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Nagpur Best place for Real Estate Investment

Last updated: 4 weeks ago
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  • #31

    #31

    Re : Nagpur Best place for Real Estate Investment

    Nagpur is sitting on the time bomb of dying property deals that are gradually taking dubious turn! Over half a dozen real estate players in Nagpur have been defaulting on their commitment of doling out possession of homes to the customers who have been frustratingly healing the dream of moving into their homes for years on end. Reliable sources informed that many of the builders and developers in Nagpur have defaulted on bank loans and are on the verge of bankruptcy. The situation has indicated towards an alarming trend putting the investors’ huge money at high risk.

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    • #32

      #32

      Re : Nagpur Best place for Real Estate Investment

      Soham Group are well known builders.They started their projects from Ahmedabad.And now They are coming up with a new project called Soham Third Planet.For more information you can visit Commonfloor.
      Thanks

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      • #33

        #33

        Re : Nagpur Best place for Real Estate Investment

        Rent of Nagpur civic body shops to increase 8-10 times

        The standing panel has decided to revise the rent of NMC owned commercial establishments, especially shops, platforms and open spaces.
        Proshun Chakraborty | TNN | Jul 15, 2016, 02.30 PM IST


        NAGPUR: Businessmen using Nagpur Municipal Corporation (NMC) shops and properties should be ready to shell out higher rent, as the cash strapped civic body is all set to hike rent by up to 10 times. Confirming the move, standing committee chairman Sudhir Raut said the decision was taken in a standing committee meeting on Thursday.
        The standing panel has decided to revise the rent of NMC owned commercial establishments, especially shops, platforms and open spaces. The revision of rents will be fixed on the basis of Ready Reckoner rates, he said. Citing an example, he said the rent of Gokulpeth market will increase by 10 times, while the rent of NMC property at Kamal Chowk will be revised by 7 to 8 times.

        Statistics available from the market department show that NMC owns 4,431 commercial establishments, including 2,485 shops, 834 galas and 1,419 open spaces in prime locations like Sitabuldi, Gokulpeth, Itwari, Cotton Market etc. The total revenue NMC earns from these commercial establishments is a modest Rs4.79 crore for the entire financial year.

        A senior official told TOI that NMC has allotted 75 shops, 52 galas and 112 open spaces at Gokulpeth Market. The minimum rent of the shops is Rs390 per year and maximum Rs40,000 per year. The officer explained the maximum rent of Rs40,000 per year was due to transfer of ownership of a couple of shops, which are around 350-500 sq ft. As per norms, the rent has to be hiked every year, but NMC has not taken any efforts to revise rents and as a result shopkeepers continue to pay a low annual rent.

        Such instances are not restricted to just Gokulpeth. NMC is collecting rent of Rs2 per sq ft for a few shops at Lakadganj Loha Oli, the well-known commercial area for iron and wood. The rent of a shop measuring 262 sq ft in the wholesale grain market — Itwari Kadbi Bazaar — is Rs5,040 per year. The rent in other market places like Yeshwant Stadium too is very low.

        The revision of rates is expected to increase NMC revenue from the market department by almost 5 times, from the existing Rs4.79 crore to Rs26 crore, said the official.

        Camp for NMC market tenants

        A camp for license holders of NMC owned markets has been organized at Panjabrao Deshmukh Hall on July 17 from 9.45am to 5.45pm. This will provide an opportunity for the license holders to renew their market shop license, which has not been done for a year. They have been told to present the prescribed application and necessary documents. The documents will be checked and action will be taken within 15 days of the camp, with a renewed agreement sent within a month. A list of the necessary documents is available at NMC office in Civil Lines and Zone no. 1 to 10 in the market department. The license holders are requested to be present at the camp and take advantage of the opportunity.








        Rent of Nagpur civic body shops to increase 8-10 times | ET RealEstate
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        • #34

          #34

          Re : Nagpur Best place for Real Estate Investment

          Property tax: Relief this year, double load next in Nagpur

          The Congress-led opposition group has termed the decision as ‘cheating’ of the citizens and demanded that the ruling alliance to come clean before the taxpayers.
          Anjaya Anparthi | TNN | Jul 17, 2016, 08.32 AM IST

          NAGPUR: The BJP-led ruling alliance at the Nagpur Municipal Corporation (NMC) has decided to recover property tax of current fiscal as per the old tax system, fearing a backlash in ensuing municipal elections. The tax amount is increasing two to seven times in the new tax system. For citizens, however, the relief is only temporary. All 5.34 lakh property taxpayers will have to pay the difference amount of two years at a time next year.

