Sahara Infrastructure and Housing, of late being in the news for market regulator Securities and Exchange Board of India’s (SEBI) rap for mopping up Rs 17,400 crore through debentures and delayed project completion has now announced another 68 projects within FY 2012 – 13 across India. A statement issued by Sahara claims to introduce 10 lifestyle township projects, of which 9 will be self sufficient integrated townships under the brand name of ‘Sahara City Homes’ and 1 under the brand name of ‘Sahara Grace’.
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“Supertech invites you to invest in a pre-launch project at an attractive discount,” this SMS has been sent at least 5 times within a week. The bulk SMS, however, fails to acknowledge that many of these unsolicited messages are being delivered to the wrong recipients, including media, in front of whom most of the developers deny to pre-launch the projects any more. As a matter of fact, ever since Supreme Court came down heavily on the pre-launch offer of the developers, various states including Haryana have banned such offers.
Sahara India Real Estate Corp has blamed the market regulator Securities and Exchange Board of India (SEBI) for taking up the issue of Sahara group of companies mopping up Rs 17,400 crore through debentures and ordered their refund. Sahara has this plea before the Supreme Court on Wednesday. Senior counsel Fali Nariman, appearing for Sahara India Real Estate Corp, told the apex court bench of Justice KS Radhakrishnan and Justice JS Khehar that the SEBI took up the matter even though there was no complaint from any investor.
DLF has said its March quarter consolidated net profit fell 39 per cent on higher interest outgo and it had received an additional tax demand of Rs 457.4 crore from the Income Tax (I-T) Department for the 2009-10 assessment year (AY).
Omaxe has reported a more than two-fold jump in its consolidated net profit at Rs 23.73 crore for the quarter ended March 31, 2012 as against Rs 11.67 crore in the year-ago period.
The income from operations increased by six per cent to Rs 603.58 crore in the fourth quarter of 2011-12 as compared with Rs 568.60 crore in the corresponding period of previous year.
Parsvnath Developers has reported a net loss of Rs 23…
The Indian banks have been hit the worst with the downturn of the real estate sector. Even after restructuring the loans to the developers, they have a collective deficit of Rs. 7 lakh crore. With spiraling input costs & property prices, demand in the real estate sector has been on a steady downfall. Given the declining demand, it is is unlikely that the real estate companies will be able to repay their bank loans, especially since banks are the only source of funds for the sector.
Sahara India today announced it would develop a new city near Dhaka called Notun Dhaka and has signed agreement with the Bangladesh government to invest in housing sector of neighbouring nation.
The anti-monopoly regulator Competition Commission of India (CCI) has dismissed the plea of two individuals against the realty company Unitech alleging that Unitech failed to fulfill its obligation by not handing over the possession on time and therefore violated section 4 of the Competition Act (2002) by abusing its dominant position.
Ansal Properties & Infrastructure plans to expand its two big…