Arun Developers, Pune

Arun Park, Opp. Aditya Birla Hospital,
Chinchwad, Pune - 411033

MahaRERA grants six-month extension to builders to deliver projects

"All MahaRERA registered projects where completion date, revised completion date or extended completion date expires on or after April 15, 2021, the period of validity for registration of such projects shall be extended by six months," the Authority said in a notification.MahaRERA grants six-month extension to builders to deliver projectsMUMBAI: The Maharashtra Real Estate Regulatory Authority on Friday allowed a six-month relief to builders to deliver projects by accepting their demand for invoking the 'force majeure' clause because of the second wave. This is the second time in the pandemic that the authority has granted such a relief for the builders in the state. "All MahaRERA registered projects where completion date, revised completion date or extended completion date expires on or after April 15, 2021, the period of validity for registration of such projects shall be extended by six months," the Authority said in a notification. The Authority added that it will accordingly issue project registration certificates with revised timelines for such projects at the earliest and also made it clear that the extension will not apply to projects that were to be completed before April 15. The notification said the state government had on April 13 issued directions regarding restrictions on the movement of people because of the second wave of infections and added that this wave was more lethal. The lockdowns led to construction activities coming to a standstill due to non-availability of labour and impact on the movement of building material, it said. "A force majeure period of six months from April 15 to October 14 is being declared," the notification said. The order has been issued in order to aid government efforts in controlling the damage caused due to COVID-19 and ensure that completion of projects does not get adversely affected, it added. The time limits for projects, which became due anytime during the force majeure period, will automatically stand extended for a period till the expiry of the period, it said clarifying that the rights of the allottees will not get affected through the order. The notification said promoter organisations had represented before the Authority requesting for this relief in the wake of the second wake crippling the industry. "It is a move in the right direction and the real estate hopes for authorities other than MahaRERA to follow the same thought process and grant similar relief," developer Niranjan Hiranadani, national president of realty industry body Naredco, said.Follow and connect with us on Twitter, Facebook, Linkedin
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Copy of Arun AION site status

We are well aware of the curiosity and being safe in such conditions. so please find the site status of Arun Aion. till dateWork as on 20 JulyWork-1). Block work is going on at flat no.808 & block shifting work from 9th floor to 8th floor. 2)Carpenter- at ugwt slab & pardi side shuttering work3)fitter- ugwt pardi lap length steel binding work.4)At 9th floor cleaning work is going on.5)Waterproof brickbat work is going on at flat no.301,313,401,404,413 6) Core cutting work is going on at 2 nd, 3rd ,4rth floor,2BHK - common toilet,for spout.
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Mumbai real estate: Respect all religions. But only from a distance

Mumbai real estate: Respect all religions. But only from a distanceA key inference from the Pew survey is that while Indians say it is important to respect all religions, major religious groups feel they have little in common, and want to live separately.Representational image of Powai, Mumbai. The Pew survey 'Religion in India: Tolerance and Segregation' crystalized something we've known all along: people prefer neighbours from similar religious backgrounds, even in Mumbai.Representational image of Powai, Mumbai. The Pew survey 'Religion in India: Tolerance and Segregation' crystalized something we've known all along: people prefer neighbours from similar religious backgrounds, even in Mumbai.At the peak of the COVID-19 crisis last year when developers in Mumbai were in utter panic, a prospective home buyer decided to take the plunge and buy an apartment. His preferred project was one which was close to completion and had sold only one-third the inventory, causing the developer a challenge in servicing his loans. The buyer showed interest but the desperate builder rejected the buyer. The builder was not foolish or delusional in his price expectations. He merely faced a challenge that has been almost impossible to penetrate in Mumbai real estate – a Muslim homebuyer.I was reminded of this episode after reading a recent report by the Pew Research Centre titled ‘Religion in India: Tolerance and Segregation’. The key inference of the Pew survey was that while Indians say it is important to respect all religions, major religious groups see little in common and want to live separately.For me, one data set is worth delving into from a housing perspective. That data set is – Indians who say they would not be willing to accept people from another religious group as neighbours.The finding is clear – there is resistance to seeing people from another community stay next to you: 36% of Hindus and 33% Sikhs would not be willing to accept a Muslim as a neighbour. Additionally, 25% of Muslims and Sikhs would similarly not want a Christian living next-door to them; 54% of Jains would not want a Muslim neighbour; while 47% would not be willing to have a Christian neighbour. The Buddhists seem the most flexible in their choice of neighbours.In one way, the survey has broken new ground in bringing out a reality that has long existed. In another way, from a Mumbai real estate perspective, I have to concede that a survey done exclusively for the city – would throw substantially higher numbers. By national benchmarks, it is believed that Mumbai is an outlier where religion matters for little. It’s a good narrative. There is only one problem: It’s not true. And it is definitely untrue when it comes to housing.Parsis and Christians try to enable their own cocoons which permit sale or rent often only to people from their own community. The Jains prefer being only around other Jains, to the extent that there are localities that have restaurants which don’t even dare to serve non-vegetarian food. Muslims prefer having members of their own community in a locality.Due to a combination of demographics and poverty, the biggest discrimination is often faced by members of the middle and upper middle-class Muslim community. They are torn between not wanting to reside in the chaotic ghettos while being rejected from housing opportunities in localities that they want to reside in. It is tough to arrive at a specific number on this but I would reckon that at least 50% of Hindus would be uncomfortable with a Muslim neighbour. And that number would go as high as 70% with Jains. Remember, 66% of Mumbai’s population is Hindu and 4.1% follow Jainism.On the principle of fair and equal housing, it is undeniable that the Muslim community has received a raw deal over the years. At the same time, it is hard to argue against the concerns that several people have with regards to Muslims.I’m aware that there are reservations over food habits that act as a thorn in the flesh for a few communities. To be honest, I am not sure if that is a major reason for the discrimination. There are bigger reasons at work in my view. On one extreme is the perception that members of the Muslim community can be a security and safety threat, and need to be shunned. At the centre is a view that has been fostered by looking at the shoddy conditions of Muslim-dominated localities. On the other extreme is the financial point of view that says ownership of apartments by a meaningful number of Muslims in a particular project or locality often results in a decline in property values.It’s a complex phenomenon, and I take no decisive view on the subject. However, I will say that the perception against Muslims is exaggerated in comparison to ground reality. The problem is that there appears to be no solution in sight. At the public housing level there is little that can be done, given how compromised Mumbai’s housing administration is. Countries like Singapore promote inclusivity through public housing where residents of different communities are given allocation in the same premises. On the other hand, private housing is now a victim of a virtuous cycle where discrimination is so entrenched that it appears almost impossible to penetrate. The only solution, albeit slow, is if developers and societies evaluate each buyer on their individual merit and approve those that fit the sensibilities of that particular society.In the end – the Pew Survey shows us the mirror to who we have always been. We respect other religions – as long as it is from a distance.
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Hints of 'uplift' in market, says Finolex Industries

