20,000 Illegal Constructions in Navi Mumbai to be Regularised

MUMBAI:  Maharashtra government will regularise 20,000 illegal constructions in adjoining Navi Mumbai, Chief Minister Devendra Fadnavis informed the state Assembly in Mumbai today.

The government will also allot 4 FSI for cluster development in Navi Mumbai, he said in the House.

NCP legislator Sandip Naik later told reporters that the government should verify if all project-affected people will get benefit of the decision.

However, BJP MLA Manda Mhatre said the earlier Congress-NCP government did not take the decision in the last 15 years, but Chief Minister Fadnavis has taken this decision which will benefit the people

Sewri-Nhava Sheva sea link, Navi Mumbai airport's compensation to match

While the City and Industrial Development Corporation (CIDCO) has commenced the allotment of 22.5 per cent of developed land to the project affected persons (PAPs) of the proposed Navi Mumbai international airport, villagers affected by the planned Sewri-Nhava Sheva sea link freeway bridge project also have good news. 

The town-planning agency revealed that recently they had a discussion with PAPs of the sea link project, and said that the villagers affected by the project would get land compensation package on the same lines as the airport scheme. Sanjay Bhatia, managing director, CIDCO, said, “We had a talk with the PAPs from Chirle, Ghavan and Jasai villages which would be affected by the project. We discussed a land allotment scheme similar to that of the airport project and they (villagers) will take a final call by next week.” 

This means villagers will get 22.5 per cent of the total land they give up for the project, in form of developed plots. 

The sea link, which proposes building a 22.5-km bridge with six lanes connecting Sewri to Nhava Sheva, requires nearly 37 hectares of village land. 16.5 km of the bridge will be over seawater, while 5.5 km will consist of a viaduct on land. The bridge will terminate near Chirle village and its neighbouring areas in Uran. 

The project, being helmed by the MMRDA, will be implemented through a public-private partnership on the design, build, finance, operate and transfer (DBFOT) model. The estimated project cost has shot up to around Rs 11,000 crore from Rs 4,000 crore in 2005, and has a scheduled completion deadline of 2019. Meanwhile, CIDCO on Wednesday carried out the third lottery of plots for the PAPs of the upcoming Navi Mumbai international airport. This would give them 22.5 per cent of developed land in the project. The villagers will also be granted an FSI of 2 for construction on these plots

Maharashtra: BJP sets target of 5 lakh affordable houses in next 5 years

The BJP-led new government in Maharashtra has decided to provide five lakh affordable houses in Mumbai and in its extended suburbs in the next five years.

According to a senior cabinet minister, they have decided to construct as many houses in Maharashtra as possible. "Mumbai is main... where house prices have gone through the roof. We will ask developers to construct smaller houses and sell the same to people at reasonable rates. The rate in an extended suburb will be maximum Rs2,000 per sqft, while in the city Rs4,000 per sqft. In return, the developers will get additional FSI and tax exemptions from government. We have decided to make this a time-bound programme," said the minister.

He said before forming the government, they had made a detailed plan and consulted developers, urban experts and banks. "We had discussed the plan with all stakeholders, they had given their nod as well. We will ask developers to construct on larger plots so that more houses can be built," he added.

A senior state government official told dna that by promoting affordable houses, other supplementary industries, which depend on the construction industry, will also grow. "We want to see the economy rolling. It should not be stagnant. That will help increase thegrowth rate of Maharashtra as well as India. Recently, we made a presentation before the chief minister and his cabinet, they have agreed on it. Very soon, a meeting with prominent developers will be called for a final decision on this," he added.

Sunil Mantri, president of National Real Estate Development Council, an umbrella body of developers, welcomed the decision. "We are ready to tie up with the government for this. But the state should exempt us from tax and stamp duty. We pay almost 30% of the total cost of a house as taxes," he said.

Mantri added that a house is a social need and no one wants to stay in a rented place for long. "Due to unaffordability of houses, many industrial houses and IT companies were shifting base from Maharashtra, or were not keen to set up here. Once their employees start getting affordable houses, these industries will come back to Maharashtra," he said

100% FDI may put CST-Panvel fast railwar corridor on track

Will the Harbour line get a fast corridor under Prime Minister Narendra Modi’s approval of Foreign Direct Investment (FDI) in the railway sector? Though the Chhatrapati Shivaji Terminus (CST)-Panvel Fast Corridor on this line has not been approved by the Indian Railways, officials say there is a possibility of getting the Rs 14,000-crore project on track under this scheme.

Planning it big: The Railways propose to run 8-car air-conditioned trains on the CST-Panvel fast corridor. File pic for representaion

“The idea is good as availability of government land is not much of a problem for this project. The main issue is that until now, the fast corridor project has not been approved by the rail ministry,” said a railway official who did not want to be identified. Recently, PM Modi had said that the Railways have been granted clearance for 100 per cent FDI, and therefore they should come up with a comprehensive plan for facilitating it in the sector.

