Thursday, November 22, 2007

Everybody on the waiting list of Paranjape Schemes' Blue Ridge township at Hinjewadi in Pune, can get a flat immediately!

The urban development ministry of the Central Government of India has asked state governments to permit a higher population density for housing projects. The move is aimed at bringing down property prices by allowing the creation of more housing units on every acre of land.

In toady's Economic Times, Rajat Guha & Mayur Shekhar report that this is part of a series of initiatives that the urban development ministry has taken up for addressing the issue of affordable urban housing. For instance, the ministry has also asked state governments to allow more floor area ratio(FAR)) to the developers and relax height restrictions.

If you remember, in Paranjape Schemes' advertorial, published on the day of launch (October 27, '07), Shrikant Paranjpe had talked about FSI. He has said the government allows point 5 FSI for on agricultural zone land and 1 FSI on residential lands.

True, Shrikant Paranjape hasn't said whether Blue Ridge is in the residential or agriculture zone. But whatever it is, if the state government permits higher population density, allows more FSI and relax height restrictions, for sure, Blue Ridge can have more floors means more flats. Add 8 more floors and make it 33 stories. There are 4 flats per floor (two flats of 3 and 2 bhk each in tower 2), so you get 32 more flats in one tower. There are 12 towers in the phase one. It means, roughly, everybody who is on the waiting list can get his flat immediately!

Of course, i know that the proposal is in a very preliminary stage and it will take ages to finalize but i can not stop dreaming! Particularly, when on the other side of the road at Balewadi, in a project of only 3 nine story buildings 'Kool Homes', salesman says booking rate is 3,700 Rs. per sq. ft.!

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  1. Hello Ravi,
    I am looking in investing in a 2-3 BHK somewhere in Pune...I am not well versed about Pune at all and would need ur assistance and your in getting my first property in Pune...My budget is in the region of 25-35 Lacs and would like something which is off-plan.
    My email address is and i would appreciate if you could plse help me.

    Many thanks,
    Prashant Kapoor

  2. Shrikant Paranjape was incorporated on 18th September, 1987 as a private limited company under the Companies Act, 1956.

    • In May 2005, the company changed status from a private limited to a public limited company.

  3. HDFC India Real Estate Fund has acquired 10% stake in Pune realty company Paranjape Schemes for Rs 75 crore. Also, GE Capital has signed a contract worth Rs 250 crore with the company for construction of a mega Township in Pune.