Builders in Pune can use credit notes for wider payments

builders-in-pune-can-use-credit-notes-for-wider-payments

Pune Municipal Corporation (PMC) assured to extend or renew the credit notes offered to developers after the standing committee approved the proposal.
From now onwards these notes can be used to pay property taxes, sky sign department tax, water taxes, and road digging charges. The proposed roads and bridges built through this initiative are located in Hadapsar, Kharadi and Mundhwa.

The civic body only allowed credit notes for building permits when they were first approved in the month of January. These notes are provided to road contractors in public-private partnerships. Roads are being built without paying cash to developers, as Pune Municipal Corporation has lost a good chunk of revenue due to the pandemic. The PMC only planned to allow the exchange of these credit notes for the payment of a building permit or charges.

Developers can pay different charges / fees

PMC planned to develop roads and bridges on the basis of public-private partnerships. As part of this initiative, credit certificates issued for the development of facilities. Developers can use these certificates to pay a range of fees. These fees associated with building permits, such as development fees, building permit fees, and surcharges fees.

If land is not available in the PMC, then developers must take it from private landowners using FSI or TDR. To avail these notes the developer should have possession on at least 80% of the land. The PMC said that the credit notes issued in stages depending on the progress of the road works. Developers will be able to spend approximately Rs 200 crore annually via credit notes.

Chairman of the standing committee, Hemant Rasane, said, the sources of income for the civic body is limited for now. We need to find options like credit notes because they can help to boost the development projects.

BJP corporator Mahesh Wable, who gave the supplementary note, said. “In order to encourage the developers, we need to allow different modes of payments through credit notes. This helps to get a good response to the policy.”

Also read:-

Why Ahmedabad realtors convert commercial projects into residential?

Authorities planning to increase circle rates in Noida

Shapoorji Pallonji Real Estate invest ₹4,000 crore on new VANAHA Project in Pune

VANAHA-project-pune

One of the biggest real estate company Shapoorji Pallonji has announced to invest approximately ₹4,000 crores in the new ‘VANAHA’ project in Pune. The project will be a mixed-use development and a part of one of the largest townships in India.

On Thursday i.e, 28 January 2021 the Shapoorji Pallonji Real Estate announced that it will invest approximately ₹4,000 crores to develop a large mixed-use project in Pune. The ‘VANAHA’ project launched exclusively in West Pune near Bavdhan. This 148-acre project is a part of their expansion plan and its main objective is to develop a large mixed-use project.

Characteristics of VANAHA Project- 

The project will be accomplished in different phases and more than 5,000 apartments will be offered on finalization. 

During the first phase, 600 apartments will be launched at a varied price range. The price of first phase apartments starts from ₹39 lakh and goes up to ₹89 lakh.

Reaching to VANAHA project site is easy and there is no problem with connectivity. The site has close connectivity with Mumbai-Bangalore Highway and has proximity to Baner IT hubs and Hinjewadi. 

Shapoorji Pallonji Real Estate is a prominent real estate company, dominating Pune real estate markets for years. The company has a development pipeline of 70 million square feet. And intends to double its top line in the next 2 to 4 years.

The company is planning to launch new projects in new and different phases in its existing projects in Bangalore, Pune, Kolkata, MMR, and Gurugram by this financial year. 

Words from CEO-  

CEO of Shapoorji Pallonji Real Estate, Venkatesh Gopalkrishnan, said.-“Pune is an important market for us and addition to this major project fits well with our strategy. The VANAHA project will definitely consolidate our presence in Indian real estate markets.” In today’s scenario, the customers are expecting assurances from trusted brands to reestablish their confidence in home buying.  Gopalakrishnan said, “Shapoorji Pallonji, a brand with a heritage of 154 years is known for its timely delivery and quality.”

Pune Real Estate Sales back to Pre-Covid, says report

rohit-gera-on-pune-real-estate

There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentiality Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales of Pune real estate.

Pune Real Estate Back to Normalcy-

The Pune real estate sales are back on track and sales of affordable residential properties are steadily increasing and their demand is at an all-time high. As a result, there is a rise in the property price and share of big developers. 

Gera Pune Residential Realty has recorded real estate sales figures. They described the condition of Pune real estate in its bi-annual report. According to the report “Sales have returned to normalcy and are comparable to pre-Covid levels. Average property prices in Pune city have risen by about 3.4%. The Inventory has shown a steady downfall and the lowest in six years in absolute and percentage terms. Compared to the last five years the total number of projects has fallen by more than 14%. The number of new units launched has reduced by approximately 38%. However, at the same time the demand for luxury and premium plus segments increases. The report stated that the new projects with higher BHK i.e, 3 BHK witnessed a rise in cost. 

Related Article:- Impact of Coronavirus on Real Estate

Sales growth is getting back to normal. There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentially Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales. The first half of the year 2020 was a very tough time for Pune real estate, there was a decline in sales of both residential as well as the commercial sector. 

Words from Mr. Rohit Gera- 

Rohit Gera, MD, Gera Pune Residential Realty, stated, “Uncertain events have the ability to change the market dynamics. Lockdown and Pandemic is no different. The launch of several new residential projects collapsed in the first half of the year due to Covid-19. However, the new project launch recovers in the second half of 2020 and the sales are somewhat comparable to the period same as 2019. 

The commencement of new development rules by the Maharashtra Government have boosted the potential of developers. Now developers are back to the ground to craft new projects and they expect the same number of new projects would require more inventories in upcoming years. Gera said.

SEBI Attaches Sahara’s Assets: Freezes Realty Projects

Recently Securities and Exchange Board of India- SEBI attached all the bank accounts and realty assets of two Sahara group companies. The SEBI order is expected to freeze the realty projects of the group.

SEBI orders freezing of all  properties owned and held by Sahara firms.

SEBI orders freezing of all properties owned and held by Sahara firms.

Freezing the accounts and real estate assets of two Sahara group companies, Securities and Exchange Board of India attached their properties. The order of SEBI will affect the real estate projects of the firms. Aamby Valley City project, an ultra-luxury township project with golf club and other modern facilities, is one of them.

Under the SEBI order, Sahara India Pariwar’s Aamby Valley project will stand frozen. The villa and timber chalet project; being developed at Lonavala in Pune, spreads over 707 acres. This is considered as one of the major projects of Sahara India Pariwar. Continue reading

Properties In Pune Unsold; Boon For Home Buyers?

Home buyers look with lure to attain a better one among the many unsold properties in Pune. The home buyers are expected to bargain for the unsold properties in Pune.

Properties in Pune remain unsold. Home buyers see it as a boon.

Properties in Pune remain unsold. Home buyers see it as a boon.

Vast numbers of properties in Pune remain unsold. Recently residential market in the city has experienced stable property prices for a few couples of weeks.  Home buyers consider this as a boost for them as they will have plenty of options to choose from. They are also hopeful of attaining properties in Pune at lower rates through bargaining with the builders.

Global property consultant Cushman & Wakefield’s October-December (2012) quarter residential research report stated that the home launches fell sharply in the last quarter of 2012. Though there was a substantial increase in home launches here in the first three quarters of the year, the final quarter faced around 60% fall in new launches. Continue reading

Real Estate Witnesses Stable Office Space Demand in Pune

Real estate witnesses stable office space demand in Pune. Most of the city- areas remained stable while some other areas showed slight rise in office space demand.

office space demand

Stable office space demand.

Demand for office space remains almost stable in Pune, reports real estate experts of India. Comparatively larger share of office space is    demanded by IT and ITES, (information technology and other information technology enabled services ), the real estate experts added further.

Continue reading