Pune real estate to boom with approval of 8% TDRs
With the sanction of 8 percent TDRs (Transfer of Development Rights) by the state government,the real estate sector in Pune is expected to boom.
This move was taken for reserving the Bio Diversity Park (BDP) areas which will free up 62 lakh sq ft of green TDRs, which in turn will reduce property prices.
The initiative will not only boost the real estate sector, but also bring down the prices of properties in Pune. It will help develop properties for one lakh people based on the TDRs generated from the 978 hectares of the reserved BDP areas.
Areas that will generate TDR are Baner-Balewasi, Pashan, Sutarwadi, Hadapsar, Mohamadwadi, Kondhwa, Kharadi and Ambegaon.
The areas were sanctioned recently by the CM. Currently, there is space to develop 5,000 hectares of residential areas in the fringe village. Out of these, only 10 percent is developed so far. So, there is a huge scope for additional residential properties in these areas.
Most of the BDP areas lie on the hill tops and hill slopes and the issue for approving them was lying for the past five years.
The Pune Municipal Corporation (PMC) has reserved 978 hectares of land in the 23 fringe villages in the Development plan (DP) drawn for these villages. The 978.54- hectare reservations are spread over seven hills in 12 villages.
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