Cities
Maharashtra builders have warned the buyers that they could invite legal action on the face of failure in payment of value added tax (VAT) on the purchases made from June 20, 2006 to March 31, 2010. The builders have paid the amount to the sales tax department and want to recover it from the buyers. [...] Continue Reading »
Garbage contractors staged a protest in front of the office of the Bruhat Bangalore Mahanagara Palike (BBMP) Commissioner demanding security for their vehicles and to take care of the garbage dumped at landfills. Rajneesh Goel, BBMP Commissioner declared that the BBMP would form a squad of five officials who will manage the sites during night [...] Continue Reading »
Kolkata-based non banking financial corporation (NBFC) Magma Fincorp has entered the housing finance sector in India. It has acquired the mortgage business of two GE Capital India arms for Rs.1,600 crore. The deal marks the exit of GE Capital’s two decades of home loan business in the country. The concerned GE Capital arms are – [...] Continue Reading »
Private equity major Actis is revealed to be the forerunner to buy Cinemax India Ltd,. The multiplex chain had been put up for sale by its promoters. Kanakia family, the promoters of Cinemax, expects a valuation of around Rs 700 crore, including a debt of Rs 100 crore. The Kanakias own close to 70 per [...] Continue Reading »
The municipal corporations are finding it difficult to check structural safety of buildings as only less than 5% of property owners applying for completion certificates. The civic agencies are planning to convince the people of the country to incur the completion certificate. S.S. Yadav, commissioner, East Delhi Municipal Corporation said that in Hyderabad the owners [...] Continue Reading »
This festival season developers are planning to attract property buyers with special discounts and freebies. Several developers are rolling out special offers ahead of Diwali in metros and also in tier II cities such as Amritsar. SARE Homes and Impact Projects organized a two day Home Carnival or ‘Gharotsav’ on 3rd and 4th November 2012 [...] Continue Reading »
DHLF the mortgage lender has cut its home loan lending rates by 0.25 per cent across categories for new customers. This is the second time the lender reducing interest rates within a month. It said in a statement that the variable rate of interest for loans of up to Rs 15 lakh has been cut [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP), which has failed to resolve the matter of garbage crisis in the city is now knocking at the doors of department of mines and geology. In a meeting with the deputy chief minister KS Eshwarappa and the ministers for large scale medium scale industries Murgesh Nirani regarding this issue, [...] Continue Reading »
The Allahabad high court judgment imposing stay on 802 acres of land in Noida has affected real estate development. However, the court’s ruling was a major relief for farmers. The project areas like sectors 74,79,112 and 119 in Noida will face a big back drop due to the judgment. Thousands of housing units are being developed [...] Continue Reading »
The slowdown in the economy has not affected the premium real estate spaces. A Gujarat based Torrent group recently bought a residential property, close by US Embassy, 1,124 sq yards in Chanakyapuri for Rs 111 crore, at the rate of around Rs 10,00,000 per sq yard, which is the highest recorded rate in the recent [...] Continue Reading »
