Demolition in Koregaon Park

Continuing with its anti-encroachment drive in Koregaon Park’s North Main Road, the Pune Municipal Corporation on Thursday demolished encroachments and illegal structures and vacated 8,000 sq.ft. of space.

The anti-encroachment squad, with police protection, started the demolition mainly in the area where hotels had extended the space without permission. Earlier, the squad had taken action against illegal constructions including shops, hotels and stalls functioning without licences. After the blast last year, the PMC said German Bakery was among 112 structures served notices for encroachment.

DB Realty’s Pune project scrapped

Mumbai/Pune: DB Realty informed the stock exchanges on Friday that its proposed R400-crore township project in Pune has been cancelled by the Pimpri Chinchwad New Town Development Authority (PCNTDA), without giving a reason as to why the local body cancelled the project. PCNTDA has refunded the upfront deposit money of R50 crore to the company, DB Realty said. DB Realty will take legal recourse in the matter, terming the cancellation of letter of intent (LoI) after 22 months as arbitrary and illegal. “The company is seeking professional advice for taking steps to challenge the annulment of award of tender as per the legal recourses available to it,” it said.
Shares of the real estate firm fell to an intra-day low of R 80.10 on the BSE on Friday, before closing at R83.20, marginally up from the previous day’s close of R82.60.When contacted, Dilip Band, Pune divisional commissioner & president, PCNTDA said, “The project was canceled because PCNTDA could not take the allotted money from the central government. The project did not go ahead because of litigation and complaints filed by the local MP and some politicians regarding the tendering process and the manner in which the allotment was done. Since there were complaints, no work order was issued to DB Realty’s JV.”
“Moreover, the project could not be completed in the stipulated time of two years and so the Centre cancelled the project. Subsequently, PCNTDA cancelled the project,” Band explained. The central government had given grants of R150 crore under the JNNURM for the project that was to come up in Sector 12 under the category of basic services to the urban poor (BSUP). PCNTDA, in a letter dated June 10, informed DB Realty that the JV for the bidding process for selecting a developer stands annulled and hence, the LoI dated August 25, 2009, issued in the name of the JV stands cancelled, the company said in a notice to the BSE.
The project was to be executed under a joint venture named DB Conwood Man Ajwani Joint Venture. DB Man Realty, a subsidiary of DB Realty, was the special purpose vehicle (SPV) formed by the JV partners to implement the project. The LoI was issued for development of an eco-friendly township at sector 12 at Bhosari in Pune.
DB Realty said the JV partners and the SPV had, from time to time, compiled with the conditions of the letter of intent and was, in fact, awaiting consent from the PCNTDA for execution of the development agreement of the project.
Reports of the township project being cancelled was doing the rounds for over a month now, but the real estate firm had so far refrained from making comments on them.
DB Realty has been in the news after two of the company’s promoters were arrested for their alleged involvement in the 2G spectrum scam. Although the company maintains that its promoters’ telecom business was in their personal capacities and has no relation to the listed real estate entity, company officials do agree that the negative news surrounding the promoters has had an impact on customer sentiment. Cancellations in its projects are in the range of 2-3%, officials said at the time of the fourth quarter results.

 

Residential Properties in Pune, Real estate Pune, Pune Properties, Homes...

Residential Properties in Pune, Real estate Pune, Pune Properties, Homes...

Real Estate Investing Course - Do Real Estate Investing Courses Help Inv...

tallest residential building in india

Leading real estate developers of India are in the fray to develop India's tallest residential buildings. With more and more high-rise residential buildings, the skyline of urban India is changing fast. Till a few years back, only a few tall buildings with five to ten floors were there but with increasing population and pressure on land, high-rises have become a norm today. Cities like Mumbai, Bengaluru, Pune, Gurgaon, Noida and Kolkata have all contributed to the growing trend of vertical construction. So much so that the world’s tallest residential building is being developed in Mumbai. Urban India is growing at a rapid rate and as the cities expand to meet the expectations of a growing population, there is no alternative to vertical growth to cope with land shortage and growing density. In the coming years, Lodha Group's 117 storied 304 metre tall 'World One' in Lower Parel in Mumbai and Shree Ram Urban Infra's 300 metre high 75 storied 'Palais Royale' at Worli, Mumbai will dwarf the 252 metre high Imperial Heights by Shapoorji Group having the distinction of India's tallest building. Supertech is coming up with north India's tallest residential development 'North Eye', standing 255 metres high with 66 floors. Maximum number of players are active in Mumbai. Lodha's have 'Bellissimo' (190 metre with 55 storeys) and 'World One', DB Realty's 'Orchid Turf View' (70 storeys), Shree Pati's 'Skies' (301 metre high with 81 storeys), Shapoorji's 'Imperial Heights' and Rohan Spaces's 'Ashiana' (30 storeys). In Bengaluru, Tata Housing, Mantri Group and Prestige are coming up with “Aquila Heights' (105 metre high with 32 storeys), 'Mantri Pinnacle' (42 storeys), and 'Prestige White Meadows' (27 floors), respectively. Players like Kumar Urban, Swapnil Bhosle Construction and Panchshil are coming up with '45 Nirvana Hills' (30 floors), 'God's Blessings' (24 floors) and 'Panchshil Yoo' (19 floors). Projects like V Service Residency (142 metre high with 32 floors) by Shrishti Hotels and Urbana (45 floors) by Bengal NRI Complex are dotting the city skyline. In Delhi-NCR, Supertech's 'North Eye' and Assotech's 'Celeste Towers' (121 metres high with 35 floors) in Noida, Ireo's 'Victory Valley' and Tata Housing's 'Pre Manti' in Gurgaon are the high-rise projects worth mentioning. Say R K Arora, CMD, and Mohit Arora, Director, Supertech, “We are very delighted to launch 'North Eye', a unique concept project which has all the features required for modern living. We are providing the best possible facilities & amenities, which will surely give the proud owners a delight and different feeling.”

