2 flats for sell at Nandanvan Cement Road

•September 19, 2011 • Leave a Comment

Well  maintained two flats for sell at Nandanvan Cement Road, details are:

1) 850sqft, 1st floor, Main road facing, 10 yr old construction.
2) 830sqft, 4th floor, Main road facing, 10 yr old construction.
Price: 23lakhs (negotiable)
Brokrage: Applicable 

Interested party please mail at: nagpurestate@gmail.com or contact: 9503005014

Nagpur, a hot destination for mega developers

•July 14, 2011 • Leave a Comment

Nagpur, a second capital of Maharashtra is new hot destination for large real estate developers. A recent report released by CRISIL Realty Next- beyond next 10 top cities of India included Nagpur as fast growing city in the country…

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Published in – Hitvada, Nagpur, July 04, 2011

Big Realities companies eyieng on Nagpur

•July 14, 2011 • Leave a Comment

Due to the stable prices in Mumbai and other 1 Tier metro cities. Big realities brand is now looking towards cities like Nagpur for more opportunities and likely to invest hugely in 2 Tier cities…

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Published in – Navbharat, Nagpur, June 24, 2011

Realtors draw up code of conduct

•July 14, 2011 • Leave a Comment

Understanding the basics of carpet, built up, and total areas while buying a house may no longer be as complex as it is now. The Nagpur branch of Confederation of Real Estate Developers Association of India (CREDAI) has come up with a code of conduct, clarifying several issues related to this business. Aimed at bringing transparency in the realty transactions, the code will be binding on the over 200-odd members of this association.

CREDAI-Nagpur’s General Secretary, Prashant Sarode, said there are around 500 builders in the city but not all were members of CREDAI. The members, however, will have to strictly follow the rules. A grievance redressal cell has also been set-up. Details of which would be available with the builders. Buyers can file their complaints with this cell, he said.

The code, which is a voluminous document, also has a standard formula for computing the built up, total and carpet area in a residential unit. It has been stressed that each builder will specifically apprise the buyer about the carpet area available in a unit, which will be mentioned in the brochure. This is considered to be the entire area within the walls of the house including balconies. The code also specifies that the buyer’s undivided share in the residential complex will be based on the carpet area. The sale deed should have a specific mention that the buyer has verified the deed of declaration in detail and is satisfied.

However, the rates charged on per-square-foot basis will be based on the total area which includes the built-up area and other open space in the complex. “Builders especially, not a part of this association, used different methods to calculate the built-up area. This often left buyer at a loss. Due to this the actual carpet area available would often be much less than what was projected,” said Sarode.

Even as the ratio of the super-built up and carpet area differs from builder to builder the standard computation formula is expected to do away with the confusion with the buyer getting a clear idea about the actual area available in the house, said Sarode.

Tejinersingh Renu of M/s Pritam Builders said the code-of-conduct will bring more clarity n the builders’ operations, doing away with the confusion over grey areas.

Mihan may see better days

•July 14, 2011 • Leave a Comment

 The stuck Mihan project may finally see some movement. Five major players including Mahindra Satyam and Tata Consultancy Services have assured to start construction on their projects in Mihan-SEZ within a few months. The companies that have taken land in the project gave this commitment in a meeting with Maharashtra Airport Development Company (MADC) officials. Other companies to have given the assurance are L&T Infocity and Ambuja Realty that are coming up with IT parks along with Leela Ventures, a pharmaceutical company.

Representatives of 30 out of 54 companies allotted land in the SEZ attended the meeting. Others are expected to follow in due course though they did not give any firm commitment, said sources.

The vice-chairman-cum-managing director of MADC UPS Madan said the meeting was organised to discuss future development and expansion of MIHAN and the adjoining SEZ. The project is virtually stalled for the last three years after the companies did not start their projects following global recession.

The 24 companies that did not attend the meeting would be approached soon for their response, Madan said. DLF has promised to follow that have assured to start work, he said. It plans to come up with a IT Park too. This is part of the MADC’s strategy to look for new investors on the one hand and motivate the existing ones to start the operations on the other.

Once a few existing players start off, that may attract fresh investment, said a source in MADC. These firms will begin with the paper work including registration of the land deed with MADC and the actual construction may begin in five to six months, he said. Since more than three years have passed after allotment of land to Satyam and the work has not begun, its letter of approval for availing benefits of a SEZ will have to be renewed by the ministry of commerce, added the source.

On DLF, he said officials of the realty major had visited Mihan site recently but the company still appeared to be in two minds over Nagpur project. MADC was keen to assist it in marketing the IT Park that DLF planned to develop. Availability of cheap electricity through captive power plant was one of the concerns raised by the companies’ representatives. The plant is expected to be ready by September or October.

About likelihood of Shivangaon land owners creating roadblocks in building a second runway, Madan said he hoped land acquisition issue would be amicably resolved in due course. He also said that the revenue of MADC was picking up when asked about company’s sinking finances.

