A day after its Managing Director Vinod Goenka was arrested in the 2G spectrum scam case on Wednesday, the controversial Mumbai-based real estate company DB Realty inducted his father, K M Goenka, as a Non-Executive Director.
Fraudsters will soon find it difficult to dupe banks by mortgaging the same property with two lenders or selling mortgaged property.
The Enforcement Directorate (ED) has unearthed 15 foreign bank accounts with direct links to realtor Hasan Ali Khan and his accomplice, Kolkata based businessman Kashinath Tapuriah.
Maharashtra Chamber of Housing Industry has announced ‘Property 2011’ their 18th Real Estate and Housing Finance Exhibition to be held to be held in Mumbai from April 14-17, 2011.
Realty firms are making a beeline to private equity investors for money to repay mounting debt portfolios. With commercial banks turning cautious about lending to the real estate sector, industry players strapped for cash are seeking equity capital to ease the liquidity crunch.
Banks have experienced strong demand for loans from the real estate sector and non-banking finance companies (NBFCs) during the year till February, shows the latest data released by the Reserve Bank of India.
The Comptroller and Auditor General of India (CAG) has taken a strong objection to the military authorities in Karnataka who have permitted unauthorized use of defence land for constructing shopping malls and halls in gross violation of rules and without sanction from the Defence Ministry.
Indian buyers usually pay for apartments before construction has been completed. Many buyers do not take out mortgage loans (the ratio of housing loans to GDP is less than 5% in India).
This week has been a good one for investors in real estate shares, who had seen their investments lose 30%-55% in value over the past six months in the wake of a number of corruption allegations involving the sector.
The finance ministry has asked the central bank to bar real estate firms from seeking banking licences and alter conditions relating to financial inclusion and stake dilution by promoters.