Latest Real Estate News on 'Pune'


Bangalore, Pune top in home value appreciation: Study

Add comment   |  August 26, 2014

Mid-segment residential properties witnessed the highest appreciation in Bangalore in the past three years, while in the high-end category the credit went to Pune, says a study.

As per the report by global real estate consultants, Cushman and Wakefield, mid-segment residential property prices almost doubled in the north-west part of Bangalore, while they were up nearly two-thirds in some areas of Pune.

The study spanned between first half (January-June) of 2011 and first half of 2014.

In the mid-segment, Chennai with 27 percent, Delhi region with 22 percent and Kolkata with 17 percent, also saw some noteworthy increases, while Mumbai saw the second-lowest jump with 16 percent, following Hyderabad with 14 percent.

In the high-end properties market, Pune recorded the highest increase in capital values of 39 percent while Bangalore recorded 37 percent average increase in capital values in the period between 2011 and 2014.

The high-end property segment in Chennai market recorded an average increase of 34 percent in capital values in the three-year period, while Mumbai and Delhi-NCR recorded identical average increase of 24 percent. Hyderabad with 16 percent remained at the last on the table for average increase in capital values over three years.

“Despite the disparity in levels of average appreciation in capital values in the past, it is heartening to see that against poorer economic sentiments, all markets have recorded capital appreciation. It is interesting to note that markets which are largely end user driven are also the ones to record highest average increases in capital values while investor driven markets such as Delhi-NCR and Mumbai have remained contained in appreciation received over the period,” said Shveta Jain, executive director, Residential Services, Cushman & Wakefield.

“This is largely because of the fact that in the last few years due to factors such as slower economic growth, devaluation of the Indian rupee against dollar and general unrest on account of factors such as inflation, slower rate of real estate development etc. which has led more probable markets of Delhi-NCR and Mumbai to see a slower rate of appreciation,” Jain added.

In the last three years, Bangalore witnessed the highest average capital value appreciation in the mid segment of the top seven Indian cities. Chennai witnessed steady capital value appreciation in both mid and high-end segments during the period, while Hyderabad witnessed capital value appreciation of 14 percent in the mid segment and 16 percent in the high-end segment.

The high-end segment in Kolkata witnessed average capital value appreciation of 26 percent in the last three years. Average capital values in Mumbai’s mid segment increased 16 percent during the period and capital values in Delhi-NCR appreciated 22 percent in the mid segment and 24 percent in the high-end.

Also, the residential segment in Pune witnessed high levels of capital value growth in both the mid and high-end segments.

Source: Yahoo Finance



400cr property tax in PMC’s kitty

Add comment   |  June 7, 2014

PUNE: Across the city, the rush to pay the annual property tax in advance and avail the discount has swelled the Pune Municipal Corporation coffers.

Over 4.50 lakh property owners, who paid the tax before May 31 and availed of the 10% discount, helped the civic body collect Rs 400 crore in two months.

“More than 50% of property owners paid the tax in the first two months of the new financial year. The good response to the scheme is due to the awareness programmes the administration undertook. The efforts to provide bills at the doorstep of residents helped boost collection. A maximum number of bills were sent to the property owners which led to more people making the payment before May 31,” said a senior official of the tax department.

The response to the online payment system was also good with Rs 50 crore being collected. The civic administration has tied up with banks which allow people to make their property tax payments at the click of a mouse or through smartphones, a facility utilized by a large number of new property owners.

Property tax is one of the main sources of revenue for the civic body. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by the state and Union governments within the municipal limits.

It is charged on immovable or tangible real property, such as land, buildings and permanent improvements. The city has around eight lakh properties, which are liable to pay the tax.

The civic body assesses all residential and commercial properties situated within its limits, based on which the owners have to pay the tax.

The levy may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected every six months or annually.

