Flat Registration Offices To Be Linked To Curb Scams

At a time when property registration frauds are becoming increasingly commonplace, the state government has decided to interlink all sub-registrars’ offices. The move will curb instances of a single flat or a property being registered in names of multiple buyers. Once the offices are connected, registration officials will be able to verify if a sale deed has been registered at any other sub-registrar’s office on an earlier occasion.
At present, property transactions in Mumbai, Pune, Thane and Nagpur can be registered at any of the sub-registrars’ offices located in each district. This means that even if your house is in Bandra, you can get it registered, say, at the Borivli sub-registrar’s office. However, there’s a flaw in this system. As the sub-registrars’ offices are not interlinked, officials have no way of ascertaining if the same flat or property has been registered elsewhere.
Unscrupulous minds have been exploiting this very lack of coordination and instances of a single flat being registered in the names of multiple buyers have surfaced. In the absence of a common database on property registrations, many citizens had to run from pillar to post to get their home loans approved as banking officials found it hard to get correct details during the verification process.
The issue was recently raised in a meeting called to discuss how to better disbursement of home loans. The meeting, held in Mantralaya, was chaired by chief secretary J P Dange. During the meeting, housing secretary Sitaram Kunte pointed out that there has been a sharp rise in property registration frauds. “Taking cognizance of the issue raised by Kunte, Dange directed the officials concerned to rectify the registration system at the earliest to prevent recurrence of such scams,” a senior Mantralaya official said.
Collections from registration and stamp duty have witnessed a four-fold hike in the last decade. The government earned Rs 2,200 crore during the financial year 2000-01, while the figure shot up to Rs 9,600 crore in 2009-10.

Pune Builders Want Extra FSI For Redevelopment Schemes

A rage in Mumbai with the Bombay Municipal Corporation giving additional FSI to builders, Pune is still going slow with such schemes.
The Confederation of Real Estate Developers Association of India (CREDAI), Pune, head, Satish Magar said, with no incentives being offered to the builders as in Mumbai, developers are not too keen on taking up such projects. “In Pune there are several such buildings which needs redevelopment. However, with no incentives, the builders have to settle with very less profit and generally steer clear of such projects,” he said.
A senior town planner said that Bombay Municipal Corporation (BMC) was proactive and made the amendments as land was becoming scarce and got the extra FSI to go higher which made them take up several dilapidated projects. “The BMC made the necessary changes in the development control rules and it is being implemented,” he said.
While a senior member from the Mantralaya said that it is the duty of the civic body to make the necessary amendments. “ If Bombay Municipal Corporation can do it, so can Pune. Once the amendments are made and the necessary proposal is passed by the GB, then Pune too can have a plan ready for redevelopment especially for the old dilapidated structures,”he said. A civic body member said that presently there are no sops for developers.
Read the rest of this article here.

Road Development: The Key To Pune’s Real Estate Growth

Pune Property
There are often comparisons made between the infrastructure of Mumbai and Pune. The popular consensus seems to be that both cities are equally challenged as far as supportive infrastructure is concerned.
This is inappropriate for two reasons – one, Mumbai’s growth pattern has been very different from Pune’s. The city has evolved into the country’s financial capital, and the pressures on it are enormous and overwhelming, considering the fact that a significant part of it is an island that cannot grow horizontally to accommodate the growing real estate demands.
Pune, on the other hand, has an advantage by virtue of the fact that it has been able to add to its borders by means of surrounding villages. This has served to decreased pressure on the central city and encourage an outward growth pattern.
The challenges on Pune’s infrastructure – particularly its road network – have more to do with the speed of this growth. While there are various proposals for roads and road widening, these have to be translated into real time to be effective.
The pockets of infrastructural under-development are the result of both developers and the Government concentrating on existing growth areas and sidelining those with high future potential. It is a known fact that no area can grow in terms of residential, commercial and retail real estate unless the necessary infrastructure is first put in place.
This is quite a common phenomenon that is the result of the principle of fastest returns almost instinctually followed by both developers and the Government. Bangalore, for instance, was initially not well planned for radial expansion.
The approach in this city was simple – where Information Technology projects went, residential projects followed. IT and ITeS, as business lines, are not dependent on a city’s CBD areas and can workably exist in areas where property prices are low.
Once such a project is firmly in place, residential, commercial and retail establishments follow. Since this kind of growth in no way follows a master plan, the result is haphazard pockets of growth. This naturally leads to the neglect of areas that have not been so favoured. The syndrome is also evident in the case of other industries such as manufacturing.

For The Lack Of A Road….

