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Gera in News


Times Of India { Property Times } Page 01 - 1 January, 2012

With the Development Plan finally set to take off, effective implementation is essential to ensure smooth expansion of the city, says NEHA DANI With Chief Minister Prithviraj Chavan approving the long-pending Development Plan Pune has a reason to cheer. Realty experts have reacted positively to the move and are hopeful that it will ensure planned development for the city. Shantanu Mazumder, Branch Head - Pune, Knight Frank India says, "It will ensure that the fringe areas under the DP will start to have planned growth with physical and social infrastructure like roads, water, waste management, schools, hospitals, public garden, shopping arcade, etc. by Municipal Corporation benefiting the residents. It will also address the pending issue of new roads, flyovers along with the provision for reservation for new initiatives, which will directly benefit the residents of these areas." Ravi Ahuja, MRICS, Executive Director-Development Services, India, Cushman & Wakefield says, "The Development Plan (DP) for the city will help in accelerating the growth and development of 23 villages. As per the Plan, the city has been divided into six sectors for better planning and marking infrastructure. The draft DP for the old city has proposed 99 reservations, including 20 parking places, in the congested 'peth' areas. A total of 14.5 hectares of land would be reserved in this area. These 99 reservations have been marked in Sector 1, which include all the peth areas. The DP has also made reservation for a Film City area, which has been proposed in Erandwane area. The Film City has been marked in sector 3 that include areas such as Kothrud, Erandwane, Paud Road, Warje and Shivajinagar." According to Mr Ahuja, the plan proposes to increase the permissible height for high-rises in the established parts of the city from 100 meters to 150 meters and the state government has offered a rate of 2.5 FSI for MHADA schemes. Highlighting its impact on the real estate market of the city, Mr Mazumdar feels, "The approval of the DP will definitely benefit the realty sector. Supply in the market will rise once additional land comes for development under the new development plan. Furthermore, some of the illegal construction activities going on in fringe areas will come to an end since the development rules in the fringes were not very welldefined and now with Municipal Corporation controlling the development, will regularise all these developments." Mr Ahuja feels that the Plan would be able to provide a solution towards the increasing demand for homes and diminishing availability of space. City developers are looking forward to this long pending move. However, they feel there will be no price corrections in the Pune real estate market. Lalit Kumar Jain, CMD - Kumar Urban Development Limited and National President, CREDAI says, "Basically, the DP has just been sanctioned. The results will be seen once it is implemented. However, it is a first positive step. The implementation will create good supply of infrastructure like roads, which will ultimately benefit the real estate market." Speaking of the FSI schemes planned in the DP, Mr Jain says, "The DP is still not open to the public and hence things are unclear. Once we know more, we can discuss it." "DP is an essential document which will ensure holistic growth with growth of infrastructure like roads, gardens and good drainage system among other things," says Ranjit Naiknavare, Director, Naiknavare Developers. Mr Naiknavare is of the opinion that it will not impact the prices. However, there will be greater supply with maximum projects on offer. He says, "Due to inflation, the construction costs have risen ultimately affecting the prices. The growth in supply and proposed FSI schemes will ensure better competition. However, the FSI schemes will not affect the realty industry much." On a different note, Rohit Gera, MD, Gera Developments says, "The DP will be more of an advantage to the administration as they can implement and sanction the rules and reservations; certain approvals that were delayed due to DP will get cleared, helping in the overall growth of the city. There will be no major impact to the realty industry in terms of prices." Much now depends on the implementation of this all-important plan for Pune. Hopefully it will make a difference.

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