Real Estate Finance

Reverse mortgage to attract no tax

Written by Jayanta Saturday, 26 October 2013

( 0 Votes )A notification from the income tax department has exempted annuities and extended the scheme to the lifetime of a borrower. The core issue, however, is that the scheme has not taken off. The income tax department on October 22, notified that annuity payments to the senior citizens availing of the reverse mortgage scheme (RMS) would not be taxed....

Real estate emerges as new investment destination for banks

Written by Jayanta Friday, 25 October 2013

( 0 Votes )NEW DELHI: Real estate has emerged as a hot investment destination with banks, as projects in other sectors of the economy have faltered, prompting banks to rush to fund commercial realty despite slow demand and inventory pileup. Of the 173 projects of Rs 250 crore or more each that came for bank funding in the first half of 2013-14 , 53 were real...

Loan defaults stall two mega townships

Written by Jayanta Tuesday, 22 October 2013

( 0 Votes )MUMBAI: Real estate firm Hirco has defaulted on payments to lenders for its two large Rs 1,000 crore-plus townships in Panvel and Chennai, casting a shadow on the future of the projects. Work on the firm’s project in Panvel, outside Mumbai in Raigad district, has been stalled for the past few months. The project has a mix of commercial and...

Embassy to Raise Rs 800 crore in debt

Written by Jayanta Monday, 21 October 2013

( 0 Votes )BANGALORE: Bangalore-based real estate developer Embassy Property Developments is in talks to raise Rs 800 crore in debt to fund its planned acquisition of an IT park in the city, a person with direct knowledge of the development said. “The builder is in talks with banks and financial services companies including HDFC LtdBSE 0.36 % and...

Blackstone nears $40 mn exit from property firm BPTP: Sources

Written by Jayanta Monday, 14 October 2013

( 0 Votes )MUMBAI: Blackstone Group LP is in talks to sell out of a New Delhi property investment for about $40 million, two sources with direct knowledge of the matter told Reuters, in what would be its first exit from a property investment in the country. US-based Blackstone is selling its nearly 30 percent stake in a subsidiary of property firm BPTP Ltd...

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