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Pune, the next destination for integrated township

Pune, the next destination for integrated township

Apnaloan.com Research Bureau

12 May 2008

Pune is the latest destination for integrated townships which are mushrooming courtesy the new Special Township Policy Act of the Maharashtra government. According to the act, a minimum area of 100 acre, investment in public infrastructure, such as roads, water, sewage-an integrated approach to development of townships to decongest municipal corporation areas and encourage new settlements in the periphery though higher FSI (floor space index) than what is normally allowed in the municipal limits; is all that is required.

Three townships are already in progress; City Development Corporation's Amanora Park Town, Paranjape Schemes Construction's 138-acre Rs. 3,200 crore Blue Ridge and Megapolis, a Rs. 1,500-crore 150-acre project by Pegasus Properties Pvt. Ltd.

HCC Real Estate, the 100 per cent subsidiary of Hindustan Construction Co. Ltd also plans to set up a township project in Pune, spread over 500-acres.

The first township is coming up at Hinjewadi phase II, spread over 124 acre and will be launched in August 2008. Another Kumar township will be spread over 120 acre. The third township of 110 acre, to come up in Kharadi in September 2008.

The recently listed Kolte Patil Developers has a 450-acre township at Hinjewadi with ICICI Ventures. ICICI Ventures is investing in this venture with a 50 per cent share in this project.

According to media reports, there is a total of 34 projects that applied for township status and are under consideration.

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