Keep Your Home Safe This Diwali !!

Ultimately, the date has reached when you will start for your family vacation. It’s all about last minute checking if you have packed all luggage and essentials with you. In this topsy-turvy of pending works, do not forget to check a few details about your home before you leave.

Really don’t want to scare you, but you have to take some safety/preventive steps which will keep your premise safe and secured.

Tell your neighbour: This is the best way to keep an eye on your house when you are not there. Your neighbour must be busy and has his/her busy schedule, however, if he/she take a few minutes time to look at your place it will perfectly serve the purpose. If you have good relationship with them, you may ask them to keep the house keys so that if necessary they can check the house in 2-3 days gap or arrange cleaning.

Close all the curtains: Closing all the curtains is a simple and effective safety feature you must ensure before you leave home. It will create a natural obstruction for intruders from peeping inside the room. Remove all fragile, valuable items from near proximity to windows and if possible use the child safety locks to ensure double protection from the unwanted trespassers.

Turning off pipe lines and electrics switches: In both these cases leakage may create a disaster. Before leaving your place, check twice if all the faucet points in your bathroom, kitchen, and balcony are tightly closed. Also check twice if you have put off all electric switches. To ensure better precaution, you can switch off the main switch before you leave house. But do take out all food items out of refrigerator and leave it open if you are turning it off.

Indoor Plants: You can keep your indoor plants either with your neighbour or you may ask your care taker to keep the plants at his place for a few days for watering.

Arrange garbage removal: Put all garbage into a big plastic bag and after sealing its mouth, ask our gatekeeper to keep the bag with him till garbage cleaner comes next day. This is a way you will find you place is not messy when you are back.

Take care of your pipes: If you live in a cold region and you have decided your holiday in winter, you will have the risk of frozen pipe problem. In these cases keep heat on for keeping water pipes in its condition or else make them insulated for avoiding any wear and tear in plumbing lines.

Some more points

In addition to these ask your newspaper vendor to stop supply of newspapers; unused piles of newspapers in front of the door will indicate your absence. We know you love social networking, but please don’t update your vacation status on net; it will simply make your house safety a bit more vulnerable. And lastly, keep your burglar alarm on, if you have any.

Decorate Your Home This Diwali ,Reusing Your Old Material !!

Diwali, the festival of light is incomplete without Diwali home decoration. The time of the year is here when we light up our lives with the lamps of goodness winning over the evil and sharing sweets of a year’s hard work and toil. This Diwali season, let’s make our homes more welcoming and fill in the festive atmosphere with Diwali home decoration items. Most of you or your family members may have already prepared shopping list for Diwali celebration. Today, festival of India is celebrated as eco-friendly celebration. So why not we can go for reuse home decoration for this Diwali?

Eco-friendly or tips for reuse home decor

Diwali is the time of the year when people start to clean their homes a week prior to the festival and deck up the home front to welcome in the winter festivities. This year, instead of throwing out all your rubbish, make a pledge to recycle it. Here are a few tips on how you can make this Diwali beautiful and environment friendly.

	Using old newspaper: You can use all the old newspaper and pieces of colorful left over craft papers from your kid’s craft book and make beautiful lanterns out of it. There are many tutorials that can be found online which are easy to follow and give guidelines to make wall hangings, Diwali lanterns etc. This could make your house look very elegant and welcoming.
	Diyas and Candles: Diwali festival popular festival of India and known as festival of lights. People celebrate them with lighting Diyas or Diwali Candles. You can make candles by reusing candle wax and given new life. Think about all the times when you have lit up the candles at home when the power went off. You can use the candle residue into making a whole new candle and you can light up your house with candles on the Diwali night instead of electric lightings.
	Diwali Lights: Diwali is meaning less without lights and people used to decorate their home and surroundings with diyas, Diwali candles and Diwali lights. You can use electric lights to decorate your living room and if you are a proud owner of a garden, however small or big, be it even your balcony garden, you can light it up with LED lamp strings which cost very less and pull is zilch electricity. Not only that you can reuse light bulbs to decorate your home for Diwali by making flowervase, craft or sculpture, ballon art etc.
	Curtains: On Diwali festival, you can see different styles and curtain trends available in market. People choose or explore for rich color and patterns for Diwali home decoration. This gives your home a festival look and gives privacy along with welcoming look. Today Diwali people like to explore recycle and reuse, you can use your old clothes, Sarees or old dress creatively to make a trendy curtains for Diwali decoration.Use beads and multicolored old dupattas to make a flowing decoration and light it up strategically.
	Bandanwars: Bandanwars are traditional door hangings. You can use good luck charms, strips of embroidered cloth and chimes to make your doors ring in the festive frivolity. Hang little bells on your doors which are decorative and this makes your doors ring in new guests into the house. Bandanwaars (torans) are the first thing that welcomes your guests and you can make Bandanwars with craft papers or reusable home decoration items. You can also use your embroidered or trendy dress to attract your family and friends by making embroidered Bandanwars. You can also use artificial flowers as Bandanwars.
	Indulge your kids: Get your kids to paint or graffiti goddess Lakshmi’s foot prints entering the house using paste of turmeric and kum-kum powder. Cut out a picture of Lakshmi or Ganesha and also encourage children to make their own Diwali greetings card.

