Home And Personal Loans To Cost More

The Reserve Bank of India (RBI) on Thursday hiked policy interest rates, sending a message to banks that they need to do the same for their loans. The silver lining is that interest rates on fixed deposits will also rise from the current 7-8% levels.
The RBI increased the repo rate (the rate at which it lends money to banks) by 25 basis points to 6% and the reverse repo rate (the rate at which the RBI takes out excess cash in the banking system) by 50 basis points to 5% with immediate effect.
The central bank did this primarily to contain inflation and to ‘normalise’ policy rates, considering the speed at which India’s economy is growing. Interest rate is a monetary tool used by central banks to ensure that a fast-growing economy doesn’t get out of hand — primarily, that prices of goods, or inflation, don’t spiral out of control due to excessive demand, the hallmark of fast-growing economies.
This is done essentially by controlling the amount of money floating in the economy by raising or lowering interest rates. When an economy declines, the opposite happens — central banks lower interest rates so that people are persuaded to buy goods and thereby generate demand.
“The RBI believes inflation has plateaued (and the declining trajectory inline with its projection), but it highlights that it will remain at ‘unacceptably’ high levels for a few more months.
It hence believes that there is a need for continued policy response to contain inflation and anchor inflation expectations,” said Ashutosh Datar, economist with the brokerage IIFL.
“The broad indication of the RBI action on Thursday is that lending rates will rise. We will take a call in a few days on increasing our personal and home loan rates because the impact of this rate hike will have to be passed on to consumers,” said Kamlesh Rao, executive vice president (personal loans and home finance), Kotak Mahindra Bank.
The timing of the hike will vary from bank to bank, depending on the cost of their money.
“On the interest rate scenario there is definitely an upward bias. But the hike may not be immediate. It will depend upon the credit pickup. Initially, it may be a hike of 25 basis points,” said MD Mallya, chairman and managing director, Bank of Baroda.
It seems both the RBI and the government want fixed deposit rates to rise.
“If bank credit is not to become a constraint on growth, real interest rates need to move in the direction of encouraging bank deposits,” the RBI said on Thursday.
On Wednesday, the government raised the employees provident fund rate by 100 basis points to 9.5%.
Banks had already resorted to hiking their benchmark prime lending rate, or BPLR, in August, citing reasons that their costs were going up. In the near future, they may hike it further and may even hike the base rate, which came into existence from July 1 this year.
“The BPLR may be hiked further as most of the lendings happen through it, and there is also the likelihood that the base rate may be hiked in the next quarter since banks have the option to change the base rate every quarter for the first year,” said Deepak Tiwari, banking analyst at KR Choksey Shares & Securities.
“Borrowing rates will go up for both consumers and developers,” said Shobhit Agarwal, Joint Managing Director (Capital Markets), Jones Lang LaSalle India, a real estate consultancy. Conversely, this could mean demand for homes, and therefore their prices, may decline.
“The projects that are already priced high, the impact in terms of demand erosion will be higher. We don’t see much impact on low-cost housing, that is Rs25-50 lakh purchases,” said Agarwal.
But teaser home loan rate — where you pay a low interest rate in the first year and more later — won’t be discontinued as they are a hot favourite among borrowers.
“I expect teaser loans to continue as they are so popular with people. But I think banks may continue those schemes with a slight increase in rates, said Harsh Roongta, CEO of apnapaisa.com, a personal finance advisory. The State Bank of India (SBI) is offering teaser home loans till September 30 and the committee will take a decision on whether to extend it further or not on September 28, said a senior SBI official.

Free Parking Space Norm In Pimpri-Chinchwad Municipal Corporation

Pimpri-Chinchwad Municipal Corporation is the first civic body in the state to come up with a decision under which buyers of residential apartments get free parking space.
On June 11, 2009, the Pimpri-Chinchwad Municipal Corporation (PCMC) declared that no building permission plans will be sanctioned if the builders refuse to provide free parking space to apartment buyers across the twin industrial township.
This was after a series of reports in Pune Newsline, highlighting the Bombay High Court which had ruled that builders cannot sell parking space and that it should be made available to the flat buyers free of cost.

