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Nagpur Best place for Real Estate Investment

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  • #41

    #41

    Re : Nagpur Best place for Real Estate Investment

    Originally posted by pratap123 View Post
    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.
    The thread title and the post are contrasting .

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    • #42

      #42

      Re : Nagpur Best place for Real Estate Investment

      Originally posted by Gootelal View Post
      List of winners of the ABP News-IPSOS Best City Survey and Awards 2013

      1. Best City 2013 -Public Transport: Nagpur
      2. Best City 2013-Power Availability: Mumbai
      3. Best City 2013-Affordable Housing : Madurai
      4. Best City 2013-Roads: Delhi
      5. Best City 2013-Law & Order: Rajkot
      6. Best Tourist Friendly City 2013: Nashik
      7. Best Green City 2013: Nagpur
      8. Best City for Health Care Services 2013: Nagpur
      9. Best City for Primary Education 2013: Delhi
      10. Best City-Women Safety 2013: Rajkot
      11. Best City-Efficient Traffic Management 2013: Pune
      12. Best City-Cleanliness and Sanitation 2013: Rajkot
      13. Best City to Live in 2013: Nagpur

      11. Best City-Efficient Traffic Management 2013: Pune -
      LOL Now I understand what to infer from rest of the ratings.

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      • #43

        #43

        Re : Nagpur Best place for Real Estate Investment

        Hi Looking to invest in Nagpur for investment purpose with a time horizon of 5-10 years
        Reputed Builder, Gated Community with all modern amenties & within Nagpur City Limits
        Under- Construction is preferred

        Could you please share the top 5 Builder & their Projects underway in Nagpur

        Thanks

        Kumar

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        • #44

          #44

          Re : Nagpur Best place for Real Estate Investment

          Realtors' body CREDAI holds meet on low cost housing
          Contractor gave an insight into design and planning of affordable homes, giving a presentation on the low cost home projects executed by him.
          Shishir Arya | TNN | Sep 06, 2016, 06.30 PM IST

          NAGPUR: The Confederation of Real Estate Developers' Association of India (CREDAI) held a meet on planning and construction of affordable housing last week. Padma Bhushan awardee architect Hafeez Contractor was among the key speakers.

          Contractor gave an insight into design and planning of affordable homes, giving a presentation on the low cost home projects executed by him. He said proper planning can reduce the cost of the project. He suggested that the government must simplify the laws related to this segment in order to ensure smooth execution of affordable hosing projects. He suggested having the Hyderabad Pattern which allows free floor space index (FSI). Under the pattern, there are plans to build 2 crore homes by 2022.

          Contractor suggested that government should also reduce taxes on such projects. Later, speaking on the occasion, Nagpur Municipal Corporation (NMC) commissioner Shravan Hardikar said that the civic body had recently conducted a demand-supply ratio analysis of affordable homes under the Pradhan Mantri Awas Yojana. In 60 days, the NMC got 60,000 applications out of which 45,000 applications were submitted along with documents.

          NIT chairperson Deepak Mhaisekar referred to his stint as a commissioner in Nanded region where an affordable housing project was successfully executed. The planning and design concept including land pooling in metro region was also discussed.








          Realtors' body CREDAI holds meet on low cost housing | ET RealEstate
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          • #45

            #45

            Re : Nagpur Best place for Real Estate Investment

            Now get max 2.95 FSI in Nagpur by paying premium to civic bodies

            The premium will be charged at the rate of 60% of ready reckoner value for residential constructions and at the rate of 90% for commercial constructionsAshish Roy | TNN | Sep 24, 2016, 04.00 PM IST


            NAGPUR: The urban development department (UDD) has given a green signal to Nagpur Municipal Corporation's (NMC's) policy of increasing floor to space index (FSI) by paying premium to it or Nagpur Improvement Trust (NIT). However, instead of allowing 33% extra FSI, the government has allowed a flat increase of 0.3. This policy is only applicable for non-congested areas.

            The premium will be charged at the rate of 60% of ready reckoner value for residential constructions and at the rate of 90% for commercial constructions. Half of the premium collected by NMC or NIT will go to the state government.

            This additional FSI can be availed for new constructions as well as for existing buildings, but only on producing a stability certificate. In case of an existing building, erection of columns in the mandatory open space will not be allowed. No relaxation in the required open space, parking and other requirements will be allowed in grant of additional FSI.

