The Enforcement Directorate (ED) today, March 23, carried out searches at the Pune residence of Sunil Shinde, the chartered account of realtor and stud farm owner Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
Mumbai-based RCSPL, which owns group buying portal for real estate GrOffr.com, has acquired Mobstreet.in, a company which was officially shut down in December 2010 due to lack of funds.
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
The Comptroller and Auditor General (CAG) said in a report released on Friday that the Income-Tax Department (I-T) understated claims on Pune-based businessman Hasan Ali.
With government support and increase in number of real estate developers, affordable housing demand will surge at a CAGR of around 13% during 2011-2013, says a research report by RNCOS a thinktank group on industry intelligence and creative solutions for contemporary business segments.
The impending closure of the financial year has the listed real estate developers scurrying to make final repayments or get debt refinanced.
Buying land can be a time-consuming and expensive affair. Not only can the initial phase of buying it be quite complicated, but the cost involved in maintaining a purchased plot can also be quite high.
2G scam accused Shahid Balwa of DB Realty, whose dubious Pakistani and underworld connections are being probed, also allegedly had some Chinese links that raised security concerns within Indian agencies.
BNP Paribas has raised its ratings on Indian real estate developers, citing a discounted value and improving outlook.
Pune-based real estate developer Hasan Ali Khan, who was arrested on late Monday night by the Enforcement Directorate, was remanded by the sessions court to ED’s custody on Tuesday. Khan was kept at JJ Hospital for most part of the day, as he complained of high blood pressure.