Celestial City: Ravet’s Pride Is Right On Schedule

Celestial City, the unique 25-acre integrated township by Pharande Spaces and Rama Group, is now in the second phase of construction. As planned, this premium apartments complex at Ravet, PCMC is transforming the real estate topography of an area known as the Gateway to Pune.
celestial-city-ravet-roads1
Celestial City has been conceived as a completely self-sufficient residential microcosm that will offer its residents absolutely everything by way of a comfortable lifestyle.  That blueprint is now rapidly being transformed into reality as construction enters the next phase.
The location of Celestial City couldn’t be better – it was planned as both the ultimate residential destination and a sure-fire investment hotspot. Ravet is located at the confluence of the old NH4, the Dehu Road- Katraj bypass and the Mumbai-Pune Expressway.
celestial-city-phase-two
Its ready accessibility, as well as proximity to vital establishments, has earned it the distinction of being one of the most prominent growth corridors on the Pune real estate market.
Because of its unique location, invigoratingly green spaces and affordable residential property options, Celestial City is now attracting a huge demand from executives working in Hinjewadi, Pimpri-Chinchwad, the Talegaon MIDC and Chakan MIDC.
With Phase II of Celestial City now in active progress, the project is well on the way to completing the planned roster of 2000+ units at this avant-garde budget homes project.
celestial-city-sample-flat
Celestial City is backed by the experience and impeccable track record of two leading development concerns. Pharande Spaces, the residential property trendsetters in Pimpri-Chinchwad, already have several landmark projects to their credit – including the award winning Culture Crest.
To date, Pharande Spaces have completed residential projects in excess of 1.5 million square feet. Likewise, Rama Group’s professionalism and expertise have led to the completion of 23 projects that cumulatively account for 5 million square feet of construction.
The fact that Celestial City is fully underwritten by the country’s leading financial institutions ensured a smooth, seamless construction flow even during the worst of the recent recession. With Phase II on schedule, Ravet’s crowing glory has taken a decisive step towards final completion.
When two real estate giants join hands to create the City of the Future, the outcome can be nothing less than magical….

celestial-city-archA masterpiece in the making

celestial-city-sample-flat-livingroom
K. D. Nagarkar is a blogger and freelance journalist who specializes in real estate and environmental issues. He keenly follows the development of integrated township properties and other sustainable projects in and around Maharashtra.
You may reprint or quote this article with full credit to the author and a link back to PunePropertyBlog.com

Pimpri Chinchwad: The Evolution Of A Pune Real Estate Paradise

integrated-residential-township
If you are new to this new Pune real estate boomtown – Pimpri Chinchwad, you need to know that its a modern twin city situated South-East of Mumbai, in the North – West quadrant of Pune.
Pimpri Chinchwad also happens to be the fifth-most populated city of Maharashtra and has long been famous for being one of the most prominent industrial destinations outside Mumbai.
The twin cities of Pimpri-Chinchwad, governed by the Pimpri Chinchwad Municipal Corporation (PCMC), are located 15 km from the Pune city centre. They form a continuous urban stretch, adding to the overall Pune Urban Agglomeration, and contain a thriving industrial belt that primarily consists of engineering and automobile industries.
In fact, PCMC and Pune, when viewed as a unified geographical unit, make up one of India’s largest industrial areas. Pimpri-Chinchwad has contributed a lot to the fact that Pune is the second-largest industrial city in Maharashtra after Mumbai. That fact alone has already spelt gold in terms of the Pune property market – but there’s a lot more.
Let me tell you a bit more about this new real estate boomtown, and why it has come so much into the limelight. As we know, location is everything in the real estate market – both in terms of connectivity to the primary city and pleasantness of environment.

Pimpri-Chinchwad: Location And Connectivity

Pimpri-Chinchwad is situated on the Deccan Plateau and is surrounded by hills.  It rises 560 meters above the mean sea level, near the confluence of Mula and Mutha rivers. Moreover, the Pavna River traverses the city, with the Indrayani River cutting through it on the north-western outskirts.
Accessibility by road is excellent, to say the least. Pimpri Chinchwad is situated on the confluence of NH-4 (the Mumbai-Bangalore highway) and NH-50 (the Pune-Nasik highway).
In fact, the PCMC area boasts of an extensive network of national highways to major cities like Mumbai (163 km), Nasik (202 km), Nagpur (880 km), Bangalore (835 km), Chennai (1166 km) and Hyderabad (548 km).
Railways are an important ingredient of economic growth, and Pimpri Chinchwad is located on the Mumbai-Pune mail line. It has broad-gauge, direct connectivity to Mumbai, Bangalore, Chennai and Hyderabad.
The Pune airport, which is just 20 km  away, has regular direct flights to New Delhi, Mumbai, Bangalore, Kolkata, Chennai and Hyderabad (not to mention direct flights to Dubai and Singapore).