          The Congress-led opposition group has termed the decision as 'cheating' of the citizens and demanded that the ruling alliance to come clean before the taxpayers.

          The NMC had implemented the new tax system based on ready-reckoner value with effect from April 1, 2015. Taxpayers were supposed to get demand notes of 2015-16 as per the new system. The NMC had also come up with a self-assessment system in which taxpayers were asked to calculate their tax on their own and pay the difference amount of 2015-16. Very few taxpayers followed the NMC's missive.

          The NMC had announced time and again that the demand notes of 2016-17 will be prepared as per the new system along with the difference amount of 2015-16. Demand notes of around 1.50 of total 5.34 lakh were prepared. The department reportedly came to know that the tax amount of almost all taxpayers was going to increase to a great extent.

          Chairman of tax consultative committee Girish Deshmukh on Friday announced demand notes of 2016-17 will be also prepared as per old system. He did not reveal anything about the difference amount.

          NMC sources told TOI demand notes of 2016-17 have been prepared as per the old system but subject to the new system. "A note has been printed in the demand note, informing taxpayers about the situation. Taxpayers will have to pay the difference amount of 2015-16 and 2016-17 at a time in the next fiscal," sources said.

          For example, tax amount of a taxpayer is Rs1,000 per annum. The taxpayer's amount has increased to Rs4,000 per annum according to the new system. The taxpayer will now have to pay the difference amount of Rs6,000 along with tax amount of Rs4,000 in 2017-18. Thus, the taxpayer will have to ten times of the existing tax.

          Deshmukh accepted that taxpayers will have to pay the difference amount in 2017-18. "However, this has nothing to do with the upcoming elections. The demand notes are as per old system as NMC could not complete the revaluation of all the properties in time," he added.

          Congress corporator Praful Gudadhe alleged that BJP was cheating taxpayers. "Deshmukh cited reason of delay in revaluation of properties for the decision. It is totally incorrect as municipal commissioner Shravan Hardikar made a statement in the general body, in reply to my question, that the revaluation process had to be completed by August. Actually, the BJP knew the tax amount going to increase manifold as new system based on ready reckoner value. Therefore, BJP decided not to levy high tax in the current year fearing setback in elections and will recover the total amount after election," he said.





          Property tax: Relief this year, double load next in Nagpur | ET RealEstate
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          • #35

            #35

            Re : Nagpur Best place for Real Estate Investment

            Process to build 21,365 flats under Housing For All scheme begins in Nagpur

            NIT chairman Deepak Mhaisekar, superintending engineer Sunil Gujjalwar, executive engineer (housing) PN Pagrut, engineers Pankaj Patil and PP Dhankar inspected the sites.
            Anjaya Anparthi | TNN | Jul 25, 2016, 11.30 AM IST

            NAGPUR: The Nagpur Improvement Trust (NIT) has started the process to construct 21,365 flats for lower income group (LIG) people under the central government's Housing For All scheme. Land has been identified at nine locations across the city for execution of the flat schemes.

            NIT chairman Deepak Mhaisekar, superintending engineer Sunil Gujjalwar, executive engineer (housing) PN Pagrut, engineers Pankaj Patil and PP Dhankar inspected the sites on Saturday.

            NIT had proposed to construct 50,000 flats under Housing For All. As per NIT's current plans, 21,365 flats will be constructed in two phases. Each flat will be 322.80 sq ft (30 sq m). Flat schemes will be G+4 floors. In the first phase, 9,019 flats will be constructed, 2,960 at Tarodi (khurd), Gonhi (sam) 1,760, Tarodi (budruk) 1,033 and Wathoda 598. In the second phase, NIT will construct 12,346 flats at Bharatwada; Punapur 4,195, Wanjari 5,142, Jaitala 1,139, Digdoh (devi) 1,416 and Sakkardara 454. NIT will come up with a plan for remaining 28,635 flats in the coming days.

            A NIT official told TOI the tendering process for geotechnical investigation of all nine lands has been started. "Private agencies will be appointed to study quality and strength of soil and other types of factors. Geotechnical investigation is likely to be completed within a month. Then the tendering process for construction of 9,019 flats of phase-I will kick off. Tentative deadline for beginning construction of flat schemes is fixed as September," he said.

            NIT is planning to construct flats at low cost. Under Housing For All scheme, the Centre will share Rs1.50 lakh while Rs1 lakh will come from the state for each flat. The beneficiary will have to bear the remaining cost. The beneficiaries will be offered loans with 15-year terms.

            Five types of technologies have been identified for construction of the flat schemes — precast, aluminium, conventional tunnel, prefabricated and wall panelling. The private companies will be asked to adopt one of the four technologies and quote the rates for construction.