Source: ET



Illegal buildings in Kalas and Dhanori razed

Comments Off on Illegal buildings in Kalas and Dhanori razed   |  March 16, 2014

PUNE: The Zone 1 of Pune Municipal Corporation (PMC) on Friday took action against illegal constructions in Kalas and Dhanori areas, said a statement issued by Pune Municipal Corporation (PMC).

The statement added that residential as well as commercial establishments had made these encroachments. The illegal constructions spread over 3200 sq ft were demolished in the drive. The premises inside and front margins were occupied without taking any permission from the civic body. The Kalas area had illegal construction spread over 2000 sq ft, while Dhanori had 1200 sq ft of illegal constructions.

Since the start of this month the civic administration had taken action against encroachments in Bavdhan, Dhankawadi, Bibvewadi and also Yerawada.

The civic body has acted against over 3250 illegal constructions since March 2013. As part of the drive, illegal sheds and houses built in concrete on an area of 22 lakh sq ft in slum pockets of Shivajinagar, Kasba Peth, Wadgaonsheri, Ambegaon, Kothrud, Katraj, NIBM Road and Pashan were demolished.

In April 2013, the civic administration had taken action against multi-storeyed apartments, as well, and also against illegal roller-compacted concrete (RCC) constructions and illegal offices of political parties.

The civic administration has also taken action against encroachments in shopping malls. Unauthorized constructions in malls at Vishrantwadi, Kothrud and Satara road areas were demolished. The civic administration has carried out special drive against encroachments on nullahs, roads and footpaths.

http://timesofindia.indiatimes.com/city/pune/Illegal-buildings-in-Kalas-and-Dhanori-razed/articleshow/32072035.cms



PCMC demolishes 27 illegal structures

Comments Off on PCMC demolishes 27 illegal structures   |  March 13, 2014

PUNE: The anti-encroachment squad of the Pimpri Chinchwad Municipal Corporation (PCMC) on Monday demolished an unauthorized construction in Akurdi.

Shirish Poreddy, spokesperson of the PCMC’s engineering department, said the razed construction had ground plus three floors and covered a total area of 4,500 sq ft. Executive engineer Ramdas Tambe supervised the drive.

The PCMC has demolished a total of 27 unauthorized constructions within the municipal limits in the past one month. The other 26 razed constructions covered a total area of 18,000 sq ft. Out of that 19 structures were built in March 2012, while the remaining are older constructions.

“The civic body has been conducting the demolition drive against the unauthorized constructions as per the Bombay high court’s directives.

I want to clear the misunderstanding that the civic body had stopped the drive, as that is not the case.

The PCMC will continue with the drive.

The civic body has already submitted one report to the court,” municipal commissioner Rajeev Jadhav had said on Friday.

http://timesofindia.indiatimes.com/city/pune/PCMC-demolishes-27-illegal-structures/articleshow/31812026.cms



4,000 sq ft land in Warje freed of encroachments

Comments Off on 4,000 sq ft land in Warje freed of encroachments   |  March 6, 2014

PUNE: The Pune Municipal Corporation (PMC) on Saturday demolished illegal constructions spread over 4,000 sq ft in Warje.

Civic officials said these included residential and commercial establishments. The premises in the side and front margins were occupied without permission from the civic administration.

In February, the civic administration had acted against encroachments in Ambegaon, Bavdhan and Yerawada. Illegal constructions over 1,432 sq ft, 9,000 sq ft and 4,632 sq ft, receptively were demolished in the drive.

The civic body has acted against over 3,300 illegal constructions in the last year. As part of the drive, illegal sheds and houses built in concrete on an area of 22 lakh sq ft in slum pockets of Shivajinagar, Kasba Peth, Wadgaonsheri, Ambegaon, Katraj, NIBM Road and Pashan were demolished. The civic administration had taken action against multi-storied apartments and against illegal roller-compacted concrete constructions and offices of political parties.

