Thursday, September 10, 2009

I-T dept raids HDIL premises

The Income Tax (I-T) department has raided 12 Housing Development and Infrastructure (HDIL) premises, reports CNBC-TV18 quoting sources. The raided premises include residences of two HDIL directors. Sources said the department has recovered unaccounted cash of Rs 1.54 crore so far.

HDIL has been claiming excess expenses and undermining profits, it has been alleged. Over 100 I-T department officials were involved in the raids today, sources said. HDIL is publicly listed and trading at 308 at close of business 9/10/2009. Lets see what 9/11 brings to HDIL. I'm not sure what the fuss is all about with builders and black money. Everybody knows that there is no way one can buy in Mumbai without paying 40% black. What is the fuss all about ? and why single out HDIL ? Why not others like Raheja's and Akruti and countless other big and small builders ?

More details here

27 comments:

shailesh said...

I-T raid on HDIL office for alleged tax evasion

Hariprakash Pandey, deputy general manager (finance) of HDIL also confirmed that the searches had been conducted. “It is a normal income tax search on the corporate offices of HDIL and the officials are checking the books of accounts of HDIL,” he told Mint.“There is no specific reason for this inquiry. There are no specific findings as of now as the enquiry is still on.”

HDIL had earlier raised Rs1,698 crore through a qualified institutional placement or QIP, in which shares are placed privately with potential institutional buyers such as banks. HDIL cut its debt to Rs2,900 crore at the end of June from Rs4,143.31 crore at the end of March.

shailesh said...

I-T dept raids 12 HDIL premises

According to an I-T source, one of the questions raised was in connection with claims made under Sections 80 IB (10)(c) of the I-T Act, a provision that allows tax benefits
to a developer of residential apartments with an area of 1,000 sq ft or less. This is the second instance that HDIL’s premises have been raided by the I-T officials; the earlier raid was in 2007.

The second allegation pertains to the diversion of funds from the company, while the third relates to HDIL’s transaction with IL&FS. HDIL recently acquired 53 acres from IL&FS for Rs 1,900 crore.

shailesh said...

Model Real Estate Regulation Bill to provide guidelines to facilitate growth and promotion of healthy and transparent, efficient and competitive Real Estate Sector: Kumari Selja

The Housing & Urban Poverty Alleviation and Tourism Minister Kumari Selja has said that the Government is working on a model Real Estate Regulation Bill to provide guidelines to facilitate growth and promotion of healthy and transparent, efficient and competitive Real Estate Sector in the country. Inaugurating a conference on Affordable Housing for Urban Poor here today she said the India Real Estate Market is unorganized and fragmented and most of property transactions are based on certain perceptions and not necessarily on the sound business principles. The customer satisfaction is low and the procedure for redressal is long and cumbersome. She said some of these problems could be addressed by rating the Builders and Developers. She said Ratings are a means to inculcate business ethics in product development and delivery. Kumari Selja said evolving a rating system will bring customer focus and help in building a brand image. The Minister said Rating of a project or developer builds confidence by ensuring that a reasonable quality product is delivered in a specified time and within the specified price range.

She said finding land in our bursting metropolises to house the growing number of urban poor is probably one of the greatest challenges that our city planners face, and innovative solutions are the need of the hour.

shayna said...

In the late 80s and Early 90s owners of HDIL were the sole developers of Vasai-Virar belt.

Sharad Pawar was the CM of Maharastra then and was rumored to be in Cohoots with Diwan of HDIL.

This could be the first warning shot to NCP financiers from the Congress.

On a diff Q asked before Bholenath Builders of Chembur is owned by a notorious drug smuggler called 'Lachu Dabroti' (he got this name for selling bread in his younger days) he also own 'Jewel of Chembur' in Chembur Station.

Anonymous said...

Hi,

New Vashi hunter here.Any agents reading this blog?

