200% Penalty On Deposit Of Rs 10 Lakh+Unaccounted Cash – Times of India – 10-Nov-2016

November 10, 2016 / 0 comments

The government on Wednesday warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch. “We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs…

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NBCC Says Supertech Built Noida Twin Towers Illegally – Times of India – 09-Nov-2016

November 9, 2016 / 0 comments

In a setback to real estate giant Supertech Ltd, the National Building Construction Company (NBCC) told the Supreme Court on Tuesday the twin towers constructed by the company in its Emerald Court project in Noida were in violation of building regulations. NBCC, which was directed by the Supreme Court to file its findings on the…

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Modi Strikes Big-Bang Note – The Economic Times – 09-Nov-2016

November 9, 2016 / 0 comments

Prime Minister Narendra Modi said Rs 500 and Rs 1,000 notes will cease to be legal tender at midnight in a late evening address to the nation on Tuesday, unleashing his government’s latest attempt to root out black money, corruption and terror financing. The surprise move left fellow citizens flabbergasted as they sought to digest…

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Deposit Rs 10 cr, Don’t Give False Hope To Buyers: SC – Times of India – 09-Nov-2016

November 9, 2016 / 0 comments

The Supreme Court has directed real estate giant Supertech Ltd, which is fighting a legal battle to protect its twin towers in Noida‘s Emerald Court project, to deposit Rs 10 crore before its registry to ensure home buyers who want their money back do not remain in an “illusion”. A bench of justices Dipak Misra…

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Decision To Dent Gold Demand, Real Estate Prices – The Indian Express – 09-Nov-2016

November 9, 2016 / 0 comments

While the government on Tuesday took a bold step to scrap the high denomination currency in a bid to unearth all the currency stashed out of the system, bankers and economists feel that it will also have a ripple effect on the real estate and gold transactions, which are the main investment instruments used by…

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Cash No Longer King, Realty Prices May Drop – Times of India – 09-Nov-2016

November 9, 2016 / 0 comments

The government’s decision to withdraw existing currency notes of Rs 500 and Rs 1,000 from circulation will severely impact the real estatesector, especially secondary market transactions where 60:40 – the ratio of legal to black money – had become a norm of sorts. The primary market, where one buys a house in a project directly…

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Ban On Notes Will Add Muscle To Govt’s War On Black Money – Hindustan Times – 09-Nov-2016

November 9, 2016 / 0 comments

Prime Minister Narendra Modi announced on Tuesday the abolition of all 1000 and 500 rupees bank notes from midnight Tuesday, a dramatic move aimed at stamping out corruption and draining illicit cash from the economy. In a surprise late-evening televised address to the nation, Modi said the notes in circulation can be exchanged at banks…

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Anil Ambani Puts Rs 80 Cr In e-Realty Firm Square Yards – The Economic Times – 09-Nov-2016

November 9, 2016 / 0 comments

After his much-talked about entry into the defence sector, Anil Ambani is the latest to get smitten by the Indian consumer Internet story. Ambani is investing Rs 80 crore ($12 million) in Square Yards, an online-to-offline (O2O) real estate transaction player. Founded in 2013, Square Yards is a technology-enabled transaction and aggregation platform for global…

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Sahara Raises Rs 150Cr From Land Deal In Mumbai – Times of India – 08-Nov-2016

November 8, 2016 / 0 comments

The Sahara Group, under pressure from the Supreme Court to refund money to its investors, has raised Rs 150 crore from its controversial 106-acre Oshiwara land parcel by tying up with Ahmedabad-based developer Safal Group. This sprawl, which is part of a larger 550-acre swathe belonging to the Byramjee Jeejeebhoy family, has long been in…

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PNB Housing Fin Ends Up 15% On Debut Day – The Economic Times – 08-Nov-2016

November 8, 2016 / 0 comments

PNBBSE 0.18 % Housing Finance made a firm debut on the bourses on Monday, closing at a 15% premium to its issue price. Its Rs 3,000-crore initial public offering ended last month with a subscription of 29.5 times. After listing at Rs 863, an 11.3% premium to the offer price of Rs 775 on the…

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Modi Upset Over Slow Progress Of Delhi-Meerut Expressway – The Economic Times – 08-Nov-2016

November 8, 2016 / 0 comments

Upset over the slow progress of the prestigious Delhi-Meerut Expressway, Prime Minister Narendra Modi has directed Cabinet Secretary PK Sinha to monitor the project. Its completion date has now been pushed back by nine months to December 2018. “Mujhe shaunk nahi hai inauguration karne ka…abhi tak kam kyun nahi shuru hua? (I’m not fond of…

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India’s Big Bad Loan Problem – Livemint – 08-Nov-2016

November 8, 2016 / 0 comments

If there were any hopes about a quick end to India’s bad loan saga, the earnings season for the July-September quarter has dispelled them very quickly. Most state-owned banks which have reported their July-September quarterly earnings figures so far have witnessed asset quality pressures, which have impacted their profitability and loan growth. But how severe…

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ICICI July-Sept Net Up 2.4%, Bad Loans Jump – Times of India – 08-Nov-2016

November 8, 2016 / 0 comments

ICICI Bank reported a 2.4% increase in its net profit to Rs 3,102 crore for the quarter ended September 2016 as compared to Rs 3,030 crore in the corresponding quarter last year. Announcing the results, MD & CEO Chanda Kochhar said the bank has identified a four-point strategy of reducing portfolio concentration risks, strengthening the…

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