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Time of India
2 days ago
- Business
- Time of India
Top metros dearer than Pune in co-living rent, except Chennai
Pune: Co-living rentals in Pune are easier on the wallets of renters compared to other metro cities in the country but are marginally costlier than those in Chennai. This is due to the correspondingly lower average rent of entry-level apartments in the city, data from real estate services firm Colliers India showed. Tired of too many ads? go ad free now The average co-living rent in Pune ranges from Rs 9,500 to Rs 15,700 per month, while the average rent of a premium co-living facility in a city like Bengaluru or Mumbai is Rs 23,700 and Rs 27,500 per month, respectively. The differential in rent between co-living and regular apartments for all cities is around 25-35%. Despite being the cheaper option, availability of co-living facilities is very limited as it is a relatively untapped market. Colliers India estimated that the overall capacity of the co-living segment is very low at 3 lakh beds compared to 5 crore migrant population moving within the country. However, it is expected to grow to 10 lakh beds by 2030 as more developers enter the segment. In Pune, developers are increasingly incorporating co-living units into standalone or mixed-use developments to cater to the growing demand, Manish Jain, president, Credai's Pune chapter, said. Co-living involves tenants sharing common facilities and spaces while having their own private rooms. It is particularly suitable for single occupants who are not immediately looking to buy a home, want to save on rent, and desire flexibility in the duration of their stay. Typically, the duration of stay ranges from eight to 12 months. "This sector has seen a rebound in Pune post-pandemic, especially during the last couple of years, with most companies from the IT sector adopting a flexible model for work from home and office," Saurabh Garg, co-founder, NoBroker, said. Tired of too many ads? go ad free now Co-living is mostly favoured among the service industry-intensive areas, such as Hinjewadi and Kharadi, on the western and eastern sides of the city, and in some pockets, including Vimannagar and Kalyaninagar. Besides single professionals, industry experts expect demand from postgraduate students, as not all educational institutes can accommodate the increasing number of students in their hostels. Rising migration to the top metro cities and the growing preference of white-collar workers for professionally managed spaces are also driving growth in the co-living sector. "With over 1,400 colleges and thriving job opportunities in areas like Hinjewadi, Kharadi, and Chakan, the city continues to attract young professionals and students aged 25–35. For this segment, co-living offers an ideal solution that is affordable, well-maintained, and in preferred locations," said Jain.
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Business Standard
16-05-2025
- Business
- Business Standard
Affordable housing cap needs rethink, says Credai's Shekhar Patel
The Credai president said that while the size limits of 60 square meters for metro cities and 90 square meters for non-metro cities were generally acceptable, the price cap was deterring developers Gulveen Aulakh New Delhi Listen to This Article With escalating housing costs, the government should reconsider the ₹45 lakh cap defined by the government for affordable housing, which was last set in 2019, said Shekhar Patel, president of the Confederation of Real Estate Developers Associations of India (Credai). 'The ₹45 lakh home in 2019 has now become ₹75 lakh, according to the Reseve Bank of India's housing price index and other data that show that the costs have escalated. There should not be a price limit,' Patel, who is also the managing director of Ahmedabad-based Ganesh Housing Corporation, told Business Standard. The Credai president said that while the
Time of India
07-05-2025
- Business
- Time of India
Decide on pending environmental clearance proposals for projects in Pimpri Chinchwad in 8 weeks: HC to state panel
