It also plans to enter Ahmedabad, Chennai, Mysore, Bangalore and Coimbatore by next year. Peninsula is developing five projects, which includes one residential and one township project in Nashik, and integrated townships and IT Parks in Pune and Hyderabad.

The total developable area for these projects is approximately 21 million sq ft, which is expected to be operational by second quarter of 2013.

A source familiar with the development told reporters the Nashik project would be launched next month and Pune will follow in August, while Hyderabad will begin in the third quarter 2008.

“They are extensively planning projects in the south where the market is still buoyant,” the source said.

Piyush Suraiya, deputy general manager, Peninsula Land, said the idea is to go aggressive in western region. “So, after developing projects in Mumbai, we have Nashik, Pune and Nagpur on our radar.”

Peninsula holds 26% stake in the township project being developed in Pune, which is spread across 5 million sq ft. In Hyderabad, it has bought a 31-acre plot from Rallis India, which was acquired recently.

“The company is taking a very risky decision by putting up five huge projects during the same time, because looking at the present conditions it is unsure whether it will be able to sell the residential units. Secondly, these are IT Parks not special economic zones where IT companies would rarely tread as the tax benefit scheme will get over by March 2009 even before the project is ready,” said an analyst from a foreign brokerage, who did not wish to be named.

“Unlike the first Radisson property developed by the Sahil Group in Alibaug, which is a mix of business and leisure services, the upcoming property in Pune will be a typical business hotel,” says Ajit Dharmadhikari, Executive Director, Sahil Resorts and Spa India Ltd. Commenting about the group’s expansion plans, Dharmadhikari said that the company will subsequently diversify into developing and managing their own brands through their hospitality subsidiary, Sahil Resorts and Spa India Ltd.

In close proximity to the Pune-Mumbai Expressway, the upcoming automobile hub of Talegaon and Chakan and a mere 2 hours from Panvel, the Blue Ridge SEZ offers top-notch amenities and international work spaces.

A quick drive into this mega project takes you onto a 7 lane road, which ensures zero-bottlenecks and easy vehicular movement. This leads into the 2 level basement car parking. A unique mouse shaped covered waiting area is also planned for those who are waiting for their bus/car pick. There is also a provision for food courts and coffee parlors. Once inside, hi-tech security ensures that your employees and your data is safe and secure. Some of the many elaborate security systems include the analogue addressable fire-alarm system, CCTV, access control system, manned security desk, and a master control room to monitor the entire premises. Of course there’s also a detailed perimeter security to ward off intruders. A specific electric sub-station and 24X7 Generator backup enables you to work round the clock.

The construction of this IT/ITES SEZ is uniquely catered to the customer. The flat plate construction of the SEZ allows for zero beams and no column capitals. Moreover, ranging from15,000 sq. ft. to 50,000 sq. ft. the floor plates are built to suit your varied needs.

A plethora of centralized amenities like the Centralized Business Centers-conference & training rooms, food courts of approx. 40000 sq ft., Gym, Creche, Marina, Malls, Multiplex, 5 Star Hotel and a sprawling Golf Club rounds off this sublime experience.

About Rs 2,400 crore will be invested over five years to set up about 35-50 properties. These will be the two-star Vedic Inn, a mid-scale Vedic Domina and five-to-seven star resorts — Vedic Resorts and Palaces. The partners will have equal share in the investment.

All models — joint ventures in Goa, space sharing and management contracts — will be explored. Domina will also set up a special purpose vehicle to offload equity to private equity funds, and part-fund its hospitality venture. Plans are afoot to take the Vedic brand overseas in the next two-and-a-half years. Sujit Kanoria, managing director, Shristi, told DNA Money, “First we want to perfect the Vedic brand and then decide which sub-brand can be taken overseas.”

Kanoria is certain that they will not acquire running hotels overseas, but opt for management contracts of Greenfield properties. “Getting clearances for owning land is comparatively easy overseas. In India, hoteliers need a single window clearance for all approvals,” he said.

Properties are in the process of coming up in various parts of West Bengal and Bangladesh border, while negotiations are on in Bangalore, Pune and Goa.

