Vasudeva News And Events

Please Click here to view the full interview

Prime location, wide availability, and efficient transport links are attracting both buyers and realtors to the suburban locality Manikonda. With all urban amenities in place, coupled with a scenic surrounding and a posh neighbourhood, Manikonada is rapidly emerging as a popular choice for residential and commercial investments. Not only is Manikonda close to Gachibowli and Madhapur, the IT hub of the city, but over the years, a number of IT/ITeS firms have cropped up in the area. As a result of this, it is hugely preferred by the IT crowd of the city looking for a premium suburban residence. Some of the prime landmarks of the area are Panchvati colony, Bhagyalatha colony and Laxmi Nagar colony. Housing options in the area mostly include gated community villas and apartment. The price range of 2BHK and 3BHK apartments can be anywhere from Rs 2500 to Rs 3200 per sqftwhere as villas are mostly priced at Rs 4500 to Rs 6000 per sq ft. In terms of rental options, 2BHK and 3BHK apartments come with a price tag of Rs 10000 to Rs 17000 per month on an average. To take up a villa for rent, one has to be prepared to shell out between Rs 35000 to Rs 60000.The cost of rental properties varies with size and the amenities available. Unlike most localities in Hyderabad, Manikonda also offers open plots for sale with a price range of Rs 30000 to Rs 40000 per sq yard. PG accommodations, however, is not that popular in the area yet. Manikonda is well connected to rest of the city and buses, autos and shared autos are the popular mode of travel. The nearest MMTS station is Hi-tech city about 10 kilo meters away.

Secunderabad railway station and Shamshabad airport stand at a distance of 18 kilo meters and 28 kilo meters respectively. The dependence on public commute, however, is relatively low as most people have their own vehicles. There are a number of good hospital and schools in the vicinity of the area. Over the years, several international schools have also sprung up. The daily grocery needs are taken care of by several big and small supermarkets scattered across the place. Malls in Madhapur and Kukatpally are close by and caters to the leisure and entertainment need of the residents. A number of sought after restaurants, pubs and lounges are a stone's throw away from the locality. Keeping pace with the posh locales of the area a number of exclusive spas, beauty salons and fitness centres have also come up. Places of historic importance like QutbShahi Tomb and Golconda Fort adds to the attraction of the place. However, the area suffers from the lack of some basic civic amenities. The condition of roads, especially during monsoon, becomes dismal. The situation in the interiors of the locality is even worse. Water is also a major issue. The residents mostly rely on bore wells and GHMC water tankers. Also, due to the construction work going on in most of the areas, sound and noise pollutions is another inconvenience. Giving a broader picture, Manikonda with all its sophisticated facilities can be your destination of choice if a suburban premium residential solution is what you are looking for.

Building rents on the rise

The task of finding suitable buildings either in Vijayawada or Guntur has been entrusted to the department heads. The district collectors, however, will decide on the rent to be paid by individual department or directorate. The officials have been given the power to enter into lease agreement with the owners of buildings for up to three years. The interim government complex, which will also house the assembly and the chief minister's office, will not be able to accommodate all the departments and directorates. The full - fledged secretariat complex will be ready only after three years as the state government has not yet finalised its location or the design. Moreover, the state government has also put on hold its plans to add two more floors to the six buildings coming up in the interim complex. Indications are that officials will have to look for about 100 private buildings to locate their offices within the next 30 days as the government has decided to formally begin to work from its own geographical area from June 27. This is unlikely to happen as entering into rental or lease agreement with private property owners takes time. Building owners have already jacked up rentals after Naidu decided to function from Vijayawada-Guntur (Amaravati) region 18 months ago.

