Nagpur Big Deal in Ramdaspeth
Nagpur Realty market witnessed yet another major deal in the prime Ramdaspeth locality. The land in question is situated on the main-road near SBI branch, Ramdaspeth near Vasant Vihar building in the vicinity of Somalwar High School and has been purchased by M/s Concrete Developers, a prominent builder for an undisclosed sum. Land-owner Acharya family and purchaser Sanjay Paidlewar of M/s Concrete Developers, both were tight-lipped about the actual deal cost or the barter agreement, if any.
The land admeasuring around 14,000 sq ft is free from any encumbrances and according to sources had fetched a sum of Rs 7.25 crore or close to Rs 5000 per sq ft. According to highly reliable sources the rate was realistic and both the parties finalised the deal without succumbing to hype created by isolated deals here and there. According to land-owner, the deal was finalised long back and after certain technical formalities were completed, M/s Concrete Developers erected their board on the site and deployed their security guard. The work is expected to begin soon. M/s Concrete Developers had purchased several properties in Ramdaspeth and Dhantoli area and most of their schemes were instantly booked. Recently another prime plot in Ramdaspeth area, situated a land behind this plot, was sold for a record Rs. 6500 sq ft. But most of the realty watcher had described the deal as highly inflated and imprudent. According to latest ready recknor, rates in Lendra (Ramdaspeth) on Wardha Road, from Panchsheel Square to Rani Jhansi Square is Rs 20,000 per sq Mt But these rates are purely for stamp duty valuation and rate varies in different areas, depending upon the existing market value, demand for the land, its location, existing infrastructure and other relevant factors. The sources in know of things revealed that according to permissible rules, the builder can consume 1.25 Floor Space Index (FSI) for the plottable area about 10,000 sq ft. If the recent relaxation’s granted in the Building bye-laws and Development Control Rules (DCR) are taken into account the actual FSI goes upto 1.85, a prominent builder told The Hitavada. Applying this logic the builder can easily construct around 26,000 sq ft structure including commercial establishments, which would be sold like a hot cake. Considering the market value of this prime property, the deal has already attracted attention of many financial majors who are scouting for property in areas like Ramdaspeth.