Hints of 'uplift' in market, says Finolex IndustriesFinolex reported a 16% year-on-year increase in its revenues for 2020-21 fiscal, standing at around Rs3,463 crore. Its YOY EBITDA and profits were also significantly up, with the former up by 122% to around Rs1,062 crore, and the latter jumping by around 125% to Rs 728 crore.Hints of 'uplift' in market, says Finolex IndustriesPUNE: City-based PVC pipes and fittings maker Finolex Industries said there were signs of improvement in sectors it has an interest in, despite localized lockdowns across the country. The company said, however, that high input prices were a cause for concern.Finolex reported a 16% year-on-year increase in its revenues for 2020-21 fiscal, standing at around Rs3,463 crore. Its YOY EBITDA and profits were also significantly up, with the former up by 122% to around Rs1,062 crore, and the latter jumping by around 125% to Rs 728 crore.“The March quarter of FY20 and the first quarter of FY21 were hit by the lockdown. We got good volumes across sectors in Q3, especially over Diwali and the New Year. Q4 was going well when the second wave hit,” Niraj Kedia, deputy CFO, told TOI. The company shares closed 1.4% higher, at Rs173.65, on BSE on Friday evening. Kedia said that the company’s plants, including the one near Pune, did not have to shut during the recent restrictions. Kedia said despite the company making its own PVC, the high prices for the commodity — up 60-80% in the past year — are worrisome. He said the lack of a nationwide lockdown was a ray of hope in FY22. “There are hints of uplift in some sectors, like construction. There has been less of that uplift in agricultural sector as shops have been closed and customers generally go to dealers,” he added.
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Developers raise supply in city peripheries

Developers raise supply in city peripheries: ReportLivemintDevelopers are increasing launches in peripheries of cities post covid as people are preferring to buy houses outside congested locations, a study by Anarock Property Consultants said.Of the total 1.49 lakh units launched in the top seven cities in FY21, 58% were in the peripheries compared to 51% in the pre-covid era in FY19, said the report.In Pune, 76% of the new launches were in peripheral areas, including Mulshi, Pirangut, Ravet, Chakan, Chikhali, Wadgaon Budruk, Talegaon Dabhade and Undri, among others. In FY2019, the new launches in these areas accounted for only 67%.In the Mumbai Metropolitan Region (MMR), 67% of the new supply was in Panvel, Palghar, Vasai, Virar, Badlapur, Bhiwandi and Dombivli among others. While in FY2019, 60% of the new launches were made in these areas.In the National Capital Region, around 19,090 units were launched in FY21, of which at least 57% were in the peripheral areas such as Sohna, Sohna Road, Greater Noida West, and Yamuna Expressway. In FY19, the peripheral supply share was 49% of a total of 29,500 units launched then.Anuj Puri, chairman, Anarock Property consultants said, “Homebuyer preferences changed perceptibly post the pandemic. The previous ‘walk-to-work’ concept no longer led home buying decisions – instead, bigger and more affordable properties in greener, less polluted areas found favour, driven by work-from-home and e-schooling compulsions as well as safety concerns. Developers quickly changed track and those with land banks in the peripheries, and even otherwise, saw it an opportune time to launch new projects there."“It is very likely that some of the major office occupiers will soon de-centralize and bring their offices closer to their employees’ homes in these peripheries," added Puri.
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How to buy a property on which home loan is pending

How to buy a property on which home loan is pendingA buyer needs to procure no-dues and other approvals from banks and government authorities before buying a property on which there is an existing home loan.How to buy a property on which home loan is pendingNEW DELHI: Buying a resale property appears much simpler than buying an under-construction unit. However, there are some crucial checks and documents requirements before you enter into a legal contract. Every property transaction involves two key components - one is the physical verification of a property and the second is its legal due diligence. Sometimes, the second part is more important than the first as it ensures your investment is safe and without any legal dispute.If you are planning to buy a resale property from a seller who has already taken a home loan on the property, then it is important for you to perform certain due diligence. Firstly, check whether the existing owner has any pending home loan, electricity and water charges or other dues on the property. You also need to check whether the property is owned by a single owner or it is shared. One should also check whether the property is leasehold or freehold. If the property is leasehold, then the seller needs NOC from the government authority.You can either choose to ask the existing buyer to clear the home loan or if you are also planning to take loan to buy the property then you can apply for transfer of seller’s loan to your name. The bank will take your KYC and check your eligibility and then check the seller’s file and transfer the loan to your name.Deepak Chowdhury, partner, Induslaw, explains, “The buyer must insist on a copy of all the title documents of the property for conducting a title due diligence to identify the risks, if any, on the property. The buyer will also require the title documents if he intends to obtain a loan for financing the acquisition of the property. The buyer should also request the seller to obtain a statement of loan outstanding (principal and interest (including penalty interest if any)) due from the bank wherein the home loan is pending, and a confirmation of the property documents mortgaged with the bank.”Documents to checkThe buyer has to verify all title documents in relation to the property:(i) Deed of transfer in favour of seller and the property tax certificate issued by the concerned municipality in the name of the seller. In case the property is a flat/apartment situated in a high-rise building, check if the undivided share of the land over which the building has been transferred in favour of the seller;(ii) Title documents for the past 30 years so that the title of the vendor/builder of the property can be established. Also procure a certificate of encumbrance from the concerned sub-registrar to assess all the previous title transfers and encumbrances on the property.(iii) Sanction Layout, Building Permit, Occupancy Certificate, Zoning Regulation, Fire NOC (in case of high-rise building), permission for lifts installed at the building wherein the property is located.(iv) No objection certificate for transfer of ownership and No-dues certificate from the Cooperative Housing Society/RWA of the building or the builder if he maintains the society.(iv) Municipal taxes pending against the property. It would be advisable to also check the dues against the property that may be pending towards the electricity and the water departments. Also, obtain receipts to verify the tax paid by the present owner.(v) An independent search needs to be conducted on show-cause/demand notices pending against the property or the building wherein the property is located.(vi) Check if any litigation is pending against the property or the building wherein the property is located is a subject matter of a litigation against the builder/developer.Is it safe to buy a property mortgaged to a bank?Unless the property is subject to any litigation or exercise of mortgage rights by the bank, it is safe to buy a resale property pending mortgage. However, the buyer needs to insist on the closure of loan and a no dues certificate from the bank prior to purchasing the property. In case the buyer intends to take a loan for acquiring the property it is mandatory that the buyer moves a proposal to the bank from which it intends to avail loan and get a legal and technical clearance as well as obtain a sanction letter from the bank prior to the transaction.Nikhil Varma, founding partner, MVAC-Advocates, Solicitors and Consultant, says, "The procedure to purchase a mortgaged property is not complex and in order to purchase such a property, the purchaser may either close the existing loan, or get a new loan from the same bank to close the existing loan or get a loan from another bank. It is imperative that the purchaser ensures that the seller provides them with the no-dues and no-objection certificates both from the bank and builder/RWA. There are instances wherein the agreement for such a transaction is a tripartite agreement making sure that the bank is aware of such sale and an active party to the same."Getting all the relevant documents is very important as then you can get bank approvals easily and also be able to register your property without any issue.“Buying a house (be it a flat or an independent house) with an existing bank loan requires patience and time. If you are borrowing from a different bank, then one bank can pay to the other bank and take over the existing loan. However, if the bank is the same then internal loan transfer takes place, and you become the new owner after registering the property,” adds Aditya Chopra, managing partner, Victoriam Legalis - Advocates & Solicitors.Make a checklist of the documents you have and then create a list of documents you require from the existing sellers before buying a bank mortgaged property. Pay only the token/booking amount when you have verified the owner, the property and have made sure it is good to buy.Follow and connect with us on Twitter, Facebook, Linkedin
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India expected to grow at 8.3%, says World Bank