Recycling brings out a whole new meaning into the festive season. The whole family gets together to make decorative Diwali confetti and this brings in a joyous atmosphere into the household. This Diwali make a pledge to not burst crackers and to spend it together with your family and let your creativity get the best of you while making your home look pleasant and inviting. Spread joy through sweets and warm hugs by letting go of your fears and old grudges. Light the lamp of your home and hearts. Try something new this Diwali. Prepare your sweets into shapes of Diwali crackers and lay it out on the table for your guests to relish. Name your sweets and savories like the names of crackers, e.g. Explosive rasgulla, sizzling sandesh , crackling crispy cashew etc.

Creativity in reuse home decor

Bulb Bee made of incandescent Bulb

Diwali Gift made of Decorative Paper

Bulb Lamp made of incandescent Bulbs

Flower vase from incandescent Bulbs

Go Green Now , Be A Part Of Our Eco-Friendly Diwali Contest

Going Green is an initiative to conserve the earth. It is not about making extreme changes in our life. It’s a way of living, you can be a part of it by making some basic changes in your daily life. By being more Eco-conscious, you can benefit the environment and your health. Besides, you can save a lot of money.

It’s pretty easy to lessen the impact on our environment in our daily routine. You just need to give a little more thought and take some important initiatives. Here is a list of things you can start off with.

Save Electricity: Go for CFL's and LEDs for lighting, they are not only eco-friendly but also save your money. Switch off the television, microwave, computer and other such appliances immediately after use. Unplug the devices which you don’t use frequently as most devices have standby power. Purchase products with energy star label. This will help to reduce your electricity bill.

Natural Energy Sources: Try to use electricity as less as possible and make your house energy efficient by using natural sources of energy. Install a solar water heater to get hot water. This will help to reduce your electricity bill as well as the emission of carbon dioxide.

Eat Local Produce: Buy vegetables and fruits produced locally from vegetable vendors and farmer’s markets instead of retail stores and supermarkets. Retail stores have products traveled from other parts of the country. Refrain from buying imported vegetables and fruits.

Rainwater Harvesting: Rainwater floods the streets when we face the scarcity of water. You can meet your water requirements by harvesting rainwater. You can either go for rooftop rainwater harvesting or surface runoff harvesting. It not only helps to meet your water requirement but also save your water bill.

Waste Management: The three Rs of waste management are reduce, reuse and recycle. Reduce the waste produced in your house. Reuse whatever you can like bags, containers, papers and clothes. Go creative with your waste. Keep different wastes separately and give for recycling what is recyclable.

Green Cleansers: Instead of buying ready made cleaning products which contain harsh and toxic chemicals which are harmful to your health and eco-system, go for some home-made, non-toxic cleansers. Baking soda, vinegar and lemon are some good cleansers.

Go For Organic Products: Buy organic vegetables and fruits that are grown without using chemical pesticides and fertilizers. Use natural and organic products for your skin care. Opt for organic fabrics like cotton, linen and bamboo.

Grow a Garden: Grow your own garden in kitchen window sills or in balconies. Growing vegetables and herbs in your home will not only save you money but will give you fresh vegetables to have. It will also make the air of your home fresh and pleasant.

