There are over 81 million elderly people in India. It is expected that by 2025 this figure will be 177 million and by 2050 will be about 240 million or may be more than this. This is according to report submitted by Jones Lang Lasalle Meghraj. With the same reference Saumajit Roy, Associate vice president (Senior Living), JLLM , said that senior citizens are no longer considered withdrawn, risk averse and financially dependent. The immense potential of this segment, with its unique needs and promises, offers an array of opportunities To the Indian Real Estate Market.
If we study this statement with further micro-analysis; we will come across the financial strength of this segment. If we just consider an employee who is going to be retired even at clerk level to officer levelin a PSU Bank; his retirement benefits are in the range of 24lakhs to 35lakhs.
Because of sixth pay commission or different settlements with different managements this benefit is going to go high by another 15 % . So after 2015 the amount will be increased by another 15 %.
There are few business houses in India who ha s already in process of setting up the apartments for this segment.
Paranjpes have initiated the process by project “Athashree”. The phase one was launched at Pashan(Pune). That was a mega success. So Athashree two was launched at Bavdhan Pune . Both projects got tremendous appreciation from society.
Impact senior living estates(ISLE) WAS LAUNCHED AT Amritsar, Rajgarh(Himachal Pradesh) was launched by Harpal Singh(Fortis Health Care and Dipak Nirula(MD OF RESTAURANT CHAIN Nirula’s)
LIC HFL Care homes are operating retirement village in Banglore and plans to take it national.
Classic Kudumbam has founded by Chennai based realtor Baba Shankar.
Ashiana Housing (Delhi Based Company)operates a chain of retirement resorts Christened Utsav in Bhiwadi, Jaipur and now at LAVASA Pune.
Acron group, The Goa based diversified entity with their interests in realty, infrastructure, hospitality and retail are in process to launch retirement complex at Baga Beach(wow!!!) in next three months.
Neral (Extended sub urb of Mumbai) will be having a retirement township over 25 acres.
I think big corporate are working on this. According to John Britto, Director, Acron Group, “there is a big market for companies catering to the retired; provided they have a right mix of housing products and specialized support and lifestyle services.”
During last few decades nucleus families rooted very well and now parents and their children living separately is no longer a considered as stigma. In fact because of different lifestyles and routines both feel that it is better to give space to each other. This is a particular class of elderly citizens or would be elderly citizens, whose sons or daughters are well settled in their personal and professional lives and living separately(within India or abroad)
These people are looking for
Comfortable lifestyle
Pollution free atmosphere
Best of health care facilities
Security
Wellness features.. such as yoga, Ayurveda treatments, meditation centers….
Entertainment
If possible some work to keep them busy but not stressed.
And last but not the least ,”price”
This class also wants different add on specifications in their apartments
The routine business model of selling the apartment may not work effectively for the segment.
Lifetime lease option, reverse mortgage, long lease models, convertible deeds are some of the ideas.
One can even think of a famous say “CATCH THEM WHEN THEY ARE YOUNG” or can modify a little and say ,”catch them when they are in their forties” . Launching a mutual fund or collecting deposits like all other construction houses accepts from their investors, since somebody is in his forties is also another fund raising idea. Because getting housing finance may be a problem if somebody is applying for finance in the later stage of his life.
But considering 50 million pensioners buying property in the tune of ten to fifteen lakh segment sounds me like a huge business projection. And after sales service will be the key factor in this era which once again open huge opportunities for buyer and service provider.
Selection of location for these kind of housing is going to play a key role. A joint development for weekend resort at one corner and retirement homes at other corner may be a good way to handle it. So that the kind of other hospitality management services may be utilized with 100 % efficiency; and will make the project more lucrative and viable.
There are few other interesting concepts can be discussed in this segment and for this segment.
Monday, July 5, 2010
Is Pune Ready to Digest the Current Growth Rate in real Estate- Part One
Let me clear one thing at the start of the article that, particularly in this article I have focused on the people who want to buy property as a need, and not from the investment point of view. From last few months one can easily notice that Pune builders have started launching their new projects. Media has started pouring a feeling that the slowdown effect which was very strong during last one and half years to two years; has already diluted.
In fact Punekars has also started visiting newly launched sites and few old projects with a rejuvenated mind. Builders have started increasing their rates. Big AD campaigns everywhere .
But my dear friends - “ALL IS WELL????”
