Property News from IndianRealtyNews

Property News from IndianRealtyNews

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IT Dept Sends Letter to Realty Companies Citing 10% tax on Land Lease Sales in Mumbai

Posted: 25 Mar 2011 12:01 AM PDT

The Income Tax department has sent letters to real estate companies, MMRDA, CIDCO stating that all land lease sales or transfers attract a 10% tax, sources said. The IT department states that tax should be cut with retrospective effect from FY08 and estimates suggest they could raise Rs 1000 crores in the process. Real estate [...]

Slowdown Hits Mumbai Residential Real Estate Market

Posted: 24 Mar 2011 11:09 PM PDT

After a one-year period starting in the third quarter of 2009, which saw a strong recovery with a record 40%-plus increase in prices, the Mumbai residential real estate market has been seeing a slowdown over the past two quarters across various micro markets. The past six months have seen the return of negotiability in asking [...]

Shares of Real Estate Companies Trading High

Posted: 24 Mar 2011 08:11 PM PDT

Shares of real estate companies were trading higher as institutions started accumulating some specific sectoral stocks, which were beaten down during the past one month, several dealers said. Separately, J.P. Morgan late on Wednesday, upgraded Unitech to “overweight” and increased the target price to 60 rupees. “The discrepancy between Unitech’s stock price and inherent land valuation [...]

Finance Ministry Opposes RBI’s Proposal to Restrict FDI in New Banks to 49%

Posted: 23 Mar 2011 10:08 PM PDT

The finance ministry has opposed the Reserve Bank of India’s suggestion to restrict foreign direct investment in new banks to 49%, saying the change in norms will hurt investor sentiment. It has also asked the central bank to bar real estate firms from seeking banking licences and alter conditions relating to financial inclusion and stake [...]

Unitech sells 300 mid-income housing units for Rs 200 crore in Gurgaon

Posted: 23 Mar 2011 09:04 PM PDT

Realty firm Unitech has sold over 300 units worth Rs 200 crore in its mid-income housing project at Gurgaon launched last week. Unitech has received "over 300 bookings, garnering almost Rs 200 crore" in its Unitech South Park project in Gurgaon, the company said in a statement. The country's second largest realty firm had announced [...]

HDFC Property Ventures Ltd Exits Bangalore IT SEZ

Posted: 23 Mar 2011 08:02 PM PDT

Realty fund HDFC Property Ventures Ltd is selling its investment in a technology export zone in Bangalore back to the developer, making its fifth exit in recent months. The sale will earn the fund returns of Rs 490 crore on the Rs 210 crore it invested in Manyata Business Park, an information technology (IT) special [...]

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