Pune: The Bombay high court has directed the State Environment Impact Assessment Authority (SEIAA) to 'consider in accordance with law and within eight weeks' the pending environmental clearance proposals for housing projects in Pimpri Chinchwad . Tired of too many ads? go ad free now These proposals are to be considered based on the Comprehensive Environmental Pollution Index (CEPI) score as updated/published by the Maharashtra Pollution Control Board (MPCB) for Pimpri Chinchwad in accordance with an email dated Sept 2, 2024, sent by the Central Pollution Control Board (CPCB), or in accordance with a clarification by the CPCB to the SEIAA on the issue of grant of clearance. CEPI is an index that calculates the environmental quality of industrial areas. Those with a CEPI score between 60 and 70 are termed as severely polluted, while those above 70 are considered critically polluted. Real estate body Credai Pune Metro, along with a couple of developers from Baner and Bhosari, had filed a petition alleging 'arbitrary and inordinate' delay in the approval of environment clearance by the SEIAA despite the CEPI score being within permissible limits. "More than 124 housing projects in Pimpri Chinchwad, involving an investment of nearly Rs30,000 crore, are pending approval by SEIAA since Aug last year," a Credai office-bearer said. Credai Pune Metro's head of environment committee Manish Kaneria said, "The HC directive comes as a big relief for new as well as existing projects seeking environmental approvals, and it will boost the overall economic activities in the PCMC areas." According to a Union ministry of environment, forest and climate change (MoEFCC) environment impact assessment (EIA) notification of 2006, projects involving 20,000-1,50,000sqm of construction and township projects covering over 50 hectares or with a built-up area exceeding 1,50,000sqm are classified as 'B' and 'B1' categories that require environmental clearances following a scrutiny by the SEIAA. Tired of too many ads? go ad free now On Dec 22, 2014, the MoEFCC issued a notification amending the 2006 EIA notification to declare that the general conditions for the 'B' and 'B1' category projects would not apply. The same was challenged before the Kerala HC, which decided the matter 10 years later by setting aside the Dec 22, 2014, notification. The Kerala HC ruling formed the basis for the SEIAA to decide at its 279th meeting on Aug 13, 2024, to defer the proposals seeking EC of many (Credai) members and to wait for a clarification to be issued by CPCB. The real estate body challenged this approach as arbitrary. On April 30, the HC bench of Chief Justice Alok Aradhe and Justice MS Karnik noted, "Consideration of the proposals received by respondent no.2 (SEIAA) from the member of the petitioner (Credai) cannot be indefinitely deferred. The deferment of the consideration of the proposals of the petitioners in this manner is not justified. The petitioners have the right to have proposals considered in accordance with law within a reasonable time. We are inclined to grant reasonable time to respondent no.2 to obtain necessary clarification from CPCB. However, we are not inclined to accede to the request made by the learned counsel that respondent no.2 will consider the proposal after the necessary clarifications are forthcoming from the CPCB." The CEPI score of the PCMC industrial area as of June 2024 was 48.37, according to information from the MPCB. The HC observed that the CEPI score of PCMC is below the threshold for critically or severely polluted classification. It also noted that the proposals of real estate developers were deferred by SEIAA on the assumption that PCMC is critically and severely polluted, contrary to the CPCB clarification.
Hindustan Times
06-05-2025
- Business
- Hindustan Times
Credai Bengaluru president advocates for Mumbai-style redevelopment to tackle land challenges
Amid rising land prices and difficulties in acquiring land in Bengaluru's city centre, the city could benefit from redevelopment policies similar to those in Mumbai. Credai is actively collaborating with policymakers and legislators to advocate for a redevelopment framework tailored to the IT capital, Zayd Noaman, president of Credai Bengaluru, said in an interview with "If Mumbai can successfully implement redevelopment, there's no reason Bengaluru can't follow suit," he said. Credai is actively engaging with policymakers and legislators to advocate for a redevelopment framework tailored to Bengaluru. "The process will take time, as it involves creating new laws and building public consensus, said Noaman. Also Read: Bengaluru's property registrations dip 21% amid E-khata implementation woes "Redevelopment can be a game-changer. Like Mumbai, Bengaluru has many 30–50-year-old buildings that can be redeveloped to unlock valuable land. This benefits not only developers and buyers but also the government by generating significant revenue," Noaman said. Most of the developable land in Bengaluru's city centre is either saturated or extremely expensive. 