When Rishi Patil bought his first property in Mumbai a decade back, he followed the advice of family astrologer and deliberately waited for 7 months to book the flat on the day of Akshay Tritiya.
In an obvious chain of patronage IL&FS, the company which gets the contract opts for Sanganer project Rajasthan from where Arvind Mayaram’s mother Indira Mayaram has been contesting Assembly elections and Mayaram and family has farmland there.
The IL&FS has LIC of India, State Bank of India, Central Bank of India, HDFC Bank as prominent shareholders. As per the reports IL&FS owned 4.05 per cent stake in Shahid Balwa’s DB Realty.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.
At a time when investigations into the “mother of all scams” the 2G spectrum allocation scam allegedly by former telecom minister A Raja and owners of some telecom firms are in full swing and the Apex Court is monitoring the investigations, it has come to light that the Rural Development Ministry has been awarding projects to a major infrastructure and finance company, IL&FS which had invested in the scam tainted DB Realty.
When a property dealer suggested Kartik Shah to set up his office at Navi Mumbai, instead of South Mumbai market, it seemed to be a sound business sense.
The Sahara-Securities and Exchange Board of India (SEBI) legal battle seems to be heading to a verdict now.
The Reserve Bank of India has imposed a monetary penalty of Rupees five lakh on Manipal Co-operative Bank Ltd., Manipal, Karnataka for violating RBI directives by granting loans for real estate purpose exceeding the single party exposure limit of 15 per cent of its capital funds.
Real estate developer Emaar MGF Land’s third attempt to raise Rs 1,600 crore through an initial share sale offer has hit a regulatory hurdle.
Union minister for urban development Kamal Nath on Thursday said the number of approvals a developer has to get will have to be cut down for faster and more efficient property development in the country.