India expected to grow at 8.3%, says World BankThe growth rate forecasted for India for 2021-22, the World Bank is an upward revision from its January forecast of 5.4%.Sriram LakshmanIndia’s economy is expected to grow at 8.3% for Fiscal Year 2021-22 as per the World Bank’s latest projections. This rate, however, masked the damage caused by the “enormous” second wave of COVID-19, the Bank said in its June 2021 Global Economic Prospects released on Tuesday. The world economy is expected to expand 5.6% , the fastest post-recession growth rate in eighty years, but global output will still be 2% below pre-pandemic projections by year-end.The growth rate forecasted for India for 2021-22, the World Bank is an upward revision from its January forecast of 5.4%. However this revision “masks significant expected economic damage from an enormous second COVID-19 wave and localized mobility restrictions since March 2021,” the report says, adding that activity will follow the same but less pronounced collapse and recovery seen in last year’s COVID wave.“Activity will benefit from policy support, including higher spending on infrastructure, rural development, and health, and a stronger-than[1]expected recovery in services and manufacturing,” the report says.For FY 2022-23 growth is expected to slow to 7.5% as a result of the pandemic’s lingering effects on the balance sheets of households, companies and banks and possibly low levels of consumer confidence and heightened uncertainty around job and incomes.For India the massive COVID-19 wave had undermined the sharper than expected rebound in activity for the second half of FY 2020-21 – particularly in services, according to the Bank. Since March, foot traffic around retail spaces has slowed to below a third of what it was in pre-pandemic times.For the world as a whole, losses to per capita income will not be reversed by 2022 for some two-thirds of emerging market and developing economies, the Bank said. Low income countries that have lagged in vaccinations have witnessed a reversal in poverty reduction, with the pandemic exacerbating insecurity and other long-standing challenges.“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” World Bank Group President David Malpass said in a press statement.“Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries. As the health crisis eases, policymakers will need to address the pandemic’s lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability,” he said.
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land and encroachments after merger, PMRDA gets deposits and staff

Pune: PCMC gets major portion of land and encroachments after merger, PMRDA gets deposits and staffRuling BJP in Pimpri-Chinchwad has opposed the move to transfer undeveloped reserved land to PCMC and said Maharashtra government took a unilateral decision on the merger.Manoj Dattatrye MoreWith the Maharashtra state government notifying the merger of Pimpri-Chinchwad Newtownship Development Authority (PCNTDA) with Pimpri-Chinchwad Municipal Corporation (PCMC) and Pune Metropolitan Region Development Authority (PMRDA), PCNTDA or Pradhikaran will now cease to exist, officials said.“With the government making gazette notification of merger of PCNTDA or Pradhikaran area with PCMC and PMRDA, PCNTDA has now become history,” said PCNTDA CEO Bansi Gawli.As per the notification, the PCMC will get all leased land, all land reserved for public purposes and all encroached land. The ruling BJP in Pimpri-Chinchwad has opposed the move to transfer undeveloped reserved land to PCMC.On the other hand, the PMRDA will get PCNTDA’s office, commercial complex, residential complex, fixed deposits and other investments. The PCMC will remain the special planning authority of all PCNTDA areas. “This means building construction permission and powers for approving TDR-FSI will rest with PCMC,” officials said.Speaking to The Indian Express, Gawli said, “Of the 1,875 hectare of land with PCNTDA, the PCMC will get at least 1,300 hectares of land while PMRDA will get around 375 hectares. This is our initial estimate. The entire process of distribution of land will take around 5-6 months.”Also Read |Merger with PCMC, PMRDA: PCNTDA ceases to exist; PCMC gets major portion of land, PMRDA gets deposits, staffGawli said all the land in the Pradhikaran area had been leased out to the public. “The leased land is around 1,000 hectares which will go to PCMC. Besides, there is 240-hectare land where encroachments have come up. These encroachments will now be on PCMC’s lookout. And there is land reserved for public purposes. It will go to PCMC. In fact, vast areas of developed land are already with PCMC,” he said.– Stay updated with the latest Pune news. Follow Express Pune on Twitter here and on Facebook here. You can also join our Express Pune Telegram channel here.Gawli said all PCNTDA employees will be transferred to PMRDA. “We have permanent staff strength of around 50. And around 100 temporary as well as on deputation staff. The permanent staff will be transferred to PMRDA. As for the rest, the PMRDA will take the call,” he said.“We don’t have any loan. But the liabilities like bill payment to contractors will be taken over by PMRDA. The total deposits of Rs 150 crore will go to PMRDA,” he said.While PCMC will be the special planning authority in many sectors of the Pradhikaran area, PMRDA will get only a small amount of land to look after. “PMRDA will have jurisdiction over only four sectors. This means the building permission, TDR and FSI will be decided by PMRDA in these four sectors. On the other hand, PCMC will have jurisdiction or will be the planning authority in the remaining 38 sectors. Similarly, PCMC will have jurisdiction over three sub-district centres or commercial centres while PMRDA will look after a solitary centre,” Gawli said.The BJP, however, is not happy with the decision to transfer land reserved for public purposes to PCMC. “They should develop the land and then transfer it to PCMC. Otherwise, for developing the land, PCMC will have to spend a lot of money on providing water, drainage, electricity and other amenities,” said BJP MLA Laxman Jagtap.BJP state secretary Amit Gorkhe said, “Pradhikaran was set up for providing affordable housing for the working class. Several acres of land was taken from farmers. This developed land will now go to the PMRDA area. This is an injustice to the farmers.”Gorkhe said the state government did not even take the public representatives into confidence on the merger. “This is a unilateral decision. We are against it,” he said.Jagtap said the state government has not yet announced what it proposes to do with the land of hundreds of farmers acquired by PCNTDA. “For decades, they have been awaiting compensation,” he said.Reacting to this, Gawli said, “As per the notification, the compensation in terms of 12.5 per cent development to farmers will have to be decided by the authority in which their land exists. For instance, if the land is in the possession of PCMC, then it will have to give compensation to the farmer.”
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Arun AION site status

