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The Competition Commission of India has imposed a penalty of Rs 630 crore on real estate developer DLF, for abusing its dominant position.
The commission said that DLF had a dominant position in the market for high-end residential properties in Gurgaon, and it imposed unfair conditions on consumers who had booked flats in these properties.
Godrej Properties, an emerging force in the real estate sector, has done well in the quarter ended December 2010, with sales rising 40% to Rs 48 crore, over the previous quarter, and by 39% over the same period last year.
Its profits, however, have fallen, with net profit halving to Rs 18 crore, compared to the previous quarter, but is flat when compared to the same period, a year ago.
Borosil Glass Works has announced to the Bombay Stock Exchange that it has sold its property in Andheri to Neepa Real Estate Pvt Ltd for Rs 830 crore. The company has shut production at the plant located on this land. Till its new unit to make borosilicate glass at Bharuch, Gujarat, gets gets ready, the company is sourcing its products from alternate sources.
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Godrej Industries is seeking shareholder approval to form a special purpose vehicle to implement a real estate project along with its subsidiary Godrej Properties. Godrej Industries is the listed holding company of the Godrej group, with subsidiaries in varied businesses such as foods, consumer products, chemicals and real estate projects.
Ackruti City reported its consolidated results today, a month after it reported its standalone results. The real estate company’s operating income fell by 82% to Rs 40.9 crore during the June 2009 quarter, but lower operating expenditure and an increase in its inventory (unsold flats) ensured it still made profits during the quarter.
The Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.