Realty News Roundup: SC Allows DLF To Sell Shares Worth Rs 12,000 Cr; NGT Say No To Sand Mining On Yamuna Belt

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

Top News

Hearing a plea that alleged some private firms were engaged in sand mining activities and constructing temporary bridges on the banks of river Yamuna, thus, obstructing its natural flow of water, the National Green Tribunal (NGT) on November 2 banned the sand mining on the Yamuna, ETRealty.com reported. Read more.

Relief for India's largest realty company DLF as the Supreme Court on November 4 allowed three subsidiaries of the firm to sell shares worth Rs 12,000 crore to reduce debt, declining market regulator Securities and Exchange Board of India's (Sebi) plea to prevent the real estate group's move, The Economic Times reported.

Sebi had previously, citing a violation of disclosure norms during the DLF's initial public offer in 2007, in an order restrained DLF from directly or indirectly accessing the market. Read more.

Off the frontpage

Real estate company Godrej Properties Ltd reported a 127 per cent rise in its net profit in the second quarter of 2015 ending in September to Rs 106.16 crore, Mint reported. The company's total income during the quarter stood at Rs 1,444.06 crore as against Rs 285.35 in the year ago period.  Read more.

After finding irregularities in application forms, the Jaipur Development Authority (JDA) has re-launched the application process for lower income group (LIG), economic weaker section (EWS) and middle income group (A) plots soon, The Times of India reported. JDA had decided to cancel the housing scheme, invited to allot 621 flats, after the irregularities. Read more.

Urban Development Ministry on November 3 said that there would be no extension of time beyond December 15, 2015 this year for submission of city level Smart City plans by respective urban local bodies and states, reported news agency PTI. Read more.