Why to prefer ready-to-move-in over under-construction home

Under-construction (UC) properties are three percent more expensive than ready-to-move-in properties in the last three years. The time is right to buy a property. If you are buying one, then pick a ready to-move-in (RM) property. Why? Magicbricks data point towards the fact that under construction (UC) properties are 3 percent more expensive than ready-to-move-in properties in the last 3 years. As far as the stats go There could be many reasons behind such a trend. According to Prop Index (Jan-Mar 2016), an India Apartment Index by Magicbricks, property prices have decreased noticeably between the year 2013 and the current year. The average price of a RM property is Rs 3,487 per sqft, while that of a UC property is Rs 3,583 per sq ft. The average price of RM properties has increased over last quarter by 1 percent while that of UC properties has remained stagnant at the same level. In terms of price increase, UC properties posted a price increment of 5 percent over September 2013 to March 2016 period, while the price of RM properties increased by 8 percent in the same period. Resale inventory in Hyderabad Hyderabad city boasts of abundant supply of resale properties. Magicbricks data indicate a total inventory of over 9000 resale properties on offer in the market. They are equally divided amongst different regions. The commonly found configuration would be the 2 and 3BHK units. On an average, 2BHK units are priced between Rs 25-80 lakh, while 3BHK units are priced between Rs 30 lakh- Rs 1 crore and above. Before making a purchase Like any other realty purchase, buying a resale property calls for certain due diligence such as: Aging with grace A resale property has one drawback, which is age. Since it is not newly developed, you need to ensure certain facts. The selected property should not be more than 10 years old. If the property is older than this, the structure and plan of the building, walls, cracks and moisture must be examined seriously. If you are settling for something older, make sure the locality is strategic and you know what you are paying for. Also, check whether the property has been constructed according to the plan or not. Resale properties free you from late deliveries which the realty market seems to be plagued with. If you are okay with investing in a resale property, then go for it. Statistics definitely point towards the buying direction!

Registration of property to be a click away in AP soon

Property registration in Andhra Pradesh will soon become a simple, short, and hassle-free process. The entire registration process will be completed within an hour. The AP government has mooted to introduce registration sevakendras on the lines of the passport sevakendras. This will check middlemen and reduce dependence on document writers. With the digital backup being provided by the National Informatics Centre (NIC), one can walk out of the registration sevakendra in just 45 minutes. The initiative is aimed at resolving several issues including rampant corruption in land registrations. The registration sevacentres will have all the facilities under one roof. Stamp vending machines and standardized documents for all types of registration will be made available in the centre. Initially, document writers will be allowed into the sevakendras, but their actions will be monitored through closed circuit cameras. "The registration process will be converted into digital service in a phased manner. We want to complete the registration process in 45 minutes. We are planning to start the registration sevacentres in urban areas in the first phase," AjeyKallam, special chief secretary (revenue), told TOI. To eliminate forgery and fake documents, the registration department has launched encrypted document receipt that will be printed after the registration. It will be handed over to the property buyer. A special paper will be used for printing the document. This will check fake documents. The stock holding corporation has been roped in by AP government to handle document printing. An employee from the corporation will supervise the printing of each document and the corporation will be held responsible for any deviation. The state government is expecting more transactions in urban areas where the process is set to become hassle-free. "At present more than 55 percent transactions are registered in urban areas and with the introduction of registration sevacenters we expect it to jump to 80 percent in two years," said a senior official in the registration department. Consultancy major Deloitte has been asked to prepare the request for proposal (RFP) of the project which will be placed before the chief minister next week for his approval. The revenue department has already made elaborate arrangements to launch the project on pilot basis in Visakhapatnam, Vijayawada and Guntur.

