Realty News Roundup: Kolkata, Mumbai & Bangalore World's Fastest Growing Cities; Home Sales Declined 25% in Q3 of FY15

In A T Kearney's Global Cities Index, Kolkata, Mumbai and Bangalore emerged as the top three fastest growing cities. New York and London topped the index as the world's global cities.  A T Kearney said Kolkata, Mumbai and Bangalore have been improving their scores steadily on all the parameters used to judge a city's global engagement: Business activity, information exchange, human capital and cultural experience.

Here are the other real estate related news stories of May 21, 2015:

USL to sell its residential units in India and abroad: India's largest distiller United Spirits (USL) will sell its residential units in India and abroad to cut debt. USL is attempting to remove its Chairman and Director Vijay Mallya. The accumulated losses of USL in FY14 eroded more than 50% of the company's peak net worth. Since then, USL has been considering various divestitures. USL had asked property consultants to value its residential real estate assets across the world.

Delhi municipal corporations say no earthquake-resistance structures in unauthorized colonies: Delhi's municipal corporations told the High Court that economically weaker sections of the society build homes in unauthorized colonies because approved flats and plots in Delhi are very costly. The consultation fee of architects and structural engineers is very high as well. The corporations have submitted this in an affidavit before a bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva. The bench has been hearing a PIL questioning the safety and earthquake-resistance of structures in the national capital.

Sale of new homes declines in Jan-Mar 2015: According to a report by a leading real estate firm, PropTiger.com, the sale of new residential units plunged 25% in the last quarter (Jan-Mar) of the financial year 2014-15 compared to the third quarter (Oct-Dec) of the same financial year. The decline was steep inn Thane and Bhiwadi, 38% and 33% respectively. In Mumbai and Bangalore, the decline was 27% and 16% respectively.