High-value land deal, post-demonetisation, under scanner

Just a month after Prime Minister Narendra Modi announced demonetisation, a little-known company with a paid-up capital of only Rs 1 lakh purchased a land in Gurgaon for over Rs 30 crore from another unknown company. The high-value transaction between the two companies has now come under the scanner after a complaint was lodged at… Read More »

HOCL land sale to benefit Kochi unit

The decision by the loss-making Mumbai unit of Hindustan Organic Chemicals Limited (HOCL), HOCL-Rasayani, to sell its 442 acres of land to BPCL has come as a boon to the HOCL-Kochi unit as the latter will be getting a pie from the sales proceedings. The deal assumes significance in the wake of the Union Budget… Read More »

Indian “land bank” aims to protect farmers from forced acquisitions

A northern Indian state is setting up a “land bank” to allow farmers to voluntarily sell property in an effort to tackle forced acquisitions for industrial projects that often lead to violent confrontations. The Haryana government on Thursday said it would create a land bank to buy land from willing farmers. Owners may apply to… Read More »

Immovable property: Period for long-term gains cut to 2 years

“We also propose to make a number of changes in the capital gain taxation provisions in respect of land and building. The holding period for considering gain from immovable property to be long term is three years now. This is proposed to be reduced to two years. Also, the base year for indexation is proposed… Read More »

AAI to be allowed to monetise its 50,000 acres land bank

In a move that will make flying out of airports cheaper from Airports Authority of India (AAI) airports, the finance minister today announced changed in rules to allow monetisation of land assets owned by the state-owned airport operator. AAI owns over 55, 686 acres of land in and around its airports across the country and… Read More »

Economic Survey pitches for bringing land, real estate under GST

Calling Goods and Services Tax (GST) a bold new experiment, the pre-Budget Economic Survey on Tuesday pitched for including land and other immovable property – the key source of black money creation – in the indirect tax regime to help propel GDP growth to 8-10 per cent. “The GST will create a common Indian market,… Read More »

Madras HC refuses to relax ban on unapproved layouts

Calling for a comprehensive solution to address the menace of unapproved layouts and indiscriminate conversion of farmlands into housing plots, the Madras high court has, yet again, declined to vacate its September 9, 2016 order imposing blanket ban on registration of unapproved layouts in Tamil Nadu. Source: Times of India