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India has the third highest taxation burden in the world when it comes to selling commercial property, after Norway and Malta, according to a study conducted by Taxand, an independent global tax advisory.
Confederation of Real Estate Developers’ Associations (CREDAI) Tamil Nadu unit has said that enquires for commercial real estate property has picked up in the last couple of months following decent growth in the IT industry.
Pune-based real estate developer Hasan Ali Khan, who was arrested on late Monday night by the Enforcement Directorate, was remanded by the sessions court to ED’s custody on Tuesday. Khan was kept at JJ Hospital for most part of the day, as he complained of high blood pressure.
The Supreme Court on Tuesday mulled invoking terror and other stringent penal charges against Pune realtor and stud owner Hasan Ali Khan, accused of massive money laundering and tax evasion, for his alleged links with arm dealers and people linked to terror activities.
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects.
With the emergence of Gujarat real estate sector on the realty map of India, the state’s real estate developers have also got recognition at the national level. Jaxay Shah, director of Savvy Infrastructure, has been elected as the new vice-president of Confederation of Real Estate Developers’ Association of India (CREDAI).
Shahid Balwa, a key figure in the telecom scandal that has shaken the government, has resigned as the head of his flagship real estate company, DB Realty. Balwa is vice-chairman of Gulf group Etisalat’s joint venture in the country and at 36 was the youngest billionaire on last year’s Forbes India rich list.
Shares in developer DB Realty hit a record low on Monday after its Managing Director Shahid Balwa, embroiled in a widening telecom corruption investigation, resigned from his position.
DB Realty Ltd has informed BSE that the Board of Directors of the Company on March 05, 2011 has noted and accepted the resignations of Mr. Shahid Balwa, as Managing Director and also as Director of the Company with effect from February 09, 2011 in view of his preoccupation relating to certain investigations.
Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, has bought over Kotak India Real Estate Fund-I, a $100 million (Rs.450 crore) fund managed by Kotak Realty Fund in Peepul Tree Properties Pvt. Ltd for Rs.385 crore.