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Nagpur Best place for Real Estate Investment

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  • Re : Nagpur Best place for Real Estate Investment

    Nagpur Improvement Trust to hold lottery for PMAY houses again

    Addressing a press conference on Wednesday, NIT trustees Bhushan Shingane and Vijay Zalke said out of 4,479 PMAY tenements, only 1,200 had been allotted. File photo

    NAGPUR: Civic agency Nagpur Improvement Trust (NIT) has decided to hold lottery for its tenements built under Pradhan Mantri Awas Yojana (PMAY) as many applicants could not get bank loan during Covid lockdown.

    Addressing a press conference on Wednesday, NIT trustees Bhushan Shingane and Vijay Zalke said out of 4,479 PMAY tenements, only 1,200 had been allotted. “Many people could not get loans, so we want to give them another chance. These houses are located in Wathoda, Tarodi and Wanjri,” they said.

    When pointed out that the very objective of the scheme was defeated if banks were not giving loans to poor for buying PMAY houses, the two BJP leaders said, “It is a central government scheme being executed by NIT. Banks are independent bodies. We can’t influence them.” “Banks should give loans to applicants as the house is the collateral,” said Zalke.

    Other decisions taken in the board meeting include handing over four sewage treatment plants (STPs) in Jaitala area to Nagpur Municipal Corporation, allotting vacant pre-fabricated houses in Nandanvan to needy people, okaying NIT’s 12.5% share for upgrading Government Medical College and Hospital (GMCH) and All India Institute of Medical Sciences (AIIMS), maintenance of NIT gardens etc.












    https://realty.economictimes.indiatimes.com/news/residential/nagpur-improvement-trust-to-hold-lottery-for-pmay-houses-again/78802153
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    • Re : Nagpur Best place for Real Estate Investment

      Nagpur: CP orders probe as land worth Rs 2crore sold for Rs 5 lakh

      In the two-page order, the CP has also underlined the fact that this sale deed has taken place despite an ongoing dispute related to the property.
      NAGPUR: City police chief Amitesh Kumar has ordered inquiry into mysterious registry of a land deal wherein a property in Wathoda worth Rs2 crore was transferred for mere Rs5 lakh in October. The office of the sub-registrar is now under the scanner of the economic offences wing (EoW) of the crime branch.

      The deal involves sale deed executed by one Prashant Sahare in favour of Ashok Khattar against consideration of Rs5 lakh, paid in cash, on October 27 while the property’s market value is nearly Rs2 crore and even the ready reckoner value puts a price tag of Rs1 crore.

      In the two-page order, the CP has also underlined the fact that this sale deed has taken place despite an ongoing dispute related to the property.

      In a recent press conference, Kumar had stated that persons purposefully creating a ‘third party interest’ in land or properties with an intention to commit fraud shall face stringent of action.

      Following Kumar’s directive, an offence has been registered at Wathoda police station against Sahare and Khattar, one of their aides Bagga and others. It’s learnt that Sahare and Bagga had inked similar “deals” in the past too.

      Economic offences wing DCP Vivek Masaal said all details regarding the deal would be sought from the sub-registrar’s office. “We will send a questionnaire to the sub-registrar’s office pertaining to the sale deed and depending on the reply, may ask for documents,” he said.

      Sahare, Khattar and Bagga had allegedly tried to usurp the land which was earlier sold to one Chhabrani family in 2014 for Rs53 lakh by one Sangeeta Rahate. Chhabrani family had already approached Wathoda police in the first week of October and the matter is under investigation. Despite the police complaint, yet another sale deed was registered involving the same property in the last week of October.















      https://realty.economictimes.indiatimes.com/news/regulatory/nagpur-cp-orders-probe-as-land-worth-rs-2crore-sold-for-rs-5-lakh/79075679

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      • Re : Nagpur Best place for Real Estate Investment

        Nagpur: Vidhan Bhavan has not paid Rs 40 lakh property tax

        According to sources, the annual property tax of Vidhan Bhavan premises is around Rs8 lakh. The department had been paying the tax regularly till 2015-16 but hasn’t paid a penny since 2016-17.
        NAGPUR: The functioning of the state’s public works department has come under the scanner for defaulting on property tax of Vidhan Bhavan since 2016-2017.

        On the one hand it has funds to carry out renovation work of Vidhan Bhavan, MLA Hostel and official bungalows and on the other, it has achieved the dubious distinction of defaulting on NMC’s property tax which has soared to over Rs40 lakh.

