IT notice to MMRDA, CIDCO
The Income Tax department has sent notices to real estate companies, MMRDA, CIDCO stating that all land lease sales or transfers attract a 10% tax, sources said.
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India’s housing markets mixed, says Global Property Guide
Interest rate rises are beginning to bite in India, and housing markets in major cities weakened in 2010, says a report by the Global Property Guide.
MIDC can capitalize on its land along Thane-Belapur highway
Even as we continue to discuss the acute shortage of industrial land in Mumbai, the fact remains that there are rather significant land parcels held by the MIDC along Mumbai’s Thane-Belapur Highway.
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.
Budget focused on common man: Sunil Mantri, President MCHI
Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
Budget relying on inclusive growth for the ‘aam aadmi’ : Pranab Datta, VC & MD, Knight Frank India
The Budget is relying heavily on maintaining the trajectory of growth in the economy to provide solutions for inclusive growth that touch the ‘Aam Aadmi’ and parallelly stressing on governance aspects, which hopefully will be covered separately through concrete action plans to deal with the menace of unaccounted wealth. The trend for consolidation is expected to continue.
Due importance to affordable housing in Budget 2011: Ramesh Sanghvi, Director, Sanghvi Group
The budget of 2011-12 has certainly given due importance to the affordable sector. The current scheme of interest subvention on 1 percent on housing loans is now extended to Rs 15 lakhs where the cost should not exceed 25 lakh.
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.
Track2Realty Impact – Vigil on Mauritius funds
The RBI and market regulator SEBI have enhanced their vigil on funds coming from Mauritius, suspecting round-tripping or routing of illicit money back through the island nation.
Relax privisioning norms of banks: Uday Dharmadhikari, CEO – Usha Breco Realty
I am relatively dissatisfied with the budget focus on the sector as no efforts made to the growth of the sector. My wish list to the Finance Minister is to relax the provisioning norms of banks for Real Estate loans, sector status to real estate, clarity on service tax & VAT, with some relaxation and to increase the interest exemption on Housing loan. But then the Finance Minister has not consulted the industry representatives in the last few years.