July 11 - As incomes soar in a booming India, the government has collected an unprecedented amount of direct tax - Rs 3,14,000 crore (US$73 billion) last fiscal - more than they know what to do with. In a bid to invest their money prudently, the Income tax department will capitalise on the slump in India's real estate sector.
Deals have been struck for several prime plots of land and office space in many cities across the country worth millions of rupees. The emphasis is, however, on acquiring centrally air-conditioned buildings that are Wi-Fi enabled, fitted with state-of-the-art security systems and plush reception with a lounge-kind of open space, the Times of India reported.
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July 3 - Trying to buffer India's borders with infrastructure, the national government on Wednesday issued a statement that the country would invest US$7.2 billion to build transport infrastructure in India's northeast by 2012.
A Bloomberg report stated that India plans to invest about 310 billion rupees (US$7.2 billion) by 2012 to build roads in the nation's northeast, improving connectivity with the states bordering China, Myanmar, Bangladesh, Nepal and Bhutan.
The government will also build airports and railway links to all state capitals of the region, Prime Minister Manmohan Singh said, inviting private investment in the region.
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June 23 - India's realty sector is projected to grow at the rate of 30 per cent annually over the next decade, attracting foreign investments worth $30 billion, with a number of IT parks and residential townships being constructed across-India, industry body Assocham said recently.
Currently, the domestic real estate market is expected to be worth $15 billion in which the FDI is estimated to about $6 billion, it said.
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