#RealtyNewsRoundUp: Real Estate Emerges As Preferred Asset-Building Avenue For Cabinet Ministers

Realty News Roundup is PropGuide's selection of top stories from the real estate sector.

Top News

Real estate has emerged as the preferred asset-building avenue for most of the members of the Union Cabinet, according to a PTI report. The report says that not many ministers have have invested in financial instruments such as bonds and stocks. The assets disclosed are for the financial year 2015, updated on Prime Minister's Office (PMO) website on January 30. Read more

The Supreme Court has directed to auction the assets of Pearls Group companies. The money raised from the auction will be used to refund the investors. Close to 60 million investors had deposited over Rs 49,000 crore in Ponzi schemes of the firm, according to The Times Of India report. Read more

Real estate giant DLF has reported consolidated net profit of Rs 164 crore for the third quarter of financial year 2016, up 24 per cent from the same quarter previous year. Read more

Off the frontpage

The Rajasthan state government will construct 96 flats at Vidhayak Nagar (West) in first phase, to accommodate the members of legislative assembly. The Public Works Department (PWD) has projected Rs 120 crore for the construction while about Rs 30 crore more for the furnishing of these flats. Read more

The silicon city of India, Bengaluru, has topped the City Momentum Index rankings for Asia-Pacific, released by a leading global real estate advisory. The city's rapid progress in technology and global connectivity helped drive real estate growth, The Economic Times reported. Read more