Developers in Punjab have opposed the state government’s move to levy social infrastructure cess on property transactions, saying it would hit demand in the sector which is already facing slowdown.
The Sahara Group has clarified their stand in public after the jolt by the Supreme Court asking them to refund within three months Rs. 24,029 crore it had collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Company Act. In the wake of media onslaught after the Court asked two Sahara Companies to pay 15% interest on the amount, the Group in a statement has following version in its defence.
The Secretary, Banking, Ministry of Finance has agreed to look into the problems being faced by the real estate industry and work towards reducing the cost of funding through banks and financial institutions.
A division bench of the Supreme Court today stayed the Bombay High Court judgment in VAT case and passed an interim order extending the deadline for developers in Maharashtra for paying VAT by two months.
Seeking to fight the vexed VAT issue on flats in Maharashtra, a consumer group called FORAM–Flat Owners’ Rights protection Action committee in Maharashtra – has been formed with consumer interest groups coming together.
Price rationalisation has always been a tricky issue in real estate business where demand and supply dynamics drive the market more than any other parameter. The fact that real estate is not a perishable commodity and mostly a business of deep pockets, holding of inventory many a time makes more sense than hard sell keeping in mind the pipeline visibility.
Greater public and private participation is required in sectors such as railways, ports and power as India looks at investing USD 1 trillion in infrastructure over the next five years, Minister of State for Urban Development Saugata Ray has said.
SRG Housing Finance Limited, a growing housing finance company with registered office atUdaipur in Rajasthan, proposes to enter the capital markets on 22nd August 2012 with a public issue of 35,04,000 of Rs 10 each. The Issue price for this IPO to be listed on SME platform of BSE has been fixed at Rs 20 per equity share of Rs 10 each. The Issue closes on 24th August 2012.
Tata Realty and Infrastructure Ltd (TRIL) proposes to invest over Rs 1700 crore in two to three years for various projects in the country, including Rs 550 crore in Kochi for a premium waterfront residential property, ‘Tritvam’, at Marine Drive.
The Sahara Group, fresh after a string of acquisitions of Marquee Hotel properties in the UK and the US, is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton Hotel, a landmark Los Angeles property that has been hosting the Golden Globe Awards.