Until now, government officials from China and Japan have visited India and conducted extensive talks about the Mumbai- Ahmedabad High Speed Corridor. Some railway officials are skeptical, however, as there is no clarity on this scheme and the nitty-gritties for it are yet to be decided.

“There were talks of using the scheme for procuring rakes and other technological necessities. But there is no clear-cut direction of how this FDI scheme will work,” said a senior railway official.

Moreover, there is also a view that with such high investment, the chances of returns for the private players are not lucrative.

Railway officials also feel that land availability is a major issue, as land required for the project is either owned by private developers or those with political affiliations. So until the government gets hold of the plots for the project, revenue generation for private players will be quite difficult. Normally, worldwide, around 60 per cent of income is generated from the fare box while rest is taken from commercial use of real estate around the rail lines.

Initial plan
As per the initial plan, 10 stations were to be constructed for the CST-Panvel fast corridor, for which work was expected to be started this year, had approvals been in place. The Railways were to use air space for commercial and office use, which was expected to generate around R550 crore. In case of delays in work, the amount expected to be generated just from real estate development of this space could touch Rs 1,800 crore by 2021.

The Railways propose to run 8-car air-conditioned trains on this route that can carry 21,000 passengers each way during peak hour peak direction traffic (PHPDT) by 2019, and 39,000 passengers by 2031.

Of the 49 kms, around 42.4 kms will be elevated. One arm of the corridor, about 8.5 km, will go towards the proposed Navi Mumbai airport in Panvel.

21,000 Number of passengers the 8-car AC trains is expected to carry on the CST-Panvel route each way during peak hour peak direction traffic by 2019; expected to reach 39,000 commuters by 2031

2.5 FSI for Navi Mumbai will create affordable homes

A day after the state government allowed 2.5 floor space index (FSI) for old and dilapidated Cidco-constructed buildings, developers and industry observers have welcomed the move saying it will open up the realty market in the already-saturated nodes of Navi Mumbai.

Devang Trivedi, managing director of Progressive Group and a functionary of Builders Association of Navi Mumbai, said the news of more FSI is a positive indication for realtors. "Additional FSI will make more flats available at affordable rate in few nodes of Navi Mumbai where the redevelopment will take place," said Trivedi.

Property dealers see the decision will boost their business in four to five years. "In places like Vashi, where new construction has dried up for want of space, builders will be able to create more houses. The present per-square-foot rate in Vashi is Rs15,000, which is likely to drop to Rs12,000 after redevelopment of old buildings," said Darshan Salve, a real estate agent.

However, a section of real estate observers believe the impact of the decision can be witnessed after five to seven years from now. "There are other things need to be considered at this stage," said Trivedi, adding that a number of clearances will be required for redevelopment work. "It will be important to see how much premium Cidco and the civic body will charge for redevelopment of old buildings."

With 2.5 FSI, most of the redeveloped buildings will rise up to 30 storeys and parking will be an important factor apart from environmental clearances. "Developers will have to look into issues such as premium, clearances and willingness of residents for redevelopment," said Trivedi.

Rajesh Prajapati of Prajapati group said redevelopment is a long-term process and simultaneous infrastructure development in areas under the Navi Mumbai Municipal Corporation must take place. "With the redevelopment, pressure will increase on existing infrastructures like sewage system, traffic and parking systems which need to be developed."

Trivedi said a new department should to be opened up in the line of slum rehabilitation authority (SRA) for redevelopment of JN1 and JN2 types in Vashi. These buildings are crumbling and need immediate attention.

Navi Mumbai to soon be a hub for affordable housing

If you are planning to buy a house soon, Navi Mumbai will soon be a good place to look. In the next nine months, 4,750 acres of land is going to be available for residential construction due to a change in policy.

Where did this land come from?
The City and Industrial Development Corporation (Cidco) recently issued a notification freeing 350 hectares (875 acres) of 1,500 hectares of land for residential construction. Earlier, this land was a regional planning zone, where most plots and its surrounding areas were reserved for the government to build gardens, schools, hospitals, etc. "The 350 hectares now mostly belong to private owners. Now, land owners can apply for conversion and develop it as per their convenience," said senior Cidco official requesting anonymity.

Cidco has earmarked another 400 hectares (1,000 acres) of land to rehabilitate those affected by the Navi Mumbai airport project. Cidco will rehabilitate them by giving them 22.5 per cent of developed land near Ulwe and its surrounding areas. Cidco has also decided to develop a modern township called Navi Mumbai Airport Influence Notified Area (NAINA), close to the new airport in Panvel taluka on 1,200 hectares (3,000 acres) of land.

Asia's biggest township in NaMu soon
NAINA will be well-planned and is being touted as Asia's biggest township. It will be developed in the next five years in a phase-wise manner on a public-private partnership model.

