How is property tax calculated in PCMC?
The state government has endorsed the Pune Municipal Corporation’s (PMC) stand to build the 14.925-km second corridor of the metro railway from Vanaz on Paud road to Ramwadi on Ahmednagar road without waiting for the Pimpri-Chinchwad Municipal Corporation’s go-ahead.
The Delhi Metro Rail Corporation (DMRC) had recommended its model for Pune and Pimpri-Chinchwad. The report suggested the execution of the project on two corridors. The first corridor is from the PCMC building to Swargate while the second will run from Vanaz to Ramwadi.
The 75-km project encompasses Pune and Pimpri-Chinchwad involving both civic bodies. However, the PMC will build the second corridor, which falls in its jurisdiction, first and not wait for the PCMC’s consent.
Read the rest of the TOI article, Wheels roll for Vanaz-Ramwadi metro corridor.
There is an emerging consensus that Indian home buyers are mostly end users, looking at new properties in upcoming locations. They are comfortable with leverage and primarily interested in mid-income housing.
End-user demand is higher in Mumbai, Hyderabad and Bangalore, while investor demand is higher in Ahmedabad and Pune. The perception of home prices being high is prevalent mostly in Mumbai and Pune.
Read the rest of the article in the Financial Chronicle, There is a buzz out here.
The Pune Municipal Corporation (PMC) will undertake a study of the best practices of other municipal bodies across the country so as to implement them in the city.
The PMC has seen exponential growth of population and real estate in the city over the years and it has been struggling with problems of solid waste disposal, sewage treatment, traffic and public transport system besides shortage of drinking water.
Read the rest of the Indian Express article, Long-term plans for growing city, civic body to learn from others.
Domestic real estate-specific private equity funds have started raising money after a hiatus as developers are finding it difficult to tap the capital markets through initial public offerings.
Indiareit, a real estate private equity fund promoted by Ajay Piramal group, is raising Rs 700 crore in the domestic market. The fund is looking at projects in major cities such as Mumbai, Bangalore and Pune and the investments would be made in other developers’ projects and not in the company’s real estate firm.
Read the rest of the article from DNA, Realty private equities start raising money again.
Stepping up its vigilance mechanism to monitor volatility in real estate prices and ensuring transparency in property transactions, Reserve Bank of India (RBI) has called for collection of real estate property price data (sale/resale) directly from banks and housing finance companies.
It has recommended that this be done at transaction level from top 13 centres in the country: Greater Mumbai, Chennai, NCR Delhi, Bangalore, Hyderabad, Kolkata, Pune, Jaipur, Greater Chandigarh, Ahmedabad, Lucknow, Bhopal and Bhubaneswar.
The recommendations come following need for finding realistic measure of aggregate house price in order to understand the behaviour of house price and their influence on country’s economy.
Read the rest of the article, RBI steps up move to track realty prices.
The Reserve Bank of India will announce its annual monetary policy on April 20, 2010. In an exclusive interview with CNBC-TV18, Indranil Sengupta, Chief Economist, DSP Merrill Lynch, speaks about his expectation from the monetary policy.
As Indranil Sengupta said on CNBC-TV18, “We are looking at the RBI hiking rates and the CRR by 25 basis points on Tuesday and also tightening provisioning requirements on bank lending to real estate norms.”
Read the article in MoneyControl, Expect RBI to hike rates, CRR by 25 bps on April 20: DSP ML.
Preity Zinta is likely to be declared the heiress to Shandar Amrohi, who is one of the co-owners of Kamalistan Studios (worth Rs 600 crores) that originally belonged to Meena Kumari and Kamal Amrohi. It is said to be a prime property, being eyed by several builders.
There is a strong rumour that suggests that at some point Preity will sell some part of her IPL stake and redevelop the Kamalistan property along with a high-profile builder from Pune.
Read the rest of the article, Preity Rich Zinta is worth more than ‘1000 cores’.
The Asian Development Bank (ADB) has shown interest in providing loan to PCMC Infrastructure Company Private Ltd, the special purpose vehicle (SPV) floated to implement different projects under the mass transport system, especially the Bus Rapid Transport System.
The PCMC under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has approved the two BRTS routes— Aundh-Ravet and old Mumbai-Pune Road.
Read the complete article, ADB may fund PCMC projects.
The Pimpri-Chinchwad New Township Development Authority (PCNTDA) will now be able to develop around 16 hectare land in Chinchwad and Wakad villages in the Pimpri-Chinchwad township as the landowners, who had demanded that their land is excluded from the PCNTDA limits, have lost their cases.
The state revenue department in 2004 had issued an order that 3.94 hectare land in survey no 208 and 6.46 hectare land in survey no 209 in Wakad village is excluded from the PCNTDA limits. The PCNTDA had challenged this order in a writ petition at the high court in 2004. The high court first stayed the order and later cancelled it after the final hearing. The SC has given a verdict in favour of the PCNTDA.
Read the TOI article, PCNTDA wins land cases.