Mumbai The Income Tax Appellate Tribunal (ITAT) has rejected a plea from a taxpayer for rectification of its earlier order, in which it had upheld disallowance of HRA claimed as exempt. The taxpayer had paid rent to her mother and the entire transaction was found to be a sham. By its act of rejecting the […]
ITAT refuses to rectify its earlier order that disallowed HRAmore
India’s banking liquidity crunch is extending to the nation’s developers, threatening to derail a nascent recovery in the property sector. Home builders in India have increasingly been turning to non-bank lenders for funding as traditional financiers struggle under bad loans. But following the government’s seizure of troubled shadow bank Infrastructure Leasing & Financial Services Ltd. […]
How a bank credit shortage has hijacked Indian real estate’s growth storymoreMumbai Twenty-nine years after two joint land owners transferred their four-acre plot in Bandra to a builder for Rs 10 lakh, a local court sentenced them to six months’ rigorous imprisonment for flouting income tax rules. Additional Chief Metropolitan Magistrate M I Lokwani sentenced two members of the Gurav family. The Income Tax (I-T) Department […]
Twenty-nine years after plot sale, two sent to jail in I-T casemore
Mumbai In one of the largest residential apartment transactions, textile major Welspun India’s co-promoter and managing director Rajesh Mandawewala has bought a triplex luxury sea-view penthouse in an under-construction project, 25 South, in Mumbai’s Prabhadevi locality for Rs 150 crore, said two persons with direct knowledge of the development. The apartment is spread over 18,000 […]
Welspun India MD buys penthouse in Prabhadevi for Rs 150 croremore
Mumbai In a blow to the Slum Rehabilitation Authority (SRA), the new Development Control and Promotion Rules (DCPR 2034) have made SRA schemes unviable. If these rules are not rectified, slum rehabilitation projects will fail to take off and no builder will be able to execute slum projects. This will further sink the failing realty […]
New DCPR rules make slum schemes unviable in Mumbai: SRA chiefmore
Mumbai Unauthorized constructions and land grabs are not new to the city and suburbs, but in Vasai-Virar, the illegality has turned so brazen that builders have taken to social media to openly advertise projects built on encroached government and reserved plots. Recently, the Vasai-Virar Municipal Corporation (VVMC) was stunned to see a video on YouTube […]
Vasai-Virar builders use YouTube to sell illegal chawl rooms for Rs 4 lakhmore
Though the is under stress for the last few years, this could be the beginning of a new growth story, said Niranjan Hiranandani, president (national), National Real Estate Development Council (NAREDCO) and chief managing director of Hiranandani Communities. The survival trick for developers and investors is to adapt to the changing environment and government policies. […]
Real estate sector to chart new growth story, will grow 35% annually in next 5 years: Niranjan Hiranandanimore
Launches in July 2018 were significantly lower than the monthly average of 14.5 mn sq ft in the past 12 months. Consequently, inventory across India dropped 10 percent to around 1 bn sq ft from 1.1 bn sq ft in July 2017. Prices saw a slight increase in July 2018 averaging around Rs 6,100 per […]
Residential real estate sales at 22.2 mn sq ft this year, new launches declinemore
Real estate may be down in the dumps right now. But even so, compared with most other big businesses, At its core, real estate is the coolest even in failure. You build an airline on leased planes and if it fails all that the lenders are left with is a brand with which they can […]
Reasons to not give up on Indian real estatemore
Piramal Enterprises Ltd has denied any loan default by real estate developers, including Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo and Supertech. “Piramal Enterprises would categorically like to state that we have an extremely robust loan processing and recovery process, including risk management and asset monitoring system. Developers like Lodha, Omkar, Vatika and Embassy referred […]
Piramal Enterprises denies loan defaults by real estate developersmore