Industries in Pimpri-Chinchwad

The Pimpri-Chinchwad area is home to over 4000 industrial units in the large, medium and small sectors, these include some of the most reputed industrial companies of the country. Needless to say, this makes it one of the most developed industrial belts in Maharashtra.
Where did it all begin? With the arrival of Hindustan Antibiotics in 1954. The establishment of this public sector pharmaceutical company proved to be a major catalyst, and PCMC saw rapid industrialisation over the next few years.
To prepare the region for the boom to come, the Maharashtra Industrial Development Corporation (MIDC) procured large tracts of land in 1956, and in no time at all multinationals like SKF and Phillips, and Indian giants like Tata and Bajaj set up major units here.
Today, PCMC industrial portfolio includes a large number of engineering units as well as a number of other industries such as pharmaceuticals, chemicals and telecommunications.
With such a scale of industrial development, the PCMC area emerged as a major employment treasure trove, and the population grew exponentially. Today, Pimpri- Chinchwad is a metropolis in its own right, and is rightfully considered Pune’s sister city.

Climactic Magic in Pimpri-Chinchwad

The PCMC area has invigorating climate throughout the year, thanks to it high altitude, moderate rainfall and a green cover that Pune cannot even begin to compare with. The monsoon arrives in during first week of July and extends to mid-September.
In this period, PCMC witnesses an average annual rainfall is 700-800 mm. The maximum relative humidity during the rainy season is 70-80%, and falls as low as 30% on summer afternoons.
This is as close to a perfect climactic setup as one can achieve anywhere in Maharashtra, and is one of the main reasons why so many people from various regions choose to settle down here.

Ready For A Home In PCMC?

Pimpri-Chinchwad is now an extremely popular residential destination, which is why real estate development here has picked up rapidly over the last three to four years.
One of the most important features of the PCMC residential property market is the fact that it features large and amazingly modern integrated residential projects. Homes in these projects offer everything required for a comfortable lifestyle within them – often at half the property rates prevailing in Pune.

Anil Pharande is President of CREDAI PCMC and Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.
This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com

Celestial City Inaugurated By Bollywood Actress, Urvashi

Celestial City, an integrated township spread over 25 acres at Ravet launched the second phase of the project on August 13. Well-known model and screen actress, Urvashi Sharma inaugurated the new phase.
A joint venture of Rama Group and Pharande Spaces, Celestial City comprises everything one would find at a residential complex and more, including entertainment, leisure, and amusement; from a mall, multiplex, lounge bar to an aqua park, and an all encompassing sports arena.
Among the many notable personalities from the real estate sector present for the occasion, were Anil Pharande, Director, Pharande Spaces, Ram Panjabi, Founder of Rama Group, Moti Panjabi, MD, Rama Group, Govind Panjabi and Jeetu Panjabi and Raju Panjabi of Rama Group. The occasion also marked the unveiling of the new Celestial City ad campaign.
Read more: Urvashi attends a Pune do – Bollywood – Filmi Parties – Entertainment – The Times of India

Pune Mayor: Go Green, Get Tax Rebate

Mayor Mohansingh Rajpal has said that builders should play a more pro-active role in developing facilities for recycling of water, rainwater harvesting, sewage treatment as this will help reduce the load on Pune Municipal Corporation.
“In return, the PMC offers a 10% reduction in property tax that will make a project more attractive to buyers,” he said, while inaugurating the property exhibition series of CREDAI, Pune, VITS Hotel, Balewadi.
The mayor said, “The young generation of builders is doing a lot of good work for the city. Pune needs more and more young people in the process of development of the city,” he said.
The mayor asked CREDAI members to explore ways in which tourism can be increased in the city and assist the PMC to develop projects such as cleaning up the river, development of a world class exhibition centre, museums and malls.
The CREDAI, Pune, exhibition is from August 6 to 8. Projects on display cater to 1BHK to 5BHK flats, bungalow plots, pent houses, farmhouse plots covering all areas in PMC and PCMC.
Read the rest of this article here.

