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Hinjawadi-Shivajinagar metro to be extended to Hadapsar

Pune: After year-long deliberations, the Pune Metropolitan Regional Development Authority (PMRDA) has decided to extend the Hinjawdi-Shivajinagar metro route to Hadapsar. PMRDA Chief Kiran Gitte on Monday said that the work of preparing a detailed project report for the extension will begin soon. 

“The demand for the extension came in 2017 and after analysis, we have decided to go ahead with it. The details of the project will be decided soon,” he added.

Speaking about the progress of the Hinjawadi-Shivajinagar route, Gitte said that the work order of the project will soon be allocated to one of the three bidders: Tata Realty-Siemens, ILFS and IRB. Gitte said that the 8,000 crore project will consist of a 23.3-km corridor (Hinjawadi to Shivajinagar) with 23 stations and will be executed through a PPP mode. 

“Unlike Mahametro, one of these three shortlisted companies will be build, operate and maintain the metro for 35 years,” he added. The Centre has approved Rs 1,300 crore viability gap funding (VGF) for the project. The State government is going to pitch in with another Rs 812 crore. 

“We will allocate 26 hectares of land to the private company for the development of the project. We are also approaching the Pune Municipal Corporation as we will require land for the project. The private company can construct up to 48 lakh square feet of commercial construction to raise funds. Similarly, at a particular metro station, construction of 20,000 square feet will be allowed. The fare for a commuter travelling from Hinjawadi to Shivajinagar has been fixed at Rs 50. A fare change committee will be established to check for change in fares if required. The private company winning the bid will be given a time of three years to construct the project,” he added.

Speaking about the changes in the project, Gitte said that the alignment of the project has been changed in Balewadi. 

”The new route is 200 metres short from the original one,” he said.

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2 BHK Flat in Hadapsar Pune, Nisarg Classic, in 38 Lacs

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How to Build your Dream Home : Financial Guide

For most people, one of the biggest milestones in life is to purchase or build a home. This is one of the most important financial decisions in life and it involves a lot of planning and execution. There are many factors that need to be considered before choosing to invest in a property. Home buyers have to chalk out a step-by-step plan on how to save money, decide whether they want to go for a housing loan, check their Home Loan Eligibility and compare various home loan offers, etc. While most buyers tend to get overwhelmed and emotional while buying a house, financial experts advise investors to do some sound research and plan the whole process practically. A strategic plan is a must to build your dream home. Let us explore some of the key factors to consider before applying for a home loan and understand how you can financially plan the same.

  1. Understand what your budget is: Before making any other decisions, the first step to take is to set a budget. You will also have to decide whether you want to buy a constructed home or apartment, or a fully furnished home. This matters because there are different terms and conditions for home loans and construction home loans. So, the first thing to do is to take a look at a few houses, compare home loan interest rates and then set a budget. Let's, say you set a budget of Rs.50 lakh and decide to go for an apartment; the next step will be to decide how you will fund this. How much loan will you take? How much savings you have at your disposal?, etc. These are some of the questions that need to be answered before applying for a housing loan or arranging finances.
  2. Decide if you want to withdraw your Provident Fund (PF): All PF holders are eligible to use 90% of the PF amount to make a down payment to purchase a home. In addition, the PF account can also be used to make contributions towards a home loan EMI. The funds from this account can be used for buying a piece of land or to construct a home. So decide how you want to plan your finances and see if you want to withdraw your PF.
  3. Understand the Tax Benefits of taking a housing loan: Those who take home loans will become eligible to avail a number of tax benefits. Deduction claims can be made for the interest paid on the loan, the principal invested, and for registration and stamp duty fees. For interest payment, a deduction of up to Rs.2 lakh can be considered and for principal, a claim for tax benefit can be made for up to Rs.1.5 lakh. As far as charges for registration and stamp duty is concerned, the total exemption limit is Rs.1.5 lakh. On the other hand, if you are buying a home for the first time a tax deduction can be taken for a total of Rs.50,000.
  4. Finalize how you will fund the home: After setting a budget, choosing what type of home you want and where you want it, you will have to figure out how you will fund the entire home purchase. See how much loan you want to take and how much you have in hand. The best thing to do is to compare home loan interest rates before you choose a bank or financial institution for the loan. Do a thorough comparison and choose a low interest rate.
  5. Choose the total loan amount: Most banks in India allow applicants to avail at least 90% of the home price as loan. For example, if you are purchasing a flat for Rs.50 lakh, the sum total of the loan amount that you will get is Rs.40 lakh. So in this case, you have to make sure you make arrangements for Rs.10 lakh. Many financial experts say that it is best if you are able to fund at least 30% to 40% of the total cost through savings. So, if you are planning to go for a home purchase, start planning for it financially well in advance. It is recommended that prospective home buyers start the saving process for a down payments at least 5 years in advance. If this is not possible, one should start saving at least 2 year to 3 years well in advance.
  6. See how much EMI you can pay: Another important factor to take into account is the EMI amount that you will be paying. See what household expenses you will have each month and other investments that you have to contribute towards. Use a Home loan EMI calculator to determine how much your monthly contribution will be and finalize on an EMI amount.
  7. Know your rate of interest: The rate at which you avail a loan will significantly impact the EMI and also the overall cost of the loan. Beware of floating interest rates as they will keep changing according to market fluctuations. It is ideal to choose a fixed rate of interest, especially if the period for which you are taking a loan is short to medium.
  8. Understand terms and conditions: Before applying for a home loan, first understand what you are getting into. All regulations that are relating to the settlement, foreclosure and prepayment needs to be looked into to avoid any confusions at a later stage. Take a look at the turnaround time and also know if you have to pay any legal or loan processing charges before you finalize on your home loan provider.