8th Edition of Indian Property Show Starts in Dubai

The Indian Property Show opened at Dubai World Trade Center, Hall No.4. The 8th edition of the show was officially inaugurated by Chief Guest, H.E Shri K. Sankaranarayanan, Governor of Maharashtra, India along with Mr. Sunil Jaiswal, CEO Sumansa Exhibitions, organisers of Indian Property Show in the presence of key Indian real estate developers, senior officials from Sumansa Exhibitions, media and huge crowd of buyers. The three-day event, organised by Sumansa Exhibitions, brings together over 50 real estate developers from all over India and also pools lateral sector and auxiliary services such as home finance providers, lawyers, and Vastu consultants to provide a unified real estate networking platform for investment in residential and commercial property in India.

Speaking at the occasion, H.E Shri K. Sankaranarayanan, Governor of Maharashtra, India, said, "The real estate market in India in general and Maharashtra in particular has seen tremendous growth despite the recession that has affected most nations of the world. My countrymen have benefited greatly from the booming economy and its impact both on commercial as well as residential property market. I invite all Indians from United Arab Emirates and other GCC nations to visit the Indian Property Show and see for themselves what the developers from India have on offer and to experience first hand, the strides made by this industry in the past year. I congratulate Sumansa Exhibitions on bringing the Indian Property Show to UAE once again, and extend my best wishes to them for the success of the event."

Mr. Sunil Jaiswal, CEO, Sumansa Exhibitions-Organisers of Indian Property Show said, "Our endeavour and core strength has been to create a convenient interface between millions of NRI’s in UAE and Developers in India. We aim at helping the NRI’s here to make the property purchase process seamless there by enabling them to nurture the earnest desire to own a property back home. In past couple of years the real estate sector in India has witnessed lot of changes and hence we want to provide a platform that addresses two factors that inhibit an NRI from taking a decision: accurate information and direct access to real estate developers from India."

Indian Property Show is set to showcase property worth $2322 million to approx. 17000 visitors, and expect to generate $58 million worth of business, making it the largest and most diverse event in its class. This year’s showcases range from affordable homes, ready apartments, luxury villas, holiday homes and eco friendly projects displayed by Unitech Ltd, Vatika Group, Godrej Properties, Hiranandani, Ansal Housing, India Bulls, Jaypee Greens, Lokhandwala, Ireo, Arihant Superstructure etc.

Indian Property Show will also feature a series of free seminars; Pt Gopal Sharma will impart knowledge on Role of Vaastu in choosing properties, its implications etc, where as Industry experts will talk about real estate hotspots in Tier 2 & Tier 3 locations such as Gurgaon, Noida, Pune, Navi Mumbai, Chennai etc. The seminars will also further talk about the reasons to invest in these locations. International property guru & CEO Sumansa Exhibitions, Mr. Sunil Jaiswal will be taking charge of investment strategy, important aspects of investing etc.

Adding further, Sunil Jaiswal, CEO Sumansa Exhibitions-Organisers of Indian Property Show said, "After testifying success in UAE market for so long, we have now taken the Indian Property Show to the huge Indian diaspora in other countries such as Singapore, Qatar, United Kingdom, & South Africa. Our show in Durban this March was a huge success and after Dubai we are looking forward to emulate similar success in London market in June end, Singapore in August, Doha in October and back in Dubai in December." Amongst the high caliber exhibitors is the 3C Company who are participating to showcase the eco-friendly constructions.

"As an environmentally responsible corporate, our vision is to provide opportunities for a healthy living & create a greener planet. Each project of ours is developed from the cornerstone of fostering economical but ecologically sustainable growth. Today we are proud to be heading the ‘Green Revolution’ by having already delivered, more than 13 million square feet of niche developments. We are confident that buyers are looking at such options and we are here to showcase the same to them." said Brijesh Banote, Director- Sales & Marketing, The 3C Company.

Mr. Ajay Sachdewa, HDFC, Dubai commented, "HDFC is how 3.8 million families spell the word Home Ome. Equipped with state-of-the-art information systems and well trained staff, HDFC has been able to respond swiftly to ever-changing customer needs, and has built up capabilities to approve loans within 48 hours. Aspects such as advanced capabilities in the area of processing loan applications, a committed, specialist team of trained and talented staff, technical guidance in respect of documentation, liaison with property developers etc., reflect HDFC’s efforts to serve its growing clientele. HDFC is looking forward for these 3 days of exhibition." With surging interest by NRI’s in property purchasing, favorable Government policies, and scorching competition amongst developers to tap the buyer, it is indisputable that Indian Property Show has become a magnifying glass for observing trends of Indian real estate sector and a perfect guide for making property purchase decisions.