        According to sources, the annual property tax of Vidhan Bhavan premises is around Rs8 lakh. The department had been paying the tax regularly till 2015-16 but hasn’t paid a penny since 2016-17. Sources said the NMC has levied an interest of almost Rs8 lakh on Vidhan Bhavan for property tax default. Now the department has approached the NMC to reconsider the interest levied due to defaulting of property tax.

        Sources said not only Vidhan Bhavan, the NMC is struggling to recover almost Rs60 crore dues from various central and state government departments. Besides this, Mihan and VNIT, too, have defaulted on NMC tax. The outstanding dues of both the organizations have been collectively pegged at over Rs50 crore.

        Though the PWD has been paying property tax, it continues to maintain firefighting equipment installed in the Vidhan Bhavan building. A senior official from the NMC’s fire and emergency services department confirmed that the firefighting system installed there is OK.

        Sources said municipal commissioner Radhakrishnan B has expressed anguish over poor tax recovery and asked assistant municipal commissioners of all 10 zones to improve the same. The total arrears of property tax is around Rs573 crore. During the current financial year, only 55,000 property owners paid arrears amounting to Rs32 crore, while 3.84 lakh continue to use civic amenities without paying tax, said the source.












        https://realty.economictimes.indiatimes.com/news/regulatory/nagpur-vidhan-bhavan-has-not-paid-rs-40-lakh-property-tax/79205064

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        • Re : Nagpur Best place for Real Estate Investment

          Nagpur: Buyers, builders protest higher stamp duty for leasehold properties

          The state government issued two notifications on August 28 and 29, reducing the stamp duty by 3% from existing 6% for a period September 1 to December 31.
          NAGPUR: New flat buyers, builders and lawyers engaged in property paperwork are up in arms against the sub-registrar’s office here for not passing benefits of reduction in stamp duty by the Maharashtra government to leasehold properties.

          With a view to boost the realty sector affected by demonetisation and now Covid-19 pandemic, the state government issued two notifications on August 28 and 29, reducing the stamp duty by 3% from existing 6% for a period September 1 to December 31.

          However, the sub-registrar’s office isn’t passing benefits to buyers purchasing flats schemes on Nagpur Improvement Trust (NIT), Nazul and other leasehold lands. In fact, two cases have also been filed in the Nagpur bench of Bombay High Court in this regard, the complainants said.

          The officials at the ‘Joint District Registrar (Class-1) and Collector of Stamps’ at Civil Lines here, however, defended their move stating that they were acting as per the government’s instructions.

          “The Inspector General of Registration (IGR) in Pune has specifically instructed to waive the stamp duty for non-leaseholders’ plots for which agreement to sale and sale deed are made. For leaseholders plots like NIT or Nazul, a ‘deed of assignment’ is done instead of agreement to sale. Hence, they can’t be granted the concession,” sub-registrar Ashok Ughade told TOI.

          He suggested the complainants should wait for HC’s orders where they would be filing a detailed reply on the issue after consulting their Pune-based headquarters.

          The ‘agreement to sale/sale deed’ of apartment or land with building is the document for permanent sale/transfer of whatever rights of the vendor/seller in the property and hence falls under Article 25 of Schedule-I of the Bombay Stamp Act. In normal circumstances, the stamp duty prescribed under Article 36 (Lease) or Article 60 (Transfer of lease) is 5% with valuation varying from 10% to 90% of the property’s value depending on the lease period.

          Chartered engineer and government valuer Milan Kale has dashed a mail to the joint district registrar’s office highlighting the anomaly in levying stamp duty by the sub-registrar’s office. “Before the government’s move to offer concession, all the flat documents, whether on freehold or leasehold land, are charged under Article 25 of Bombay Stamp Act at 6%, without any discrepancy. Therefore, the concession as granted by the government due to Covid-19 difficulties should be made applicable for all properties for common citizens’ housing,” he told TOI.

          “It can’t be the government’s contention that two apartments, one constructed on freehold and the other on leasehold plot, will be charged 3% and 5%, respectively. The interpretation of charging 5% for the latter category by the sub-registrar’s office is logically wrong. They must get the confusion cleared from their higher authorities in the State Revenue Department,” he said.

          Citing a media report, Kale in his letter informed that the same confusion was created in Pune region, but later the discrepancy was corrected by the joint district registrar’s office there.

          According to him, the wrong interpretation of the notifications was violating the very purpose of the concession offered for the common public to boost realty market.













