Builders in India
The state government is planning to cut the cost of formalizing joint development agreement to a mere Rs 200, which is expected to benefit consumers as developers will pass on the cost benefits to them. In order to keep builders happy, the government has removed the one percent fee clause imposed on joint development agreement and related power [...] Continue Reading »
The revenue taxes for the commercial, excise and motor vehicles departments have been hiked by the government. An additional Rs 6, 850 crore is to create from this three departments and further a sum of Rs 900 crore is expected from the stamps and registration department, and the total revenue to be mobilized will touch [...] Continue Reading »
Maharashtra Housing and Area Development Authority (MHADA) has sent a notice to thirty-three real estate builders for not giving 3,300 houses to the housing board as per the rules. Now they have two months to deliver those houses. MHADA officials said that the builders failed in handling over 10 lakh square which translates to around [...] Continue Reading »
Confederation of Real Estate Developers Association of India (CREDAI) has called for the one per cent norm related to VAT payment to be adopted for the retrospective period between 2006 and 2010. The issue is pending with the Supreme Court, which had issued an interim order asking that the VAT on properties sold between the [...] Continue Reading »
Godrej Properties is considered as the most promising Indian real estate companies.The company has published its last quarterly performance report. The report shows that the consolidated net sales has grown by 8% while the operational profit of the company has dropped by 17.4 percent. The majority of the income of the company came from the [...] Continue Reading »
According to an official of The Ministry of Housing and Urban Poverty Alleviation, the Real Estate Regulation Bill will not be tabled during the current session of Parliament. The bill is a long time demand by the builders in India. Once the bill gets regulated, Indian Real Estate industry will become more transparent. According to [...] Continue Reading »
A notice was issued to Shapoorji Pallonji on a public interest litigation (PIL) alleging illegal transaction of money. The order was ruled out against a petition alleged that Pallonji’s real estate company had given an illegal gratification of Rs 250 crore to a company owned by Nitesh Thakur. According to the income tax department both [...] Continue Reading »
The planning commission has suggested to introduce new tax rule on vacant land. In a draft proposal the government wants to implement vacant land tax to generate revenue for urban infrastructure. In the draft it is proposed to charge the tax of 0.5% of the total value of the land. The government has noticed that [...] Continue Reading »
Emaar MGF has formed a four member executive committee for taking all major decisions. The only nominee of the Indian partner is MGF CEO Mehar Karan Singh. According to the Emaar MGF spokesperson this formation will not effect the present management control of the venture. The joint venture of Emaar and MGF have invested for [...] Continue Reading »
The Private Equity invested into Indian Real estate during the period of 2006-07. It is the time to return the investments. However as the development of those projects are running behind the schedule, the Realtors are looking for secondary PE deals to pay back the initial investments. According to the analysts the PE firms are [...] Continue Reading »