In last few weeks there are few fresh news of bankruptcies. Sensex is also not showing very good signs. Every dip in sen sex is pushing property shares further down as compared to other industries. If you carefully read the annual reports of all giants in real estate, one can easily make out that things are going not that well as portrayed. Any further bankruptcies may create a tsunami in markets. Now what the property buyer should do..???
I think there are few things which a probable buyer always should work on
1)Need : The need for the house is always there.
But as now there is a trend of nucleus family the need of the required space keeps changing after every five years.
For example a newly married couple initially may require just 600+ sq. ft that is one BHK. Considering the today’s pricing, it may fit to once budget. Five years down the line the same family may require 2 bhk of around 800 to 1000 sq. ft.
2)Appreciation of bought asset.:
This is the most important point. Because after five years as you want to shift from 1 bhk to 2 BHK , if your old buy has not enough appreciated buying second home may remain dream only.
3) Home Loan and galloping interest rates.
This is always a balancing act. “Salary will go high but installment going to remain same “ is an obsolete concept. We should always mark 5% OF OUR INCOME TO FIGHT WITH THIS PROBLEM.
Now if we consider this three basic check points with current market scenario ; and ask a question is this a right time to buy….? Lets check the answer with following points.
1) Is the growth of Pune going to stop ?
The answer is big no. Because of this growth factor the minimum to minimum property rate hikes per year will be in the range of 15% to 25%. Now if we consider the base minimum rate of any area of Pune is not less than Rs 2000/sq. ft. lets us consider the flat area as 600 sq. ft. So the all inclusive possession cost of that flat will be in tune of Rs 15 lacs. If we consider the loan amount as Rs 12.5 Lacs; the loan installment will be approx. Rs 11000/-
With considered growth rate the same property is going to cost you around Rs 22 to 23 Lacs in a span of five years. That means the loan installment will be approx. Rs 18500 to Rs 20000/- With current industry trends everything is growing except salary. I mean to say inflation ,medical expenses , school fees are growing at a spectacular rate.
Salary increments are normally in the range of 10 to 20 % range. Now pl answer yourself ; if you delay the decision now just because of any baseless rumor; will you be able to buy anything thereafter!!!!!
Locations:
When I say a rate of Rs 2000/- it already a outskirt of pune. May be because of the development that outskirt will come in PMC area. THIS MAY BE ALREADY AWAY FROM YOUR WORKPLACE. But after five years are you open to go further beyond the reach and invest/waste two to three hours daily just in traveling. In addition to that your address will be definitely not going to have a tag of Pune.
To support my statement lets take a case of flat at Bavdhan in 2003.
The to-days rate even after a slowdown are in the range of Rs 3000 toRs 3600/sq. ft.
Lets take a case of flat at Moshi/Bhosri. In June 2009 the rates per sq. ft were in the tune of Rs 1600 to Rs 1900/sq. ft. TODAY'S RATE IN THE SAME AREA ARE IN THE RANGE OF Rs 2000 to Rs 2600/sq. ft.
You can also check the status at Wagholi.
2) Fear of another market crash down/slowdown
Last slowdown has made a temporary impact(Lasts long for around 14 months) of 20% reduction in the prices.
But the homeloan and home is an asset to be scaled at the tenure of 15 years . Even if we consider two slowdowns in between ; is that really going to make a big difference..!!!
Sitting on the bank of river and giving an advice is always easy. But my dear friends it is your own call. So think …
Prasad Deshpande
punevastu@yahoo.com
In fact Punekars has also started visiting newly launched sites and few old projects with a rejuvenated mind. Builders have started increasing their rates. Big AD campaigns everywhere .
But my dear friends - “ALL IS WELL????”
In last few weeks there are few fresh news of bankruptcies. Sensex is also not showing very good signs. Every dip in sen sex is pushing property shares further down as compared to other industries. If you carefully read the annual reports of all giants in real estate, one can easily make out that things are going not that well as portrayed. Any further bankruptcies may create a tsunami in markets. Now what the property buyer should do..???
I think there are few things which a probable buyer always should work on
1)Need : The need for the house is always there.
But as now there is a trend of nucleus family the need of the required space keeps changing after every five years.
For example a newly married couple initially may require just 600+ sq. ft that is one BHK. Considering the today’s pricing, it may fit to once budget. Five years down the line the same family may require 2 bhk of around 800 to 1000 sq. ft.
2)Appreciation of bought asset.:
This is the most important point. Because after five years as you want to shift from 1 bhk to 2 BHK , if your old buy has not enough appreciated buying second home may remain dream only.
3) Home Loan and galloping interest rates.