Skip Bottled Water: Don’t buy bottled water for drinking. In producing bottled water, gallons of water and oil is wasted. Instead, install a water filter in your home to purify water. You can buy a reusable water bottle to carry while traveling and in the office.

Buy Smart: Buy products of daily use in bulk to reduce waste and save money. Buy products that are of good quality and long lasting. Avoid unnecessary buying. Buy energy efficient products.

Go Green With Small Things You Do In Everyday Life

Going green helps you reduce your impact on environment, saves your money, and makes your life happier and healthier. There are many ways to go green. You can start with the things you do each day, by making environment-friendly choices.

Here are some simple changes you can make for incorporating green practices in your everyday chores:

While washing clothes and dishes

Instead of using hot water, wash clothes in cold water. This saves energy. Also, wash clothes only when machine is full. Do not use machine for drying clothes.
Instead of bleach, use sodium percarbonate as clothes brightener. Sodium percarbonate is a natural mineral and is as effective as bleach.
Wash dishes in dishwasher to save water. Run dishwasher only when it is fully loaded.
If washing dishes by hands, use foam based soaps as they require less water.

While cleaning home

Use green cleansers and home-made cleansers for cleaning floors, walls and appliances. Try cleaning with steam.
Avoid using pesticides, as they are toxic and harmful for your health. Keep your home clean and fresh to prevent insects and pests in your home.
Take-off shoes before entering in the house, this will reduce dust and dirt in your home. Put welcome mat at the door to track less dirt in home.
Plant indoor plants and garden to keep the air in your home fresh and healthy.
Instead of throwing away everything, try to reuse whatever possible. This will reduce waste.

While buying grocery

Avoid using plastic bags. Use reusable tote bags while buying groceries. Make a habit of taking bag with you while going shopping to reduce usage of plastic bags.
Buy Larger packs instead of several small packets, this will reduce waste to a great extent.
Buy fruits and vegetables from local vegetable seller instead of stores or supermarkets.
Buy organic products.

Understanding Real Estate Terms

Abatement Notice: A notice served to the owner(s) or the occupier(s) of a property in the occurrence of any nuisance, warning them to enter on their land to halt the nuisance.

Absolute title: The right given to the ownership of a mortgage deed to demand full repayment of the outstanding debt before the due date.

Assignment: The transfer of a property interest from one party to another.

Anchor tenant: Supermarkets or department stores introduced in a particular place in order to attract public to shop for the purpose of encouraging other retailers to set up shops en route.

Asset valuation:Describes the worth of land and buildings or plant and machinery.

Agreement for lease/sale:An agreement is made to enter into a lease/sale in which the terms of the lease/sale have been agreed and will be annexed to the agreement in writing.

Atrium: An open space situated within a multi-storey building located beyond the main entrance door containing large windows, lifts, reception areas and plants.

Alternative user value: The value of land and buildings which can be utilised for different purposes than that of current use.

5 Reasons To Invest In Yerwada

With demand for residential property on the rise, developers in Pune are now focusing on the growth corridors such as the Yerwada . The Commerce-zone , Pune Metro rail & BRT's  made it a popular location. The games pushed the infrastructure activities and since a large parcel of land was available, developers got an opportunity to bring out their projects in the area. Here are five reasons why experts advice on investing in Yerwada.

Proximity to IT hubs: Yerwada, adjacent to Nagar Road, where prices have peaked, is also benefiting owing to the IT-led development in the periphery. “The area is particularly attractive to people working in the nearby IT hub of Vimanagar and looking for a residential accommodation near the workplace,” says Ammul Goel of Pushpganga Realtor's Pune

.

Connectivity: The locality is a growing choice for home buyers mainly due to its close proximity to the Nagar–Pune Highway. Also, the Alandi - Pune Road corridor passes through Yerwada . It has good accessibility through road network to other locations of Pune. Yerwada is approximately 2 km from the Pune Airport and 6 km from the railway station.

