Realty under IT scanner
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects.
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Shahid Balwa quits DB Realty following probe & interrogation
Shahid Balwa, a key figure in the telecom scandal that has shaken the government, has resigned as the head of his flagship real estate company, DB Realty. Balwa is vice-chairman of Gulf group Etisalat’s joint venture in the country and at 36 was the youngest billionaire on last year’s Forbes India rich list.
Balwa’s resignation led to DB Realty’s shares nosediving a record low
Shares in developer DB Realty hit a record low on Monday after its Managing Director Shahid Balwa, embroiled in a widening telecom corruption investigation, resigned from his position.
DB Realty boss resigns
DB Realty Ltd has informed BSE that the Board of Directors of the Company on March 05, 2011 has noted and accepted the resignations of Mr. Shahid Balwa, as Managing Director and also as Director of the Company with effect from February 09, 2011 in view of his preoccupation relating to certain investigations.
Tata Realty buys Kotak Real Estate Fund in Peepul Tree
Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, has bought over Kotak India Real Estate Fund-I, a $100 million (Rs.450 crore) fund managed by Kotak Realty Fund in Peepul Tree Properties Pvt. Ltd for Rs.385 crore.
Overseas realty funds drying up
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.
Four realtors get sanctions for bank loans
At least four firms, Ansal Properties and Infrastructure Ltd (Ansal API), Emaar MGF Land Ltd, Kumar Urban Development Ltd and Paranjape Schemes Constructions Ltd, have received fresh sanctions from banks, although overall lending to the sector remains subdued.
Mixed Bag for Realty: Boman R Irani, CMD, Rustomjee Group
For the Union Budget 2011-12, rising inflation, tight liquidity, high interest rate, industrial slowdown, delayed reforms and negative market sentiment were some of the key concerns to address.
A tie budget; not won, not lost, say realtors
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.
Nothing for real estate to get excited about from Budget 2011: Anuj Puri, Jones Lang LaSalle India
It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.