Supertech, however, denied the charges. “We have not sold any land in Gurgaon. HARERA issued showcause notice... without any concrete evidence. We will reply to the notice with all facts and evidence,” said R K Arora, Chairman, Supertech.
Mumbai alone has about 3,000 such societies. A committee of bureaucrats had earlier recommended collecting at least 60-75 per cent of RR values for such conversion. But with elections in sight, the state’s political leadership sidestepped this recommendation.
The report contains significant results of the performance audit on 'Assessment of Assessees in Real Estate Sector' completed by Department of Revenue (Direct Taxes) during financial years 2013-14 to 2016-17.
With the real estate already reeling from a general economic meltdown, buying and selling of properties in the Mumbai Metropolitan Region (MMR), which is India’s biggest real estate market, had slowed down considerably after the demonetisation in 2016.
Anarock Property Consultants chairman Anuj Puri says any government facing polls usually try to make a strong electoral pitch by offering tax sops or promises of welfare schemes even in interim budgets.