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The Hindu : R. BALAJI

Whiledemand fell because of the global scenario, the number of unsold stocks would have been at more reasonable levels if the speculative content had been less

While the real estate sector has traditionally been an investor’s domain with the finite nature of land yielding sure as well as hefty returns, lately, this segment has seen the entry of speculators in a major way. This has especially been the case after the opening up of our economy in the Nineties to global players.

With multinational companies entering the fray on a major scale and the Indian IT industry earning worldwide recognition for its quality and expertise, major metros as well tier-I and tier-II cities started seeing unprecedented growth. There was increased economic activity and high income, with double income widely becoming the norm.

The expected offshoot of this was a meteoric increase in demand for housing, especially high-end development projects that promised a luxurious lifestyle with state-of-the-art facilities. It soon transpired that investing in such projects would yield high returns with the investments comparatively more secure than stocks.

A scenario such as this brought in not only genuine investors as well as end users into the market but also speculators who were on the lookout for quick yet steep returns. The presence of speculators in turn created an artificial demand, boosting prices that were neither realistic nor sustainable.

The crash in the real estate market in the late Nineties was the clear offshoot of the significant presence of such speculators. While the present decade has seen developers lean more towards genuine investors and end users as compared to speculators to avoid a repeat of the late Nineties, the bullish market did not keep them completely away.

Besides, developers too found it working to their advantage as encouragement for speculation to a reasonable degree did increase the rates beyond genuine cost corrections.First victim

The result has been a…More

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Queries in this column will be answered by our legal panellists

N.C.S. Raghavan & Arvind Raghavan, chartered accountant and advocate.

Question: What are the actions that a client can initiate against the builder who has delayed the handing over of the apartment for about a year, violating the agreement? My cousin is waiting for his apartment since one year in C.V. Raman Nagar.

One of the major builders in Bangalore who promised to handover the apartment in September 2008 is not quoting reasons for the delay, and I have been waiting for my flat there too. Can we seek compensation, individually, or should we as a group (people who have booked), sign a memorandum and issue it to the builder? What are the other steps that we can take legally?

Vidya Prabhu

Vijaynagar

Answer: Both the aforesaid questions deal with a situation in which the builder delays in handing over the apartments in time as per the terms of the agreement. The question asked relates to the legal remedies available to the apartment owners in such cases.

When the apartment is not yet handed over even after a delay of one year, two types of legal remedies are available.First, you can seek a specific performance of the agreement through a petition in a consumer court for handing over the apartment.

The second remedy is to seek monetary compensation for the losses and damages you have incurred due to the delay in getting the apartment. In such a case, you should quantify the damages and seek compensation for the same.

It will be prudent if all of you join together and seek common legal remedies as suggested above. In such joint action, the court and the presiding Judges are likely to take a more serious view against the builder and award suitable relief to all of you.

First approach the builder for suitable relief. If it doesn’t help, the aforesaid joint legal action…More

The Hindu : y>While the transactions on the housing front are virtually limping due to a stalemate between the sellers and the potential buyers, there is no dip in demand for industrial real estate in Mysore, says R. KRISHNA KUMAR

— Photo: M.A. SriramRealty bites: Agricultural land acquired for industrial purpose by KIADB put on resale by the owners near Nanjangud in Mysore district.

It is a quaint paradox that is evolving in Mysore. With real estate activity now on hold and the retail boom slowing down, it is the industrial real estate scenario that continues to gain momentum.

Notwithstanding the downturn in the economy and the global financial crunch which has put paid to many an investment project, the demand for industrial real estate seems to be high.

While it may not translate into investments or creation of jobs immediately, the fact remains that land is considerably cheaper in a Tier-II city like Mysore when compared to Bangalore which is bursting at its seams. Hence it is not surprising that the Government has directed the Karnataka Industrial Area Development Board and the local District Industries Centre to identify non-agricultural land to create what has been termed as “Land Bank.”

And at the latest count, more than 13,000 acres of dry land in and around Mysore has been identified to promote industrial establishments for which there is reckoned to be high demand. Given Mysore’s proximity to Bangalore and the improvements in connectivity, observers predict that investments in Mysore will increase, given the cost-benefit advantage as also the decrease in operational cost of establishments in terms of lower pay for the employees and lesser attrition rate.