Pimpri-Chinchwad: Pune’s Last Hope For Planned Residential Development

woodsville
Pimpri-Chinchwad, the twin city located south-east of Mumbai, is the fifth most populated city of Maharashtra and also one of the most prominent industrial destinations outside Mumbai. In fact, Pimpri-Chinchwad is the decisive factor in making Pune the second largest industrial city in Maharashtra after Mumbai.

Industrial Utopia

Over 4000 industrial units in the large, medium and small sectors dot its landscape, among these some of the most reputed industrial companies in the country. If one includes Bhosari and Dapodi in its purview, Pimpri-Chinchwad’s repertoire reads like a regular industrial Who’s Who. Among the major names are:

  • Bajaj Auto Ltd.
  • Force Motors
  • Sandvik Asia
  • Alfa Laval
  • Forbes Marshall
  • Atlas Copco
  • Kirloskar Filters
  • Kalyani Sharp
  • Mahindra and Mahindra
  • Hindustan Antibiotics
  • Kirloskar Pneumatics
  • Tata Motors
  • Indian Card Clothing
  • Finolex
  • SKF Bearings
  • Greaves Cotton

… and many more
Pimpri-Chinchwad’s status as a power-driven property destination also derives from its matchless connectivity. Its strong road network encompasses major transportation corridors – the Mumbai–Pune Road, the NH-4 Bypass, NH-50 (Pune-Nashik Highway) and the roads connecting Aundh to Kalewadi and the Mumbai–Pune Road to Bhosari.

Development Potential

Until fairly recently, Pimpri-Chinchwad was perceived primarily as an industrial hub and not a residential destination. However, with industrial development on ascend the population has grown exponentially there. Today, Pimpri-Chinchwad has emerged as a as a metropolis in its own right, with a thriving residential market on par with the best-planned cities and towns in India.
The residential market has multiple market drivers. The proximity to Hinjewadi IT Park apart, there is no doubt that this area’s future development will now be driven by the industrial clusters which are heavily concentrated in the PCMC area. Many landmark developments such as the International Convention Centre are coming up here, which clearly indicates that the PCMC area has a high potential for development. These projects are all part of the PCMC master plan laid down three decades ago.
Residential real estate development in Pimpri-Chinchwad has picked up rapidly in the last three years, and this area’s tag of an ‘Industrial City’ has vanished forever. The first wave of housing projects was driven primarily by the redevelopment of industrial campuses and plots into residential projects that catered to the workforce at the MIDC/industrial areas in Pimpri-Chinchwad and Talegaon.
Today, however, the fact that the PCMC area is, in fact, a meticulously planned area is making a truly decisive play on its real estate fortunes. Government-planned cities have various advantages over cities that have expanded via organic growth.
Planned development such as witnessed in Chandigarh and Gurgaon are the wave of the future in Indian real estate. PCNTDA — the Pimpri-Chinchwad New Township Development Authority — is a model closely based on that followed by Chandigarh, Gurgaon and Navi Mumbai.
Pune has witnessed organic growth, and the deficits in proper town planning have resulted in much of its infrastructure problems and shortfall in residential developments. In contrast, the properly planned Pimpri Chinchwad area – especially industry-intense areas like Chakan – should be able to avoid the mistakes done in central Pune.
PCMC has the advantage of proper town planning and the resultant infrastructure. However, there are areas of concern about how adequately development is being addressed in this vital growth area.