How much will these houses cost?
Arvind Goel, president of the Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai Unit, welcomed Cidco's decision of converting the reserved land for residential purposes. "It is good news for developers and potential buyers. Because of the availability of so much land, large numbers of affordable houses will be constructed. These houses will be in the Rs 40-60 lakh bracket," said Goel.

Manohar Shroff, general secretary of MCHI, Navi Mumbai said, "Land prices are going through the roof, so developers were compelled to raise property prices. The availability of a huge chunk of land will surely help reduce land prices and subsequently, property prices. The input cost is important in the construction business."

Development should by eco-friendly: Real estate expert

Atul Nemade, a real estate expert, said that it was good news that some much land is going to be available for housing. "But the development should be sustainable and eco-friendly. It shouldn't just be a concrete jungle, or there will be chaos. Besides, the state government controls the prices and development," said Nemade.

'Mumbai metropolitan region emerging growth centre for realty'

Mumbai: With the government planning major infrastructure projects in the Mumbai Metropolitan Region, the area is emerging as a growth centre for real estate sector, CBRE said in a report.

According to the property consultancy firm, there has been a significant increase in demand for commercial and residential properties in areas where major infrastructure projects are planned.

"There has been a significant development in real estate along the Eastern Freeway. Housing prices in locations such as Chembur and Ghatkopar increased by around 28-30 per cent over the last two years," CBRE South Asia Co-head Capital Markets India & Head West India--Nikhil Bhatia said in a statement.

The Mumbai Metropolitan Region (MMR) is a metropolitan area consisting of the metropolis of Mumbai and its satellite towns.

The Eastern Express Highway, which connects south Mumbai to eastern suburbs and stretches all the way to Thane, has benefited areas like Mulund, Bhandup, Kanjurmarg and Vikhroli due to improved connectivity, he said.

Mumbai Metro's Phase I has enhanced east-west connectivity and also improved the real estate profile of locations like Ghatpokar, Vidyavihar and Vikhroli. The Chembur-Wadala-Jacob Circle monorail has also improved real estate activities in these areas.

In addition, the Vikhroli Jogeshwari Link Road has accelerated real estate activity, especially in the commercial segment, in the markets of Powai, Vikhroli and Kanjurmarg.

Besides the current projects, the government has planned various other infrastructure including international airport and metro rail for Navi Mumbai, the Mumbai Trans Harbour Link, Elevated Eastern Freeway, Virar Alibaug Multimodal Corridor, Churchgate Virar Elevated Rail Corridor and the Western Dedicated Freight Corridor, among others.

However, Bhatia said that though infrastructure projects are improving Mumbai's real estate market, it will be necessary to ensure their timely implementation.

"Infrastructure projects have provided a perfect backdrop for realty growth in the MMR, but to emerge as a truly world-class city it will have to rise to the challenge of augmenting its infrastructure development with accelerated implementation of these policies within a clear timeline," he added

Job Opportunity : Not enough junior engineers in Navi Mumbai Municipal Corporation: Officials

NAVI MUMBAI: The civic body does not have enough junior engineers, officials said. Corporators said that the lackadaisical attitude of the Navi Mumbai Municipal Corporation (NMMC) in filling the vacancy has only compounded the problem.

The members of the civic standing committee were enraged when they were told that several infrastructural projects were delayed as there were not enough junior engineers. "The role of junior engineer is crucial as they visit the sites, prepare the proposal and present it to higher authorities. But in the city, for every 10 corproators there is just one junior engineer. This explains why development is slow," said corporator Vaibhav Gaikwad.

Several corporators questioned why other engineers were not being promoted to fill the demand gap. Corporator Shivram Patil also asked why engineers recruited on contract were not offered a payroll job.

"The engineers on contract are well-versed with the city and the corporation. It is logical that they be given a permanent posting. The corporation has conducted interviews for 40 engineers but some of them are not even from the city," said Patil. The deputy municipal commissioner J Sinnarkar however refuted the allegations made by stating that the present number of engineering staff is self sufficient and a few more will be recruited soon.

"There are around 40 engineering posts that have been outsourced. More engineers have been shortlisted and their recruitments process will start soon," he said.

The dearth of junior engineers and the alleged disregard of the civic administration to fill the vacancy created since the promotion of existing JEs had resulted in heated debate between corporators and authorities during the standing committee meeting on Thursday.

Standing committee members reiterated that budget allocated for undertaking infrastructural works within the city is getting stalled only because there are not enough junior engineers to do the ground work. "For a project work to happen the role of junior engineer is crucial because they prepare the file and make presentation with the higher authority. However in the city presently for every 10 corproatr there is only 1 JE so it is self-explanatory that most development works are pending," said corporator Vaibhav Gaikwad.