NIT plans to develop metro region move ahead

•July 14, 2011 • Leave a Comment

Civic agency NIT, which has been entrusted by state government to develop the Nagpur metro region, has taken another step in designing the plan of the region, which will act as a blueprint for developing it.

Nagpur Improvement Trust (NIT) officials said that the agency had organized a workshop on July 14 to seek views of several concerned government departments. “We have identified important areas like land use, economic development, mobility, housing, water, roads, transport and traffic, remote sensing and environment as vital inputs for the plan. The officials of the concerned departments have been invited to the workshop. Some important players in the metro region have also been invited,” an officer said.

He further said that a group of twelve officials headed by a senior officer, who would act as the coordinator, had been formed in these agencies. The important departments included public works, water resources, forest, Maharashtra Jeevan Pradhikaran (MJP), Western Coalfields Limited (WCL), Regional Remote Sensing and Application Centre (RRSAC), National Environmental Engineering Research Institute (NEERI), etc.

Earlier, in April, NIT had appointed the Indian subsidiary of United Kingdom-based infrastructure planning company Halcrow as the consultant for metro region plan. Later on, other consultants – HCPDPM, CRISIL and Knight Frank – were roped in to form a consortium.

The officer said that NIT’s consultants would present the plan prepared so far, to the invitees. It would be followed by a discussion on the key areas involving NIT officials, the representatives of consultants and the officers of concerned departments. The next key steps would be finalized at the conclusion of the workshop.

NIT is considering developing the metro region through a variety of schemes, including land pooling, colonizer pattern, implementing the existing policy using government funds and public private partnership (PPP) model. NIT will provide all amenities including water, roads and sewer lines in areas covered under the schemes.

It has done land use survey, demographic study and future potential study of the region till 2008 and has all khasra and village maps. The information pertaining to development between 2008 and 2011 is being obtained from district collector and incorporated. NIT has also developed some areas in Kamptee and Wadi through schemes.

Ernst and Young on TDR , Mihan < Nagpur

•June 4, 2009 • 13 Comments

The project affected people (PAP) of Multimodal International Hub Airport at Nagpur (MIHAN) would not get much monetary benefit from selling of Transferable Development Right (TDR) as claimed by the Maharashtra Airport Development Company (MADC) and supporters of MIHAN. The PAP will get maximum price of Rs 250 per sq ft by selling TDR in Nagpur city. And outside Nagpur, there is no demand for TDR.

Renowned consulting firm M/s Ernst and Young in its concept paper on TDR for MIHAN notified area plainly stated that there will be excess supply of TDR as against demand in Nagpur. The company stated that in the year 2014, the total demand of TDR in the city will be 53 million sq ft while the supply will be 61 million sq ft. Even this demand figures have been calculated on the basis of ideal situation and moderate realty boom. These figures stated that TDR would not be beneficial for the project affected farmers and people of the MIHAN, as sought to be claimed by those portraying TDR as panacea for MIHAN PAPs .

It may be mentioned that MIHAN supporters have worked out formula for PAP that Maharashtra Government will allow TDR in place of compensation so that they can get more money in lieu of paltry compensation for lands acquired for the ambitious project. In its report it was mentioned that Nagpur Municipal Corporation (NMC) has divided city into three TDR zones. The total TDR issued in Nagpur Market is around 34,881 sq mt out of which 14,800 sq mt have been utilised in Zone B mostly in the areas lying between Amravati road, the inner ring road and Wardha road. The city is still having 20,000 sq mt (roughly 2 lakh sq ft) unutilised TDR easily available in the real estate market. If in the current market situation 20,000 sq mt TDR is unutilised than what will be the position when market will be flooded with TDR generated from MIHAN ?. experts asked. In the past three years, the prices of TDR have gone up from Rs 150 per sq ft to Rs 2,000 per sq ft. Some TDR transactions in third quarter of 2008, have even fetched between Rs 3,000 to 3,500 per sq. ft. The transacted value for agricultural land acquisition had varied in the range of Rs 60 to 70 per sq ft. This low price was prevalent due to bulk land acquisition. The consultants have pegged the feasible price for the sale of TDR at less than Rs 250 per sq ft (assuming a FSI of 1).

The company in its concept paper stated that Nagpur market sees a negligible supply of non-IT office space of approximately one lakh sq ft in 2009. It is estimated that there is likely to be a demand of about 1.63 million sq ft by 2011 in this category. This indicates that there could be demand of TDR in non-IT office segment. The other category that could witness a market for TDR is retail segment where a demand supply gap of approximately 4.29 million sq ft can be seen by the year 2011. Company while analysing present market situation, stated that global slowdown indicates that Nagpur market is pre-mature, when it comes to the utilisation of TDR originating from MIHAN. The company suggested a need for consolidated planning of infrastructure in the TDR receiving zones. Policy interventions will be required to facilitate inter-jurisdictional transfers of TDR, the TDR programmes may require a dedicated body to administer the programme and involves additional cost for implementation, an appropriate phasing mechanism is needed to be worked out to avoid an over supply situation in the market, the report claimed.

 
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