Thursday, September 10, 2009

Pimpri-Chinchwad New Township Development Authority (PCNTDA) awards a Rs 2,000-crore township project to a Mumbai Builders' consortium

DB Realty, Man Infrastructure and Ajwani Developers' Consortium:

The land is spread over 130 acres in Sector 12 at Bhosari, Pimpri-Chinchwad, near Pune and the development is to be carried out as a Public Private Partnership (PPP). PCNTDA was mandated by the state government to develop about 43 sq km to house a population of five lakh citizens.

“There will be a total of 12.5 million square feet of development. Out of this, we will construct and hand over 3.5 million square feet to the Pimpri-Chinchwad authorities.

The remaining nine million square feet will be retained by the consortium as part of the free-sale component,’’ said Goenka.

The developer plans to use 70% of its share in the free-sale component to construct middle-income housing and the remaining for commercial purposes.

It has so far acquired and developed 10.8 sq km. The area has been developed in sectors comprising housing and commercial uses. In the current project, PCNTDA will provide 53 hectares (130 acres) to the developer with an applicable Floor Space Index of 2.5. “The project is envisaged to be developed as an integrated township with excellent basic infrastructural facilities like good roads, adequate water supply, an efficient sewerage system as well as schools and hospitals,’’ said the tender document.

The developer will prepare a master plan for the land and construction of infrastructure. It will hand over 5,040 low-income houses under the Basic Services for Urban Poor scheme of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) on part of the land and PCNTDA will then pay a fixed cost to the developer for the construction of these housing units.

The developer will give Rs 50 crore to PCNTDA as cost of land before starting the project and providing basic amenities like roads, electricity and water supply. The expenditure on the project and basic amenities will be around Rs 417 crore. The PCNTDA will provide Rs 225 crore on a PPP basis to the developer (which includes Rs 123 crore as grants from the Union government).

To read more, please, visit - Magicbricks.com Property Pulse

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