Committee members remained vocal on the manner in which the administration was working. Questions were raised on the need to give promotions when adequate provisions were not made to fill the vacant posts. Corporator Shivram Patil sought an explanation on the reason for NMMC not considering absorbing the engineers taken on contract. "The engineers on contract are well versed with the city and the corporation so it is logical that they be given permanent posting. Instead the corporation has gone and conducted interview process for 40 odd posts of engineers which will be taken by youngsters who are not even from the city.," said Patil.The DMC J Sinnarkar however refuted the allegations made by stating that the present number of engineering staff is self sufficient and additionally few more are to be recruited at the earliest. " There are 40 odd engineers outsourced and they are working actively. Additionally more engineers have been shortlisted and their recruitments process will commence." He said.

Tata Housing launches Rs 2,000-cr luxury project in Mumbai

The project, named Gateway Towers, is spread across 8.5 acres and is a part of the 19-acre redevelopment project

 

 Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.

 

The project, named Gateway Towers, is spread across 8.5 acres and  is a part of the 19-acre redevelopment project.

 

"We have invested around Rs 2,000 crore for the entire redevelopment project across 19 acres, out of which the saleable component would be around 8.5 acres, where we will be developing six luxury residential towers," a company source said.

 

The company, which has not revealed the number of units as well as the per-unit cost, will develop six residential towers, ranging from 31 stories to 41 stories.

 

Managing director and CEO Brotin Banerjee said, "This project is in line with our strategy of creating marquee projects in major metros."

 

Mulund has witnessed an increasing demand for luxury housing from consumers and investors because of proximity to south Mumbai and fast growing Thane areas, he said.

 

The towers are designed by Callison. The construction is expected to be completed in four years.

Amusement park in Vashi, Navi Mumbai

NAVI MUMBAI: After Wonders Park in Nerul, the Navi Mumbai Municipal Corporation (NMMC) is thinking about developing another amusement park in Vashi, in a bid to enhance the recreational facilities in the city.

Municipal commissioner Abasaheb Jarhad has moved a resolution in the general assembly seeking Rs 5 crore for developing the second amusement park on a 50,000 sq m plot in sector 26, Vashi, as allotted by City and Industrial Development Corporation (Cidco).

After getting approval from the general body, NMMC will construct a compound wall around the plot. "Our priority is to protect the plot from encroachers," said an officer from the garden department

Executive engineer (garden) Sanjay Desai said that the work of landscaping, electrification installation of equipment, construction of pathways and security cabins amongst others will be executed in the first phase. "It will take about 18 months to complete the park" he added.

NMMC has already developed Rock Garden and Wonders Park in Nerul. "Like Nerul, Vashi is also a developed node. The residents also want an amusement park in their area. However, the basic structure and features of the proposed amusement park at Vashi will be different from Wonders Park," added Desai

Mayor Sagar Naik said that the resolution has been included in the agenda of the general assembly, which will be meeting on Tuesday. "We are planning to enhance the recreation facilities by developing more theme gardens and amusement parks in Navi Mumbai," he said.

Major public utility projects Navi Mumbaikars can expect this year

NAVI MUMBAI: People from the satellite city will soon have at least five reasons to rejoice. 

Major utility projects are coming up in 2014 to cater to the city's growing population.

1. Civic hospitals in Nerul

2. Civic hospitals in Belapur 

3. Civic hospitals in Airoli  

4. Exhibition centre built by the City and Industrial Development Corporation (Cidco) in Vashi

5. Fire station in Kharghar 

6. Civic auditorium in Panvel 

7 New Navi Mumbai Municipal Corporation (NMMC) headquarters in Belapur.

To decongest the Vashi civic hospital and provide better medical facilities to the poor, a couple of year ago, the NMMC had initiated a plan to develop Mother-Child Hospitals at various nodes.

This year, three (100-bed each) civic hospitals in Nerul, Belapur and Airoli will also become functional.

"The Nerul centre will be opened in March. This will be followed by the opening of the Belapur centre in August and Airoli in December 2014," said Abasaheb Jarhad, civic commissioner.

The Cidco exhibition centre, another landmark project, will be thrown open in July. Its proximity to the Sion-Panvel Highway is a bonus. The Rs 285-crore project was supposed to be inaugurated in October 2013.

"We are on the verge of completing the mega project and will be in a position to open the centre in July," said Mohan Ninawe, chief PRO of Cidco.

The fire station in Kharghar has been the talk of the town for years and the delay in its inauguration has raised eyebrows. In the absence of a fire station, Kharghar node has to depend on other areas in cases of emergencies.

The nodal agency, Cidco, has begun the process of short listing people to be trained in fire safety devices. "Once they are adequately trained, we will open the station by June this year," said a Cidco official.

The long wait for residents of Panvel for a civic auditorium will also end this year. The entertainment hub will be host socio-cultural events on the lines of the one at Vishnudas Bhave Natyagriha in Vashi. Panvel Municipal Council promises to open the auditorium by this month-end. The Rs 16-crore auditorium, built on 5,000 sq m of land, can accommodate over 800 people in two levels. It is centrally air-conditioned and its budget has been pegged at Rs 16 crore.