Affordable Price: The prevailing property rates of Yerwada are in the range of Rs 7,500-8,500 per sq ft, whereas the neighbouring localities, such as Kalyaninagar , offer properties over Rs 12,000 per sq ft. So, Yerwada becomes the nearest and affordable choice for those looking for residential space in Koregao park , Camp or Kalyaninagar but cannot afford it.

Social Infrastructure: As Yerwada is located close to Camp  and  Kharadi , the necessary social infrastructure is available in the area. Numerous banks, schools, restaurants and retail stores have emerged, drawn by an increasingly up-market population. “Yerwada is also the hub for several prominent educational institutes and hotels and home to establishments .

New Projects: There are many new projects coming up in the locality. These are at different stages of completion. Pooja Enclave a project by Pushpganga Ventures Featuring 2 BHK Super Luxurious homes . Most of these projects are going to be delivered by the end of 2015 .Yerwada

Checklist For Buying Your Dream Home

Lately with sky rocketing prices of land in India, plotted units have become luxury and most people are encouraged to purchase builder’s built floor or flats. In today’s consumer market flats are sold by SMS marketing and inbox are filled with property promotional messages. An aware buyer can make most out of this full of choices market. Though your dream house may have a much bigger wish list, these are few ‘should not compromise basics’ from the eye of a sustainable development enthusiast while one negotiates for more important equations like available finances/ date of possession versus maximum built up area or resale value etc. Here is the list:

Location: A builder may try selling you flat in jungle saying that sooner there will be a train/bus station for your rescue, only if you survive till then. Please consider the fact that man being social animal needs a connection with others and you may not always depend on privately owned vehicles. Consider proximity to public transport and day to day amenities.

Parking space: There should be adequate parking available for the residents and for the visitors, at what cost you get it, is secondary though. No column should come in between your dream of parking sedan.

Open spaces in the complex: humans have a strong relationship with the environment around. It is important to have greenery and park to walk your kids and dogs. If the property you are buying is planned to be constructed in phases, please monitor the future construction proposal for park not converting into parking later.

Waste disposal / Sewage treatment plant: Think where and how your building’s waste is disposed. Why?? It may be piled in front of your balcony, your street and places related to you, harming your environment. For example, in Pimpri Chinchwad area of Pune, a housing society was planned to have Sewage treatment plant, but the plan was out with builder moving out. Solid waste management became a huge problem for the residents later in the society. Better be cautious than being surrounded by our own waste. And if your waste can be put to some good use after recycling / treating etc.. Why should it not?

Power backup for service area/ preferably renewable energy based: If one wishfully buys a flat on sixth floor and is ready to do without elevator for good health, this may be ignored. Otherwise it is must to have all the lift cores functioning on power backup. Why renewable energy is being stressed on?? One it helps building decrease its environmental impact and other, diesel power is much more expensive in comparison and is eventually to be borne by the occupant. To everyone’s amazement, during the power failure earlier this year, commonwealth games village lifts were working when whole northern region was dark for 3 days since they had back up from solar PV.

Proper and uninterrupted supply of water / Rain water harvesting: Nothing can be worse than waiting for water when you have an important work to tackle with. Ensure regular water supply and check for municipality supply with neighbours. Trusting and respecting wisdom of our ancestors and scientists today, rain water harvesting is not just the mean of storing water for our current needs but also recharging the earth for future to come.

Well lit and ventilated rooms: All the rooms in the house receive their share of sunlight to see shining bright faces of your family. Air circulation in the house is equally valued for good health and prosperity in all sciences whether it be Indian Vastu Shastra or Chinese feng shui.

Observe orientation of your living areas: The room you consider well lit may prove to be an oven. Do check which wall receives maximum heat during harsh summers. Have they been protected with shade or covered with buffer spaces like toilets?? This may significantly impact air conditioning load of that room. Sincere suggestion is to survey the flat at different times of a day.

Electricity is metered adequately: Electricity meters are provided and you are not paying for the neighbour’s bill. A well designed space as mentioned in above stated two points will help you reduce the electricity bills in any case. Be more careful if you are opting for topmost floor. Cost and technique of the finishing on the roof will be inversely proportional to electricity bill you pay in summers.

Electrical Appliances if provided by the builder: Check for the appliances to be BEE star labelled. More stars, better efficiency and lesser operational cost.