We are well aware of the curiosity and being safe in such conditions. so please find the site status of Arun Aion.Work as on 4 June 20211)External Plaster of double height terrace of Flat to 406 final coat plaster is in progress 2)Blockwork of touch up at flat no.306 to 406 is in progress 3)M sand shifting at 6&7 the floor is in progress 4)lift1 pardi & staircase1 casting work at 10 the floor is in progress 5)bottom fixing of 12th slab is in progress 6) Concealed stop cock fitting work at 2nd floor is going on.7)Window grill making work is going on.8) Ghadai work at 3rd floor & material shifting work is in progress .
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Real estate sector to cross USD 1 trillion by 2030: Housing Secretary

Real estate sector to cross USD 1 trillion by 2030: Housing Secretary"By 2030, when we are projecting our economy to go up to USD 10 trillion, nearly 10 per cent of that will come from the real estate sector itself," he added.NEW DELHI: The size of real estate sector is projected to cross USD 1 trillion by 2030, Housing and Urban Affairs Secretary Durga Shanker Mishra said on Monday. "In 2019-20, real estate sector contributed nearly 7 per cent to our GDP. Its total contribution was to the tune of USD 200 billion to our GDP....And projections are that by 2030 this number is going to cross USD 1 trillion," Mishra said. also noted that real estate is an important sector for the economy with around 11 per share in the total employment numbers. The secretary was speaking at a virtual event to launch Housing Price Index, created by realty portal and Indian School of Business (ISB) in association with industry body NAREDCO. "By 2030, when we are projecting our economy to go up to USD 10 trillion, nearly 10 per cent of that will come from the real estate sector itself," he added. Mishra said the sector is also very important from the point of view of employment and highlighted that out of 50 crore jobs, real estate provides 5.5 crore employment opportunities. The secretary said the real estate sector has transformed in the last seven years and implementation of the Real Estate (Regulation and Development) Act, popularly known as RERA, has played an important part in making a paradigm change. He said the central law has already been implemented across all states/UTs, except West Bengal and Nagaland. Mishra said a large number of real estate projects and property brokers are registered under RERA. The government has taken various measures in the Budget of last seven years to spur growth in the real estate sector, he added. "Every Budget has some announcement for real estate sector." The secretary emphasised on having robust digital platforms for smooth and transparent real estate buying-selling process. Mishra said he had asked CREDAI and NAREDCO, the two major associations for real estate, to create a digital platform for real estate, similar to Amazon, and some progress has been made in this regard. On Housing Price Index by and ISB, Mishra said the data will be collected from developers and then the same will be analyzed through data analytics. The secretary said the index will give an insight for the further growth of the sector. Mishra said the index will be beneficial for homebuyers as well as policymakers.
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California eyes shuttered malls, stores for new housing