Finally, the new civic headquarters will have its date with the people of the city in February. The Rs 150-crore project missed its original deadline of opening on New Year's day due to various reasons. such as delay in work and getting a slot from political leaders for inauguration.

The mega structure is built on an area of 20,000 sq m along the Palm Beach Road.

"We are yet to finalize the date. of opening. But it should happen in February," has been chalked out to be the tentative slot," said a top civic official.

Navi Mumbai Municipal Corporation relaxes redevelopment norms

NAVI MUMBAI: The decks have been cleared for redevelopment of houses in City Industrial and Development Corporation- (Cidco) built condominiums in Navi Mumbai after the civic body relaxed certain conditions in redevelopment rules.

Cidco and Navi Mumbai Municipal Corporation (NMMC) had set certain rules for redevelopment where a house owner must get approvals from the town planning authority, the civic body and the Apartment Owners Association, in that order. Once done, the house owner could redevelop the Cidco-constructed condominium.

But over the past four months, NMMC had been insisting that the applicant must also get a No Objection Certificate (NOC) from all members of the Apartment Owners Association, not just the neighbours, before approaching them. It had rejected several applications, representatives said.

Vashi NCP Corporator Raju Shinde moved a resolution in the general assembly seeking to delete the condition in question. "There are 30,000 Cidco-built houses of which 50% wanted to repair their houses. But the town planning department took a stand not to issue an NOC in the absence of consensus from all members of the Apartment Owners Association, not just the neighbours," Shinde said. "It is difficult to get an NOC from 200-250 house owners in a condominium. This decision is unwise, irrational and cannot be justified," he added.

In December, NMMC general assembly unanimously passed the resolution seeking to delete the controversial decision. "The commissioner has instructed the town planning department to issue NOC without seeking the consensus of all members," Shinde said. He also had support from Thane MP Sanjeev Naik, who mounted pressure on the civic body to relax the mass NOC condition. The resolution was passed in December and was to come into play from January 1.

Now, the new norms state that a Cidco condominium house owners can redevelop their house from 18 m to 32 m in height after paying a lease to the town planning authority and a redevelopment fee to the NMMC.

Vashi:The deck is cleared for the redevelopment of houses in CIDCO built condominiums in Navi Mumbai with the civic authorities relaxing some conditions in the redevelopment rules.

A house owner of CIDCO condominium can redevelop his house from 18 meter to 32 meter height after paying lease premium to CIDCO and redevelopment fee to NMMC. After the plan is approved by the NMMC, the applicant must obtain NOC from the Apartment Owners Association for commencing the works. Based on these procedures, several single storied houses have been redeveloped with G+1 or G+2 storied buildings.

However since the last 4 months the civic body has stopped issuing NOC saying that the applicant should obtain NOC from all other members of the Apartment Owners Association. This decision has hit the redevelopment process of old and unsafe building in the CIDCO condominiums

Vashi NCP Corporator Raju Shinde had moved a resolution in the General Assembly seeking to delete the condition in question. There are about 30000 CIDCO built houses of which 50 percent wanted to repair or redevelopment their houses. But the Town Planning Department took an adamant strand not to issue NOC in the absence of consensus from all members of the Apartment Owners Association in a given area. In Vashi alone there are 4000 applicants waiting for NOC for redevelopment.

If a member wants to repair his house he must take NOC from his neighbor as both of them may be sharing the wall between the two houses. But why should he seek NOC from all members of the Apartment Owners Association. It is difficult to take NOC from 200-250 house owners in a condominium. This decision is unwise, irrational and cannot be justified" said Raju Shinde

In December, NMMC General Assembly unanimously passed the resolution seeking to delete the controversial decision taken by the town planning department. Thane MP Dr. Sanjeev Naik had also mounted the pressure on the civic body to relax the condition of mass NOC, said Shinde, "The commissioner has instructed the town panning department to issue NOC without asking the consensus of all members" (End)

Cidco to spend Rs 1 crore for infrastructure upgrades in Ulwe village

NAVI MUMBAI: City and Industrial Development Corporation (Cidco) has allocated Rs 1.16 crore for infrastructure development of Shelghar village in Ulwe. The residents had demanded gardens, gyms, regular water supply and sewage treatment over the past year. They approached their representatives and asked them to campaign for their requests to Cidco.

"We demanded that Cidco allocate funds for the infrastructure development of the villages in Ulwe, especially Shelghar, Gavhan and Koper. After persistent requests, Cidco's MD Sanjay Bhatia has sanctioned Rs 1.16 crore for Shelghar village," said Panvel MLA Prashant Thakur.