To identity another factor that has compromised Pune’s holistic growth in terms of real estate viability – the first masterplan for the city designated a much more progressive ‘roadmap’ for the city’s road network, while the second one is decidedly sotto voce on these. Also, key roads leading to new growth areas are not being put in place with the speed necessary to ensure that these new areas have the requisite connectivity.
The roads leading to Kharadi – a major real estate growth nexus – have not been put in place due to an inappropriately slow speed of development initiative. Similarly, the Eastern bypass has been at the proposal stage for many years. In these and various other instances, the result is compromised potential.

Case Study – Pradhikaran Phase 2, PCMC

In comparison, the Pimpri Chinchwad Municipal Corporation (PCMC) has been proactive in terms of a proper road network. This explains why there have been such spurts in growth and corresponding real estate values in this region. Considering how much the authorities have already achieved, it is distressing that certain pockets in the region still show signs of infrastructure deficit.
A case in point would be Phase 2 of the Pradhikaran area, which comes under the purview of the Pimpri Chinchwad New Town Development Authority (PCNTDA).
The Pharande Group, which has made significant land bank investments in Phase 2, across Sectors 4 and 6, had already launched residential projects in Pradhikaran’s Phase 1. Under the aegis of Anil Pharande, a massive mixed-use development is now shaping up in Phase 2.
This area is extremely important for overall growth of the region, since it will cater to a huge chunk of the middle income housing demand for PCMC-employed mid-management cadre. However, because of the lack of proper roads, only the Pharande Group and a handful of smaller developers have taken the risk of venturing into this area to open it up for future growth.

The Origin Of Mismatch

The Pimpri Chinchwad Municipal Corporation (PCMC) area was established as a satellite town to Pune in 1962, and it quickly grew as an industrial market. Since the travel time between Pune and PCMC presented a challenge, the authorities soon perceived an increasing need to provide housing for people who worked in this area. This led to the formation of the Pimpri Chinchwad New Town Development Authority, which began to develop housing for the PCMC workforces.
The constraints of octroi and sales tax caused most industries to start moving out of the corporation limits. This caused a boost in the growth of the outlying areas. Development is now gradually shifting away from the core areas of PCMC, and the areas between Bhosari and Chakan.
Generally, the road network in PCNTDA area is quite suitable. Currently, a 45 meter spine road that would connect Nashik highway to Mumbai Highway (at Nigdi) is being developed. However, the lack of direct road connectivity from this part to Chakan presents a lacuna that reflects on this location’s overall growth potential.

‘Poor Cousin’ Syndrome?

Chakan has already found favour by large-scale industries and Bhosari was already an established industrial area, since it had grown in tandem with other industrial areas in the PCMC. The quick progress of these two areas has attracted the bulk of road construction efforts, and away from the area known as Phase 2.
Paradoxically, Phase 2 offers the advantages of generous land availability and low real estate costs. It also has an enormous future market driver in the form of the International Convention Centre at Moshi, which is being jointly developed by the Maratha Chamber of Commerce and the PCMC.
This project is currently only in the proposal stage, but it will add immense value to this sector. When the ICC becomes operational, it will positively affect real estate value in the northern parts of the PCMC area, right up to Chakan.
Developers already active in this area have put the blueprint for its progress in place. However, the blueprint needs to be transferred from the drawing board to the shop floor.
A suitable road network connecting Phase 2 to Chakan and Bhosari could vastly improve its chances of catching up with these growth sectors – and of fulfilling its intended purpose as a new residential safety-valve for the increasing housing demand from the PCMC area.

Lacking – A ‘Potential Value’ Perspective

The potential of this key area apparently lacks from a recognition of its inherent future value. A closer look at its promise for the PCMC real estate market would very likely cause a more fast-paced development of its road network.
There are earlier precedents in Pune, wherein languishing areas were given fast-paced infrastructure upgrades because of an upcoming market catalyst. When the recent Youth Commonwealth Games loomed closer, the enhancement of Baner Road and Pashan Road were put on the fast track.
In the same manner, it is not unreasonable to anticipate that the PCNDTA will take cognizance of the fact that Pradhikaran’s Phase 2 is extremely important by virtue of the fact that strategically juxtaposed New Rajguru Nagar has now been identified as the location of Pune’s new airport.
This being the case, putting down adequate roads in this area will set the stage for immense future growth of this strategically placed locality.