This is always a balancing act. “Salary will go high but installment going to remain same “ is an obsolete concept. We should always mark 5% OF OUR INCOME TO FIGHT WITH THIS PROBLEM.
Now if we consider this three basic check points with current market scenario ; and ask a question is this a right time to buy….? Lets check the answer with following points.
1) Is the growth of Pune going to stop ?
The answer is big no. Because of this growth factor the minimum to minimum property rate hikes per year will be in the range of 15% to 25%. Now if we consider the base minimum rate of any area of Pune is not less than Rs 2000/sq. ft. lets us consider the flat area as 600 sq. ft. So the all inclusive possession cost of that flat will be in tune of Rs 15 lacs. If we consider the loan amount as Rs 12.5 Lacs; the loan installment will be approx. Rs 11000/-
With considered growth rate the same property is going to cost you around Rs 22 to 23 Lacs in a span of five years. That means the loan installment will be approx. Rs 18500 to Rs 20000/- With current industry trends everything is growing except salary. I mean to say inflation ,medical expenses , school fees are growing at a spectacular rate.
Salary increments are normally in the range of 10 to 20 % range. Now pl answer yourself ; if you delay the decision now just because of any baseless rumor; will you be able to buy anything thereafter!!!!!
Locations:
When I say a rate of Rs 2000/- it already a outskirt of pune. May be because of the development that outskirt will come in PMC area. THIS MAY BE ALREADY AWAY FROM YOUR WORKPLACE. But after five years are you open to go further beyond the reach and invest/waste two to three hours daily just in traveling. In addition to that your address will be definitely not going to have a tag of Pune.
To support my statement lets take a case of flat at Bavdhan in 2003.
The to-days rate even after a slowdown are in the range of Rs 3000 toRs 3600/sq. ft.
Lets take a case of flat at Moshi/Bhosri. In June 2009 the rates per sq. ft were in the tune of Rs 1600 to Rs 1900/sq. ft. TODAY'S RATE IN THE SAME AREA ARE IN THE RANGE OF Rs 2000 to Rs 2600/sq. ft.
You can also check the status at Wagholi.
2) Fear of another market crash down/slowdown
Last slowdown has made a temporary impact(Lasts long for around 14 months) of 20% reduction in the prices.
But the homeloan and home is an asset to be scaled at the tenure of 15 years . Even if we consider two slowdowns in between ; is that really going to make a big difference..!!!
Sitting on the bank of river and giving an advice is always easy. But my dear friends it is your own call. So think …
Prasad Deshpande
punevastu@yahoo.com
Is This A right time to buy property in Pune –Part Two
A famous quote in the property market :
“Property at any cost is cheap! And when it is in a growing market, it is damn cheap!!”
The statement itself shows the myth and the reality as perceived by some bearish enthusiasts.
I am thankful to all who has read this post . The overwhelming response to the post is a clear indication that all probable buyers are having very serious approach towards the issue.
In fact all 47 comments on my post on Indian real estate Forum have forced me to write the part two of this article.
Few people Like Rajesh were in bit of hurry to publish the analysis of the poll. There were positive comments negative comments, few were balanced one. I really once again say thanks to everybody and putting my view with further clarity.
I t is a universal truth that home in one of three basic necessities of a human being. Appreciation/depreciation are the side effects of the bought property but property is basically bought because of the need . It is as good as buying clothes or food. Whether one is going to buy a branded shirt or not depends on individual but he needs to buy a shirt is universal truth. Same is true with the food.
One more universal truth is the segment of 15 Lacs to 25 Lacs is a typical middle class segment. For him buying a property is a basic need OR sometimes up gradation from 1RK to 1 BHK or from 1 BHK to 2BHK.
I personally has seen /experienced around three slowdowns in my professional tenure of 22 years, and I agree to disagree with entire people who are bearish or advising people to not to buy property this time; by showing fears of slowdown in Pune real estate sector. Therefore I want to put forward my views on the current scenario.
• Pune is growing and will continue to grow. (Please refer to the Mackinsey’s report which speaks about 35% growth for the city every year)
• One cannot stop the growth rate of Pune. It may be a bit slow growth than expected because of infrastructure. I mean lack of infrastructure and the bourgeois attitude of the nincompoop leadership towards the growth of the city.
• Land for development is going to remain the same, but population is going to grow and chiefly because of migrants in Pune for Job, both from and outside Maharshtra.
• Current job market of Pune is very hot. So many new companies are investing in Pune. Tilt is more towards PCMC, Moshi, Bhosri and Chakan. Apart from the regular areas ,otherwise.