            The total FSI can also be increased by buying transferred development rights (TDR) from the open market. The government had declared TDR policy in January this year. The extent of additional construction permitted by buying TDR depends on the road width. The maximum FSI would be 2.95. This is only for plots having an area of more than 1,000 square metre and situated on a road with width of 30 metre or more. There are very few such plots in the city and builders will have to go for amalgamation by buying adjoining plots. If a plot is less than 1,000 square metre in area and lies on road that is between 9 and 12 metre wide then it will get FSI of 1.7.

            The policy has also made a provision for extra FSI to buildings which are more than thirty years old and situated on roads less than 9 metre wide. In such buildings, 0.2 premium FSI has been permitted. If NMC proposes to develop bus rapid transport system (BRTS) along a road that is 24 metre wide, then premium FSI of 0.5 over above the additional FSI will be allowed.

            The premium FSI will not be permissible for certain type of constructions. One of them is slum rehabilitation authority (SRA) schemes. Educational, medical, IT park etc, which have already consumed extra FSI as permitted under other schemes, will also not get this FSI.






            http://realty.economictimes.indiatim...odies/54493256


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            • #46

              #46

              Re : Nagpur Best place for Real Estate Investment

              Forum orders Nagpur real estate firm to return Rs 84 lakh to investors

              The forum has ordered return of Rs 84.17 lakh collectively to the 16 investors with interest and Rs 20,000 each as charges for the mental harassment caused.Abhilash Botekar | TNN | Sep 26, 2016, 12.01 PM IST

              NASHIK: The district consumer forum has ordered a real estate company from Nagpur to return the investments by 16 customers in Nashik for failing to provide land as per its promise.

              The forum has ordered return of Rs 84.17 lakh collectively to the 16 investors with interest and Rs 20,000 each as charges for the mental harassment caused.

              As many as 16 investors from Nashik had invested in the scheme of plots floated by the company promising piece of land in Sinnar taluka. The scheme was floated in 2012 and the investors invested money turn-by-turn. All the 16 investors had registered cases individually with the consumer forum.

              "We have been repeatedly asking the company to clear our issues by registering the land in our name, but there has been no response from them. We were fed up and hence, registered our complaint with the consumer forum on March 11, 2016," Sunita Sudhakar Patil, one of the 16 complainants, said.

              The consumer forum, in its order last week, stated "... It is observed that the consumers had paid the amounts to the respondent (Phoenix Infra Estate International Limited, Nagpur), which the respondent has not denied. Since they did not appear before the forum for hearing any time, we have reached the conclusion that the real estate company has failed to honour its commitment. We, therefore, order the company to return the investment to the investors along with reimbursement for mental harassment."

              Along with the firm, Jitesh Narayan Nashine from Wardha, Ahmed Jivani and Vijay Gautam from Nagpurand Motilal Bondbuche from Bhandara were made respondents in the case. While they pleaded not guilty in the case as they were either employed with the company or were only agents, the company failed to reply to any of the allegations against it.

              "The complainant has presented the receipts of payments made to the company and has on oath said that the company had promised to register a piece of land on their respective names. But the fact, as it seems, is that the respondents (company) never turned up to stand by its commitment. We, therefore, order the respondents to return the dues and at the same time compensate for the physical and mental harassment," the order in each of the 16 cases, said.

              The order said that the dues to investor should be returned with 12% rate of interest and at the same time, Rs 20,000 as compensation for mental harassment and Rs 5,000 as for the costs incurred to each of the complainant.







              http://realty.economictimes.indiatim...stors/54517723


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              • #47

                #47

                Re : Nagpur Best place for Real Estate Investment

                Property expo in Nashik to showcase over 100 residential projects

                The exhibition will be held at Hotel Green View. The municipal commissioner Abhishek Krishna and city mayor Ashok Murtadak will be inaugurating the exhibition.Tushar Pawar | TNN | Sep 29, 2016, 12.00 PM IST


                NASHIK: The Confederation of Real Estate Developers Association of India (Credai) and its youth wing will on Friday organize 'Punji 2016', a three-day property exhibition where around 100 residential projects with close to 2,500 flats will be showcased.

                The exhibition will be held at Hotel Green View. The municipal commissioner Abhishek Krishna and city mayor Ashok Murtadak will be inaugurating the exhibition.

                Sunil Kotwal, president, CREDAI said, "The real estate developers and builders across various locations in the city will come together in this exhibition. We want to help the consumers buy their property and make a choice of their dream house at the locations they want to. Through our initiative, these buyers will be able to know the property price across the city. There are around 20 builders with over 100 property projects. There will be around 2,500 flats that will be showcased at the property exhibition."