Encroachments in shopping malls at Vishrantwadi, Kothrud and Satara Road were demolished. A special drive against encroachments on nullahs, roads and footpaths was also carried out.

http://timesofindia.indiatimes.com/city/pune/4000-sq-ft-land-in-Warje-freed-of-encroachments/articleshow/31371288.cms



Illegal buildings pulled down in Warje

Comments Off on Illegal buildings pulled down in Warje   |  March 6, 2014

PUNE: The Pune Municipal Corporation (PMC) on Saturday demolished illegal constructions spread over 4,000 sq ft in Warje.

Civic officials said these included residential and commercial establishments. The premises in the side and front margins were occupied without permission from the civic administration.

In February, the civic administration had acted against encroachments in Ambegaon, Bavdhan and Yerawada. Illegal constructions over 1,432 sq ft, 9,000 sq ft and 4,632 sq ft, receptively were demolished in the drive.

The civic body has acted against over 3,300 illegal constructions in the last year. As part of the drive, illegal sheds and houses built in concrete on an area of 22 lakh sq ft in slum pockets of Shivajinagar, Kasba Peth, Wadgaonsheri, Ambegaon, Katraj, NIBM Road and Pashan were demolished. The civic administration had taken action against multi-storied apartments and against illegal roller-compacted concrete (RCC) constructions and offices of political parties.

Encroachments in shopping malls at Vishrantwadi, Kothrud and Satara Road were demolished. A special drive against encroachments on nullahs, roads and footpaths was also carried out.

http://timesofindia.indiatimes.com/city/pune/Illegal-buildings-pulled-down-in-Warje/articleshow/31371353.cms



Pune Municipal Corporation has no place to dump construction debris

Comments Off on Pune Municipal Corporation has no place to dump construction debris   |  February 19, 2014

PUNE: If the Pune Municipal Corporation (PMC) wants to check further degradation of water bodies, land, public spaces and green areas in the city, it has to look for immediate solutions to recycle and reuse construction and demolition (C&D) waste.

Hundreds of constructions have come up across the city and with as many renovations of flats and other properties, the debris is being dumped recklessly, much to the alarm of environmentalists.

City engineer Prashant Waghmare said the PMC had not identified a dumping ground. “The civic body is trying hard to locate places around the city, but no village in the fringes is ready to give land for the debris. As of now, we expect developers to take care of debris they generate,” he said.

Satish Magar, developer and former president of CREDAI Pune chapter, said, “Builders working on big sites generally reuse C&D waste. However, small developers find it difficult to do so. There is no concrete policy about the debris and there is no substantial effort at any level to reuse the waste.”

Activists have repeatedly brought it to the notice of the civic body that rivers and nullahs in the city are choking because of unbridled dumping by builders. “C&D waste is a problem across cities — big and small. Land sharks use this bulk waste to illegally reclaim land from ecologically sensitive areas like rivers, lakes and wet lands. In fact, Ram nadi (river) in Pune city has been severely affected by this indiscriminate dumping,” said Avikal Somvanshi, senior research associate, sustainable building programme with the Centre for Science and Environment (CSE).

Somvanshi said Delhi and Mumbai have acknowledged the problem as they have run out of land needed for dumping. “There are no rules and regulations that comprehensively cover C&D waste collection and disposal. There is a need for clear directives to govern their collection and recycling, which is possible because the construction debris can be reused to make bricks and paver blocks. This can help the construction industry as well as the environment as it will reduce pressure on highly stressed out natural resources like sand, stone and mud,” Somavanshi said.

“Nullahs, open plots, roadsides in sparsely populated areas, river banks and riverbeds are being used for dumping. No action has been taken against anyone even as the debris blocks natural flow of water resulting in flooding during the monsoon,” said Vijay Kumbhar of the Surajya Sangharsh Samiti.

Experts have insisted that each city needs to have its own system for collection and disposal of waste. The Municipal Corporation of Greater Mumbai (MCGM) came out with the Construction & Demolition & Desilting waste (Management & Disposal) Rules 2006.

http://timesofindia.indiatimes.com/city/pune/Pune-Municipal-Corporation-has-no-place-to-dump-construction-debris/articleshow/30488532.cms



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