Credai opposes VAT on flats sold in 2006 ’10
Aug 14, 2012
Source : The New Indian Express


The Confederation of Real Estate Developers’ Association of India (Credai), Pune Metro, has opposed state government’s order asking them to pay value added tax (VAT) on flats that they sold between June 2006 and March 2010. The real-estate body has asked for extending the deadline of August 31 to pay the retrospective tax. 
Credai director-general D K Abhyankar said that after April 1, 2010 the developers have been paying 1 per cent VAT on property sale under the composite scheme. However, he said that Credai has already approached Supreme Court and the petition related to the payment of VAT is pending before the court. “A petition has already been filed in the apex court, but the government has asked us to clear VAT by August 30. We have requested the finance department to extend the deadline. We have urged that the deadline be extended by at least three months as the order has been issued in hurry,” he said. 
Abhyankar said total VAT that would be paid by developers has not been worked out yet, but the number of flats that were sold during the period in the city is over 1.5 lakh. 
Credai said the real-estate industry is already battling issues of delay in clearances in real-estate projects and the new order has only come as a dampener. Abhyankar said the actual rate that will be applicable for the payment of VAT will be worked out by the industry body in consultation with the government.

Latest Realty News

Bhubaneswar Municipal Corporation draws boos from rural bodies
Aug 14, 2012
BHUBANESWAR: The Bhubaneswar Municipal Corporation's decision to include 21 gram panchayats (GP) in its jurisdiction has not gone down well with people of five of those GPs. Nearly 40,000 people in 28 villages in Barimunda, Kalyanpur, Dadha, Raghunathpur and Kalarahanga panchayat areas in Bhubaneswar North assembly constituency do not want the BMC to look after them, as they feel the civic bod
Relax building rules to make best land use, says Assocham
Aug 13, 2012
New Delhi: As the country has limited land resource, city building rules should be liberalised to allow maximum covered areas in construction of houses and commercial buildings, Assocham President Rajkumar N Dhoot said today. "Recommendations of the Ashok Chawla Committee on Natural Resources (in this regard) the Floor Area Ratio (FAR) should be implemented," the Assocham chief said in a state
'Housing prices in 16 cities rise up to 10.5%'
Aug 13, 2012
New Delhi: Housing prices have risen by up to 10.5 per cent in 16 major cities of the country in the April-June period, while only three towns have witnessed a marginal fall, according to National Housing Bank (NHB) data. NHB 'RESIDEX' tracks the movement in prices of residential properties on a quarterly basis since 2007. The NHB RESIDEX now covers 20 cities. "Residential housing prices in
Sahara India to pump Rs 3,000 crore in its retail venture
Aug 13, 2012
NEW DELHI: Sahara India today announced Rs 3,000 crore investment for its retail venture, while setting an ambitious revenue target of around Rs 50,000 crore after two years. The group claimed that it will open around 1,000 retail outlets under the 'Sahara Q Shop' brand initially in five states covering 60 cities and towns by 2013. The initiative will kick off from August 15. "The company h
DLF on track to cut debt after Mumbai land sale
Aug 13, 2012
MUMBAI: DLF, India's biggest property developer, is closer to meeting its debt reduction target after it agreed to sell its plot of land in Mumbai for 27 billion rupees ($488 million) to Lodha Developers on Monday. Like other developers, DLF gorged on cheap finance during the 2007-08 property boom in Asia's third-largest economy to fund ambitious expansion plans for millions of square feet of
Maharashtra may revisit redevelopment of textile mill land
Aug 11, 2012
The Maharashtra government may reconsider the redevelopment of land by private textile mills in Mumbai. The state urban development is expected to prepare a status report on this soon. The move is triggered by a Supreme Court judgment, directing Bombay Dyeing Mills to hand over a third of its land each to the Brihanmumbai Municipal Corporation (BMC) and the Maharashtra Housing and Area Develop
Kotak Realty set to invest R400-500 cr in housing projects
Aug 11, 2012
Mumbai: Kotak Realty Fund, part of the Kotak Mahindra Group, plans to invest between R400 crore and R500 crore in three to four residential projects in the current financial year. The fund is looking at housing projects in Bangalore, Delhi and the National Capital Region (NCR), and Mumbai for probable investment opportunities. The investment size will be close to R100 crore in each project, V
Rourkela bus terminus cries for attention
Aug 10, 2012
The Rourkela bus terminus is in a deplorable condition. Protesting the state-of-affairs, the members of Sundargarh Motor Karmachari Sangh (SMKS) and the Rourkela Mini-bus Owners’ Association (RMOA) on Thursday accused the Rourkela Development Authority (RDA) of being indifferent towards the condition of the bus terminus. Concrete ceilings of the main building have peeled off at many places the
DDA housing: Paid for flats, allotted ..
Aug 10, 2012
New Delhi: DDA housing scheme 2010: D-6, Vasant Kunj was to be the hospitality address for visitors and tourists to the city during the 2010 Commonwealth Games. The showcase flats, constructed by Delhi Development Authority (DDA), were to be auctioned later as part of the agency’s mega housing scheme. The project, quite evidently, missed its 2010 deadline as the city government made alternati
Satellite cities to grow with Metro-III
Aug 10, 2012
New Delhi: The elevated stretch of the Metro extension connecting Delhi outskirts to Bahadurgarh in Haryana, will pave the way for the much-sought-after development in the area, said officials. The 11.1-km Metro line will traverse the largely uninhabited locations of the two states and will help connect the various cities in the NCR. For the first time, the Delhi Metro Rail Corporation (DMRC)

Latest Realty News Of State

Realty Talk's