RealEstateAgentsPune.com

Housing and construction firm DS Kulkarni Developers has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a multi-service SEZ project in Pune, in which the foreign firm will invest $ 90 million.

Source: http://www.indianrealtynews.com/real-estate-india/ds-kulkarni-gtc-cyprus...

Peninsula Land Ltd, the Ashok Piramal-backed real estate company, is diversifying into integrated townships and information technology parks in Pune, Nashik and Hyderabad.

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

Source: http://www.indianrealtynews.com/real-estate-india/peninsula-widens-portf...

Real estate firm Shristi Infrastructure, which had set up a joint venture hotel management company, Domina India, with Milan-based Domina Hotel Group last year, all set to introduce three sub-brands under the umbrella Vedic label in India.

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

A city-based advocate has filed a public interest litigation (PIL) against the state government for failing to curb illegal land dealing and proliferation of land mafia in Pune.

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

Pune-based real estate companies, the Avinash Bhosale group and Kumar Properties, have joined hands to set up a Rs 1,400-crore township in the third phase of Rajiv Gandhi Infotech Park in Hinjewadi here. The project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.

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

Pune-based real estate developers have decided to increase the per-square-foot charge for residential construction between Rs 50 and Rs 400 from April 20 due to the increasing cost of construction and heavy taxation by Pune Municipal Corporation (PMC). This was announced today by Lalitkumar Jain, president, Promoters and Builders Association of Pune (PBAP).

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

Despite the slowdown in the growth of real estate sector, the Pune district registered a record collection of Rs 1,392 crore from registrations and stamp paper duty of property agreements for 2007-08. This is an increase of 30.22 per cent, as against Rs 1,069 crore in 2006-07. However, the registration of properties was 2,97,785 in 2007-08 as against 2,82,068 in 2006-07, which is an increase of mere 5. 57 per cent as against 16.15 per cent the previous year.

Ostensibly, all seems hunky-dory and that’s exactly what the city builders in Pune keep saying. But scratch the surface, follow the trail to its origin, piece together seemingly not-so-related issues and the big picture begins to emerge, one that tells a different story.

In the first week of March, seven city real estate associations signed bilateral agreements with the newly formed National Association of Realtors - India (NAR- India), which in turn has forged an alliance with National Association of realtors, USA to give itself an international appeal.

“We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation. We can’t say when the sub-contractor’s labour will be back, when normalcy will return or when flats will be ready” said Gera Developments chairman Kumar Gera, who is also founder chairman of the Confederation of Real Estate Developers Association of India.