Author: Mohammed Aslam is Head – Pune, Jones Lang LaSalle India.
This article may be reprinted with due credit to the author and a link back to PunePropertyBlog.com

Twin Levies Hit Home Sales, Registrations In Maharashtra

It’s turning into a battle between property developers and home buyers in Maharashtra, as the two argue over who will pay the service tax and the recently-imposed value added tax. The twin blow is holding up a large number of property registrations across the state, say top realty brokers and developers.
In Pune, the auto and information technology hub, property sales have come down by half because of this issue, says Pankaj Kapoor, managing director of Liases Foras, a real estate research and ratings firm. “The Pune market was doing well in the last quarter, now with the imposition (of the levies), it is badly hit. Even the sales have been hit in the peripheral areas of Mumbai [ Images ],” Kapoor says.
According to Kapoor, home sales in Mumbai have been impacted to the extent of 15 to 20 per cent due to the problem. Recently, the state government imposed one per cent VAT on the contract price of the houses mentioned in the sale agreement registered on or after April 1 this year.
With the Centre’s imposition of 2.38 per cent service tax on under-construction properties, which came into effect at the start of July, the additional burden (excluding the five per cent stamp duty and registration charges) comes to 3.38 per cent of the property value.
Suppose, if a person buys a house of Rs 1 crore in Mumbai, he has to now shell out an additional Rs 338,000 as VAT and service tax, which effectively translates into an equated monthly installment of around Rs 4,000.
What has made matters worse for buyers is that the additional burden is coming on top of the sharp rise in home prices. According to a report from brokerage house IIFL, residential prices in Mumbai and the National Capital Region of Delhi have increased 20-30 per cent since March and have reached new highs.
“Any additional cost is going to impact sales,” says Mrunal Duggar, vice-president, Homebay Residential, a unit of Jones Lang LaSalle Meghraj. Already home sales in Mumbai went below 6,000 units in May after 11 months of 6,000-plus a month, the IIFL report says.
Developers say the state government might also impose one per cent of the cost of construction as labour charges, which will increase burden further. Duggar of JLLM say developers should look out for the any additional burden on the potential customer in the reviving market.
Read the rest of the article here.

Pune Can Make Rain Water Harvesting Work

PUNE: The writing is on the wall. The city’s population is rising and its water needs are growing by the day. So the city must save water through as many ways as possible or faces cuts year after year.
Among the options, rain water harvesting (RWH) stands out as the most workable solution. It has been tried and tested in several metros like Chennai and Bangalore where it has improved groundwater levels significantly and made new buildings in Mumbai explore the option.
While individual efforts in the city to store rain water to recharge ground water levels stand out as classic examples and many citizens back the idea and want the Pune Municipal Corporation (PMC) to make it mandatory for all buildings, the civic body says it is not such a feasible way to save water. Experts find it a question of willingness.
At the top, the state government is keen on rain water harvesting. The water supply and sanitation department had issued a government resolution in 2002 approving RWH as a means of improving water supplies. The GR details various RWH techniques, their costing and availability of funds.
However, civic officials want the push to come from the state government. “The PMC is waiting for the state government’s directives to make a RWH compulsory for new constructions in the city. As of now, it is voluntary for new constructions. Once the state issues directives, the civic body will follow it,” said PMC’s deputy city engineer Rajendra Raut.
Unlike Chennai where the government made it mandatory for all buildings including government offices to have RWH in 2003, the PMC has said the costs and infrastructure made it an unfeasible option here.
Of the 6.5 lakh properties in Pune, only some 600 have implemented RWH. The Pune Municipal Corporation (PMC) grants concessions in property tax to societies that implement one or two of the eco friendly techniques like rainwater harvesting, solar heating techniques or vermi-composting.
A five per cent rebate is granted if any one of the techniques is followed and ten per cent if two techniques are implemented. City engineer Prashant Waghmare said, “We have not made it compulsory. It is not possible to ask old property owners in the city to opt for this technique as they do not have the space or the side margins required to set up the system.
“It is not feasible to make rainwater harvesting compulsory. It involves cost and infrastructure. At many places the geological conditions do not permit such a system, especially where the hard rock forms the base of the land. Setting up such an infrastructure is expensive in such cases,” said Raut.
RWH consultant Jyoti Panse said the techniques was not prohibitive. “Compared to the price we pay for water during crises, the RWH investment is less and a one-time investment.
Until the PMC opts for a metered water system, people will not understand the value of water. Once water is tagged with value, people will understand its worth and the importance of rain water harvesting,” she said.
That there is little initiative from the citizens too is apparent. A total of 8,063 properties were given tax concession in 2009-10. According to the property tax department, 1,185 had implemented solar heating and 2,171 had taken up vermicomposting.
In sharp contrast, just one property had rain water harvesting. In a combination of two techniques, 4,227 properties had both solar and vermicomposting while 579 had rainwater harvesting and vermicomposting. Willingness will be the bottomline for RWH to gain ground, said Panse.