Anyway I have a requirements -In MORAJ Residency Palm Beach road,I need 3 BHK with Stilt own parking.My offer is 46.5 L ,all white in one shot( I have negociable 51 L Offers.Can Give 2% commission insted of curret norm of 1%( That can be arranged in part cash)
I can spend additional 1 L on another own stilt parking.
Make your offers to mumbai10000@gmail.com

Remember - Need 1052 Sq Ft ,If there is no work in flat noissues,need clear title and NO TOP FLOOR.
I CANNOT PAY ANY PART IN BLACK
Any + or - please mail....

Anyone direct seller - WELCOME!!

Preeti said...

BB is it the right time to invest and if yes what areas do you suggest?

Anonymous said...

@above : are you Preeti from Chembur ?

Preeti said...

Are you BB?

Anonymous said...

Hi

Started reading posts on this blog a year back. Back from US, I had 45 lakh INR with me to invest in property.
I had almost finalised a 2 BHK apartment in Mayur Vihar Delhi, but at the day of deal and paperwork the owner asked for 3 lakhs more. I hold value of word in its high esteem, and so I cancelled the deal.

I read on this blog a comment , somewhere in november that how illiquid is the real estate market when compared to the stock market. I had never ventured into stocks but being dejected by nature of dealings in property, I invested into Stock Market. I had invested a total of 40 lakhs directly into the stocks and within 8 months I crossed 1.0 Crore on my investment. Yesterday I sold my portfolio and made my money grow 2.5 times in such short time. Thanks to that brilliant comment on this blog. I am not able to find that post and recollect the name of the person. But whosoever you are thank you very much. I would have never made such returns had I bought a property

Meanwhile, the owner is still languising with the same apartment and last week called my wife. He wanted to meet her as he has an exciting price offer for the flat. Have given him this sunday;s time. Just can't wait to see his reaction!

Thanks guys. thanks a ton.

Anonymous said...

Anon above,

What bull shit you are giving on this blog. Nice piece of imagination to dissuade people from buying property. This blog has never encouraged people to buy stocks or property but always advised people to keep cash.

Keep your crap with you and tell your Mama about this. A$$ hole whom are you trying to fool, you moron.

Property or stocks are highly overvalued in Inida and will come down in just two months. Wait and watch you moron.

Anonymous said...

A year back no seller would have increased the price after finalising, 2008 was a one of the worst year for RE. Grow up you little old man!!

Anonymous said...

You are lying... I had invested 50 lakhs of my pension money in stock market.. It is now worth only 35 lakhs....
Had I invested in property... I would have doubled the money..... BB was right.. I suffered a loss by not accepting what BB had said... BB is wise and this I realised after suffering loss...

Retired old man

Anonymous said...

Dear Retired Old Man,

Once the staunch enemy of Sandaas Bhai and his views on RE, how have you transformed into his supporter?

Please let us know.

Anonymous said...

First of All.. Don't call BB names... You should learn and behave properly in this forum.
I initially was a bit jealous of BB as after 50 years I was not 1/10th as rich as BB....
BB by his vision and intelligent investing is earning 60 Lakhs per month and we should all listen to what he says...
I have realised that property price are only way up.... Property never comes down unlike stock market.... This man who claims to have made 1 crore from 25 lakhs.. listen.. your shares will again go down to 40 lakhs.... Vik and all fool people on this blog.... BB is blessing for this blog.... In fact I talked to BB once and the man is a real gem... despite me being rude to him he was courteous... and has promised to help me get an apartment in mumbai....
Thanks a lot BB....

retired old man

Bindas Bhai said...

Anon 2:34 to Anon 3:19 is the same peron i think.

God nows why this fellow is doing this?

Bindas Bhai

Anonymous said...

BB hows this project near jain temple by sanjana builders.. qouting arnd 8.5 is it good price and hows the builder any idea ?

shailesh said...

I-T raid: HDIL admits hiding Rs 350cr income, say sources

After the Income Tax Department raided various premises of real estate developer HDIL, directors of the company have admitted to concealing its income by Rs 350 crore, sources said, adding that it will now have to pay approximately Rs 120 crore of taxes on concealed income.

The concealed income was found on HDIL’s business premises, sources said, adding that the confession was based on the I-T Department’s discovery of incriminating financial documents.

shailesh said...