In case of land acquisition, Shristi is looking for leases, full ownership and joint development. “We are looking to mitigate our risks and are open to all business models,” said Kanoria. Shristi and Domina will develop the properties and Domina India will manage them.

Dinesh Gonjare has filed the PIL in the Bombay high court saying that land mafia in Pune are holding all to ransom. They are not only responsible for unprecedented hike in the real estate prices, but also for the inflationary situation citizens are trapped in.

Apart from the state government, revenue minister, divisional commissioner, district collector and superintendent of police have been named as respondents.

The PIL has sought that the HC issue an appropriate writ, order or direction under Article 226 of the Constitution directing the respondents in pursuance of the principles of transparency and also in invocation of the spirit of the RTI, or reply on sworn affidavits to the “serious charges” leveled against them.

The court has directed the respondents to file their reply to the PIL on or before June 7.

Pegasus Properties, a 50:50 joint venture floated by the two firms, would develop the project over the next five years. Spread over 150 acres, the township will have all 21-storied buildings.

“Of the total 150 acres, only 20 per cent of the space would be used for construction. We will develop gardens and various other amenities on the remaining land,” Kumar Properties director Manish Jain told reporters. The township will also have special towers for old-age homes.

The first phase of the project would be ready by April 2010 while the entire project is expected to be completed by 2013. The project is coming up under the new township policy enacted by the Maharashtra government.

“We want to promote the walk-to-work culture as most of the prominent IT firms like Wipro, TCS, Infosys, Tech Mahindra are close to this project. We have also created vehicle-free zones within the township,” said Amit Bhosale, director, Pegasus Properties.

Singapore-based RSP architects and Belt Collins International is the architect and landscape designer respectively for this project.

Pune, over the last two years, has experienced a boom in the real estate industry. However, availability of land has remained a problem as the new Development Plan (DP) for Pune has not been sanctioned and executed for quite some time.

The city saw construction of 60 lakh sq.ft commercial space for the information technology (IT) industry last year, which has generated employment for more than 60,000 people. There has also been extensive recruitment in industrial areas like Ranjangaon, Pirangut, Chakan and Talegaon - an addition of close to 25,000 new jobs. The services and retail sector has recruited more than 25,000 new employees last year.

While more than one lakh new jobs were added in the city, the builders have developed only 35,000 new flats in and around Pune. “There is a huge demand-supply gap, which has led to the sudden price rise over the last two years. In addition, steel prices have gone up from Rs 32,000 per tonne to Rs 52,000 per tonne while the cement prices have been increasing consistently. PMC, too, has increased the development and premium charges for residential projects from 200% to 400%. All this has led to heavy cost escalation for Pune-based builders,” Jain added.

PBAP, which represents more than 80% of Pune’s real estate developers, has prepared a report that explains the possible ways to tackle the price hike. The report has requested the central government to take cost cutting measures for cement and steel prices.

Jain said: “There is resentment among middle class households over increasing real estate prices. The industry cannot sustain such a situation where costs are not coming down. If housing becomes more costly, nobody will buy a flat in Pune and the industry may come to a halt in the near future.”

The increase in revenue collection of 30.22 per cent against 16.15 per cent document registration is being attributed to the steep increase in the property price list of Ready Reckoner by the state government. The property list has a 30-40 per cent rise in price rates for all areas except the slum and gaothan areas where only a 10 per cent rise has been recorded from January 1.

“There has been a record revenue collection of Rs 1,392 crore from the registration of property documents in Pune district,” V M Maske, Deputy Inspector General of Registration and Deputy Controller of Stamps, Pune Division, said. There are 20 registration offices in Pune city and 17 in the rural area.

He said, “The Pune district is leading in the entire division with over Rs 1,392 crore of the total Rs 1613.08 crore revenue collection in Pune division.” The revenue collection from registration in Kolhapur district has been Rs 70.11, Solapur district is Rs 59.38 crore, Satara is Rs 51.55 crore and Sangli is Rs 40.15 crore.