No VOCs are used in interiors: paints and polishes used in the house should be free of VOCs as their presence may negatively impact health of occupants specially kids.

Operation and maintenance: Last but not the least, nothing works as planned if not maintained. Ask who will maintain the services and for how long?

To read more about how you may check comfort parameters yourself, follow our blogs.

PMC to check malls for encroachments

A report on on encroachments inside shopping malls and complexes has been sought by the Municipal Commissioner of Pune, Mr. Mahesh Pathak. In a press statement on Friday, the building permission and the fire brigade departments were asked to submit a report at the Commissioner’s office by October 30th, after inspecting the malls and multiplexes in the city.

The move was initiated after a citizen’s group demanded action against illegal structural modifications in mallsand other similar complexes across the city, which did not leave any provision for safe escape, in case of any untoward event.

Areas of concern

With the changing lifestyles, Pune has been witnessing a rapid development of commercial complexes, shopping malls and entertainment zones. While most of these malls and complexes have a universal class appeal and seek to offer a one-stop destination for fashion, lifestyle, food and entertainment, they have less open spaces and passages to escape in case of occurrence of an unfortunate event.

Most of the areas in malls and multiplexes that were once vacant, have been converted to receptions and game zones. Some are used for hosting programs like exhibitions and some, for setting up stages. Being centrally or partially air-conditioned, the roofs and terrace areas are covered.
The group, in their demand, mentioned that the concerned authorities should visit the malls and confirm that they are designed and working as per the sanctioned plans. They informed that many malls across the city were vulnerable to fire attacks as they were not built as per the plans sanctioned by the Pune Municipal Corporation.

Drive against illegal encroachments

The Pune Municipal Corporation (PMC) on Thursday took action on illegal encroachments inside a couple of prominent malls in the city. The anti-encroachment department of the PMC demolished about 8000 sq.ft of construction in the parking space of two malls, which were found to be illegally constructed.

The civic body had sent notices to about six malls in the city, including R-Deccan Malls, Central Mall, The Fun time, Abhiruchi and Phoenix malls. The Additional City Engineer of the Building Permission And Control Department informed that a total of 32 malls house some sort of illegal construction or the other, out of which some have taken corrective action. Illegal constructions were found within the malls’ limits, which included the parking lot, open spaces, side margins etc. He stated that notices were sent to the police department, to file complaints against such structures.

Are You A NRI Investor Please Read This !!

Are you an NRI planning to invest in luxury property market in India? Hold on for a while. Make sure you conduct acomprehensive research before finalising an investmentin a luxury or ultra-luxury real estate project.

Whether you are a non-resident Indian (NRI), high net worth individual (HNI), ultra-HNI or a Person of Indian Origin (PIO), there are certain things which every investor should be aware of before investing in the luxury real estate market in India.

Here is a short guide to get you started.

What is a luxury project?

The definition of luxury and premium projects are often misinterpreted in India. A luxury project situated in South Indian cities may not be considered as a luxury project in Mumbai or Delhi.

Developers opt to develop luxury/ultra-luxury projects mainly because of the high margins offered by such projects. Many high-end project developers are of the opinion that luxury projects are those with high price-tags that come with a few additional features including great amenities and interiors. Factors such as a high price range, a walk-through video, an expensive brochure, etc are the important points that serve their purpose. And the prime target for such projects and developers is foreign investors such as HNIs and NRIs.

Very few developers still believe that delivering a luxury project is a prestigious way to reach professional excellency in their entire lifetime. A handful of such developers can be found in Bangalore, who make every effort to deliver high quality projects.

What are the factors that buyers should check?

Before choosing a project to invest, buyers have to verify the developer’s background. Besides verifying project credentials including location, density, design, layout, features, amenities, specifications, compliance to vastu, etc.,developer’s credentials should also be carefully checked. Looking at the developer’s track record based on the past projects would be helpful.

Buyers should also check which are the banks that have approved the project as well as the positive and negative aspects of the project’s growth potential.

What is the price being quoted by the developer? And is the price worth?

