Realty News Roundup: ASK Group To Invest $300 Mn In Indian Real Estate Projects; Bombay HC Says Book Developers For Illegal Construction

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

Top News

The Bombay High Court has said that criminal cases should be registered against developers responsible for illegal mining. The court's remark came while considering public interest litigations on mushrooming illegal constructions in Navi Mumbai. Read more.

The National Green Tribunal (NGT) has ordered the Uttar Pradesh Pollution Control Board to upload its reports of investigation of ground water levels detected at various developer sites, on its website, latest by October 16. The decision has come after complaints about over-exploitation of groundwater by developers. Meanwhile, the Tribunal has issued a bailable warrant against two Noida-based construction companies for misuse of groundwater at construction sites.

According to a recent study Mumbai, Delhi, and Bengaluru top the global commercial property market in terms of annual rental yields. These cities boast of 9.5 per cent to 10.5 per cent annual returns. Read more.

Off the front page

A recent study has found that out of the top 500 listed corporates with highest balance sheet debt as of 2013-14, excluding banking and financial services, account for total balance sheet debt of Rs 31.99 lakh crore in 2014-15. According to the study, the real estate, along with fast moving consumer goods (FMCG), metals and mining, and textile sectors remain most troubled. "Several players in the infrastructure space and real estate have directionally reduced their leverage levels, more often by asset sales, even though on an absolute basis they remain high," the report says. Read more. 

Business watch: ASK Group plans to raise $1 billion off-shore capital in next three years. The financial services firm of the total funds raised will invest $300 million in real estate projects in India. Read more. For more such news, click here, here, here and here.

Opinion

This article says that the Reserve Bank of India's (RBI) repo rate cut is starting to show results in a boost to Prime Minister Narendra Modi's plan for 20 million homes by 2022 under the “Housing for All” programme. Read more.