Gifting property and tax liability

Even after a property has been transferred as a gift to another person, the transferor may still be liable to tax on income from it. You can gift your house to your near and dear ones. To make this gift, a gift deed needs to be executed and it has to be registered with the office of the registrar. However, even after you gift your property to someone, you may still continue to be liable to pay tax on the income arising from it. Under the Income Tax Act, clubbing provisions have been provided, which may be invoked in such transactions. The aim is to prevent evasion of tax through diversion of income by disguising the transaction as a transfer, which is not the case in the real sense of the word. Accordingly, while computing the total income of an individual, all incomes that arise directly or indirectly from assets transferred without adequate consideration are to be included. The rule states that if an asset is transferred by an individual, directly or indirectly, without adequate consideration, to a person or to an association of persons, or for the immediate or deferred benefit of his spouse, the income arising from it should be included in the individual's (transferor's) total income. This holds good in case of a property too. In case an individual makes a gift of cash to his wife who in turn purchases a house with the money, the individual will not be treated as a fictional owner of the property. The taxable income of his wife from the property will be included with the income of the individual in case she uses the house as her residence. In case a person transfers a house without consideration to his spouse or to his minor child, the transferor is deemed to be the owner of the house and taxed accordingly. If a person transfers a house without consideration to his son's wife or child, the transferor will not be deemed to be the owner. However, the income earned from the house will be clubbed with the income of the transferor. In case a house is gifted by one spouse to the other, without adequate consideration, any rentals accruing will be deemed to be the income of the transferor, even though the ownership rests with the transferee. As such, splitting the rental income by gifting the property may not be a good tax-saving technique. It is to be noted that in certain cases the deeming provisions are not applicable. This is so when the transfer of a house is for adequate consideration. It is also the case when the transfer is under an agreement to live apart, or in case the relationship of husband and wife does not exist at the time of making the gift or at the time of accrual of income from the gifted property. In these cases, the income from the gifted property will not be clubbed with the income of the person who gifted the property. However, one will have to prove the existence of such circumstances.

Building safe and secure cities for a 'Smart India'

The Smart Cities Mission is gaining importance as a scheme to drive economic growth and improve the quality of life of people by harnessing technology as a means to create smart outcomes for a better tomorrow. Smart Cities Mission has gained importance since its rechristening as a central government scheme to find smarter solutions for a better tomorrow. Industrialists and government authorities have come together to discuss smart solutions which are of utmost importance for the Smart Cities Mission of the government in the 2nd Smart Cities India 2016 Expo at New Delhi. In one of the sessions on 'Safe, Secure and Resilient Cities', eminent personalities from the government and private sector held a discussion on how to establish safe, secure and resilient cities in the context of the Smart Cities Mission.

How technology can help?

AbhishekGoyal IPS, DCP, Bengaluru, said, "Technology has become an integral part of big infrastructure projects as it can play a pivotal role in addressing many issues." What exactly is a smart city? It means some body can put less effort to do more. "Today the Aadhaar usage is expanding and the po lice force is spending a lot time in identifying people when a crime is committed. Since the government is the biggest agency, it has everything including your birth certificate, educational certificates and all other relevant data which can be put in one place to identify criminals. Today, government departments are spending crores of rupees in data collection. If we can integrate all of it, we can do a lot more, " he added. He also said that smart cities should have projects like integration of data and its distribution to mitigate crimes to ensure safe environment for the public. Talking about public safety Goyal suggested, "Install CCTVs, have a video wall and install cameras in individual houses. These are ways to ensure public safety."

A step towards urban governance

LaveeshBhandari, founder and chief economist, Indicus Analytics, emphasised on the role of technology and urban government to build safe and smart cities. "I don't think any government would want to have just a smart city. A safe city is aspired by all. This is the first time India has thought of its cities and we must recognise this. We need to build safe places and technology can play an important role." "Safety is about enabling people to do things and not stopping while doing something. We need to take technology-oriented steps and start thinking of urban governance," he added.

Ensuring women safety

Speaking on the safety of women in smart cities, KalpanaViswanath, cofounder, Safetipin, said that in the wake of heinous crimes against women, it is time to think of ways to protect women."We need to find smart solutions to make public spaces accessible to women and others. That is why I made this app called Safetipin. We have street lights data, locality safety scores and other statistics to enable people to feel safe. We share these data with urban planners and government authorities. I feel it is violation of women's human rights if we don't allow them to travel at night," said Viswanath. The Smart Cities Mission is a step in the right direction to ensure safe and secured cities equipped with all the essentials things that the citizens require every day. Technology and smart urban governance can make our cities smarter and better equipped to be safe, secured and resilient.