Residential Space Shortfall

The PCMC MIDC area encompasses approximately 3000 acres. The Chakan and Talegaon belt comprises about 11000 acres, which means that Chakan will need about 50,000 acres of planned residential development.
This kind of development will happen in a periphery of around 50 sq km. However, the magnitude of actual development today is lamentable. This is a major lacuna. 50% of Chakan’s industrial era is already developed and occupied. Major industrial giants like Volkswagen, Bajaj and Mercedes Benz have already started production.
The key area of Pradhikaran is the logical location for absorbing the residential demand of this industrial belt; however planning for the residential requirements of employees in these industries in Pradhikaran is completely inadequate. This needs to be done soon. To boost the residential sector in Pradhikaran, proper road connectivity between Pradhikaran, PCMC and Chakan must be established.
Pradhikaran has the potential of becoming the latest real estate growth area – not only for PCMC, but in terms of Pune as well. Pune is, in geographic terms, a small city typified by haphazard development of its real estate market. The PCMC area is a diametric opposite – it is 100% planned, with the groundwork for the planning in place since 1965.
Pune’s growth boosters are education and IT / ITES. In PCMC, and particularly in the Pradhikaran area, there is a plethora of factors to amplify economic and real estate market growth, including IT, automobile and various other industries.
The result is that a huge magnitude of residential and utility space needs to be developed in Pradhikaran alone. However, this has not been addressed by developers.
Three years back, the average property rates in the PCMC area were below Rs. 1000/sq.ft. Now, the average rate throughout the region is between 2500-3000/sq.ft. – a growth rate that Pune has been able to replicate only in certain IT-centric or high-profile residential areas.
At the current time, it is still possible to locate residential projects to commercial projects in Pradhikaran. This allows for maximum appreciation potential, since the demand for either of these two segments feeds the other. In another five years, the area will have reached such a high level of development that such juxtaposition will no longer be feasible.
Developers still have an opportunity to take advantage of this fact and develop residential and commercial projects close to each other. While this makes excellent business sense, it will also ensure that Pradhikaran will attain a balanced real estate profile that dovetails perfectly with the PCMC master plan.
Currently, the residential property rates in Pradhikaran range between 2500-3000/sq.ft. Once the International Convention Centre and the new International airport are launched, these rates have the potential of doubling. Until then, the minimum appreciation potential for Pradhikaran will remain at a steady 15-20% year-on-year.
Anil Pharande is President of CREDAI PCMC and Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.
This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com

Affordable Housing: The New Buzzword In India’s Real Estate Industry

The new buzzword in the country’s real estate industry today is ‘affordable housing’. Developers stung by a credit crunch, besides the drop in demand for commercial spaces and premium residences in recent times, have turned their focus to the middle-class segment.
Due to weak demand in commercial and retail segments, most developers have started looking at the affordable residential segment to maintain cash flow in order to meet their contractual obligations. Further, with buyers being extremely price conscious, the demand for affordable housing is on the rise.
A Relative Term
A simple definition for affordability can be — the consumers’ ability to purchase. However, this is a relative term. The idea of affordability may vary from individual to individual as well as from place to place. For example, what is considered affordable to a home seeker in Pune may not be affordable to someone else in Mumbai.
With the common man (read middle-class segment) constituting nearly 70 per cent of the demand for housing, we shall keep our understanding of ‘affordability’ limited to that which is deduced by the aam aadmi.
Affordable housing refers to residential units offered by developers at prices that are within the budget of low- and middle-income groups of a society. The housing units should also have all the basic amenities to cater to the daily needs of the household.
Monthly carrying costs of an affordable home should not exceed 30 per cent of the household gross income. Affordability is quantified by household income and price of the product.
Demand Growth
With the ever-increasing urban population, demand for affordable housing is witnessing a constant rise. According to recent a Planning Commission report, the shortage in urban housing as on March 2007 was estimated ar around 24.71 million.
The report went on to say that this shortage would to 26.5 million by 2012. Ninety nine per cent of this shortfall comes from the economically weaker sections (EWS) and low-income groups (LIG).
With real estate players witnessing a credit crisis, several of their big projects have come to a halt. Considering the huge demand in the affordable housing segment — which is relatively insulated — developers have now increased their focus on the fortune at the bottom of the pyramid.
An estimated 450 new projects have been launched, or are expected to be launched, in the affordable housing sector from big and small developers across the country.
Read the rest of the article here.

Ravet: A Promising Residential Destination For Pune Property Buyers

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In a rapidly developing city like Pune, it takes a lot to make a new destination stand out from the rest – and to interest those who seek to buy property in Pune.
This city has been spreading steadily outward, embracing most of the rural areas around it and bestowing the benefits of urbanization on them. Areas like Aundh, Baner, Wakad, Pimple Nilakh and Pimple Saudagar have all had their heyday.
However, it is now the turn of the hitherto obscure area of Ravet, located on the North-West side of PCMC and Pune, to receive a wave of the real estate magic wand. By a combination of various advantageous factors, Ravet is now certainly among the most promising of upcoming residential locations on the Pune property market.