Bhatia said the infrastructure development was on the cards and the persistent demands quickened the process. "Cidco has allocated Rs 200 crore for infrastructure development of the villages under its jurisdiction. Rs 1.16 crore will be spent for amenities in Shelghar village. Depending on the nature of work, the funds shall be allocated to the village grampanchyat," he said. Mahendra Gharat, president, Indian National Trade Union Congress said consistent campaigning for the past three years had gotten them this allocation. "Rs 1 crore has already been spent by Cidco for laying water pipelines from Hetawane dam till the Gavhan village. Now from Monday, the villagers in Gavhan shall receive regular water supply," he said.

Navi Mumbai: Shelghar village in Ulwe node has received the best new year gift from Cidco by sanctioning Rs 1.16 crore as monetary fund for the village's basic infrastructure development

Navi Mumbai : CIDCO Home lottery 1BHK , 2BHK , 3BHK

Advik Realty Special : I am not sure whether it good news or not?

For Middle Class (Salary - 25K to 75K) : 2BHK cost rupees INR 50Lacs (How this is possible for Middle Class) ???
Who is goin to buy this??

'Announce city, Mumbai redevelopment policy together'

NAVI MUMBAI: The civic body wants the state government to announce its cluster development policy for the satellite city along with Mumbai, instead of announcing it separately.

In a recently concluded state legislative session in Nagpur, chief minister Prithviraj Chavan assured members of the legislature that his government would take a decision within a month on the cluster redevelopment plan.

"Instead of taking the cluster policy decision in phases, the government should announce both policies together," said a senior official attached to Navi Mumbai Municipal Corporation (NMMC).

"The decision will not only help the ruling Congress-NCP consolidate its vote bank in these region, but will even help in having plan development for Mumbai's neighboring cities - Thane and Navi Mumbai," the official added.

Last week speaking on the issue on the floor of the house Chavan had said that his government is expecting a report by a sub-committee soon. "The report would be then discussed in the weekly state cabinet meeting before taking final call on the issue. Once the cluster policy for Mumbai is discussed, then his government would take up the similar issues in neighboring areas like Thane and Navi Mumbai," Chavan had said.

Senior NCP leader Ganesh Naik, who also is the guardian minister for Thane region (which includes Navi Mumbai) has been relentlessly pursuing the cluster development issue with Chavan for a long time.

Experts said that knowing that any decision on cluster development can tilt the electoral politics in the areas such as Thane, Navi Mumbai, Shiv Sena too has joined the bandwagon to support the cluster development policy. In fact, Shiv Sena president Uddhav Thackeray along with Thane MLAs - Eknath Shinde, Pratap Sarnaik met Chavanto discuss this issue recently.

Important : Cidco coming with Houses in Kharghar

Navi Mumbai’s City and Industrial Development Corporation’s (CIDCO) housing project will commence before December 30 according to a decision taken by CIDCO chairman Pramod Hindarao in a meeting on Friday at CIDCO Bhavan, Belapur.

The decision came after a long wait of two years, wherein different projects were discussed and rates for middle income groups (MIG) and higher income groups (HIG) were discussed along with the policy for the sale of flats.

In all, 1,224 homes will be built of which 802 flats for MIG will cost Rs.51.06 lakh with Rs.5,250 per square feet and 422 flats for HIG will cost Rs.97.60 lakh with Rs.6,410 per square feet.

Pramod Hindarao said, “We are also building homes in Taloja, Ghansoli and Kharghar. The project at Kharghar sector 36 is the largest wherein we will provide facilities like sports complex, gymnasium, swimming pool and library for senior citizens”.

He also added, “The housing scheme for economically weaker section (EWS) and lower income group (LIG) are 3,590 out of which EWS homes are 968 costing Rs.19 lakh with Rs.3,750 per square feet and LIG are 2,622 for Rs.26 lakh with Rs.4,300 per square feet.

There will be five per cent reservation for MPs, MLAs and MLCs. Project affected persons (PAPs) will be given five per cent reservation and journalists working in Navi Mumbai will be given five per cent quota.

Advik Realty will update you with all the required details regarding this in coming days........

Price of apartments in Navi Mumbai set to rise

The price of residential apartments in Navi Mumbai is set to rise as the proposed Navi Mumbai airport project cleared its highest hurdle, with the Maharashtra Government striking a compensation deal with the project-affected persons (PAPs). According to reports, this would bring land worth more than Rs 10,000 crore into the market for development.

The compensatory land that PAPs have been allotted is along the Mumbai-Pune by-pass adjacent to Panvel and is priced at about Rs. 1 lakh per sq metre. This township will be called Pushpak Nagar. Sources at City & Industrial Development Corporation (Cidco) said that land prices in Navi Mumbai would shoot up once land allocation in Pushpak Nagar is started. Mr. Mohan Ninawe, Public Relations Officer, Cidco said that some builders, especially those holding inventory have hiked the price of apartments by Rs 200 to Rs. 300 per sq ft, once the news of the clearance of the proposed airport filtered in. The price increase is sharpest in areas which are closer to the new airport.