• Ranjangaon MIDC is also attracting many companies.
• Ambegaon is growing with leaps and bounds. In fact Ambegaon is at the centre of two very big education Empires. Bharti Vidyapeeth and Sinhgad Institute. Proximity to bypass highways is adding more value and becoming a favorite spot to Punekars and western Maharashtra people.
• This new Jobs is going to create a huge demand in the segment of 15 Lacs To 25 Lacs.
• Once again because of the demand supply ratio in this particular segment; rates are going to go high. This is irrespective of leadership or the lack of it.
• If you do not buy now, because of the rate hike one has to compromise on a shrinked house or need to look further away in terms of distance.
• If we take the projections of next ten years (particularly above mentioned price band) , we are definitely heading towards a “Kholi” concept or one RK property.
• Development plan of Pune is becoming a mystery, and nobody can give the answer. There are many wasted interests of politicians which in fact are not allowing it to happen may be for their own interests in the city.
• Getting sanctions to high-rise buildings even up to 70 meters (now it is possible at PCMC and Pradhikaran), because of high construction cost; middle class/ common man just can’t think about it.
• People talk about big corrections even up to 30 to 35 %. My comment is, “not possible”. Lets us answer to following questions to ourselves.. “Cement rates are going to fall down?”, “Steal rates are going to fall down?” , “ Labor rates are going to fall down?”, “Construction material rates are going to fall down?”,” Diesel will be available at Rs 25 to30/liter?”, “Basic land prices are going to fall down?”
• If any one of all explored questions is forcing us to give the answer “yes” then all property consultants /advisors; who are absolutely bearish are correct.
To support my points I will add one more example.
In 1990 one was able to build a bungalow in Pune if he was having Rs 25 Lacs
In 2000 One was able to buy 3 or 4 BHK Luxurious flat or penthouse, if he was having around 20 to 25 Lacs.
In 2003 one was able to buy 3 or 4 BHK luxurious flat in the same budget.
In 2009 even after the slowdown one can buy only 2BHK in same budget.
This happens because of IT growth. IT growth started showing upward trend since 1996. It hits to its First slowdown in 2001 and second slowdown in 2007/8.
My sincere request to you is to analyze all given facts on a sheet of a paper and then conclude.
All formulaPCMC,RANJANGAON MIDC,CHAKAN INVESTMENT IN REAL ESTATE of rent*200 are for the people who are already enjoying their first house and now thinking of second. This formula does not include all those mental stress in finding new house, shifting your luggage, stress of finding new broker and his brokerage, stress of finding electrician and plumber for all those small small works, which finally bring your daily routine to a standstill.
All bank FD and ROI in terms of bank interest become useless when you do not own a house; because one simply cannot reside on/in /at FD certificates. I mean to say; Fixed Deposit certificates cannot become your residential address.
As far as question of buying in slowdown; it is another mystery. The fear of further slip in the market won’t allow anybody to buy the property at that time. Nobody is really able to define the bottom of the market slow down.
In fact I would go further ahead and say this may be your last chance to buy a flat between 1 bhk to 2 BHK in this price band. Otherwise you will be having the same butter fingers as our Indian cricket team. They drop catches and loose matches that really does not differ much to them; but what about you…!!!!!
I once again want to repeat my statement; sitting on the bank of river and giving advice is very easy .
Wake up buyers. This may be the last call of buying 2BHK in this price segment. If you don’t become aware now, the ignorance might cost you dearly in the future and the days to come. Bears, Are you listening?
“Property at any cost is cheap! And when it is in a growing market, it is damn cheap!!”
The statement itself shows the myth and the reality as perceived by some bearish enthusiasts.
I am thankful to all who has read this post . The overwhelming response to the post is a clear indication that all probable buyers are having very serious approach towards the issue.
In fact all 47 comments on my post on Indian real estate Forum have forced me to write the part two of this article.
Few people Like Rajesh were in bit of hurry to publish the analysis of the poll. There were positive comments negative comments, few were balanced one. I really once again say thanks to everybody and putting my view with further clarity.
I t is a universal truth that home in one of three basic necessities of a human being. Appreciation/depreciation are the side effects of the bought property but property is basically bought because of the need . It is as good as buying clothes or food. Whether one is going to buy a branded shirt or not depends on individual but he needs to buy a shirt is universal truth. Same is true with the food.
One more universal truth is the segment of 15 Lacs to 25 Lacs is a typical middle class segment. For him buying a property is a basic need OR sometimes up gradation from 1RK to 1 BHK or from 1 BHK to 2BHK.