Another important aspect to look at is the price range at which the project is being offered. One should check why the property is being quoted at a higher price compared with other surrounding projects. There may be many other projects which satisfy all these aspects and offering almost all the facilities as the one you have considered, but at a lower price. Knowing this will give you a better knowledge about the project’s legitimacy and it also helps in negotiating for a better price. Enquiring a couple of property agents would be of good help in this regard.

Since property market in India is price-sensitive, buying the project at a right price would reduce future complications too. If you shed extra money to buy a project, at a later stage, when it comes to selling or leasing out the property, it may become difficult to sell it for right profit.

Are there any hidden costs?

Often buyers get impatient while dealing with other charges apart from the actual cost of the luxury unit. It is advisable to carefully analyse what are the charges being quoted for other transactions such as maintenance, parking, clubhouse, etc. In some cases, the other costs are so high, that one can rather buy another budget apartment for that amount.

Buyers should not get carried away with the fancy design and layout of the project or by the way the developers present their units. Do not miss to take a cautious approach and make all relevant checks before finalising your deal.

4 things to check while investing in luxury real estate

The Volatile Rupee And NRI Property Investments In India

The global capital and currency markets have been volatile for last the few months, also triggering serious turbulence in the rupee. Current account deficit and the fact that foreign institutional investors are selling heavily on the Indian bond market have been the key triggers for the rupee’s repeated depreciation. Factors such as negative export and industrial growth have triggered even more uncertainty, specifically in the currency trend pattern.

Will The Rupee Depreciate Further?

The Central Government has passed the Food Security Bill, which effectively increases subsidy for the nation. The fact that the Lok Shabha elections will be held in in 2014 may be cause for more of such populist measures – nevertheless, the country’s overall financial status does not look very exciting right now. We may continue to see volatility over the mid-term. Moves such as importing of fuel would further hurt the economy.

NRIs And Real Estate

When it comes to Indian real estate, NRIs take centre-stage when the rupee depreciates. The foreign exchange that they tend to funnel into the sector increases significantly when the rupee slides. In times of rupee volatility, banks institutions and developers tend to announce various schemes aimed at attracting NRIs. At the same time, NRIs are also attracted to the higher interest rates on NRE (Non-Resident External) and FCNR (Foreign Currency Non-Resident) deposits, as the standalone rupee returns look quite lucrative to them.

Paradoxically, data covering the last two decades indicates that NRIs have, in fact, been losing out when they funneled their foreign exchange into such accounts during such volatile times. They have erroneously assumed that they are capitalizing the rupee’s volatility by locking into high yielding deposits. However, this route has caused NRIs to miss out on overall capital returns, because the perceived benefits of high interest rates are actually eroded by the depreciating rupee.

It is therefore wrong for NRIs to assume that they can garner good returns by locking their foreign exchange into high-yielding deposit. The reason why more and more NRIs are choosing to invest in Indian real estate instead is because they are now aware that this is the only route that assures them of optimal benefits. As long as they maintain a broad investment horizon and have chosen theirproperties well, the capital appreciation on real estate translates into multi-fold that put all other asset classes in the shade.

Traps On The Path For NRIs

NRIs have always been soft targets for hyped-up real estate marketing by developers. The objective of such marketing is to make NRIs believe that the projects being offered have been specially created for them – that are not standard offerings on the market. Projects being marketed directly to NRIs are trumped up as the best options that money can buy in India.

The fact is that most of these projects are not professionally managed, which has extremely negative implications for someone who is not physically present in India. Lack of proper project and facilities management results in accelerated dilapidation of neglected units, and security also becomes an issue. There are often no provisions for paying society dues from abroad. Likewise, NRIs who have made a sentiment-driven property purchase in their own Indian hometowns often overlook that paying dues such as property tax online may not be an option in these locations. The end result is that the property turns out to be a depreciating and legally compromised money trap.

For these and many other reasons, NRIs should not give in to sentiments or manipulative marketing while making a decision on buying property in India. Such decisions need to be based on sound advice from professionals, with the objective of reaping good returns on investment.

For NRIs, the Indian real estate market definitely holds the highest possible investment potential. However, no such investment should be done on impulse, and it is at all times advisable to maintain a healthy long-term investment horizon of between 7-10 years.

Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India

Joint Ownership & Tax Affects !!

t’s a very common practice that when a person purchases immovable property the name of his / her spouse is added as co-owner, though the consideration is paid by either of the spouse solely through her/his own resources. In such cases the property becomes joint property and ownership thereof becomes joint ownership with both the owners enjoying equal and similar rights. The sole purpose of adding the name of spouse as co-owner is smooth transition of the property to the surviving spouse after death of the other partner.

However joint ownership does not mean or stand for property in the joint names of spouse only. It may be in the joint names of family members, friends, business partners or rank outsiders, but in most of such cases the consideration is paid by all the joint owners and generally the ownership is in the ratio of respective contribution towards the consideration money.

Taxation in joint ownership

Sometimes this simple and innocuous practice, especially where the property is jointly owned by spouse, causes litigation between taxation authorities and the assessee in respect of capital gains. Section 54 of Income Tax Act, 1961 and it’s various sub sections (54EC; 54F) provide for exemption from payment of long term capital gains tax if the property sold has been held for more than 3 years and the sale proceeds are utilized for acquisition / construction of new residential unit within 2/3 years of sale of the old property. Section 54F of the act states that the new house should be purchased in the name of the assessee. This stipulation is the bone of contention and tax authorities allow exemption of only 50% of the capital gains tax where the property is purchased in the joint names of the assessee and his/her spouse.

Legal interpretation-CIT Vs. Ravinder Kumar Arora

Hon’ble Delhi High Court in the matter of Commissioner of Income Tax (CIT) Vs. Ravinder Kumar Arora has ruled that though the property was purchased in the joint names of the assessee and his wife but the entire consideration including stamp duty and registration fee was paid by the assessee from the sale proceeds of the property owned by him. Inclusion of wife’s name as co-owner is intended to avoid litigation after death of the assessee.

The court further observed that when we are advocating for empowerment of women, acceptance of tax authority’s plea to disallow 50% exemption because the property is purchased in the joint names of the assessee and his wife, would be derogatory step. The Hon’ble court dismissed the appeal of the tax authority.

Find Your Dream Home At Pisoli , A New Destination !!

Pune

If you have a budget within Rs 20-40 lakh and are looking to buy a property in East Pune, then Pisoli near Undri could be a good option. The locality, which offers several properties within Rs 20-40 lakh, is not only ideal in terms of liveability, but also offers a healthy scope of return on investments.

What’s available?

Majorly, the locality offers multi-storey apartments; however, you could also find a few villas and plots here. Within a budget of Rs 20-40 lakh, you can find apartments of sizes varying between 600 and 1000 sq ft. Those between 600 and 800 sq ft would usually be configured as 1BHK units and would be available within Rs 20-30 lakh. Larger apartments of 800-1000 sq ft sq ft areas would be available for anywhere between Rs 30 and 40 lakh. In most cases, these would be configured as 2BHK units. If you are looking for even larger or 3BHK units, then you may have to extend your budget beyond Rs 40 lakh.

Alternatively, if you are looking for residential plots, then a budget of mere Rs 13-15 lakh could serve your purpose. Within this budget, you could buy almost a 1000 sq ft plot here.

The villas in Pisoli are mostly available in sizes varying from 2000-3000 sq ft and cost anywhere between Rs 70 lakh to 1.5 crore.

Infrastructure and connectivity

s Real Estate expert says, “Pisoli is close to developed residential areas such as NIBM Road, Hadapsar, Wanwadi, Undri and Camp. In addition, it is nearly 8-9 km away from the Pune-Solarpur Highway, Satara Road and the Mumbai-Pune Bypass Road, which further augment its connectivity to other parts of Pune as well as Mumbai.”

Apart from well-built connectivity, Pisoli has a developed social infrastructure with ample schools, hospitals and entertainment and shopping places situated nearby.

Investment potential

Currently, Pisoli is proposed to be included in the Pune Municipal Corporation (PMC). Once the approval for the same is obtained, the real estate market of this locality is expected to witness a new high.

Ammul Goel , Managing Director, Pushpganga Ventures  opines, “Areas such as Pisoli and Undri are witnessing massive development in terms of residential projects. You can easily find both new and resale properties here. In terms of appreciation, you can look forward to at least 10 to 15 per cent rise in property values on a year-to-year basis.”