                He added, "There has been a dip in the pricing of property prices. In the past two-three years properties are available at moderate rates to the property buyers. This will be the best opportunity to book or buy their homes at the earliest."

                Apart from builders, financial institutions and banks are also participating at the expo so that consumers would be able to get information pertaining to homes loans and interest rates at the same platform.

                The initiative undertaken by CREDIA is a unique one keeping in mind the needs of government officials and the commencement of festive season. Visitors can select from various property options like one, two and three BHK, plots, farm house lands, shops, offices and agricultural land.

                The builders participating in the exhibition include Anmol Nayantara, Ashoka Buildcon, Bagad Properties, DJ Builders, Karda Constructions, MadhoorBuildwell, Nandan Developers, Paranjape Schemes and others.

                Mumbai and Pune have already crossed a saturation levels and there is no scope for the further growth. As a result, there is no alternative to Nashik as the growth is concerned. Property prices are low as compared to Mumbai and Pune.

                Nashik has emerged as major industrial as well as property destinations not in the state but across the country. It is blessed with good climate, abundant water, on equidistance from Mumbai and Pune which are the salient features of Nashik.





                http://realty.economictimes.indiatim...jects/54577199


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                • #48

                  #48

                  Re : Nagpur Best place for Real Estate Investment

                  Empress Mall violations: HC notice to Nagpur civic body

                  Besides NMC, its assistant director of Town Planning, KSL and Industries Limited, chief secretary of State Urban Development Department, and PVR Cinemas director, are other respondents in the case.TNN | October 27, 2016, 14:00 IST

                  NAGPUR: Nagpur bench of Bombay High Court, on Wednesday, issued notice to NMC and its other departments on their failure to take action against owners of Empress Mall in which there are large-scale violations of fire safety regulations and other norms.

                  Besides NMC, its assistant director of Town Planning, KSL and Industries Limited, chief secretary of State Urban Development Department, and PVR Cinemas director, are other respondents in the case. All of them were told to file reply before November 16.

                  The PIL, filed by social workers Chandu Lade and Rakesh Naidu, through counsels Anirudha Deo and Vivek Bharadwaj, also raised other issues like illegal construction in the mall, pending water bills of Rs 28 crore, property tax dues worth Rs 14 crore, and entertainment tax. The petitioners also highlighted non-compliance of norms of Maharashtra Pollution Control Board, Central Ground Water Board, Bombay Shop and Establishment Act, Labour Act, and Provident Fund rules. The duo claimed that NMC failed to act on its own notice to the mall owners of vacating all its establishments, as it was unsafe with regards to fire safety.

                  The petitioners’ prayed for declaration of Empress Mall illegal and demanded its demolition as per the law. They also called for immediate penal action against KSL Industries and PVR Cinemas for failure to follow public safety measures. They pressed for action against NMC officials for neglecting their duties and thus comprising with public safety.








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                  • #49

                    #49

                    Re : Nagpur Best place for Real Estate Investment

                    70 owe property tax worth Rs 23.72 crore to Nagpur civic body

                    The biggest defaulter with Rs5.63 crores is NIT and N Kumar Projects And Infrastructure Pvt Ltd which are jointly executing the mall project on North Ambazari Road. The NMC is yet to updated a full list of defaulters.Proshun Chakraborty | TNN | November 20, 2016, 09:09 IST

                    NAGPUR: The Nagpur Municipal Corporation has prepared a list of 70 property tax defaulters who individually owe more than Rs 10 lakhs, including arrears. Topping the list are educational institutions, the Nagpur Improvement Trust, KSL Group and N Kumar Constructions.

                    Together, the defaulters have not paid Rs23.72 crores. With this amount, the remaining part of the Suresh Bhat auditorioum, which has a total budget of over Rs 65 crores, can be completed.

                    The biggest defaulter with R s5.63 crores is NIT and N Kumar Projects And Infrastructure Pvt Ltd which are jointly executing the mall project on North Ambazari Road. The NMC is yet to updated a full list of defaulters.

                    The NMC’s assistant municipal commissioners of all the 10 zones have been directed by additional commissioner Ravindra Kumbhare to target the big defaulters and recover the money. Tax inspectors have been authorized to issue warrants and notices to defaulters.

