Pune civic body okay for PMAY construction on grazing land – ET RealEstate

PUNE: The standing committee of the Pune Municipal Corporation on Tuesday gave the green signal to build houses under the Pradhan Mantri Awas Yojana (PMAY) scheme.

The houses under the PMAY scheme will be built on grazing land in areas such as Balewadi, Kondhwa and Baner.

The civic body has built such projects in other parts of the city too and around 2,900 flats for economically weaker sections were available under this scheme.

These projects have been carried out under ‘affordable housing in partnership’, where the buyers have to pay 10% of the housing cost to buy the property.

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ASK Group’s PE arm invests Rs 200 crore in Kalpataru’s Pune project – ET RealEstate

MUMBAI: ASK Group‘s realty-focused private equity arm on Wednesday announced an investment of Rs 200 crore in a mid-income housing project promoted by developer Kalpataru Group. The company, however, did not disclose the quantum of the stake in the project.

ASK Property Investment Advisors (ASK PIA) has invested in the project in Pune‘s Baner locality spread on a 16 acre land parcel which will have 1,200 residential units with a saleable area of approximately 1.9 million square feet, an official statement said.

The ASK statement said Baner is a centrally located residential neighbourhood with established social and physical infrastructure located close to the Mumbai-Bengaluru national highway. It has also grown as an IT employment hub with 13 million sq ft of IT parks/office complexes.

“This is our 14th project in Pune, and with this investment the ASK group has now invested in projects spanning across 12 million sq ft including over 8,500 residential units, a city-centric office space and IT-SEZ in Pune,” ASK PIA’s managing director and chief executive Amit Bhagat said.

This is the vehicle’s maiden bet on a project promoted by Kalpataru and Bhagat pointed to strong brand reputation, in-house quality construction capabilities, and timely project delivery track record as pull factors.

“The last couple of years have witnessed a consolidation of demand for homes to reputed, execution-focussed and large-scale developers. Affordable and mid-income housing has seen a substantial recovery and prices have bottomed out in the last one year which has also led to sustainable demand,” ASK Group’s chief executive and managing director Sunil Rohokale said.

He said that the home loan interest rates being at a decadal low, concessions in stamp duty or premiums, and flexibility by developers have increased the affordability for house purchase.

Therefore, all the affordable or middle income nearing completion projects located in growth corridors and having achieved financial closure would see a significant advantage, he added.

SK PIA has raised around Rs 5,000 crore since 2009 and investors include family offices, ultra high net worth individuals (UHNI), high net worth individual (HNI) and institutions, the statement said.



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K Raheja Corp inks pact for 0.5 million sq ft office joint development in Pune – ET RealEstate

MUMBAI: Realty developer K Raheja Corp has entered into a joint development agreement to develop a 3-acre prime land parcel in Pune’s Baner locality. The company has formed an alliance with a Pune-based developer Aditya Shagun Developers to develop the latter’s plot into a commercial office project.

The said land parcel has a total development potential of half a million sq ft. The project, once completed, is expected to be added to K Raheja Corp-Blackstone Group-backed Mindspace Business Parks REIT, India’s second listed Real Estate Investment Trust.

Currently, Mindspace Business Parks REIT’s portfolio consists of five integrated business parks and five independent offices aggregating 29.5 million sq ft of total leasable area.

“We will be developing the project together. Both the companies will be responsible for the branding and marketing of this project. We have already started the process to secure permissions for the development and hope to complete the entire project in 24-30 months by 2024,” said Rinku Shewani, partner, Aditya Shagun Developers while confirming the alliance.

The deal marks K Raheja Corp’s foray into the west Pune market that accounts for around 40% of total office space leasing in the city. The ongoing monthly rentals in micro-market of Baner range between Rs 75 to Rs 85 per sq ft.

“The western Pune corridor especially Baner and Balewadi is short on grade A quality office supply and hence this will be a very strategic development by K Raheja Corp. The profile of occupiers in this corridor is a mix of product development, digital, information technology-enabled services and research & development companies,” said Sanjay Bajaj, MD – Pune, JLL India, the advisor to this transaction.

ET’s email query to K Raheja Corp remained unanswered until the time of going to press.

Indian commercial real estate has started to make steady progress towards a sharp bounce back with rising space leasing despite the concerns of the emergence of work from the home model.

Pune, one of the key information technology and IT-enabled services hubs in the country, has seen a 128% sequential jump in office space leasing in the quarter ended December. The markets of Bengaluru and Pune continued to witness single digit vacancy levels, which augurs well for a strong rebound in these markets as economic and business conditions are expected to gradually improve in the coming quarters.

Large property developers with established market positions, strong balance sheets and adequate liquidity have weathered the ongoing uncertain business environment caused by Covid-19 pandemic better than smaller entities.

Consequently, the ongoing consolidation of the sector is expected to accelerate further, with larger and more established players gaining increased market share.



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Pune civic body mulls long-term leasing instead of sale of 117 amenity spaces – ET RealEstate

PUNE: Pune Municipal Corporation (PMC) has finally decided to give up the plan to sell its 117 amenity spaces, which may be leased out for a longer period of time. After building department officials submitted an opinion that the plots — 34 acres in all at Baner, Balewadi and other areas — should be leased for a longer period of time, the authorities have now started considering this new option. Citizens have, however, stated that they will still continue to oppose this as longer lease in a way means handing over the ownership just like the sale bid.

As per the original plan, PMC had decided to sell its amenity spaces for generating revenue while ensuring zero encroachment. The only condition for the development was that the developer would have to construct one of the designated amenities — schools, gymnasiums, sports complexes, markets, hospitals, etc. — for the utilisation of the citizens.

Concerned citizens had sent multiple letters to the civic body, stating that these amenity spaces are public properties and need to be used for the benefit and well-being of residents.

They had said the public is not convinced about this plan, and the civic body should not proceed with its implementation, and also requested a detailed presentation on the roadmap.

Now, the PMC building department has submitted an opinion, stating that the spaces should not be sold. Prashant Waghmare, city engineer, building department, said, “We have identified a list of amenity spaces except for essential ones. We have stated that all these properties should be leased for a longer period of time instead of selling them off.”

Rajendra Muthe, head of land and estates department of PMC, added, “Based on the city engineer’s opinion, we are considering leasing of the amenity spaces. PMC doesn’t have the authority to put the properties on lease for 90 years. So, we are trying to figure out if we can split this period. A final proposal will be prepared accordingly.”

And yet, citizens have still opposed the move. Ravindra Sinha, one of the citizen activists leading the movement against this proposal, said, “This is public land. We have given their share of property. So, we are not comfortable with any mode of transfer to private parties. We want these lands to be developed by the government authorities. If private agencies want to develop it, then it should be done through corporate social responsibility (CSR). Any lease beyond five years is a form of sale only.”

Kharadi residents, too, opposed the step. Stating that there are 19 amenity spaces in their area, Nitin Memane, president of the Kharadi Residents’ Association, said, “If they want it to be leased out, then it should be given to the society that had parted with it. Bringing it to a private person doesn’t make sense. Leasing in a way means selling the properties. Hence, we are still opposing the move.”



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