Ms. Shalini Singh, Marketing Manager, Viscon Homes Pvt. Ltd is expecting that the price per sq ft would increase by Rs. 100 to Rs. 200. Talking about the prices of apartments in Airoli, she said that currently a 1 Bedroom, Hall, Kitchen (BHK) of approximately 640 sq ft would cost Rs. 50 lakh while a 2 BHK of about 1000 sq ft would be priced upward of Rs. 65 lakh.

According to Mr. Govind Sawant, Proprietor of Sawant Constructions, the cost of apartments in Panvel has gone up from Rs. 4000 Rs. 5000 per sq ft to Rs. 6000 Rs. 6500 per sq ft depending on the exact location of the apartments.

Real estate sources have been forecasting that the property prices in Navi Mumbai would be shooting up once the airport project is cleared; however, the long delay, from 1993 when it was first announced, has disheartened many investors and builders. Now the patience of those investors will pay off, one builder said. A lot of activity is expected around Panvel and the areas adjacent; Panvel is the last township in Navi Mumbai and the start of the Mumbai-Pune Expressway.

Land has been appreciating in Navi Mumbai areas such as Airoli, Ulwe, Kamothe, Kalamboli, Panvel, Belapur and so on for the past ten years, on the hope that two major infrastructure projects namely the new airport project and the Rs 9,460 crore Sewri-Nhava Sheva sea link, which would reduce travelling time between Mumbai’s central business districts and Navi Mumbai from one hour to 25 minutes, would take off. The prices in these areas are already at least 25 per cent more than the norm, sources said.

Many of the end use buyers who invested in property in Navi Mumbai did so, because the prevailing prices at that time were lower than the Island City. But now the prices, mainly because of speculation, have gone through the roof, Shweta Malik, a resident of Belapur and corporate executive said. The prevailing high price is one reason that many end use buyers are putting off their decision to invest.

Media reports that there are more than 15,000 apartments waiting for buyers in the Sanpada, Dronagiri, Airoli, Taloja, Ulwe, Karanjade, Seawoods and Kamothe areas. In Panvel alone there are over 11,000 unsold apartments. Mr. Ninawe agreed that the builders were holding large inventories During the first two quarters of 2013, there has been relatively fewer real estate transactions in the Navi Mumbai area; builders were not able to off load inventory because of the subdued market sentiment . Builders on their part were not willing to lower prices because of the high input costs such as higher funding costs, high land prices; cost of material and labour had also skyrocketed.

New data from Indiaproperty.com indicates that due to the increase in demand apartments in Kharghar and Panvel, some of the industries in Taloja have now moved. Kamothe and Kalamboli are two more markets which have seen spill over residential demand from Kharghar. The report said, “Maximum demand in Taloje is for 1 BHK units with over 80% property seekers looking for a single room unit.” Cidco has announced its proposal of constructing around 12,000 houses in Ghansoli, Vashi, Kharghar and Taloja-Panchanand. In the first phase 2.922 apartments will be constructed in Sector 36 in Kharghar that will cater to the economically weaker sections and lower income groups. These residences will mainly be 1 BHK while 1,224 apartments in the 2 BHK and 3 BHK will cater to the middle income and higher incomes groups and will be taken up soon.

Navi Mumbai airport one step closer to be a reality

Dec 20, 2013, 04.00AM IST

NEW DELHI: The long-awaited Navi Mumbai airport project is finally taking shape. The request for qualification document for the project will be taken up for approval by the steering committee of the civil aviation ministry on Friday, a person with direct knowledge of the matter told ET.

"The initial project cost as per the RFQ has been estimated to be Rs9,990 crore. This is for developing the airport with a 10 million passengers per annum capacity," said a civil aviation ministry official. "However, the project cost may escalate depending on the plans of the developer."

The project which requires 2,268 acres was envisaged 27 years ago. The airport project has been plagued by land acquisition delays. In 2011, the project cost was estimated to be nearly Rs15,000 crore.

Of the total land area, nearly 1,100 acre has been kept for aeronautical use while the rest has been reserved for commercial development. The airport will be developed in a public-private partnership project, in which 74 per cent equity will be held by an yet-tobe-found private operator, 13 per cent by Airports Authority of India and 13 per cent by the state government through its arm Cidco (City and Industrial Development Corporation).

Mumbai's Chhattrapati Shivaji International airport operator GVK is expected to get the right of first refusal. Navi Mumbai airport's land acquisition issues were cleared last month after the Maharashtra chief minister Prithviraj Chavan approved the allotment of 22.5 per cent developed land to persons affected by the project. The PAPs will also get 100 shares each in the project.

RFQ is a pre-bid process of the government which narrows down the interested bidders according to various criteria. After, the bidders have been identified, a model concession agreement will be drafted which will finally invite bidders. The first phase of the project is targeted to be completed by December 2017.

Last month, V Radha, joint MD of Cidco had told the media that all major governmental clearances are in place for the project.