California eyes shuttered malls, stores for new housingEven before the pandemic, big-box retail stores were struggling to adapt as more people began buying things online. In 2019, after purchasing Sears and Kmart, Transformco closed 96 stores across the country - including 29 in California.California eyes shuttered malls, stores for new housingSACRAMENTO: California state lawmakers are grappling with a particularly 21st-century problem: What to do with the growing number of shopping malls and big box retail stores left empty by consumers shifting their purchases to the web.A possible answer in crowded California cities is to build housing on these sites, which already have ample parking and are close to existing neighborhoods.But local zoning laws often don't allow housing at these locations. Changing the zoning is such a hassle that many developers don't bother trying. And it's often not worth it for local governments to change the designations. They would prefer to find new retailers because sales taxes produce more revenue than residential property taxes.However, with a stubborn housing shortage pushing prices to all-time highs, state lawmakers are moving to pass new laws to get around those barriers. A bill that cleared the state Senate last week would let developers build houses on most commercial sites without changing the zoning. Another proposal would pay local governments to change the zoning to let developers build affordable housing."There has always been an incentive to chase retail and a disincentive to build housing," said Sen. Anthony Portantino, a Los Angeles-area Democrat who authored the bill to pay local governments. "There is more dormant and vacant retail than ever."If successful, it's believed California would be the first state to allow multi-family housing on commercial sites statewide, said Eric Phillips, vice president of policy and legislation for the California chapter of the American Planning Association. Developers who use the law still would have to obey locally approved design standards. But Phillips said the law would limit local governments' ability to reject the projects.That's why some local leaders oppose the bill, arguing it undermines their authority."City leaders have the requisite local knowledge to discern when and which sites are appropriate for repurposing and which are not," wrote Mike Griffiths, member of the Torrance City Council and founder of California Cities for Local Control, a group of 427 mayors and council members.It's a familiar battle in California. While nearly everyone agrees there is an affordable housing shortage, state and local leaders face different political pressures that often derail ambitious proposals. Last year, a bill that would have overridden local zoning laws to let developers build small apartment buildings in neighborhoods reserved for single-family homes died in the state Senate. Sen. Anna Caballero, a Democrat from Salinas and author of this year's zoning proposal, said her bill is not a mandate. Developers could choose to use the bill or not. The Senate approved the measure 32-2, sending it to the state Assembly for consideration."It's always a challenge when you're trying to do affordable housing, because there are entrenched interests that don't want to negotiate and compromise, and we're working really hard to try to break through that," she said. "I'm trying to give maximum flexibility to local government because the more that you start telling them how they have to do it, the harder it becomes for them to actually do it."Even before the pandemic, big-box retail stores were struggling to adapt as more people began buying things online. In 2019, after purchasing Sears and Kmart, Transformco closed 96 stores across the country - including 29 in California.The pandemic, of course, accelerated this trend, prompting major retailers like J.C. Penney, Neiman Marcus and J. Crew to file for bankruptcy protection. An analysis by the investment firm UBS shows online shopping will grow to 25% of all retail sales by 2025. The analysis predicted that up to 100,000 stores across the country could close.Local governments and developers in California are already trying to redevelop some retail sites. In Salinas, a city of about 150,000 people near the Monterey Peninsula, city officials are working to rezone a closed Kmart. In San Francisco, developers recently announced plans to build nearly 3,000 homes in the parking lot that surrounds Stonestown Mall - a sprawling, 40-acre site that has lost some anchor retail tenants in recent years.Still, the idea of repurposing shopping centers has divided labor unions and affordable housing advocates, putting one of the Democratic Party's core base of supporters against backers of one of their top policy goals.Housing advocates love the idea, but they don't like how Democrats want to do it. Both proposals in the Legislature would require developers to use a "skilled and trained" workforce to build the housing. That means a certain percentage of workers must either be enrolled or have completed a state-approved apprenticeship program.Developers have said while there are plenty of trained workers available in areas like San Francisco and Los Angeles, those workers are scarce in more rural parts of the state, potentially delaying projects in those areas.California needs to build about 180,000 new housing units per year to keep up with demand, according to the state's latest housing assessment. But it's only managed about 80,000 per year for the past decade. That's one reason the state's median sales price for single-family homes hit a record high $758,990 in March."At a time when we're trying to increase production, we don't believe we should be limiting who can do the work," said Ray Pearl, executive director of the California Housing Consortium, a group that includes affordable housing developers.Robbie Hunter, president of the State Building and Construction Trades Council of California, dismissed that argument as just greedy developers trying to maximize their profits. He said there is no construction project in California that has been delayed because of a lack of workers, adding: "We man every job.""When there is a demand for workers, we rise with the demand," Hunter said.Labor unions appear to be winning. A bill in the state Assembly that did not initially require a "skilled and trained" workforce stalled in committee because it did not have enough support.Follow and connect with us on Twitter, Facebook, Linkedin
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Housing minister Hardeep Singh Puri explains model tenancy act