I personally has seen /experienced around three slowdowns in my professional tenure of 22 years, and I agree to disagree with entire people who are bearish or advising people to not to buy property this time; by showing fears of slowdown in Pune real estate sector. Therefore I want to put forward my views on the current scenario.
• Pune is growing and will continue to grow. (Please refer to the Mackinsey’s report which speaks about 35% growth for the city every year)
• One cannot stop the growth rate of Pune. It may be a bit slow growth than expected because of infrastructure. I mean lack of infrastructure and the bourgeois attitude of the nincompoop leadership towards the growth of the city.
• Land for development is going to remain the same, but population is going to grow and chiefly because of migrants in Pune for Job, both from and outside Maharshtra.
• Current job market of Pune is very hot. So many new companies are investing in Pune. Tilt is more towards PCMC, Moshi, Bhosri and Chakan. Apart from the regular areas ,otherwise.
• Ranjangaon MIDC is also attracting many companies.
• Ambegaon is growing with leaps and bounds. In fact Ambegaon is at the centre of two very big education Empires. Bharti Vidyapeeth and Sinhgad Institute. Proximity to bypass highways is adding more value and becoming a favorite spot to Punekars and western Maharashtra people.
• This new Jobs is going to create a huge demand in the segment of 15 Lacs To 25 Lacs.
• Once again because of the demand supply ratio in this particular segment; rates are going to go high. This is irrespective of leadership or the lack of it.
• If you do not buy now, because of the rate hike one has to compromise on a shrinked house or need to look further away in terms of distance.
• If we take the projections of next ten years (particularly above mentioned price band) , we are definitely heading towards a “Kholi” concept or one RK property.
• Development plan of Pune is becoming a mystery, and nobody can give the answer. There are many wasted interests of politicians which in fact are not allowing it to happen may be for their own interests in the city.
• Getting sanctions to high-rise buildings even up to 70 meters (now it is possible at PCMC and Pradhikaran), because of high construction cost; middle class/ common man just can’t think about it.
• People talk about big corrections even up to 30 to 35 %. My comment is, “not possible”. Lets us answer to following questions to ourselves.. “Cement rates are going to fall down?”, “Steal rates are going to fall down?” , “ Labor rates are going to fall down?”, “Construction material rates are going to fall down?”,” Diesel will be available at Rs 25 to30/liter?”, “Basic land prices are going to fall down?”
• If any one of all explored questions is forcing us to give the answer “yes” then all property consultants /advisors; who are absolutely bearish are correct.
To support my points I will add one more example.
In 1990 one was able to build a bungalow in Pune if he was having Rs 25 Lacs
In 2000 One was able to buy 3 or 4 BHK Luxurious flat or penthouse, if he was having around 20 to 25 Lacs.
In 2003 one was able to buy 3 or 4 BHK luxurious flat in the same budget.
In 2009 even after the slowdown one can buy only 2BHK in same budget.
This happens because of IT growth. IT growth started showing upward trend since 1996. It hits to its First slowdown in 2001 and second slowdown in 2007/8.
My sincere request to you is to analyze all given facts on a sheet of a paper and then conclude.
All formulaPCMC,RANJANGAON MIDC,CHAKAN INVESTMENT IN REAL ESTATE of rent*200 are for the people who are already enjoying their first house and now thinking of second. This formula does not include all those mental stress in finding new house, shifting your luggage, stress of finding new broker and his brokerage, stress of finding electrician and plumber for all those small small works, which finally bring your daily routine to a standstill.
All bank FD and ROI in terms of bank interest become useless when you do not own a house; because one simply cannot reside on/in /at FD certificates. I mean to say; Fixed Deposit certificates cannot become your residential address.
As far as question of buying in slowdown; it is another mystery. The fear of further slip in the market won’t allow anybody to buy the property at that time. Nobody is really able to define the bottom of the market slow down.
In fact I would go further ahead and say this may be your last chance to buy a flat between 1 bhk to 2 BHK in this price band. Otherwise you will be having the same butter fingers as our Indian cricket team. They drop catches and loose matches that really does not differ much to them; but what about you…!!!!!
I once again want to repeat my statement; sitting on the bank of river and giving advice is very easy .
Wake up buyers. This may be the last call of buying 2BHK in this price segment. If you don’t become aware now, the ignorance might cost you dearly in the future and the days to come. Bears, Are you listening?
Attitude of violating norms about environment by builders
Now days rising attitude of violating all norms about environment and exceeding the permissions granted by civic bodies is becoming a common phenomenon.