7,000 slums in Dharavi sold for Rs 700 cr

The trend was discovered by Pune-based NGO, Mashal, soon after it completed an exhaustive 18-month-long survey of the 590-acre sprawl. The NGO says that 6,000 to 7,000 slum dwellings have been sold in Dharavi over the past four months—possibly to individual investors who expect the Dharavi Redevelopment Project to kick off shortly. The total value of slums sold so far comes to a staggering Rs 700 crore.

Architect-planner Sharad Mahajan of Mashal and his co-ordinator in Dharavi, Dinesh Prabhu, told TOI that each slum tenement—which is barely 120-200 sq ft in size—was being sold for Rs 10 lakh to Rs 15 lakh. Commercial units, around 150 sq ft, are selling for anywhere between Rs 15 lakh and Rs 30 lakh.

A lot of behind-the-scenes political manoeuvring is on to ensure that only certain builders get this lucrative project. As reported by TOI in the past, there is a concerted effort by some developers to form a cartel to grab the project. According to sources both in the government and within the real estate industry, a few of the 14 shortlisted developers for the Dharavi project are backed by powerful state politicians. Only five developers will be selected to redevelop the five zones in Dharavi.

shailesh said...

State 'gifts' prime plot in city to babus

shailesh said...

India RBI: May Exit Stimulus Sooner Than Others

BASEL, Switzerland (Dow Jones)--The Reserve Bank of India may have to reverse its easy monetary policy sooner than most other countries as inflationary pressures are mounting quickly, the head of the central bank said.

"Inflation has come upon us sooner than we had expected," Reserve Bank of India Gov. Duvvuri Subbarao told Dow Jones Newswires in an interview late Monday. "The debate about exit policies all around the world is a debate in India too. But the contours of the debate are different, because we may have to decide on this sooner than most other countries."

Many analysts predict the RBI will start to withdraw liquidity in the October-December quarter and raise rates in the first half of next year. Macquarie Securities forecasts the first rate hike will be in April, while Bank of America-Merrill Lynch expects rate hikes to start in January.

India's economic growth of 6.7% last fiscal year gave rise to optimism that the country had decoupled from the rest of the world exiting the crisis, but that positive sentiment has somewhat eroded in past weeks, Subbarao said.

Anonymous said...

Thank you Shailesh for the post

The Reserve Bank of India may have to reverse its easy monetary policy sooner..

this means that the Reserve Bank of India will increase the CRR (the amount of funds that the banks have to keep with RBI) and Repo Rate (the rate at which our banks borrow rupees from RBI). The consequence of which is clear..the NEXT DAY... the banks will increase the interest rates on Home ( and other types )loans. We know very well that the reveres is not true i.e. when the RBI reduces these rate, the banks don’t lower the interest rates on loan with same enthusiasm.


This is a clear warning to the genuine buyers who may get lured by teaser rate. Dont buy the house until the prices crashes otherwise you will get bonded in a long term slavery.

Bharat said...

Indian housing is a bubble looking for any needle..

Some needle is going to come along sooner or later.

Anonymous said...

Hi Vik.

Just how much traffic does this site get?

Is it enough to justify a concerted effort at disrupting the discussion?

Or is all this abuse just random nonsense unavoidable on an open blog?

Would appreciate a reply. Regards,

Venkat ND

Vik said...

The blog ranks as number 1 when one googles for India housing blog and/or related terms. I don't think there is anyone targeting to discredit the discussions and even if they are, they are not going make any difference. This is a complex issue and affects every Indian who seeks to buy their own place. Buyers have to educated to ask the right questions. They cannot blindly go and spend like the Americans do. Indians don't have the luxury of residing in a country which is the reserve currency of the world.

shailesh said...

Two Mhada big guns snared in bribery trap

shailesh said...

Jet, Piramal co want BKC plot deal revised

Both companies have requested MMRDA to either renegotiate the price or have a fresh look at the terms and conditions for the payment. The original deadline for the payment was March 31, 2009, which was extended to September 30. Jet and Piramal Sunteck have sought a lower price as the property prices have dropped from the time the deal was inked. Alternatively, they have asked for an extended period to pay the original amount.

rajni sharma said...
This comment has been removed by the author.