          Nagpur: Buyers, builders protest higher stamp duty for leasehold properties, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Nagpur Best place for Real Estate Investment

            Many older industrial units face closure as NMRDA applies 2018 building norms


            Anjaya Anparthi | TNN | Dec 25, 2020, 04:58 IST

            Nagpur: The Nagpur Metropolitan Region Development Authority (NMRDA) move to retrospectively apply latest building plan norms and charges on industrial units set up earlier in the metropolitan region has put several micro, small and medium enterprises (MSMEs) in trouble.

            The state government had approved development plan and development control and promotion regulations (DCPR) for metropolitan region, 25km radius from city limit, in January 2018. Following this, NMRDA has started inspecting industries for verifying their building plan sanction from last year.

            President of Chamber of Association of Maharashtra Industry and Trade (CAMIT) Dipen Agrawal told TOI, “Almost all industries are situated outside gaothan. Nearly 13% units in the metropolitan region were set up even before 1999, while 46% were set up between 2000 and 2012. The industries were then asked for conversion from agriculture to non-agriculture and also getting building plan sanctioned from gram panchayats, which was duly complied with.”

            “The industries were set up after taking permissions from industrial safety department, explosives department, district industry centre and Maharashtra Pollution Control Board (MPCB) etc. Now, citing 2018 DCPR, NMRDA is declaring these units unauthorized saying permission of gram panchayat is invalid and building plan needs to be sanctioned by collector’s office,” he said.

            Agrawal added that even now, industries are ready to get regularization done from NMRDA. “But the authority is applying building plan norms approved in 2018. Industries cannot modify their structures. Also, the NMRDA is applying latest building plan charges, which are very high,” he said.

            Agrawal also said, “NMRDA should come up with a scheme in which industries should be regularized with existing structures. The authority should also levy reasonable charges. MSMEs are already facing threat of closure and running in huge losses due to Covid-19 pandemic.”

            “Modifications and high charges will certainly lead to closure of industries. It will also make a large number of people jobless, heavy losses to industrialists and also loss of revenue for the government. NMRDA can earn good revenue by launching justified regularization scheme,” he said. Agrawal said, “Almost all industries are running by availing loans. If the units shut, banking sector will also be affected.”

            NMRDA officials told TOI, “We are conducting inspection and issuing notices as per DCPR approved by the government. Industries will have to go for regularization. They have a good scope of compounding in unified DCPR.”

            Ashok Ahuja from CAMIT said, “A sample survey was conducted by trade associations in metropolitan region. Around 13% units were established before 1999, 46% between 2000 and 2012, 26% units between 2013 and 2015 and 15% between 2016 and 2018. It will be injustice towards us if the latest norms are made applicable for old industries too.”

            Girish Liladia said, “Backwardness of Vidarbha region is well acknowledged. The region is far behind on industrialization front compared to other parts in the state. Action of NMRDA will further fuel the backwardness. Migration of industries to neighbouring states like Chhattisgarh and Madhya Pradesh will be inevitable if proper solution is not chalked out immediately.”

            Agrawal said, “Amendments in the latest DCPR are likely to be discussed in near future. We request NMRDA officials not to take any coercive action against MSMEs till a decision is taken on the amendments.”

            A delegation of CAMIT met Union minister Nitin Gadkari, West Nagpur MLA Vikas Thakre and NMRDA commissioner Sheetal Teli-Ugale and requested for a reasonable regularization scheme.

            Thakre said he will take up the matter with chief minister Uddhav Thackeray, Maharashtra assembly speaker Nana Patole and urban development minister Eknath Shinde on priority basis.

            Sanjay Agrawal, Ashok Ahuja, Sarvashri Pramod Agrawal, Dilip Thakral, Natwar Patel, Girish Liladia and Sanjay K Agrawal were part of the delegation.














            Many older industrial units face closure as NMRDA applies 2018 building norms | Nagpur News - Times of India (indiatimes.com)
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            • Re : Nagpur Best place for Real Estate Investment

              Nagpur development body declares 2,582 buildings, layouts unauthorized

              As per NMRDA data, highest number of unauthorized buildings and layouts (756) was in South division followed by 750 in East, 555 in West and 521 in North division.
              NAGPUR: The Nagpur Metropolitan Region Development Authority (NMRDA) has issued notices to 2,582 buildings and layouts declaring them unauthorized. On the lines of industrialists, public representatives and builders are demanding regularization of these buildings arguing they all came up before new development control regulations (DCR) were implemented.

