The Sahara Group will have to refund Rs. 17,400 crore to retail investors raised in 2008-09, the Supreme Court has ruled. The apex court had upheld the Securities Appellate Tribunal (SAT) order directing two Sahara companies to refund this amount. Former Supreme Court Judge BN Agarwal will monitor the refund to investors, the court said.
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.
For flat owners in Maharashtra, the VAT battle is not yet over! VAT on flats, or material used on construction, amounts to double taxation since the developer has already paid while buying them from registered suppliers, said Atul Puranik, convener of newly started consumer group FORAM – Flat Owners’ Rights protection Action committee of Maharashtra.
The fifth edition of Global Initiative Restructuring Environment & Management (GIREM) Leadership Summit, the international forum for urban planning and corporate real estate, would be held at New Delhi on October 18 and 19.
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.
Real estate prices in the national capital are set to soar with the Centre on Monday night deciding to give the green signal for regularization of 917 unathorized colonies. A notification to this effect will be issued on Tuesday, Aug 28.
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.
A DTZ survey has found unrest in Noida Extension has had a mild impact on total number of housing units planned. The survey says that the total number of housing units that were planned before the unrest in Noida Extension has remained more or less the same with a minor downward revision.
The Karnataka Government is contemplating to introduce a single window clearance system for the construction of houses and complexes in the state, taking into consideration the demand raised by the Confederation of Real Estate Developers’ Association of India (CREDAI).
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.