All That You Want To Know About Rain Water Harvesting

Can I harvest rain in my own house?
Yes. Structures to harvest rain require little space. A dried borewell, a row of soak pits or a tank concealed below the ground are all that you need. The open spaces like rooftops and the ground can be used as your catchment (surface to catch rain).
How much will it cost?
Costs vary depending on the area of your roof and other structures that you will use to harvest rain. But it does not require major construction work, so the expenses suit most pockets. Find out for yourself on websites including http://www.rainwaterharvesting.org
Who will build it and how long will it take?
You need someone who understands RWH. It is simple, but it still needs someone who has experience in the principles of rainwater harvesting. Then a skilled mason or a plumber can do the job for you within 10 days.
Who will it benefit?
Your groundwater will get recharged. But as groundwater finds its own way, your neighbourhood will gain too. So for best results, get all your neighbourhood societies to become rainwater harvesters as well.
What will be the quality of water?
You are putting rain water into the ground, which once contaminated, cannot be cleaned easily. Do not let water with sewage or other dirt flow into your recharge pits. This is why the cleanest rainwater is from our rooftops. There are also filters to keep some dirt out.
Does it require maintenance?
Once or twice a year, at very little cost. Remember rainwater harvesting means that you have to get involved. This is about making water all our business and about building our relationship with water, with the environment. Harvest rain and learn the value of each raindrop.
What are types in rainwater harvesting?
Rooftop RWH is the one in which roof-water is collected and directed into a bore well pipe after filtration or can be stored in a storage tank and used for non-potable requirements
Collection of rainwater that falls on the ground is called surface rain water harvesting. This water is polluted as it comes in contact with the ground, so it should be recharged into the ground by means of filtering recharge pits
(Source: Centre for Science and Environment, New Delhi)

Why Rainwater Harvesting

  • It is a simple, economical and ecofriendly technique of preserving every drop of water falling on the earth.
  • It is the process of gathering and storing rain drops and preventing runoff, evaporation and seepage for its efficient utilisation and conservation.
  • It is an effective option to gather rain water and store it.
  • Harvesting helps utilise a large quantity of good quality water which otherwise goes waste.

Just A Little Space

Harvesting rain needs little space. A dried bore well, a row of soak pits or a tank concealed below the ground are all that is needed. The open spaces, rooftops and ground can be used as catchment area. Groundwater will be recharged, and as groundwater finds its way around, the neighbourhood will gain too.

Cost Factor

The cost is calculated based on the size of the building and various other considerations. Pune receives a total rainfall of around 700 mm through the year. An apartment block or a bungalow with 1,000 sq ft terrace can save around 60-70,000 litres of water every year.
Hardware costs for installing a rainwater harvesting system is between Rs 10 and Rs 12 per sq ft of terrace area. Harvested rain water can be diverted to existing bore well water or flushing water storage tank.
Approximate cost of this storage tank is Rs five to six per litre of the tank capacity. A building of Rs 24 flats will incur an expense of about Rs 1 lakh for installation of the system.
This article was reprinted from the Times of India.

Paying Stamp Duty Will Soon Be A Click Away

MUMBAI: The state legislative council on Friday passed amendments to the Indian Registration Act, 1908, a move that will permit online registrations. The amendments will now be sent to the Centre as the Indian Registration Act is a central Act.
It will take about six months to get a nod from the Centre. Speaking in the council, minister of state for revenue, Prakash Solanke, said the amendments will permit people to do online registrations.
Under the proposed system, a property buyer can scan documents at home and send it to the sub-registrar who will evaluate the property and decide the stamp duty and registration fees. This will be conveyed to the person who has sent the documents. After deducting the stamp and registration charges, an e-receipt will be sent.
Solanke also said people can also get their property registered in any stamps and registration office. “A person sitting in Mumbai can do a Pune property registration at a Mumbai office,’’ Solanke said.
The minister also said that there was a plan to start 60 new stamps and registration offices in Mumbai, Thane and Pune, which account for nearly 80% of the stamp department’s revenue.
Read the rest of this article here.

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.

The Real Estate Dynamics Of Satellite Towns

The immediate impacts of satellite town formation – and the primary advantages – would be an at least partial decongestion of the central city and a rise in property valuations in the satellite town.
The appreciation rate would depend on what kind of infrastructure has been/is being put in place in the satellite town, and what other market drivers it features.