              As per NMRDA data, highest number of unauthorized buildings and layouts (756) was in South division followed by 750 in East, 555 in West and 521 in North division. There are 2,467 buildings and 115 layouts having large number of plots.

              Among buildings, 124 are educational institutions while 79 are function halls. There are 86 restaurants, 499 industries, 81 multi-storeyed residential and commercial complexes, 84 mobile towers and other buildings of which most (1,514) are residential.

              NMRDA officials told TOI that DCRs were approved in January 2018. NMRDA teams are conducting inspection of the buildings and layouts as per DCR since June 2018. “Till now, we found 2,582 buildings and layouts unauthorized. They have been asked to get themselves regularized. But parts of a majority of structures are non-compoundable as per DCR,” they said.

              TOI on December 25 had reported the demand of Chamber of Association of Maharashtra Industry and Trade (CAMIT) for special scheme to regularize existing structures of industries. CAMIT said a majority of industries came up in the past and were now facing closure as NMRDA was asking for regularization as per DCR approved in January 2018.

              West Nagpur MLA Vikas Thakre said, “NMRDA should make applicable DCR of 2018 on layouts and buildings that came up after implementation of DCR. Buildings and layouts in metropolitan region are older and came up as per approval of respective gram panchayats and other authorities. Demolition of parts of these structures means destruction of total building. NMRDA has been established for development of metropolitan region and not for destroying existing development.”

              Thakre said he will meet chief minister Uddhav Thackeray, urban development minister Eknath Shinde and speaker Nana Patole and ensure a scheme for saving the structures.

              Secretary of CREDAI Nagpur Gaurav Agarwala said, “Compounding of a majority of buildings is not possible as per DCR of 2018. Structures constructed before January 2018 should be regularized as they are. NMRDA should ensure structural and fire safety in existing buildings.”

              Activist Anil Wadpalliwar who raised the issue of unauthorized constructions cropped up in Besa and Beltarodi said, “Gram panchayats were authority for gaothan and collector office for outside gaothan. But developers and builders took sanction from gram panchayats for outside gaothan. These buildings would have been not declared unauthorized if they had obtained sanction from collector office. Action should be taken against gram panchayats who gave sanctions.”

              Wadpalliwar added, “DCR is meant for safety of structures and providing amenities for people. Developers and builders duped people by constructing structures much above permissible floor space index (FSI). Area of open spaces, public utility lands and roads are not left. It will not be proper to regularize buildings and layouts as they are.”

              There are over 1 lakh buildings in the metropolitan region. When the government gave various relaxations for regularization on October 7, 2017, NMRDA received 11,000 applications. The NMRDA is conducting inspection and issuing notices at slow pace.

















              Nagpur development body declares 2,582 buildings, layouts unauthorized, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Nagpur Best place for Real Estate Investment

                Nagpur civic body mops up only Rs 25 crore out of Rs 500 crore property tax arrears

                The amnesty scheme for property tax defaulters was launched on December 14 midnight to recover pending dues. Currently, NMC’s outstanding demand from property tax is around Rs810 crore which includes arrears.
                NAGPUR: The Nagpur Municipal Corporation’s (NMC) amnesty scheme for property tax defaulters providing 80% waiver in penalty has received a lukewarm response. Against Rs500 crore arrears, the civic body could mop up only Rs25 crore in the one-month window to avail the scheme.

                Given the poor response, the NMC has extended the last date of the scheme till January 20.

                The amnesty scheme for property tax defaulters was launched on December 14 midnight to recover pending dues. Currently, NMC’s outstanding demand from property tax is around Rs810 crore which includes arrears.

                As per Abhay Yojana 2020 (amnesty scheme), the civic body had announced 80% waiver on interest for tax defaulters if they pay the dues between December 15 and January 14. But with the new extension, the waiver will be reduced to 50% if the dues are paid between January 21 and February 14.

                According to property tax department data, 23,956 tax defaulters paid their arrears and current year’s property tax. The department has collected Rs13.30 crore arrears and Rs7.99 crore as current property tax. The defaulters have also paid 20% of their penalty, which comes to around Rs1.65crore.

                The highest number of taxpayers were from Ashi Nagar zone where 3,484 property owners cleared their outstanding arrears amounting to over Rs1.98 crore and Rs96.96 lakh in current tax. Similarly, 3,241 property owners from the Nehru Nagar zone cleared their arrears of Rs1.46 crore and current tax of Rs88.88 lakh.