Housing minister Hardeep Singh Puri explains model tenancy actThe government of India on Wednesday approved the Model Tenancy Act, 2021 with a provision to set up district-wise rental courts, authorities and tribunals across the country. The Union Cabinet chaired by PM Modi approved the Act for circulation to all states and UTs for adaptation by way of enacting fresh legislation or amending existing rental laws.Minister of Housing and Urban Affairs Hardeep Singh Puri discussed the merits and challenges of the Model Tenancy Act for rental housing in India with ET Now's Nayantara Rai. Edited excerpts:Regarding the Model Tenancy Act, how will you change the psychology of people to follow this once the states follow suit? What will be the biggest challenge according to you? I would hardly describe myself as the Chief Architect of this Model Tenancy Act. The idea of a Model Tenancy Act has been around for a long time and I am a relative newcomer to the scene. I have only joined the council of ministers in September of 2017 and this idea was very much around. Let me tell you, there was a GoM Form sometime in 2019, but even before that when my friend Arun Jaitley was the Finance Minister, I recall attending meetings in his room regarding it. So, it has been going around for a long time. You are right in describing this as a model act because land is a state subject. If we were to enact legislation at the central government, the state would say you are intruding on our turf. So, it is a model act and the purpose is to provide a regulatory framework which is benign and results in the large stock of empty units, both residential and commercial in urban areas as well as rural areas, to become available. How will they become available? Because landlords will hopefully with this new dispensation coming have the confidence to be able to allow their properties to be rented out based on modern contractual conditions – which the states will provide through either the existing legislation or by enacting new legislation – and on terms and conditions to be agreed between the buyer and the seller of the service, which is a tenant who is getting the premises for a defined period of time on terms and conditions which the landlord will provide. It is a very important step and something that we have been waiting for. It will apply to all transactions prospectively and I think the greatest challenge always was how do you anchor this new dispensation in a dispute settlement resolution or a dispute resolution mechanism which takes it away from the cumbersome and often endless bureaucracy of the courts, etc. We have been able to do that and I think implementation will come quickly. Relief will also be seen both by the users and by the economy in general. According to the 2011 census, we had over 1 crore units which were lying unutilised. This is the 2011 figure, it may well be higher now when we get the next census figure. We will be sending this out to the state governments and the UTs. All the other things: how you implement it, how people get the confidence will follow very quickly. Mr Puri as you mention, this is going to be prospective. What is it going to do for the rent ceiling which is already in place or the pagdi system already in place? First off, every time you try to bring in any reform, you can start with the safe presumption that there will be challenges. Therefore, we have factored that in when we enacted RERA. I think it was sometime in 2016, there were attempts including in very powerful circles to somehow scuttle it because they thought ‘oh my god’. This is both the strength and the weakness. For 70 years of our existence as an independent country, we did not have a regulator in the construction area which is one of the largest contributors to employment and to the GDP, etc. When the law saw the light of day after a big struggle, people decided that they wanted to scuttle it. What happened? They mounted legal challenges. The challenges were taken up in the Mumbai High Court and I am delighted that those challenges were met. We were able to implement RERA throughout the length and breadth of the country, except one famous state which decided to enact its own legislation in the form of RERA, which is West Bengal. That legislation was challenged in the Supreme Court and on 4th May this year the Supreme Court squashed it. In this state, we looked at all that. First of all, the current problem is that a lot of residential and commercial units are lying vacant. Those which are under pagdi are already occupied whether the pagdi was paid 10 years ago or 50 years ago in some cases. They are informal arrangement. That is a different issue, but that system is in place. In this case, there is no system. Therefore, the landlord will not give the premises on rent to a prospective tenant. So, what we will do is that it applies to all prospective. I have no doubt personally that with the passage of time and when this Model Tenancy Act becomes entrenched in the law, rules, and regulations of the state governments and the union territories, all the other areas will also see some benefit. You know, people go to courts and the civil courts may tie them up in knots, etc. Then you already have a cumbersome traditional system of pagdi. We leave that aside for the moment. Now you will have a dispute settlement machinery which will be timebound through rent authority and adjudicating authority, etc. So, they will resolve these differences within 60 days. This will have a very positive demonstrative effect and all the others will begin to see reason, as we saw in the case of RERA where all kinds of problems came up. But as we started implementing RERA, we discovered that at the end, not only were the home buyers happy, but even the builders, etc., decided that they saw merit in utilising and practice it. I am not saying that all is hunky dory, but whenever you try to introduce reform, it takes time for things to fall in place. In the Model Act, the security deposit is two months in the case of residential property and six months for non-residential. Why should the government be fixing that at all? Should that not be a private negotiation? My understanding is this is only indicative, we are not prescribing any limits. At the end of the day, it is the states which have the primary jurisdiction for this, and the landlord and the tenant who will determine it. I mean it is entirely possible that you may own a property which you think requires a deposit which is higher, and if I am a prospective tenant, I may or may not agree. But whatever happens, we will register that property on the portal, then the terms and conditions which the tenant and the landlord have agreed to will also find mention there along with what are the responsibilities of the tenant and landlord, and two months for residential and six months for non-residential is a broad indicative template. It is entirely possible that states determine that based on their own local requirements, which may be more or less. Central government is only putting forward a template comprised of what could be regarded as best practice.You mentioned that as per the 2011 census information, there are 1.1 crore vacant houses that we have. What is the expectation? Would builders now look at maybe renting them out? Or will institutional investors/corporate take houses and lease them out to employees? Let me start by providing you a perspective of what my understanding is. You see, we have under Pradhan Mantri Awas Yojana urban – and the figure is much higher for Pradhan Mantri Awas Yojana Gramin – already envisaged 1.12 crore of residential dwelling. Now we are doing that and we are doing affordable rental housing complexes following our experiences with the pandemic; both in model 1 and 2. Some commercial entities will build new places for renting for their own staff. There are existing properties that we have put. In all these cases, there was always hesitation ‘ki ek baar aapne kiraye pe de diya’ you may kiss ever getting your property back goodbye because of the experiences of the past. Earlier there was a system like pagdi, there were other informal systems, I do not want to go into that. That is why some landlords did not want to give their homes to private tenants. They would only want to do company lease because that way you can at least move the registrar of companies. Now with this Model Tenancy Act coming into being, hopefully the landlords will get comfort for all categories. There is affordable housing being built by private people. Surely, no builder after constructing a massive complex wants those to be kept vacant. I mean they have borrowed money on the market, they are paying cost on the capital, and they would like to utilise them. Similarly, people who bought the places would want to either live in it themselves or give them out on rent. So, everybody gets a sense of confidence through this Model Tenancy Act and I expect that the impact will be visible in a short time frame. This is also going to be for commercial real estate?Yes, this is regulatory framework for residential and commercial, urban and rural.Do you think this will help reviving the real estate sector? How important is this going to be to revive the market and also to bring back confidence?Well first and foremost, I am a strong believer that people will want to own houses irrespective of whether there is a pandemic or not. In fact, we have seen some revival of the market taking place independently in certain metropolitan areas, etc., even before the second wave came. Of course, then there was a slowdown on account of the second wave. This will certainly be a positive contributing factor. But you know, the Model Tenancy Act has just been passed by the cabinet today, it is too early in the day to be able to quantify the benefit it will generate in the next two weeks. I have no doubt that all the properties that have been built have benefited from RERA because now builders can no longer divert the funds collected from unsuspecting home buyers. They have to employ 70% of those funds in an escrow account to be utilised on the project. That siphoning off is stopped and those projects where maybe the sales have not taken place, maybe some of them would want to put them out on rent. It is a very interesting situation.We have a lot of demand for housing and we have availability of housing. Why is it that when there is a demand and there is availability, things cannot be done because there were some gaps. Now the fourth quarter 2021 GDP figures have been released that show construction is in the positive trajectory. Last year the first quarter was bad. Why was it bad? Because on 25th March we went in for a complete total lockdown. Then we started opening towards the end of May, therefore we had virtually lost April and May totally. June when we opened up there was very small opening up. Now you had a 23% contraction in those three months. That contraction in the second quarter went to 7.5%, then a little more. By the time we reached the fourth quarter, the good news is that we had a 1.6% overall increase which put us in positive. So, my first submission to you Nayantara is validated, that construction by itself is there with the Model Tenancy Act coming into play. That will receive a further fillip of boost. To what extent? I am a careful person, I cannot quantify. If you have many more programmes of the kind you are doing now and use your medium to disseminate information on the Model Tenancy Act, which I have every intention of doing in the coming few days, it will instil confidence in the consumers, in the land owners or in the owners of building, owners of properties, residential or commercial. I think it is a very positive step.Follow and connect with us on Twitter, Facebook, Linkedin
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Maharashtra set to implement model tenancy act: Housing Minister

Screenshot-2021-06-04-at-1.20.21-PM Maharashtra set to implement model tenancy act: Housing Minister
Maharashtra set to implement model tenancy act: Housing Minister“We will evaluate and study the act minutely as it has only been okayed yesterday,” state housing minister Jitendra Awhad told TOI on Thursday.Maharashtra set to implement model tenancy act: Housing MinisterPUNE: Officials of the state housing department will study the Model Tenancy Act thoroughly to see how best it can be implemented in the interest of the people.“We will evaluate and study the act minutely as it has only been okayed yesterday,” state housing minister Jitendra Awhad told TOI on Thursday. The Union government has already said that the states are free to make changes as land is a state subject.Meanwhile, Shantilal Kataria, Credai vice-national president, said that the act would boost the rental segment in the state. “It is a long-awaited model act and this being a state subject, the government would be expected to adopt it and form rules and appoint competent authority at the earliest,” he said. He further stated that the act would protect the interest of both tenants and owners and ensure speedy adjudication mechanism for resolution of disputes. Anuj Puri, chairman, Anarock Property Consultants, said the act could fuel the rental housing supply pipeline by attracting more investors, and more rental housing stock would help students, migrant population to find accommodation.Follow and connect with us on Twitter, Facebook, Linkedin
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Government to look into builders' demand to boost realty sector:

Government to look into builders' demand to boost realty sector: Housing secretaryNAREDCO's representatives made several demands before the secretary to revive both demand and supply in the sector that has been badly affected by the COVID-19 pandemic.Government to look into builders' demand to boost realty sector: Housing secretaryNEW DELHI: Housing and Urban Affairs Secretary Durga Shanker Mishra on Friday said the government will look into various demand of the real estate industry, including an extension of timeline for completion of projects by 6-9 months.He highlighted various initiatives taken by the government in the past seven years such as development of 1.12 crore houses under the Prime Minister Awas Yojana (PMAY), launch of the Affordable Rental Housing Complex scheme for migrant workers, 'infrastructure' status to affordable housing, and 100 smart cities. Mishra was addressing a webinar organised by realtors body NAREDCO. NAREDCO's representatives made several demands before the secretary to revive both demand and supply in the sector that has been badly affected by the COVID-19 pandemic. The association sought extension of timeline for completion of projects by 6-9 months under the realty law RERA, extension of all building permissions till March 2023, rationalisation of government taxes on real estate, and control of rising prices of cement and steel. It also sought reintroduction of interest subvention scheme, grant of input credit tax on GST paid in leased commercial real estate, suspension of insolvency law for some more period, and an online environment clearance system. Responding to the demand of extension of timeline for project completion, Mishra assured that he will "go in detail" to understand the matter. "If need be, we will take this matter to RAC (RERA Advisory Council)," he said. However, the secretary did mention that this relief was given last year because of the imposition of the national lockdown. On high taxes levied by the central and state governments on real estate, Mishra directed the ministry's senior officials to examine the matter in detail. "We will try to reduce government levies," he said. Regarding a rise in prices of steel and cement, Mishra said he took up this issue with the ministry's concerned and would discuss the issue again. On the PMAY, he said 1.13 crore houses have already been sanctioned and out of that, 48 lakh have been completed and handed over to the people. The secretary informed that India's ranking in ease of doing business related to construction activities improved to 27 from 186. He said the new ranking is expected any time and expressed confidence that "we will be in top-20". The secretary said the real estate sector contributes seven per cent to the gross domestic product (GDP). It is a USD 200-billion industry and set to become a USD 1-trillion sector with rapid urbanisation, he added. Emphasising on affordable housing, Mishra said the highest housing demand is in economically weaker section (EWS) and low-income group (LIG), and observed that the millennial also wants 2-3 BHK flats and not bungalows. Talking about the Central Vista Project, Mishra said the new Parliament building will be ready next year. He also rubbished criticism about this project. At the outset, NAREDCO President Niranjan Hiranandani said the construction activities have slowed down because of the second wave, as only 50 per cent labourers are working on sites. He demanded that timeline for completion of projects should be extended as it was done last year. NAREDCO Chairman Rajeev Talwar said all permission related to the development of projects should be valid till March 2023. Tata Housing MD and CEO Sanjay Dutt expressed concern about the abnormal price rise in cement and steel. He said steel prices have more than doubled while cement rates have gone up by 50-70 per cent in the past one year. Dutt also pitched for reintroduction of subvention scheme, under which builders agree to pay EMI on the behalf of homebuyers for a certain period. Neel Raheja of K Raheja group put forward demand related to commercial real estate and sought inputbtax credit benefit. Rajan Bandelkar from Naredco Maharashtra said the second wave has more impact on the sector than the last year's first wave. He demanded extension of timeline for project completion by 6-9 months as well as suspension of insolvency laws for some period. Ashok Mohanani, president of NAREDCO Maharashtra, was also present in the meeting. NAREDCO is one of the leading associations for the real estate sector with around 5,000 members.Follow and connect with us on Twitter, Facebook, Linkedin
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‘Big brands are cornering housing mkt’

Pune: A report by real estate consultancy Anarock has found that branded real estate projects, of major listed and unlisted players, are taking up a significant share in the housing market. The report said customer preferences shifting, and RERA seeking more compliances, played a major role in the shift awat from local, standalone players. The report said the share of listed and unlisted players in the real estate market across the top cities in India went from 17% in 2017 to to 40% in the first three quarters of the 2020-21 fiscal. Anarock added the shift started with notification of RERA. “After the roll-out of structural policies including RERA and GST, organized and branded players’ dominance has risen exponentially,” said Anuj Puri, chairman of Anarock. “While buying a home, customers expect and demand trust, transparency, as well as on-time delivery of their homes. RERA helped raise awareness for customers,” said Rohit Gera, MD of Gera Developers.
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3-5% price gap between ready and under-construction homes: Report

TNN / May 8, 2021, 23:58 ISTPune: A report on real estate prices for ready-to-move (RTM) and under-construction (UC) homes by consultancy firm Anarock has revealed that the gap between the prices for both has shrunk to around 3-5% in 2021 against up to 12% in some markets in 2017.UC homes generally attract lower rates than RTM homes across major real estate markets — the four metros, plus Pune, Bengaluru, and Hyderabad, the report said.In some markets, such as Pune and the Mumbai metropolitan region, RTM homes used to cost around 12% more per square feet than UC homes in 2017. By the first quarter of 2021, that gap has shrunk to 3% for the Mumbai metropolitan region and the National Capital Region, while the gap in Pune is slightly higher at 5%.“People are shifting more towards RTM homes these days as new homebuyers and investors are concerned about uncertainties in construction of new projects as well as projects stalling during construction,” said the head of a real estate major based in Pune.“The fact that RTM homes does not attract GST has been an added attraction, even the price gap between RTM and UC homes has eroded substantially - from 9-12% in 2017 to just 3-5% by Q1 2021. The shrunk price gap works well for end-users as well as investors. End-users can see what they buy and save rent by moving in immediately, while investors focused on steady rentals can start earning right away,” said Anuj Puri, chairman, Anarock.
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The Trump Organization bullish on Indian real estate: Donald Trump Jr