A few positives that ticked in favour of Mysore’s growth includes the inauguration of the Mysore airport by the first quarter this year, and the completion of the double-line railway track to Bangalore which will reduce the commuting time by half.

Interestingly, while the real…More

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Independent home

The idea of owning an independent home where one can adjust everything to his/her needs is good. However, an average monthly earner cannot afford to buy one.

The only course of action for him would be to buy land in association with about a dozen persons, after pooling in money, in suburban or gram panchayat areas having a reasonable road/rail communication to reach their respective workplaces.

A welfare association can then be formed and registered for amenities such as good roads, electricity, link roads, septic tanks and common places.

This way, a middle class family can lead a reasonably good lifestyle.

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C.V.K. Mohan Varma

Pond in the garden

A garden with a pond is complete. Terrestrial plants like roses do provide beauty to a house but a pond enhances the same which brings out the necessity to have it.

Anything beautiful is not complete unless it has both flora and fauna interacting with each other. The interaction between fish and plants provides them with all their requirements and we need to do little to take care of the pond. .

The water in the pond, by means of evaporation, reduces the temperature on a sunny day, providing us a comfortable place to rest.

G. Ranjith Kumar Reddy

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With public organisations and urban infrastructure and housing projects insisting on at least five per cent of workers being certified to bid for their projects, the construction industry feels the need to expand training and skill certification.

G. Srinivasan, Chairman of the Coimbatore chapter of Builders Association of India, said, “Considering the boom in other segments of the industry like housing, the Indian construction industry may require around five crore labourers in 2010-2011.”

Though the prerequisite was for a major portion of labour apart from materials, the industry did not have artisans trained through institutions, affecting quality of construction.

Considering the demand for skilled manpower, the BAI has started a School of Construction Artisans in collaboration with Sri Ramakrishna Mission Vidyalaya at Periyanaickenpalayam on the outskirts of Coimbatore, he said.Three courses

The school, the first of its kind in the sector in India, would initially offer three courses in masonry, formwork and carpenter and barbending fitter, with an intake of 25 students in each.

The students would be trained free of cost for three months and paid a stipend for 12 months at work sites. They would then be absorbed by member companies of the association, who would sponsor them. — PTI

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Patni Knowledge Centre is the second largest platinum-rated building in the world and the largest platinum-rated building outside the United States.

Patni Computer Systems has been awarded the LEED Platinum (Leadership in Energy and Environmental Design) rating for its Green IT-BPO Centre, christened Patni Knowledge Centre, in the Delhi NCR region.Largest in India

Inaugurated recently, Patni Knowledge Centre is the second largest Platinum-rated building in the world and the largest of its type in India. This facility is designed and constructed with the help of DRI (Desiccant Rotors India) as per the guidelines of LEED India Green Building Rating System for New Construction.

The centre is currently under certification process and is jointly audited by the Indian Green Building Council (IGBC) and the U.S. Green Building Council (USGBC), according to a statement issued.

DRI is a founder member of the Indian Green Building Council (IGBC) and the Vietnam Green Building Council, apart from being member of U.S. Green Building Council, South Africa Green Building Council and Australian Green Building Council.

With an aim to minimise adverse environmental impact, Patni’s Green Knowledge Centre is designed to use less energy, water and natural resources as well as creates less waste. The features of the centre include climate-responsive architecture, over 50 per cent green area, healthy indoor air quality with ecofresh heat recovery wheels for adding fresh air, offering outside view to 95 per cent of the occupantsand 100 per cent recycling of sewage.

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The Hindu : y>The correction in property market might be pushing many to think of investing at current levels, but don’t rush, saysSRIKALA BHASHYAM

Till 2008, volatility was something associated largely with equity markets. However, property has joined this club and as you would have noticed, prices have begun their downward journey after galloping during early 2008. While the fall was associated with general downtrend and excess supply in the property segment, there has been a reversal in the latter. There has been a fall of 15-20 per cent in property prices across the country and in some cities and locations, it hasbeen higher. Expectedly, this has prompted many to think of property as an investment.