Financial planning is essential before applying for a home loan as this allows buyers enough time to meticulously arrange and plan out how they want to fund the whole purchase. Just making a sudden plunge without any type of prior pre-planning can lead to a lot of confusion and financial stress at the last minute.

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9,458 houses to be built under PMAY at 10 locations

PIMPRI: The Pimpri Chinchwad Municipal Corporation is implementing ‘Housing for all’ project under the Pradhan Mantri Awas Yojana (PMAY). 

Under this scheme, 9,458 dwelling units will be built at 10 areas in Pimpri Chinchwad.

Out of these, the state level evaluation committee (SLAC) of the State government approved the draft plan of 601 unit housing project at Charholi,  Borhadewadi and Ravet on May 21, said Eknath Pawar leader of the house in the Pimpri Chinchwad Municipal Corporation (PCMC).

These buildings will be constructed as an affordable housing project for economically weaker sections. Also, the project will be undertaken as per public-private partnership (PPP) model. Therefore, a maximum number of the people in the city will benefit from the housing scheme.

A total of 9,445 houses will be built in 10 locations in the city. Out of this, 1,442 houses will be constructed in Charholi, 1,804 in Ravet, 1,400 in Borhadewadi and 500 at Akurdi.

The construction of the buildings at Charholi and Ravet has been approved by the Standing Committee. The tender process is going on in case of Borhadewadi project.

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MHADA Invites Applications for Housing Through Lottery System

PUNE: Maharashtra Housing Area and Development Authority (MHADA) has called for applications for over 3,168 housing  properties under the MHADA lottery system. The applicants can apply through MHADA lottery website for the housing scheme based on their economic category.

Addressing a press conference on Wednesday, Ashok Kakade, Chief Officer (CO) of MHADA said the properties will be available to people in areas of Nanded City, Mahalunge, Wakad, Ravet, Moshi and other areas.

“The flats have all modern amenities and are available at subsidised rates. For instance a flat of 325 square feet area would cost around Rs 9.5 lakh. The whole process of application is online and the process of lottery is also online which will be declared on June 30 at 10 am,” added Kakade.

The CO said MHADA has over 250 acres of land in Pune, Satara, Sangli, Solapur and Kolhapur. “For applying for housing in MHADA flats an applicant should not have his self-owned property in similar corporation jurisdiction. For instance a person who owns a property in Pune city can apply for MHADA property in Pimpri-Chinchwad and not in Pune,” added Kakade.

The CO said the majority of flats are for economic weaker section and low income group which covers around 2,500 of 3,100 homes available under the scheme.

Kakade said an applicant has to first register with MHADA after which he has to furnish his personal details and pay the deposit money which ranges from Rs 5,000 to Rs 20,000 as per the economic section one falls in. Kakade said about 2,500 homes were allocated to people by MHADA in 2016 and it received a great response from people.

“In last four days our site was visited by more than 10,000 persons. About 3,800 persons have applied till date in the lottery system. The last date for applying is June 19 and June 20 is the last date for paying the deposit money,” added Kakade.


Q. How to Apply for MHADA housing lottery system?

Ans.  The applicants can apply through https://lottery.mhada.gov.in and the helpline number is 9869988000.

3 Simple Steps to Apply for Mhada Lotter

1. Registration

Create Username
Fill Basic Information

2. Online Application

Select Lottery & Scheme
Print Acknowledgement

3. Payment

Online Payment
Submit Demand Draft in Bank


 

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