By Accommodation Times Research
There are nine villages in Lonavala and Khandala municipal council areas. Common FSI being 0.5 except for old gaothan and near Railway station where the FSI is 1.5. Land touching Old Highway and internal roads is costing Rs.2 to 5 lakh a Guntha ( 40 Gunthas in an acre). Hence per acrage cost of land is Rs.80 lakh to Rs 2 crores (Rs.20 million) in these nine villages. Land is not available for sale and for development since all big names in the corporate and small time builders who wants to develop smaller FSI of 30,000 to 1 lakh foot have already captured each sq. inch in the region. Essar Group Holding 3000 acres, with no plan for any development. They are planning to have Special Economic Zone (SEZ). Mahindra Infrastructure Ltd. also have planes to have SEZ in Karla with exact land ownership not known since they till negotiating and in acquisition mode. In Khandala, the proposed SEZ by Mahindra’s is still pending for approvals. Amby Valley Lake City , a prestigious township by Sahara Group got huge demand two years ago and are almost sold. A 5000 acres project, 32 kms away from main Lonavala market got huge desired to own an apartment. The developers sold 9% of total land in one acre plots by invitation. No doubt the facilities and ambiance at the project is world class, celebrities like Kapil Dev brought and endorsed the project. Each unit was sold at a minimum level of Rs.1.5 crores in 2002 on wards. GESCO Ltd recently brought 9 acres of land from K Raheja Constructions for Rs. 32 crore approximately in December 2005. There is no big land deal in last six months above 25 acres. Small FSI and plots ranging between 10,000 sq.ft. to 1.25 lakh sq.ft. took place with joint venture. Hence there was no major land deal in the region. Development agreement joint venture were witnessed in great amount. Since there is 30 to 50 % cash involved in the land deals, the research team took an assumption with concrete proof of primary data and interview with the locals including brokers, government officials like town planners and registering authorities. The registration office being new, just two year old, the record were traced from Pune circle for an estimation of land cost in the region. All land sold and purchased were agricultural land except for few in the tonship areas with NA permission and plan passed. Some of the deals for plots were also seen as their CC were expired and new owner took a fresh approvals from the
Past and recent acquisitions of land and by which developers in and around Lonavala.
Unitech Ltd., a Delhi based builder, sold its Khandala Bungalow Project in 1998 to corporate for Rs.12 lakh a unit of 1200 sq.ft. with mere a swimming pool. Karia Group completed recently Konark Paradise. Bungalow with 2 bhk are in the market for resale for Rs.22 lakh to Rs.35 Lakh at Varsoli near Bijees’ Hill Resort. Sahara India have completed, almost, their prestigious project 32 kms from main market of Lonavala for a premium range. Sale of remaining 35% of total outlet is still on. Previously the sale was on invitation only. Developers had insisted on Balance Sheet and other confidential documents of the buyer. But now it is open for everybody.
By Accommodation Times Research