"Approvals from the civil aviation ministry are in place, the environment & coastal zone regulation clearances from the ministry of environment and forests are in place, defence clearance from the ministry of defence is also with us. Clearance for removal of 98 hectares of mangroves was given by the Bombay High Court on October 29. Only stage II of forest clearance is required from the environment ministry which will come once the relief and rehabilitation is finalised," she told media persons in November after a meeting with Chavan.

PE Funds Compete To Buy Stake In Vardhman's Realty Projects

19 December 2013

Various PE funds are in fray to acquire stake in Mumbai based realty firm Vardhman Developers' two real estate projects, ET states. Indiareit Advisors, Capri Capital Partners and Edelweiss Capital are in race to buy the stake.

Advisory firm Jones Lang LaSalle Meghraj is advising the realty firm on this deal.
Mumbai-based Vardhman Developers is developing two projects for R400 Cr in South Mumbai and Andheri, a north-western suburb in Mumbai. It plans to raise R100 Cr through an offering. The premium residential projects are located in Byculla in South Mumbai and in Andheri. The developers are also looking for raising debt.

Vardhman Developers Ltd is the flagship company of Vardhman group. Apart from real estate, Vardhman has also penetrated into the infrastructure industry in the form of Vardhman Concrete Ltd. (Formally known as Stresscrete India Ltd), an infrastructure company.

The company specializes in precast, prestressed technology and is involved in the construction of bridges, FOB, ROB, Warehousing housing for government and Semi – government bodies and institution.

Vardhman has recently ventured into the entertainment segment by bringing to Mumbai the World's Most Affordable Theme– Amusement Park called 'The World of Vardhman Fantasy'.
Founded in Mumbai, Indiareit fund Advisors Pvt. Ltd. is a real estate investment arm of Piramal Healthcare Limited specializing in redevelopment properties and residential projects. The firm seeks to invest in Mumbai.

Edelweiss is a diversified financial services Group. It offers a large range of products and services spanning across asset classes and consumer segments. Its businesses are broadly divided into Credit including Retail Finance and Debt Capital Markets, Financial Markets including Asset Management, Commodities and Life Insurance.

Headquartered in Chicago, Capri Capital Partners is a real estate and development firm. In addition to providing equity and debt capital solutions to property owners, Capri invests in the development of urban commercial and residential communities.

In this space, Red Fort India Real Estate Babur exited its investment in Godrej Developers Private Limited ; Xander group was investing R300 Cr into a project being developed by Bangalore based Nitesh Estate; Blackstone along with one of its portfolio company – Panchshil Realty was planning to buy Express Towers.

Update On Hiranandani Panvel : Hirco Denies Responsibility For Defaulted Bank Loans

Thu, 19th Dec 2013 12:00

LONDON (Alliance News) - India-focused residential builder Hirco PLC rejected claims that it bears responsibility for defaulted loans for township projects in Panevl and Chennai.

Hirco was responding to recent comments made by a spokesman for former chairman Nirnjan Hiranandani regarding his responsibility for the insolvency of the projects and suggestion that the firm holds responsibility.

Hirco said it had no physical present in India and was created to invest in foreign direct investment compliant Indian real estate development projects to be sourced by Hiranandani, his wife Kamal Hiranandani and entities controlled by them.

"In 2007, Hirco paid approximately GBP350 million into accounts controlled by Mauritius legal entities that in turn were controlled by Hiranandani family interests," Hirco said.
"That money was largely used to purchase 588 acres of land in Panvel and 368 acres of land in Chennai from Hiranandani-controlled entities," it added.

The firm said the acquired land was held by several Indian companies including Hiranandani Palace Gardens and Sunny Vista Realtors, which is controlled by the Hiranandani family.
Hirco said it was these legal entities that obtained line of credit totalling INR1,490 and borrowed money totalling around INR 1,384 from various Indian lenders including Yes Bank, Tata Capital and Punjab National Bank (PNB).

The firm said it has been informed that Hiranandani Palace Gardens and Sunny Vista Realtors defaulted on their obligations and currently owe these lending institutions approximately USD160 million.

Earlier this week, PNB placed a notice that Sunny Vista Realtor would be sold at auction in January 2014 to satisfy unpaid obligations to various lenders.

Hirco said it is not involved in borrowing this money and had no control or involvement in any of the affairs of Hiranandani Palace Gardens or Sunny Vista Realtors.

It also said it has no involvement in the development of the Panvel and Chennai projects or the sale of collection of money from the people who bough units in these developments.

These activities were carried out by another Hiranandani/Vandrevala controlled entity, Hiranandani Developments Private Limited, Hirco said.

"Hirco will continue to pursue redress against Niranjan Hiranandani and Priya Hiranandani, for fraud and other wrongdoing through the ongoing litigation and arbitration proceedings," it said. The stock was trading at 20.00 pence Thursday morning, down 0.25 pence or 1.2%.