#RealtyNewsRoundUp: Mumbai Most Attractive Indian City For Real Estate Investment, Says Report

In a report by the Urban Land Institute and PwC, Mumbai has been ranked 13th among 22 Asian markets with investment potential. Mumbai has emerged as the most attractive Indian city in the Asia Pacific region, followed by Bengaluru and New Delhi. In terms of development potential in 2019 as well, Mumbai ranked ninth while Bengaluru and New Delhi were placed 14th and 13th, respectively.

Meanwhile, according to a report by CRISIL ratings, demand for residential real estate may pick up in the medium-term on rising affordability and increasing launch.

***

After the Supreme Court directed it to come clean or face dire consequences, Amrapali Group Chief Managing Director on December 3 admitted diversion of Rs 2,996 crore of homebuyers’ money for other purposes. Forensic auditors examining the books of the embattled realtor had earlier old the SC that the firm siphoned off Rs 100 crore of homebuyers’ money.

***

The Uttar Pradesh government has approved the Aqua Line Phase-II, a 15-km Metro link between Noida’s Sector 71 with Greater Noida West’s Sector Knowledge Park-V. The project will be executed in two phases with the first phase connecting Noida to Greater Noida West’s Sector 2. The link will be built by the Noida Metro Rail Corporation (NMRC) .

***

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has imposed a penalty of Rs 50 lakh on Prathamesh Land Developers, a part of Sethia Infrastructure Group, for failing to register two wings of a project. The fine is said to be highest slapped on an unregistered project.

Source: Media reports