In the Real World – The Week that was – March 15

From: Berinder Sahni
Date: Fri, Mar 15, 2013 at 7:38 PM
Subject: In the Real World – The Week that was

Key News

· Milestone is close to selling its real estate fund management business to a clutch of high net worth individuals

· HCC to sell land parcels, streamline realty business

· Gold Souk Group in next 3 years plans to invest around INR 1,000 crores in developing residential projects in the NCR region

· Analjit Singh-promoted Max Group is planning a foray into the hospitality sector, with a wellness resort brand ‘Vana’

· Tata group hospitality major Indian Hotels Company (IHCL) plans to open 83 new hotels globally to take tally to 200 by the end of 2018

· A first in India, the project seeks to streamline the ownership registration of urban properties and will kick off soon in Bangalore. It envisages issuing Property Record (PR) cards to property owners.

· As many as 47 real estate projects, — mostly residential, with ticket size of some them being higher than 500 cr, have been stalled in Mumbai over the last 12 months for failing to adhere to union environment ministry office notifications

· Under-construction apartments costing over Rs 50 lakh have to deduct 1% of the deal value as tax after June 1, and also go through the onerous task of depositing tax and filing returns.

· International – Paramount Pictures has joined forces with real estate giant Damac Properties in an exclusive partnership to bring a US$1bn five star hotel to Dubai

Source: Compilation of news articles from various publications

Warm Regards

Berinder Sahni CFA MRICS

Director

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