Reliance Infra Reports Q2 Profit

I-T Department Targets Landowners for Tax Evasion

The Income Tax (I-T) Department is intensifying its scrutiny of landowners who are found to be evading capital gains tax through joint development agreements (JDAs). As part of a crackdown on tax evasion in the real estate sector, the department is targeting landowners who fail to report their share of capital gains on properties involved in joint development projects. In a joint development deal, landowners typically contribute their land for development, and in return, they receive a portion of the constructed property or its value. However, many landowners have reportedly avoided declaring..

Goa Approves Inorbit Mall's Land Conversion

The Town and Country Planning (TCP) department of Goa has granted approval for Inorbit Malls India to convert 23,497 square meters of orchard land for commercial use. This decision will facilitate the development of a major retail and commercial hub, potentially transforming the retail landscape in the region. Inorbit Malls, a leading player in India's retail real estate sector, aims to build a state-of-the-art mall that will offer shopping, dining, and entertainment options to the growing consumer base in Goa. The land conversion approval is an essential step for Inorbit Malls, as it allows ..

Buildox Fined for Unapproved Flat Booking

Buildox, a real estate developer in Telangana, has been fined for collecting booking amounts for flats without obtaining the necessary approval from the Telangana Real Estate Regulatory Authority (RERA). The developer’s actions were deemed a violation of RERA guidelines, which require all real estate projects to be registered before any bookings or advance payments can be made. The fine imposed highlights the importance of compliance with the regulatory framework governing real estate transactions in the state. Under RERA, builders and developers are obligated to ensure that their projects ..