The greedy and shady realty companies of India have taken a severe beating in Q2Fy09 as their advance tax numbers an indication of profits has nose dived. Here is the data which was circulated.
- DLF - Skipped to pay any advance tax in Q2
- HDIL - Skipped to pay any advance tax in Q2
- Unitech - Advance tax has declined by 50% in Q2
- Sobha Developers - Advance Tax declined by 60% to mere INR 5 crore
- Ansal API - Advance tax has dipped 50% to mere Rs 5 crore
Omaxe CMD, Mr. Goel confirmed and said,
It's general slowdown in the real estate sector which is showing in the advance tax figures.
If you are planning to BUY your first home, hit the street with Cash and start negotiating. Also remember while negotiating that you are bailing them out in difficult times. Don't RUSH to close the deal as Realty market won't bounce back immediately. Try to squeeze the last drop from them.
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