                About 3,013 property owners under Mangalwari zone paid Rs2.18 crore arrears and current property tax of Rs1.30 crore.

                Deputy municipal commissioner Milind Meshram said that the dates were extended as citizens complained about their inability to avail the scheme due to non-working or slow working of the NMC site.

                The decision to extend the deadline for the amnesty scheme was taken by mayor Dayashankar Tiwari, standing committee chairman Vijay Zalke and municipal commissioner Radhakrishnan B. They have appealed to tax defaulters to avail the scheme to clear their outstanding tax.











                Nagpur civic body mops up only Rs 25 crore out of Rs 500 crore property tax arrears, Real Estate News, ET RealEstate (indiatimes.com)

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                • Re : Nagpur Best place for Real Estate Investment

                  Nagpur: Stamp duty collection dips in January after rate hike

                  The duty is paid on registration of sale deeds after purchase of real estate and it is borne by the buyer. A fall in collection means reduction in realty transactions.
                  NAGPUR: Stamp duty collection has taken a dip as the rate is being rolled back to the normal level by slowly withdrawing the post Covid incentive.

                  The duty is paid on registration of sale deeds after purchase of real estate and it is borne by the buyer. A fall in collection means reduction in realty transactions.

                  In a bid to help the real estate sector that was hit badly by the pandemic, the state government reduced stamp duty rate to 3% from 6% in September last year. It was applicable till December 31.

                  The plan was to slowly rollback the cut. From January 1 to March 31, the rate is 4%. Regular rate of 6% will be charged from April this year.

                  Stamp duty collections had improved soon after the cut. The property registration in September doubled to 6,500 deeds as against 3,000-odd in August last year. The stamp duty collection. however, improved only by Rs5 crore reaching Rs40 crore.

                  The number of deeds getting registered increased steadily with moderate improvement in amount collected as duty too.

                  There was a sharp increase in December last year when the 3% duty was applicable. More than 14,000 deeds were registered bringing in Rs172 crore as stamp duty. This was an increase of 43% and 66% in terms of deeds registered and duty paid, respectively.

                  There was a quick decline in January when the 4% stamp duty rate came into effect. The number of deeds getting registered came down to 10,000 with Rs57 crore of stamp duty collections. As against a growth of 66% in December, the January collections fell by 66%.

                  Figures for February are yet to be compiled.

                  There was a similar trend in the Nagpur rural. The collection had reached a high at Rs36 crore in December. This was more than double than the earlier month’s collection. In January the collection fell to Rs16 crore.

                  In the meantime, the state government increased the targets which were eased considering the pandemic.

                  From Rs430 crore it was taken to Rs700 crore for Nagpur urban in December. Sources say it is exceptional to hike the target in middle of the year. This was done considering the higher collections when rates were down so that government’s requirement for funds could be met too.

                  The collections that had exceeded the earlier target now lag by 33% of the new estimates. The revised target for 2020 is lower by Rs80 crore as compared to that for 2019.

                  In Nagpur rural, over 83% of the revised targets have been met.

                  Builders say this means that tax collection is better when the rates are low. A similar hike is expected in March, the last month for 4% rate following which it may fall.

                  Gaurav Agrawala from the Confederation of Real Estate Developers’ Associations of India (Credai), Nagpur branch said, “The low rates had spurred activity. Even the government stands to gain in the form of GST if construction activity gets a push.”










                  Nagpur: Stamp duty collection dips in January after rate hike, Real Estate News, ET RealEstate (indiatimes.com)
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                  • Re : Nagpur Best place for Real Estate Investment

                    Nagpur: NMC proposes 15-fold hike in fee for regularisation of Gunthewari plots

                    Nagpur Improvement Trust (NIT) had transferred hundreds of Gunthewari layouts to NMC, which had been given the powers of plot regularization from November 1, 2020, by the state government.
                    • TNN
                    • Updated: February 13, 2021, 11:28 IST

                    NAGPUR: The town planning department of Nagpur Municipal Corporation (NMC) has proposed a 15-fold hike in fee for regularization of plots in Gunthewari layouts. The proposal will be tabled before the NMC general body in its meeting on Thursday.

                    Nagpur Improvement Trust (NIT) had transferred hundreds of Gunthewari layouts to NMC, which had been given the powers of plot regularization from November 1, 2020, by the state government.

                    NIT used to charge a regularization fee of Rs1,000 per plot since 2002. Now, the cash-strapped NMC has decided to charge Rs15,000 instead. According to the town planning department, there has been a phenomenal rise in real estate prices over the past 20 years and hence a paltry regularization fee of Rs1,000 was not justified.