While any time is good time for own living, investors need to be extra cautious when it comes to looking at property as an investment option. Even those looking for property for own use need to be cautious as wrong choice can cause a higher damage. Here are some tips which could help you in choosing the right property.Closer to completion

If a flat is your choice then go for one which is closer to completion. The liquidity crunch in the financial system has changed the finance profile of many developers and there are few out in the market who have the potential to run long race. Hence, rather than looking for property which is likely to get completed over the next 2-3 years, sign up for a property which is ready or almost ready for occupancy. Not only will it solve the problems of uncertainty (of completion of project) but will also give you the tax benefit on your home loans.

The recent developments in the corporate sector have been disturbing for all of us but unfortunately, this is the time for all us to take notice of corporate governance. Besides checking the veracity of your builder or developer, make sure…More

The Hindu : y>How far is wood feasible in interior designing? Take a look at what experts’ opinion, says RANJANI GOVIND

BROWN & EARTHY: Using wood in interiors has gained momentum with the variety available in the market.

Interior designing with wood isn’t a new concept in today’s world, but how one judiciously uses it for a seamless blend in one’s interior spaces is an art that only professionals can visualise. Let us look at some kinds that designers swear by.

Kamlesh just believes in living in the woods. This architect-cum-interior designer devises a living amidst variety planks, trunks and barks that he models in his interior. But why use so much wood? Isn’t it difficult to maintain? “I am a lover of nature, my eyes retreat from anything artificial. It’s difficult not to appreciate the wonder grains and knots showing up so often in pinewood, for instance. And its low-cost, and maintenance-free features due to termite-resistant sprays are enough to see it last life long.”

Pointing at his intentionally done-up criss-cross bars of pine wood trusses that act as natural false ceiling at several clothes boutiques and furniture stores across the country, Kamlesh says, “From glass crates to health clubs, pine has been making its position stronger in everybody’s living spaces.”

Residences, boutiques and malls have seen his variety usages — Burma teak, padauk, white cedar, rosewood, country wood or the astronomically-priced veneers.

An eye for rustic ambience, heart for trees and a nose for the inherent aroma of wood is enough to have Kamlesh designing the décor for you.

Kamlesh’s passion has taken amazing expressions at the basement wood designery of art boutiques, forming an example of sleek forms that serve to sum up a zealous venture. “There is an openness and spaciousness about bringing in wood. Even the dull bare and nosy pillars are covered with neem and tamarind tree barks.”

Seaters, counters, clothes holders and exquisite…More

The Hindu :

Standing casually, with its needle-like leaves streaking angularly upwards, this six-year old Australian Casuarina tree raised in a rectangular, brown, glazed ceramic container is just 53 cm tall.

Obviously, the bonsai is ininformal upright style. But there is more to it. The tree is of course stationary, but its streaking branches convey a sense of movement; the bonsai radiates both gei and aji.

Eh? Well, in Japanese, gei means movement while aji means savour or zest. Gei and aji are revered in bonsai, and some trees have more of gei and aji than others.

This Australian Casuarina is a fast growing deciduous tree (can grow 5-10 feet per year) with a characteristic soft and wispy look. On ground, it can reach a height of 100 feet or more.

Also known as ironwood, beef-wood, she-oak, and the horse-tail tree, the tree shoulders small, cone-like fruits.

“The ‘gei’ in this bonsai is the movement of the thick and curved trunk from the base, going on to create a tapering apex”, says Fredericks. J, who has raised this Casuarina.

The tree was shaped by the ‘clip and grow’ method. What this means is that Fredericks cut off the new shoots, so that more side branches developed at these points.Spacing of branches

The bonsai’s ‘aji’ is the spacing of the branches that allows sunlight to filter through, and birds (in its full scale version) to fly through.

For accessory effect, Fredericks has placed a red stone near the tree base to complement the rectangular red container. Australian Casuarina is suitable for shaping in all styles and the needles have to be constantly pruned and trimmed, says Fredricks. The tree requires full and bright sunlight, very little water. And take care that there is no-water logging at all.

HEMA VIJAY

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Bangalore Realty 2009, CREDAI-Karnataka’s biennial realty show at Hotel Grand Ashok begins today and will be on till January 18.

The show has housing projects ranging from Rs. 25 lakh to Rs. 1 crore.

This time, the highlights include a tax counselling centre manned by qualified tax consultants and an investors’ guidance centre for offering customers details on best buy and investment.

The expo has 36 developers and is supported by IDBI Bank and LIC Housing Finance.

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