Real Estate News Update for January 5
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Regulatory
The Income-Tax department on Thursday searched major real estate groups like Bhutani Infra, Group 108, Logix and some other companies based in Noida, Uttar Pradesh as part of a tax evasion investigation against them, official sources said.
Hospitality
Hansoge Enterprises has sold an under-construction hotel spread over 150,000 square feet in Bengaluru to a wealthy individual for an estimated Rs 150 crore, two people aware of the deal said.
Residential
For the first time, Delhi Development Authority (DDA) will hold a two-day live e-auction for 2,093 flats, beginning 11am Friday. The authority has received earnest money deposit (EMD) from 3,055 applicants who will be participating in the exercise. EMD is the booking amount deposited by people when they apply for flats after registration.
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Cement
The income tax department has firmed up a ?4,000 crore tax demand on Shree Cement following a survey that showed the company has wrongfully claimed certain deductions. A demand notice is likely to be sent to the company, sources aware of the details told ET.
Regulatory
The Enforcement Directorate on Thursday said it recently searched premises linked to a honorary counsel to Mauritius and promoter of the Chennai-based R R Group, Ravi Raman, as part of an investigation linked to an alleged fraud in foreign funds against him.
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