'Residential development here is challenging due to high land costs, and going forward, we expect more commercial or office projects in these areas,' he said. For residential projects in prime zones to make economic sense, Noaman said the development has to be of a special grade to justify the rent or sale price. "But if we don't begin now, we'll miss the opportunity for years to come. Our view is that if a city like Mumbai can implement redevelopment successfully, there is no reason Bengaluru can't follow suit," Noaman said. Also Read: Bengaluru's municipal corporation achieves 88% of property tax revenue target, issues 2.25 lakh e-Khatas Noaman said that currently, CREDAI has over 230 members in the Bengaluru chapter, and all stakeholders are actively investing in platforms and technologies that improve transparency and accessibility. "We're working to streamline land records, encourage blockchain adoption, and improve processes like e-Khata and title verification. Our goal is to promote sustainable, organised development—unplanned growth stresses urban infrastructure and hampers livability," he said. Noaman said that Credai Bengaluru is collaborating with the city's local municipal corporation, Bruhat Bengaluru Mahanagara Palike (BBMP), to streamline the e-khata system, particularly for large developers who need to process bulk applications. "This process goes beyond individual plot owners—it's about ensuring the timely issuance of e-khatas so that they can be seamlessly transferred to homebuyers during registration. To make this possible, we're closely collaborating with government departments to streamline the process. Our focus is also on simplifying RTC (Record of Rights, Tenancy, and Crops) and mutation procedures. Digitising these records will bring greater transparency and efficiency to the revenue system," he said. RTC is an official document that provides details about land ownership and tenancy. Noaman said that, being a complex undertaking, there will be disruptions in the beginning; however, the e-khata system is seeing steady progress. Noaman said that Credai Bengaluru is in discussions with the Bangalore Water Supply and Sewerage Board (BWSSB) to improve water usage efficiency during construction and in residential societies. "One of our proposals involves installing digital water meters in every apartment to help residents monitor their consumption. We also emphasize flood-resilient planning—developments must respect buffer zones and maintain stormwater drains. For example, Prestige has been working on upgrading the nalas to enhance water flow and reduce flood risk," he said. Speaking about real estate potential in the city, he pointed out that Bengaluru is a radial city with ample agricultural land in the peripheries. "While central areas are saturated with limited and expensive land parcels, outer zones still offer opportunities for large-scale development, provided infrastructure is in place. We need better metro and road connectivity to make these regions more livable," he said.
Time of India
26-04-2025
- Business
- Time of India
Property transactions up 5% in Nashik in FY25
NASHIK : The city recorded a 5% increase in property transactions during the financial year 2024-25, with 48,400 properties sold, valued at Rs 14,481 crore. This is compared to 45,900 properties sold in the previous fiscal (2023-24) totalling Rs 13,406 crore, the office of the joint district registrar stated. The stamp duty on property transactions is 5% across the state, while a 1% local body cess is charged on property transactions within the jurisdiction of the civic limits. "The simplified unified development control and promotion regulations ( UDCPR ), introduced by state govt in Dec 2019, also helped in boosting the real estate sector in Nashik," Nilesh Chavan, an architect and project management consultant, said. Moreover, people recognised the necessity of homes and invested in buying residential properties after the Covid-19 pandemic. "Those who owned two BHK flats shifted to 3 BHKs, and those with 3 BHKs shifted to bigger ones. This trend was seen after the Covid pandemic," Chavan said. Chavan said that the ready reckoner (RR) rates of the properties were stable for the two years. "Hence, some people bought properties during the last financial year 2024-25, anticipating an increase in the RR rates in the next financial year. Besides, there was an adequate supply of ready flats across the city, and people preferred buying ready flats. At present, around 30,000 flats in about 1,000 residential projects are ready in the city," Chavan said. Krunal Patil, immediate past president of the Confederation of Real Estate Developers Association (Credai) Nashik, said there was demand in the realty sector that also led to a rise in property transactions in the city areas. The demand was for flats ranging from 2 BHK to 4 BHK, he added.
