A White Paper on black money tabled in Parliament on Monday, May 21, has named real estate among others as most vulnerable to menace of black money. Given that land is part of the top black money generators, the white paper suggested that states could consider taxing farm income to curb black money.
Integrated township as the future of urban living is an established reality. However, the future of integrated townships depends not only on the infrastructure development, but also creation of overall social infrastructure. Track2Realty delves deeper into the issue to find out the thin line that bifurcates between a successful case study and a dream unfulfilled.
Redefining Public purpose, as suggest by Parliamentary Committee, will impact infrastructure, industrial and township development severely.
Provisions of LA and R&R Bill should not apply to private acquisitions done by developers after direct negotiation with land owners/farmers. Privately negotiated prices, in almost all cases, are much higher than acquisition compensation suggested in the bill.
While buying a house majority of the Indians have now matured to pay for ready-to-move property than a castle in the air. No wonder, despite the high appreciation potential, the new launched projects have few takers and there is hardly any market for a pre-launch offer. Thanks to the poor delivery of the real estate developers, unmet commitments and execution risk involved, at least the end users are not interested in new launches anymore.
When the Finance minister Pranab Mukherjee proposed home buyers to withhold 1% of the sale consideration as Tax Deducted at Source (TDS), it became a free-for-all kind of football match with developers and property consultants alleging that it could encourage black money component in real estate, while tax consultants believed otherwise and pointed out that the reach of the banking sector in rural area makes it easier to detect unsavoury deals.
Cognizant Technology Solutions has increased its real estate infrastructure expansion in India by nearly $200 million.
The US-based company, which has large offshore presence in India, has revised its investment plan to a total of $700 million in real estate from 2011 through 2015.
Bangalore-based real estate developer Puravankara Projects net profit rose 173 per cent to Rs 46.05 crore during the fourth quarter of the last fiscal.
Last year, net profit stood at Rs 20.89 crore during the corresponding quarter.
Ranchi Police on Tuesday filed an application in the court of first class judicial magistrate Shekhar Kumar to seek an order to seize properties of all the accused of real estate scam unearthed recently.
Babulal Varma, Managing Director, Omkar Realtors & Developers There are…
Economic intelligence agencies have informed the Finance Ministry that a major chunk of illegal funds and black money is being generated and routed in the real estate sector of the country.