Real estate firms
Indore real estate scenario is not cheered up even by the festive season. The walk ins to realty sites have gone down and actions taken by the authorities against realtors have added woe to the dismal condition. The Confederation of Real Estate Developers’ Associations of India (CREDAI) hopes that things may improve during the forthcoming [...] Continue Reading »
Mumbai-based real estate developer Royal Palms India is about to sell part of its hospitality developments. I has put its four hotels that include three 5-star category properties on the block. The properties are Hotel Imperial Palace, Palms Hotel Tower and Convention Centre and Palms Villas Hotel and one 4-star under construction property. The total [...] Continue Reading »
The Income Tax department has raided 45 premises of Indore’s 10 real estate firms. As per reports, 300 officials conducted the operations and recovered Rs 2 crore in cash and sealed 15 lockers of nine realtors. Officials of I-T department said that a host of irregularities have come to the fore during the raids which [...] Continue Reading »
Some Visakhapatnam real estate firms have been accused of resorting to unfair means to collect money from public and duping the public. Promising vacant plots at a cheap price, many real estate firms are either collecting huge amounts in the form of deposits or easy installments as low as Rs 25 per day. Many firms [...] Continue Reading »
The Revenue Department has declared that it is going to introduce changes in the accounting standards for the real estate sector to bring about uniformity in reporting of financial results. The Central Board of Direct Taxes (CBDT) has stated that the report of the CBDT appointed committee on accounting standard for the real estate sector [...] Continue Reading »
Telenor Group has approached Delhi High Court seeking that its Joint Venture partner Unitech Ltd be asked to set aside Rs 6,400 crore, or be directed to provide guarantees for the amount through a deposit. The Norwegian company moved the court as it fears the real estate company may not be able to pay the [...] Continue Reading »
Volume of home sales dropped in most micro markets across the country in the first quarter of the year. An Edelweiss research report states that home sales dropped the most in NCR, followed by Chennai and Hyderabad. Most developers across the country reported a seasonal decline. Revenues of 13 listed real estate firms declined by [...] Continue Reading »
Real estate major Unitech Ltd registered decrease in sales by 31 per cent in Q1 as compared to the year-ago period. While the company sold properties worth Rs 701 crore during the first quarter of this fiscal, they had registered a sales booking of Rs 1,020 crore during April-June quarter of last fiscal. Unitech sold [...] Continue Reading »
While reports pointed out an increase in office rentals, a study by real estate consultancy Jones Lang LaSalle (JLL) shows that there has been a 35 per cent dip in office space absorption in seven major cities, as of June 30, 2012. The report states that the supply fell by 52 per cent during the [...] Continue Reading »
Andhra Pradesh High Court has approved the merger of subsidiary IVRCL Assets and Holdings with the parent company, infrastructure firm IVRCL. A composite Scheme of Arrangement has been made between IVRCL Ltd and IVRCL Assets & Holdings Ltd and two subsidiary companies RIHIM Developers Private Ltd and IVRCL TLT Private Ltd. As per Scheme of [...] Continue Reading »