ONE OF THE LEADING Marathi news channel opened up the issue about Midory Towers at Pimple Nilakh` created a storm. Now PCMC will penalize the builder and once again everything will be all set to violate norm at some other place. I am in full agreement with the statement that a builder just cannot follow all rules set by civic bodies sometimes even the directives and or judgments issued by court of law. Mangier times this is ignored by buyer; just with a consideration that profit making is the basic motive of any business house.
For example charged parking, MSEB Charges, selling on the basis of saleable area instead of carpet area etc. I understand these kinds of issues are related to pocket of the buyer. But I strongly condemn issues of violating environmental issues because these types of issues are related to lives of people. Compensating somebody after his death is not going to set equilibrium to the situation.
The more disturbing aspect of it is the owners of the company are family members of former state irrigation secretary of Maharashtra. Apart from dumping construction debris n the riverbed developer has also blocked the natural nala passing through the plot. This could lead to flooding in and around areas.
According to DNA the beautiful answer given by by city engineer –“The project is in flood line area but while the project was sanctioned by PCMC in March 2007,maps demarcating The Mula river floodline were received by civic body only in last year. “According to existing norms, PCMC willpenalise the builder for violating the building permission terms”.The unauthorized construction would be regularized according to PCMC rules.”According to state Govt. Law,unauthorized construction can be regularized by builders by paying prmium charges. Says the City Engineer.
The statement by city engineer is shocking.
The other or the true meaning of the statement is , builder can violate any rule and get it regularized by paying fines. I strongly object this kind of attitude.
My dear friends we have already destucted many things but changing directions of river is going to cause deaths ,tremendous loss to environment, immense inconvenience to other citizens.
Cutting down the trees is also common behavior pattern. In fact one should be sentenced to the same treatment which is defined for murder, by court of law.
My dear friends we need to initiate some kind of action on this. Senior members ,pl guide on this issue.
According to news paper sources it is learnt that more than 200 construction projects have been granted permission by PCMC in contravention of guidelines regarding the flood lines of rivers. This means that many more such projects would have been constructed in a manner that it would hamper the flow of Mula, Pavana and Indrayani.
And just by paying fines things may get regularized.
This is something very serious. We all should come across the table to initiate some sort of action.
ONE OF THE LEADING Marathi news channel opened up the issue about Midory Towers at Pimple Nilakh` created a storm. Now PCMC will penalize the builder and once again everything will be all set to violate norm at some other place. I am in full agreement with the statement that a builder just cannot follow all rules set by civic bodies sometimes even the directives and or judgments issued by court of law. Mangier times this is ignored by buyer; just with a consideration that profit making is the basic motive of any business house.
For example charged parking, MSEB Charges, selling on the basis of saleable area instead of carpet area etc. I understand these kinds of issues are related to pocket of the buyer. But I strongly condemn issues of violating environmental issues because these types of issues are related to lives of people. Compensating somebody after his death is not going to set equilibrium to the situation.
The more disturbing aspect of it is the owners of the company are family members of former state irrigation secretary of Maharashtra. Apart from dumping construction debris n the riverbed developer has also blocked the natural nala passing through the plot. This could lead to flooding in and around areas.
According to DNA the beautiful answer given by by city engineer –“The project is in flood line area but while the project was sanctioned by PCMC in March 2007,maps demarcating The Mula river floodline were received by civic body only in last year. “According to existing norms, PCMC willpenalise the builder for violating the building permission terms”.The unauthorized construction would be regularized according to PCMC rules.”According to state Govt. Law,unauthorized construction can be regularized by builders by paying prmium charges. Says the City Engineer.
The statement by city engineer is shocking.
The other or the true meaning of the statement is , builder can violate any rule and get it regularized by paying fines. I strongly object this kind of attitude.
My dear friends we have already destucted many things but changing directions of river is going to cause deaths ,tremendous loss to environment, immense inconvenience to other citizens.
Cutting down the trees is also common behavior pattern. In fact one should be sentenced to the same treatment which is defined for murder, by court of law.
My dear friends we need to initiate some kind of action on this. Senior members ,pl guide on this issue.
According to news paper sources it is learnt that more than 200 construction projects have been granted permission by PCMC in contravention of guidelines regarding the flood lines of rivers. This means that many more such projects would have been constructed in a manner that it would hamper the flow of Mula, Pavana and Indrayani.
And just by paying fines things may get regularized.
This is something very serious. We all should come across the table to initiate some sort of action.
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