            NMC and Maharashtra Housing Development Corporation (MHADA) have also proposed to construct flat schemes under Housing For All. In February, NMC had conducted a survey to identify needy people. However, NMC is yet to identify land for construction of flat schemes. Similarly, MHADA is also yet to come up with concrete plans.

            NMC had also planned to construct flat schemes for slum dwellers and people from economically weaker sections (EWS). Also, plans are on the anvil to provide financial assistance to needy people to convert kuccha structures to pucca, or complete abandoned structures or expand houses.

            IN A NUTSHELL

            * For lower income group people, the NIT will construct 21,365 flats

            * Nine locations in the city identified for the flat schemes

            * Inspection of these sites were done by NIT chairman and other officials on Saturday

            * Flat will be 322.80 sq ft and the scheme will be G+4 floors

            * The 21,365 flats will be constructed in two phases

            * Centre will give Rs1.50 lakh and state Rs1 lakh. Rest of the money will have to be borne by the beneficiary







            Process to build 21,365 flats under Housing For All scheme begins in Nagpur | ET RealEstate
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            • #36

              #36

              Re : Nagpur Best place for Real Estate Investment

              Income tax raids on infra firm D P Jain & realty firm Om Shiv Builcon in Nagpur
              D P Jain is engaged in works like building highways, airstrips, and irrigation projects.
              Shishir Arya | TNN | Jul 27, 2016, 12.30 PM IST

              NAGPUR: Taxmen swooped down on two city-based business groups — M/s D P Jain Private Limited, and Om Shiv Builcon Private Limited — on Tuesday. The companies are engaged in infrastructure and realty sectors respectively. It has been learnt that income tax searches and surveys were carried out in over 10 premises which included residences belonging to promoters of the two companies.

              D P Jain is engaged in works like building highways, airstrips, and irrigation projects. The company is headed by brothers Deepak and Girish Jain and has registered substantial growth in recent years. Om Shiv Buildcon too is headed by brothers — Ravindra, Shekhar and Pramod Kapse and has works at Besa Beltarodi and other parts of the city off Wardha Road. Three chartered accountants related to the infrastructure company have also been covered in the raid, said sources. D P Jain has its office near Law College Square and the other company is based at Khamla.

              The operations continued till late evening on Tuesday and are expected to be continued for a couple of days at least. Apart from Nagpur, premises in Delhi, Kolkata and Bhopal were also covered in the raid. The income tax department carried out a survey in the offices and searches were carried out in the residences at Dharampeth, Ram Nagar and Khamla. In a survey, the income tax department does not seize any of the assets but the books of accounts can be impounded. Assets such as cash and jewellery can be seized from the premises covered under search. The raid conducted on these two companies are independent of the income disclosure scheme 2016 launched by the ministry of finance.







              Income tax raids on infra firm D P Jain & realty firm Om Shiv Builcon in Nagpur | ET RealEstate
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              • #37

                #37

                Re : Nagpur Best place for Real Estate Investment

                Nagpur is sitting on the time bomb of dying property deals that are gradually taking dubious turn! Over half a dozen real estate players in Nagpur have been defaulting on their commitment of doling out possession of homes to the customers who have been frustratingly healing the dream of moving into their homes for years on end. Reliable sources informed that many of the builders and developers in Nagpur have defaulted on bank loans and are on the verge of bankruptcy. The situation has indicated towards an alarming trend putting the investors’ huge money at high risk.

                Comment

                • #38

                  #38

                  Re : Nagpur Best place for Real Estate Investment

                  Nagpur civic body proposes hike in building plan sanction fee
                  The department has proposed 5% premium on prevailing ready reckoner rates for free Floor Space Index (FSI) for plot areas up to 1,180 sq m.
                  TNN | Aug 11, 2016, 06.30 PM IST

                  NAGPUR: The cash strapped NMC is trying everything to improve its financial condition, including revising fees of various services and departments. In the latest move, NMC's town planning department has proposed hike for sanctioned plans of buildings. The proposal will be tabled before the standing committee meeting scheduled for Thursday.

                  The department has proposed 5% premium on prevailing ready reckoner rates for free Floor Space Index (FSI) for plot areas up to 1,180 sq m. The department has proposed 10% hike for plot areas between 180 sq m and 500 sq m. Similarly, it proposes to increase sanction plan to 15% for plots admeasuring 500 sq m and above. The department has suggested hike in premium for balcony, fire safety and public safety and other areas too, from the present 5% to 12.50% for plot area between 180 sq m and 500 sq m, and from present 10% to 25% for plot size above 500 sq m.