The Trump Organization bullish on Indian real estate: Donald Trump JrNew Delhi: The Trump Organization is bullish on the Indian real estate, which is its biggest residential market outside the North America, its Executive Vice-President Donald Trump Jr. said on Saturday.New York-based The Trump Organization, which is a venture of former US President Donald Trump, entered into Indian real estate market through a partnership with Mumbai-based Tribeca Developers.The US firm and Tribeca have tied up with local developers, including the Lodha group, to build luxury projects under 'Trump' brand. So far, four luxury projects have been announced, of which one in Pune is already complete."I have been bullish on the (Indian) market for a long time," Donald Trump Jr said when asked about his future projects in India.He was appearing as a guest in a talk show with Kalpesh Mehta, the founder of Tribeca Developers, being organised by Alchemist.Trump Jr did not disclose about the company's future projects in India.The Trump Organization and its India partner are developing luxury residential properties of global quality and standards, he said.Amid the global pandemic COVID-19, Trump Jr said there has been a "dynamic shift" in real estate globally, especially in office market because of work from home and remotely.He said one has to see how it plays out post pandemic.When asked about the current market scenario, Mehta said the Indian real estate sector was reviving after the first wave of the COVID-19 pandemic but the recovery process has taken a hit because of this second wave.Maharashtra property markets had a strong recovery compared to the other markets, he said.Mehta said the real estate market will see a sharp growth once the pandemic gets over.In India, The Trump Organization has already completed a luxury project in Pune partnering with Panchshil Realty.It tied up with Lodha group in 2014 for housing project in Mumbai which is currently under construction.In November 2017, Trump Tower was launched in Kolkata comprising 140 ultra-luxury apartments and being developed by Unimark Group, RDB Group and Tribeca Developers.The fourth housing project at Gurugram, Haryana, launched in 2018, is being developed by realty firm M3M.Besides Trump Towers, Tribeca is independently developing few projects in partnership with other builders.This story has been published from a wire agency feed without modifications to the text.Subscribe to Mint Newsletters
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Pune real estate sector in need of government intervention

View: Pune real estate sector in need of government interventionWhile things are not as bad as initially feared, the Indian real estate sector has suffered greatly from the COVID-19 pandemic. Pune was no exception - like other cities, Pune also saw a complete halt in construction activity during the first pandemic lockdown period.After the relaxations, we did see construction activity pick pace gradually. In fact, many previously delayed projects were getting completed in the last year despite the pandemic.Even now, when cases are rising in the Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) regions, the partial lockdown in Maharashtra allows at least construction activities where workers are present at the site.Large and medium-sized developers are able to take the necessary precautions at their sites, and can to some extent sustain their workers even during a slow construction period. However, smaller developers are in trouble - apart from lack of funds, smaller projects do not have enough space for labour camps.Spiralling Construction CostsIt is not just the lockdowns that are giving developers a hard time. Rising prices of cement and steel over the last one year have been a serious concern for developers. Developers have repeatedly sought the central government's intervention in the cartelization by cement and steel manufacturers which is leading to unchecked price hikes.The sudden and continuous upsurge in prices of steel, cement and other key raw materials used in construction has massively increased the overall construction cost for developers. This is a huge burden for all players - but again, it is the smaller, cash-starved builders who are most affected.Everyone Pays the PriceUnchecked construction costs ultimately impact project deliveries and result in stalled projects in many cases. This has negative consequences for all stakeholders. Developers are challenged to incorporate the additional construction costs without adding further to the burden of their customers. Homebuyers find property prices steadily going beyond their budget. And the government loses stamp duty and registration revenue which it can collect with better sales.We have already seen that government intervention can have very positive outcomes. The recent decision to keep the RR rates unchanged is much appreciated, but it was the limited-period stamp duty cut by the Maharashtra government which had boosted housing sales in PMC and PCMC significantly. Asking for an extension by few more months to keep the momentum going is perfectly justified.The current situation is extremely negative for real estate developers - not just in Pune, but across India. We earnestly hope that the government will consider supporting the sector much more.The real estate industry employs more than 40 million workers, supports more than 250 associated industries, and is a major contributor to India’s overall economic growth.Moreover, housing is a basic necessity and government intervention is very essential - especially in unprecedented times such as the pandemic.- By, Akash Pharande, Managing Director of Pharande Spaces
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Xanadu forays into Pune, eyes ₹1,000 crore sales

Lalatendu MishraWith more real estate developers outsourcing their sales and marketing functions to experts, Xanadu Realty, a sales and marketing solution provider for real estate companies, has announced its foray into the Pune market after expanding its operations to Bengaluru last year.“Having secured four projects from three clients in Bengaluru last year, we are expanding the team there to 125 professionals this year. Besides, we are entering into the Pune market which offers vast potential for growth,” said Vikas Chaturvedi, CEO, Xanadu Realty.The firm has on boarded Kumar Properties and House of Abhinandan Lodha as its clients in the Pune market.The Mumbai-based firm said last year it generated sales of more than ₹2,200 crore for its business partners the Mumbai Metropolitan Region (MMR) market and would more than double the sales volume this year through geographical expansion.In Pune, the company plans to have 100 people with a sales target of ₹1,000 crore. Already 37 people have come on board.“Overall, we are on an expansion mode. We are increasing the team in MMR from 500 to 750 people with a sales target of ₹4,400 crore, if the COVID situation improves from August. We are expecting ₹750 crore sales from Bengaluru this year and we are hopeful about the rebound of the real estate business due to end-user demand,” Mr. Chaturvedi said.From working with four partners previously, the company last year saw more than 12 clients across 25 projects in MMR including clients like Hiranandani Group, Runwal, Raunak Group and the House of Abhinandan Lodha.He said stable real estate prices, low interest rates, and government sops would continue to spur demand from the end-user segment.
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"India is well on its way for urban transformation,"

"India is well on its way for urban transformation,"
PM pitches India as investment destination for urbanisation, mobilitySpeaking at the Bloomberg New Economy Forum, he said India and some African nations will witness the biggest wave of urbanisation over the next two decades.NEW DELHI: Prime Minister Narendra Modi on Tuesday pitched India as the most attractive investment destination for those look...
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