[NewsOfUse]: Indian Real Estate Bazaar's Interesting News Snippets

What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures
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India Real Estate Bazaar's Interesting News Snippets -- Courtesy: Compilations by 99acres.com

IT Department Purchased Properties Worth INR 2500cr in 2010
The Income Tax Department became one of the largest purchasers of real estate properties last year as it embarked on a mega expansion spree to spread its establishment for enhancing taxpayer services in the country. The department, which has recently begun a special drive to check prevalence of black money in the country’s real estate sector, has acquired high-worth properties worth about 2,500 crores in more than 20 cities in the last year alone. The largest purchase by the department has been at the cost of more than 2,000 crores for the purchase of office space in the civic centre near the national capital’s marketing hub, Connaught Place.
May 2nd 2011, IndianRealtyNews

CBI to Probe Mr A Raja’s Green Approval to Unitech & DB Realty Projects
Realty firms DB Realty and Unitech’s troubles are likely to get worse. The CBI is now likely to probe the two companies real estate projects that were cleared by former telecom minister Mr A Raja during his tenure as environment minister from 2004 to 2007. Unitech and DB Realty (whose telecom arm Swan Telecom is alleged to have given kickbacks in the 2G scam) had obtained environmental clearances for some of their key projects during Raja’s tenure. “These clearances could be linked to the 2G spectrum scam too,” a CBI official said. Mr Raja had given the clearances at the instance of Mr RK Chandolia, then director of planning and coordination in the environment ministry.
May 2nd 2011, Indian Realty News

SBI Drops Prepayment Charges on Home Loans
Banking leader State Bank of India dropped ‘prepayment charges’ on all its loans over the past fortnight. The announcement coincided with the hiking of the bank’s base rate and withdrawal of the controversial teaser home loan schemes. With the SBI taking the lead, other banks are now expected to follow suit and withdraw the controversial penalty in the days to come. Most banks and home finance institutions charge a prepayment penalty in the range of 1 per cent to 2 per cent in the event of a customer opting to close the home loan prematurely. Public sector banks generally charge about 1 per cent or less of the loan outstanding as prepayment penalty, while it can be anywhere between 1-3 per cent in private banks. In many cases, banks do not charge any prepayment penalty if you prepay using your own sources.
May 2nd 2011, Indian Realty News

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