                    The officials said thousands of plot owners have not got plots regularized during these years. However, they used civic amenities provided by NIT. Now it was no longer possible to provide civic amenities at old rates and hence regularization fees needed to be increased.

                    The town planning department has also proposed a 100% hike in development charges levied during sanctioning building plans in Gunthewari areas. At present the rate is Rs56 per square feet.

                    If the two proposals get the nod from the general body then residents of Gunthewari layouts will have to shell out a lot more money.

                    Along with this, the civic administration has also submitted a proposal to run 75 private health care centres with the help of non-government organisations.

                    After becoming mayor, Dayashankar Tiwari had announced they would mark the country’s 75th year of independence in 2022, and he aims to create 75 new clinics across the city. These hospitals, which will be known as Vande Mataram Urban Health Facility Centre (VMUHFC), will come up with the help of NGOs.

                    Currently, NMC has 65 medical treatment facilities, including four hospitals and 28 primary health centres, which were insufficient during the coronavirus pandemic. As per the establishment department’s proposal, NMC will provide infrastructure to establish VMUHFCs, while NGOs will provide MBBS doctors, assistants and class IV employees. Providing basic amenities like water, power and maintaining hygiene will be NMC’s responsibility, the proposal stated.












                    Nagpur: NMC proposes 15-fold hike in fee for regularisation of Gunthewari plots, Real Estate News, ET RealEstate (indiatimes.com)

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                    • Re : Nagpur Best place for Real Estate Investment

                      Work on Nagpur Metro phase II to begin in mid-2021

                      MoHUA will then prepare a detailed note for the cabinet and submit the DPR to it for approval. “MoHUA officials have told us that the second phase will get cabinet approval before March 31,” said the official.
                      NAGPUR: MahaMetro plans to start work on Nagpur Metro phase II in June or July, well before the completion of phase I, which is scheduled in December. Allocation for phase II has been made in the Union Budget for 2021-22 even though it has not been cleared by the cabinet yet.

                      A MahaMetro official said that getting cabinet approval was just a formality. “Union ministry of housing and urban affairs (MoHUA) has already cleared the second phase. It had sent copies of the detailed project report (DPR) to other concerned ministries like finance, road transport, railways, home, environment etc. These ministries sent us some queries. We have prepared the replies and will submit them to MoHUA on Saturday,” he added.

                      MoHUA will then prepare a detailed note for the cabinet and submit the DPR to it for approval. “MoHUA officials have told us that the second phase will get cabinet approval before March 31,” said the official.

                      The official also said that MahaMetro had decided to complete phase II faster than the first phase. “We will secure finance from foreign agencies immediately after the cabinet approval and then float tenders for all four reaches of the second phase. For the first phase, tenders for the four reaches were floated one after another,” he added.

                      Phase II has a length of 43.8 kilometres with 32 stations.

                      The corridors include one from Automotive Square to Kanhan – 13km length and 12 stations. The corridor will cater to the areas like Khasara, Lekha Nagar, Kamptee, and Dragon Palace.

                      Second corridor will be from Mihan to Butibori MIDC ESR – 18.7km length and 10 stations. The corridor will have the catchment area of Jamtha, Dongargaon, Mohgaon, Butibori, Mhada Colony, Indorama Colony.

                      Third corridor is from Prajapati Nagar to Transport Nagar – 5.5km length and 3 stations. The corridor will cater to areas in the vicinity of Ambe Nagar, Kapsi, Transport Nagar and Asoli.

                      The fourth corridor is Lokmanya Nagar to Hingna – 6.6km length and 7 stations. The corridor will pass through Nildoh, Gajanan Nagar, Rajiv Nagar, Lakshmi Nagar, Raipur, and Hingna village, including surrounding MIDC areas.

                      Very little land needs to be acquired for the second phase. “The viaducts will be built on the median of roads and the area of land required to be acquired for the second phase is one-tenth of the first one,” said the official.

                      The cost of phase II is Rs6,708 crore. Contribution of government of India (GoI) and government of Maharashtra (GoM) is Rs998.2 crore each. In addition both will pay Rs197 crore as subordinate debt towards central taxes. The foreign loan component is Rs3,585.60 crore. The remaining amount will be paid by MIDC and Maharashtra Airport Development Company (MADC).











                      Work on Nagpur Metro phase II to begin in mid-2021, Real Estate News, ET RealEstate (indiatimes.com)


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