Under the proposed system, all banks and housing finance companies will provide data on title deeds and home loan borrowers to the Central Registry. When the bank processes a home loan proposal, it will first verify with the Central Registry if the title deed is clear and not registered in any other entity’s name, or if any other bank has taken it as a security.
Besides being beneficial to lenders as well as to third parties, the establishment of the Central Registry will result in advantages such as a single source to verify charges on any asset created by any entity, data on charged and encumbered properties being made available in a transparent manner, charges or encumbrances created being easily traceable etc. Also, due diligence on sale and purchase of properties will become easier.
It is to be noted that the biggest challenge is that of setting up a system, whereby each plot of land and structure is verifiable and can be identified separately. Also, land records are not computerised in all the States. So, tracing title of properties is a complex problem. This requires a co-ordinated effort between the central and state governments.
Courtesy: Times Property 27th Feb 2010
For more information regarding apartment in gurgaon, bedroom apartments, buy property in india, commercial complex in india, commercial real estate, commercial space in gurgaon, dealers, flats for sale, indian real estate investment, investment options in real estate, luxurious flats, malls, office space, office space in gurgaon, online real estate, penthouses gurgaon, plots, property consultants, property in gurgaon, property india, property investment, real estate company, real estate developer, real estate gurgaon, real estate in india, real estate investment strategies, real estate market, real estate news, real estate portals, realtors, realty, residence, residential real estate, sell property, shop, villas, Residential Apartment
Visit www.zameen-zaidad.com
www.propertycafeteria.com
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