                    “If the dues are not paid, action can be taken against the defaulter under the Maharashtra Municipal Corporations Act,” said sources. The properties — both moveable and immoveable — can be seized, he added.

                    “We have a target of collecting Rs 310 crore as property tax this year. In order to do that we need complete cooperation from the tax payers,” said a senior tax inspector.

                    Sources, however, claimed the NMC is reportedly going slow to recover the dues from big defaulters. Meanwhile, individual defaulters are making queuing up outside zonal offices to pay their dues with old currency as the government has permitted their usage up to November 24.

                    The NMC has recovered around Rs 14 crores in the last six days under the head of property tax.

                    The most defaulters — 43 — fall under the non-residential unit category. The next is 17 in the residential-cum-commercial user category, followed by 6 in open plots and 4 in only residential units.

                    “N Kumar Projects and Infrastructure Pvt Ltd and NIT have not paid taxes since 2013,” said a senior official from NMC’s property tax department.

                    Among educational institutions, the Lokmanya Tilak Jankalyan Shikshan Sanstha is the top defaulter with an outstanding amount of over Rs1 crore. It has not paid property tax since 2004. The sanstha is headed by former state minister Satish Chaturvedi.

                    The Sanstha is followed by the Asha Education Society which has not paid up Rs 36.90 crores since 2009.

                    The NIT and its lease holder Director of Bureau Of Indian Standards too have defaulted property tax since 2002 and their dues have touched Rs 58.63 lakh.





                    http://realty.economictimes.indiatim...-body/55520997



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                    • #50

                      #50

                      Re : Nagpur Best place for Real Estate Investment

                      Nagpur: Anandam’s 168 flats ‘unauthorised’

                      The Maharashtra Pollution Control Board’s (MPCB) high-level committee has observed 28 floors lack environment clearance and MPCB’s consent to establish.Anjaya Anparthi | TNN | December 05, 2016, 13:01 IST

                      NAGPUR: City’s biggest housing scheme — Anandam Project’s 28 floors comprising 168 flats have allegedly turned out to be unauthorized. The Maharashtra Pollution Control Board’s (MPCB) high-level committee has observed 28 floors lack environment clearance and MPCB’s consent to establish. Accordingly, a notice has been slapped on developer Goldbricks Infrastructure Private Ltdwarning to prosecute and scrap water and power supply to the project. However, Goldbricks denied any violations.

                      The MPCB committee’s findings also expose the Nagpur Municipal Corporation’s (NMC) violations done in bid to favour the developer.

                      The MPCB, on August 11, had constituted a committee comprising five members — assistant secretary (technical) PK Mirashe, regional officer (head office) NN Gaurav, law officer Netra Chaphekar, all from Mumbai, regional officer NS Lohalkar and sub regional officer Hema Deshpande, two from city. The committee was asked to inspect Anandam for verifying if any violations and also allegations made by one of the flat purchasers Avinash Chaurasia. The committee met with unexpected opposition from project land owner during joint inspection with the NMC officials on September 14. Later, the committee with NMC and Goldbricks officials inspected the project on September 29 and also held two meetings.

                      RTI activist TH Naidu has obtained copy of committee’s report and other relevant documents under the RTI Act. As per the report, the environment clearance sanctioned by the state’s environment department was for S+11 floors for Tower-A and S+15 floors for A-1, B and C. Developer constructed Basement+S+19 floors in Towers- A, A-1, B and C.

                      The report also mentioned developer constructed E and F blocks with Basement+S+19 floors and no mention about these two blocks in the environment clearance. Though a violation but not technically as developer got sanctioned 17 Towers and constructed only six.

                      Each floor comprises of six flats so 168 are against environment clearance and MPCB consent.

                      “NMC cannot sanction building plan without ensuring environment clearance and MPCB consent. Still NMC sanctioned revised building plan of Anandam despite no amendment in environment clearance and MPCB consent,” Naidu told TOI.

                      The MPCB committee also observed JVS (grab) samples show exceeding limits of parameters as per consented standards. Taking serious cognisance of construction of additional floors neglecting mandatory permission and also exceeding limits, Lohalkar issued the notice dated November 24 to Goldbricks warning of prosecution and scrapping power and water supply.

                      MPCB official said necessary action will be initiated after receiving the reply from the developer.

                      Chief manager of Goldbricks Pratik Saraogi said the department on May 13, 2014 has given clean chit to Anandam. “Copy of letter is also available with the MPCB. We failed to understand the reason for pointing out all these flaws by MPCB,” he said.





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