Koregaon Park realty tops rate chart in Pune
Jan 06, 2014
Source : The Times of India

 

PUNE: The rise in ready reckoner rates for 2014 may have dropped compared to 2013, but the growth story for some city areas remains robust. The rates for residential areas have remained high for Koregaon Park, Erandawane, Shivajinagar, Kothrud and Kalyaninagar. In Pimpri Chinchwad municipal corporation limit, areas including Pimple Gurav, Pimple Saudagar, Wakad and Pimple Nilakh have registered higher rates. Interestingly, apart from fringe areas that are recording growth, there is much activity even in the city’s congested Peth areas.

The state government announced the revised ready reckoner (RR) rate for 2014 on December 31. The rates were revised on the basis of the number of deals registered in a particular area, value of properties quoted and rate at which documents were registered last year.

In Pune, Koregoan Park retained the top slot having registered a maximum rate of Rs 10,437 per sq ft as against last year’s high of Rs 9,490 per sq ft.

In 2013, the state government had increased the RR rates by about 20% in Pune and Pimpri Chinchwad and has increased it by 5-10% for 2014. The ready reckoner rates are used as a reference or a base price for various land deals and property-related matters, however, the actual rates in the open market remain much higher than the RR rates.

The drop in the RR rate reflect two key trends in the real estate sector. One, there are more properties and fewer buyers and builders unwilling to bring down property costs. Two, the sector has recorded a marginal growth.

“There has been a marginal increase in RR rates in various zones. Particularly, rates in Gaothan areas have increased in 2014. These include Erandwane, Shivajinagar, Aundh, Pashan, Yerawada, Dhanori, Lohegaon, Vadgaonsheri and Hadapsar. Increase in rates in Gaothans indicates that new properties are coming up here,” said an official from the office of Inspector General of Registration (IGR) and Controller of Stamps.

The official said RR rates for upcoming residential areas in Pimpri Chinchwad too have gone up. For instance, in 2013 the RR rate in Pimple Gurav ranged between Rs 2,695 per sq ft up and Rs 4,815 per sq ft. In 2014, the rates stand between Rs 3,234 per sq ft and Rs 5,777 per sq ft. In Ravet, the maximum RR rate was Rs 3,300 per sq ft, which has increased to Rs 4,124 per sq ft in 2014.

The official said that RR rates have been quoted for zones in municipal corporations and municipal councils. In rural parts, RR rates have been quoted for talukas. According to IGR, of the 1,280 zones located in municipal corporation areas in Pune division, about 1,277 zones have registered up to 20% increase and the remaining three zones have registered more than 20% increase in the ready reckoner rates. Of the 1,309 zones in the municipal councils, about 1,255 have registered up to 20% increase, while 54 have registered a 20% increase.

Latest Realty News

New RR rates hike cost of old flats in Mumbai too
Jan 06, 2014
MUMBAI: If you choose to buy a flat in an old building today, you won’t be able to avail of the full 30% depreciation in the property‘s value. The up to 20% hike in ready reckoner (RR) rates for properties this year has lowered the depreciation benefit for flats in 20-year-old buildings to merely 2% to 11%. As a result, stamp duty to be paid on new and old flats will no longer vary substantially.
PMC may not hike property tax next fiscal
Jan 06, 2014
PUNE: Chances are that citizens will not be burdened with an increase in property tax in the next financial year. The civic administration has submitted a proposal to the standing committee, suggesting that the levy should not be hiked.
No choice but to pass on hike to buyers: Pune builders
Jan 06, 2014
PUNE: The overall rise in the ready reckoner (RR) rates for various parts of the city and suburban areas will add to the financial burden of prospective home buyers, real estate developers said.
RCom repays Rs 3,100-cr overseas debt
Jan 04, 2014
MUMBAI: Reliance Communications has fully repaid a syndicated external commercial borrowing (ECB) loan of $500 million or Rs 3,100 crore.
PMC may not hike property tax next fiscal
Jan 04, 2014
PUNE: Chances are that citizens will not be burdened with an increase in property tax in the next financial year. The civic administration has submitted a proposal to the standing committee, suggesting that the levy should not be hiked.
Fringe areas record real estate boom, Kolhapur lags
Jan 04, 2014
KOLHAPUR: The fringe areas of Kolhapur have recorded more real estate growth than the heart of the city, reveal statistics available with the sub-registrar office where all sale deals are registered. Riding high on lower rates, the fringe areas have reported higher percentage of sales deals of properties, primarily flats and plots than those in the core city area.
2014 expected to get big ticket funding
Jan 04, 2014
MUMBAI: Funding, or rather the lack of it, has been one of the key concerns of the real estate developers throughout 2013. However, if we look at some of the key policy decisions that have been taken in the year, it seems 2014 is all set to get big ticket funding. The money is poised to be invested in the sector and if not as private equity, the biggies will put in money through Real Estate Investment Trust (REIT). The reports suggest that private equity funds such as Kotak Realty Fund, Tata Rea
Looking Ahead: Execution will be the realty check
Jan 03, 2014
MUMBAI: With the economy witnessing a downturn and interest rates and inflation reaching all-time highs, 2013 has been one of the most eventful years for real estate in India. While the introduction of the Real Estate Regulatory Bill and Land Acquisitions Bill in the Parliament was a positive for the realty industry, end-users sitting on the fence expecting a fall in prices led to a contraction of demand in the last few quarters. The market turned from sellers to buyers, with attractive offers f
Ready reckoner rates up by 5-10% in Pune
Jan 03, 2014
PUNE: There is a 5 to 10% increase in the ready reckoner rates for the city and Pimpri Chinchwad while it is between 10-15% in the rest of the state. The state government on December raised the rates for properties which will come into effect from January 2014.
Recap on the Land Acquisition Bill
Jan 03, 2014
MUMBAI: The much awaited and discussed among stakeholders of the Indian real estate industry, the Land Acquisition Bill, is going to be effective from the very first day of the year 2014. This bill will replace the old Land Acquisition Act, 1894 and is expected to remove hurdles that the industry has been confronted for a long time. Let us have a quick recap of the Bill before discussions, execution and affects start:

Latest Realty News Of State

Realty Talk's