Realty Companies Advance Tax Sinks

Corporate India continued to pay higher Advance Tax in the last installment ending March-15th, 2008. However, Real Estate Companies like Unitech, DLF and Emmar MGF have all paid lesser than what they did a year ago.

• Unitech Ltd paid just Rs 133 crore which is 59% less than what it had paid a year ago.
• DLF paid no Advance Tax but tried to defend saying it was due to tax planning [Yea right, we BUY your argument that you are exempt from taxes]
• Emmar MGF also paid no Advance tax [Emaar MGF is one of the Worst Real Estate companies in India, which tried to loot Indian public by an IPO, but in vain]

We were the first one to report here about the fall in realty prices. Lower advance tax number has led to the hammering of Realty Stocks on the stock exchanges. SENSEX has fallen by 30% while Realty Stocks have fallen by more than 50%, including HDIL, DLF and Unitech.