A new policy will be put in place, owing to the differences in real estate treatment between Mumbai and Pune
The MHADA Pune board also known as Pune Housing and Area Development Board (PHADB) is working to frame a separate redevelopment policy for Pune that will be a win-win for both, developers and tenants. According to a Hindustan Times report, the need for this was because the redevelopment policy implemented in Mumbai, could not be directly replicated in Pune.
Presently, of the total 41 MHADA Pune colonies in Pune city, 26 layouts, having approximately 17,000 homes, have to be redeveloped as they are more than 30 years old. While the MHADA Pune board has been following up on the redevelopment for some time now, the lack of developer interest has made the project take a backseat. Some of the reasons for this disinterest was that while the Maharashtra government sanctioned an FSI of 3 for MHADA Pune properties, developers were asking for more, as Pune has a lower per sq ft rate when compared to Mumbai.
Nitin Mane, additional chief executive officer, and chief officer of the Pune board, said, “We are talking to developers, to understand what their problems are and what they expect from these redevelopment projects. Also, we have gathered inputs from tenants, as well. Very soon, the policy will take final shape.” Following the design of the policy, the recommendations from the MHADA Pune board will be submitted to the state government for approval.
MHADA Pune buildings in Pune are located at Agarkar Nagar (Bund Garden Road), Bavdhan, Bhamburda (Gokhale Nagar), Hingne mala (Hadapsar) Golf Club Road, Kothrud, Laxmi Nagar (Parvati), Maharshinagar, Lokmanya Nagar (Sadashiv Peth), Netaji Nagar (Wanwadi), Phule Nagar, Maharashtra Housing Board Yerwada, Swami Vivekanand Nagar (Hadapsar) and Wadgaonsheri.