Price Dynamics

Since appreciation is of paramount interest from an investment point of view, this aspect deserves amplification. Property prices are a function of demand and supply. Demand is created by a suitable combination of market drivers such as employment potential, infrastructure and overall quality of living.
If a satellite town offers these in sufficient magnitude, and if there is sufficient connectivity to the main city by means of road and rail, this new area can often put a slight downward pressure on property prices in the more centralized regions while showing a steady upward trend on its own property price graph.
This, however, happens only under optimum conditions, which must be created by meticulous town planning and proactive local Government support.

The Downside

Of course, living in a satellite town is not everyone’s cup of tea. There would be a perceived disadvantage for those use their home in the satellite town to travel to their workplace in the central city, especially if the necessary degree of road/train linkage has not been created.
Also, buying a home in a satellite town can lead to a sense of isolation and general dissatisfaction if the location does not feature the kind of social life and entertainment that would be seen as necessary lifestyle quotients.
Some central city dwellers would choose to move to such satellite towns in response to the available relief from city-related stress and cheaper property rates. However, the majority of metropolitan inhabitants would choose not to relinquish their foothold in the main city.
Many satellite towns coming up today are of greater interest to migrant populations rather than core city inhabitants, and local developers tend to zero in on this population while planning their projects.

Developers’ Delight

A classic example of best-scenario satellite town planning would be the Pimpri-Chinchwad Municipal Corporation (PCMC) of Pune, which is an industrial hub in its own right.
Within the PCMC area, Pradhikaran has emerged as the location of choice for mid-to-high level management staff working in the various surrounding industries, and various local development have recognized and focused on this potential.
Areas such as Navi Mumbai and Pune’s PCMC are planned developments that have their own social infrastructure as well as distinct resident profiles social character.
If satellite townships have been meticulously masterminded by the relevant town planning authorities, they will incorporate their own economic drivers such as employment opportunities, social infrastructure and lifestyle quotients.
Simply put, such a combination of factors opens up a new growth area for the real estate market. Under suitable circumstances, office, retail and residential property will work in tandem to create a symbiotic growth pattern.
Moreover, once such a satellite town is established, it tends to attract various industries specific to the available workforce, further boosting this pattern. The overall effect is one of economic diversification of a possibly congested metro into new directions. This naturally spells nothing but good news for the region’s real estate market.
Author: Subhankar Mitra is AVP – Strategic Consulting, Jones Lang LaSalle Meghraj, the largest real estate consultancy in India.

Prominent Satellite Towns + Benchmark Property Rates

Pune:
Rupees
PCMC under aegis of PCNTDA(Pimpri-Chinchwad New Township Development Authority)
2000-2800/sq.ft
Mumbai:
Navi Mumbai
3000-3500/sq.ft
Kalyan/Dombivili
2200-2700/sq.ft
Vasai/Virar
2000-2200/sq.ft
Delhi:
Ghaziabad
3000-4000/sq.ft
Faridabad
3000-5000/sq.ft
Guragon
3500-5500/sq.ft
Greater Noida
2500-3500/sq.ft
Bangalore:
Yelahanka
2800-3200/sq.ft.
Devanhalli (Villas)
3 to 9 Cr.
Chennai:
Sriperumbadur (proposed as satellite town)
2000-2200/sq.ft
Siruseri (proposed as satellite town)
2500-2800/sq.ft
Kolkata:
Rajarhat
2000-2500/sq.ft
Kalyani/Batanagar
1800-2200/sq.ft

(Rates are indicative only and may vary according to projects and location dynamics)

Lonavala, Tourist Destination Near Pune, To Get 1.5 Lakh Sq Ft Mall

Now malls appear to be tracking tourists. A 1.5 lakh sq.ft mall at a cost of Rs 100 crore is coming up in Lonavala, a hilltop tourist destination that is an hour’s drive from Mumbai.
A ‘mall mechanic’ is in the forefront of this development, who says that the research has it that on an average 62,000 visitors come to Lonavala during weekends — Friday through Sunday — annually.
Beyond Squarefeet, a boutique mall advisory company, has bagged the project being developed by Dhanlaxmi Builders and Developers.
“Hill towns like Darjeeling, Mussoorie, Shimla, Nainital, all have a ‘mall road’, while Lonavala, in spite of being frequented by people from Pune and Mumbai, does not have it. We wanted to create a mall which will cater to the local population and also generate business opportunity for the locals,” says Mr Sunil Sangoi, Managing Partner of Dhanlaxmi Developers.
Read the rest of the article here.

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.