                  Simultaneously, the department has suggested hike in premium charges for relaxation in height and set back distance too.

                  As per the proposal, builders and developers will have to shell out higher fees for double height and alternate terrace. The building map registration fees will be increased from Rs200 to Rs2,000. The late fees for renovation of building has also been hiked from Rs100 per month to Rs500. The civic body will charge hefty amount from compounding of illegal buildings and violation of sanctioned plans.

                  However, there would be no change in charges for stocking construction material. The department has also proposed not to revise mandatory deposit against plantation of trees and conservation.

                  Besides this, the civic administration, especially the public works department, has submitted proposals to construct roads, retaining wall at a nullah in Sarvashree Nagar of prabhag number 61, and other works worth Rs8.33 crores.








                  Nagpur civic body proposes hike in building plan sanction fee | ET RealEstate
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                  • #39

                    #39

                    Re : Nagpur Best place for Real Estate Investment

                    Nagpur is sitting on the time bomb of dying property deals that are gradually taking dubious turn! Over half a dozen real estate players in Nagpur have been defaulting on their commitment of doling out possession of homes to the customers who have been frustratingly healing the dream of moving into their homes for years on end. Reliable sources informed that many of the builders and developers in Nagpur have defaulted on bank loans and are on the verge of bankruptcy. The situation has indicated towards an alarming trend putting the investors’ huge money at high risk.

                    Comment

                    • #40

                      #40

                      Re : Nagpur Best place for Real Estate Investment

                      Slum women to get joint land ownership with men in Nagpur
                      Fadnavis took the decision following suggestion from city MP and union minister for road transport and highways Nitin Gadkari.
                      Anjaya Anparthi | TNN | Aug 25, 2016, 06.00 PM IST

                      NAGPUR: In a first-of-its-kind decision in the state, chief minister Devendra Fadnavis has decided to give ownership rights of the land to women along with the men when regularizing slum areas. The decision has been taken along with the policy decision to regularize slums on properties owned by Nagpur Improvement Trust (NIT).

                      Fadnavis took the decision following suggestion from city MP and union minister for road transport and highways Nitin Gadkari. It is likely that the same decision will be taken in relation to regularization of slums situated across the state in the coming days.

                      The state's urban development department issued a notification on August 24, amending the NIT Land Disposal Act 1983. As per the notification, around 52 slums that came up on NIT lands will be regularized. Around 70,000 citizens are likely to benefit from the decision. Most of these slums are situated in East, North and South Nagpur. All residents will get ownership rights (patte) from NIT after completing the necessary processes.

                      Expressing gratitude towards Fadnavis and Gadkari, East Nagpur MLA Krishna Khopde told TOI that it was a historic decision in the state, and will become a role model across the nation. "Government issues ownership rights to slum-dwellers for their upliftment and provides basic amenities on humanitarian grounds. It has come to fore that some men sell out the ownership rights without intimating their better halves. This leaves the poor families struggling to find a roof and basic amenities once again. This decision will ensure social security for women and children residing in slums," he said.

                      "The name of the children will be added in case there is no woman in a family. Name of only the woman will be registered in case there is no man in the family," Khopde said. He added that Gadkari had suggested this in the meeting held by the CM on January 30, 2015.

                      The slum-dwellers have more reason to cheer. NIT had proposed to recover 50% of ready reckoner charges for regularization of residential structures in slums and 100% of the ready reckoner value to regularize commercial structures. However, as per the notification, no charges will be recovered from slum-dwellers falling in SC, ST and OBC category. The same will be applicable for shanties with an area of 500 sq ft or less. Thus, almost all properties will fall in these two conditions. NIT can recover 100% ready reckoner value in case of commercial structure.

                      NIT has to prepare layout and regularize the shanties. Also, NIT has been directed to ensure reservations if any in the respective properties. The state government, NMC and NIT can execute development works in these slum areas.

                      Khopde also said the government has exempted controversial norm of forming a cooperative society and obtaining I-cards for regularization of slums, which will help around 70,000 citizens.

                      'PROVIDE MARKET PLACE FOR FARMERS'

                      For welfare and development of farmers, the state's urban development department has made it mandatory for municipal corporations and councils to make available three or four grounds for farmers to sell their agriculture produce every Saturday and Sunday. The market places can also be made available in the premises of civic bodies or recognized market areas. Also, the civic bodies will have to construct temporary sheds and provide basic amenities for farmers in the identified market areas.








                      Slum women to get joint land ownership with men in Nagpur | ET RealEstate
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