Accessibility

Developed by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA) Ravet is extremely strategically placed on latter-day Pune’s map. By virtue of the fact that it is the first town one encounters after leaving the Mumbai-Pune Expressway, it is now known as the Gateway to Pune.
Ravet is, in fact, a confluence point of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway. Moreover, it is located equidistantly from two major real estate market drivers – the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt.
At this strategic point, JNNURM has now launched a 45-metre, grade-separated, non-signaled four-lane BRT (Bus Rapid Transport) road that provides access to the key area of Aundh in under ten minutes. 40% of the work on this vital conduit is already completed. Pimpri, Chinchwad, Chakan and Talegaon are now quite easily accessible from Ravet.

Developer Activity In Ravet

Pharande Spaces and the Rama Group have joined hands at Ravet in launching an integrated residential township called Celestial City. Located in the focal centre of Ravet, this project is spread over 25 acres and will be developed over three phases.
Since  the current property rates in Pune tend to be unrealistically high, the highest demand is currently for affordable housing. Keeping this in mind, the first phase targets the middle-income group with 2 and 3BHK flats ranging in size from 800 to 1200 square feet. These flats are affordably priced between Rs. 22 to 24 lakh at the initial offering phase.
Taking a cue from this pioneering project, other developers have also acquired land in Ravet, although their projects are yet to be announced. Meanwhile, this location continues to hold the highest promise for the Pune property market.

Vital Market Drivers

Apart from its accessibility, which by itself spells gold in real estate terms, there are other important establishments close to Ravet that add to its value as a residential location.
These include the Aditya Birla Hospital, the Bajaj Auto manufacturing plant, SKF, Telco and major educational establishments such as the Indira Institute of Business Management, D.Y. Patil College as well as the Mercedes Benz School.
Its proximity to the Hinjewadi IT hub is of strategic importance, since this fact makes it a new and affordable residential location for software employees there. It is also a location of high value to employees from the Talegaon MIDC and Chakan MIDC. It is, in fact, a binding location for these very important hubs.
Compared to the now staggering Pune property prices, rates are welcomingly low in Ravet, and the appreciation potential is undoubtedly high. It is therefore not surprising that some major names from PCMC’s developer community have taken an active interest in this lodestone location.
We expect it to reach a high level of investment and end-user potential in less than four years, after which rates should show significant and steady upward movement.
Avinash Gokhale is Director – Marketing & Corporate Planning, Pharande Spaces – a leading construction and development firm operating in the PCMC area of Pune, India.
This article may be reprinted with proper attribution to the author and PunePropertyBlog.com

Pune Real Estate: Manufacturing Companies Eye Realty Market

Small manufacturing companies are increasingly eyeing the growing real estate market as it turns out to be a goldmine for property developers in the country. At least half-a-dozen companies have either announced real estate projects with their partners or monetised their prime land assets in the last three to four months.
The reason: Home prices in cities like Mumbai and Pune have shot up surpassing the record levels of 2007-08, after seeing a drop of 30-40 per cent last year as home buyers postponed purchases.
Textile company Arvind today said it will develop 10,00,000 square feet of residential complex in Ahmedabad, with its joint venture partner B Safal Group. The land is owned by Ashoka Cotsyn, a unit of Arvind. Arvind already announced its plans to unlock around 600 acres of land in and around Ahmedabad and floated a separate subsidiary Arvind Infrastructure to pursue its real estate dreams.
Mumbai-based cable manufacturer Cable Corporation of India (CCI) is also looking at developing real estate projects across western India. Its maiden project in Borivali area of Mumbai is expected to cost around Rs 1,000 crore. Incidentally, the company’s Borivali land used to house its main plant will be shifted to Nasik in Maharashtra.
Hiten Khatau, chairman and managing director of CCI said the company has received booking for 70 apartments in its Mumbai project where it will develop 700 flats. Recently, the Rs 3,500-crore steel wire maker Usha Martin launched an affordable housing project in Boisar, on the outskirts of Mumbai, and plans to launch similar projects in Pune and Bangalore by the year-end.
Read the rest of this post here.