PUNE: The Well Built Structure Competition 2022 (26th in Series) Awards Ceremony organized by Builders’ Association of India (BAI) Pune was held with a glittering ceremony at Hotel Sheraton Grand on Wednesday. Chief Guest Mr. Rajendra Athawale, Vice President BAI West Zone, Guest of Honour Mr. Dattatray Mule, State Chairman, BAI Maharashtra, Er. Harpreet Singh Anand, Chairman BAI Pune, Mr. D. S. Chaudhari Vice–Chairman, Mr. Ajay Gujar Hon Secretary, Er. Mahesh Maideo Hon. Treasurer, Er. Ashok Atkekar Chairman WBSC 2022, Mr. Sunil Mate Convenor WBSC 2022, along with other dignitaries were present on the occasion. BG Shirke Construction Technology Pvt Ltd has been the sole sponsor of the event.

Er. D.S Shirole was conferred with BAI-Padmashree B.G Shirke Life Time Achievement Award – Nirman Ratna for his contribution to this field. Past Chairman Mr. Jaideep Raje read the citation.

The Award Winners for WSBC 2022 included Gera Developments Pvt Ltd (Residential Category – Bungalow, Row Houses, and standalone buildings), Vilas Javdekar EcoShelters Pvt Ltd (Residential – Housing Complex) Pride Builders LLP (Residential – Affordable Housing), City Corporation Ltd (Commercial Buildings), Scon Projects Pvt.Ltd ( Industrial) T and T Infra Ltd ( Infrastructure), Raj Path Infrakon Pvt. Ltd. (Government), and Millennium Engineers & Contractors Ltd. (Bareshell).

BAI Pune Centre Senior Member Mr. Jagannath S. Jadhav was felicitated for receiving the Mahatma Gandhi Sanman recently.

Chief Guest Mr. Rajendra Athawale, Vice President BAI West Zone and MD Konark Group said that the Pune Center has many firsts to its name and is a path-defining Centre.

Guest of Honour Mr. Dattatray Mule, State Chairman BAI Maharashtra said BAI Pune WBSC has been a path-defining initiative. This competition should be replicated elsewhere also.

Jury members headed by Er. Subhash Deshpande consisted of Dr. Prof. Nangare Prakash, Dr. Prof. Rahul Patil, Dr. Prof Shailesh Angalekar, Er. Milind G. Kulkarni, Er. Rahul Phansalkar, Er. Sanjay Rode, Er. Ajay Wadnap, Er. Mukul Dehadrai, Er. Sagar Dhamdhere, Er. Shriram Mone, Ar. Shrikant Anapat, Ar. Prasad Ingawale, Ar, Ajay Kale, Er. Rahul Sakore, Er. Dilip Patil, Er. Mrs. Arati Bhat, Er. Avdhoot Kumbhojkar

Mr.Manoj Deshmukh was the Master of the Ceremony while the vote of thanks was delivered by Mr. Ajay Gujar, Secretary of BAI Pune Centre.

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Anil Pharande, President, CREDAI Pune Metro

Our recommendations are focused on sustaining the current growth in the sector, boosting demand and exemptions for home buyers. The real estate sector can add millions of livelihoods in a short time and significantly contribute to the GDP.

Ranjit Naiknavare, Vice President, CREDAI-Pune Metro

As the real estate sector has been on a growth path in the last 2 years across all parts and various categories, we at CREDAI-Pune Metro have several recommendations for Union Budget 2023-24. Some of the key recommendations include an increase in tax exemption on interest paid on home loans, exemption on rental incomes, relaxation in investments on long-term capital gains, uniformity and expansion in the definition of Affordable Housing, and exemption on investments in Real Estate through REITs. With increasing retail inflation and cost of living, there is a compelling need to increase the existing limit of Rs 2 Lakh on the exemption of interest paid on the home loan. This would not only give some extra disposable income in the hands of middle-income homeowners but would also attract prospective homebuyers to buy a home and thereby boost demand.

The price cap of INR 45 Lakh on units to qualify as affordable housing needs to be revised as there have been substantial changes in the prices of various construction raw materials, labor costs, and overall construction costs. This has impacted the overall price of housing leading to ineligibility for tax exemptions under Section 80IBA. We urge the officials to expand the definition of Affordable Housing units only to carpet areas without any price cap. We also request the Government to incentivize homeowners by exempting 100% of the rental income up to Rs. 20 lakhs per annum. This would encourage people with disposable incomes to invest in properties for renting purposes. Also, there should be the flexibility of allowing investments through Long Term Capital Gains in more than one residential property and there should be a reduction in the tax rate on long-term capital gains on capital assets from 20% to 10% and a reduction of the holding period to 12 months.

Kapil Gandhi (MD, Sigma One universal)

Tax incentives on alternate real estate businesses such as ‘student housing’, and ‘Co-working/Co-living are required. Pune is the Oxford of the east, but there is a shortage of Student housing in Pune due to feasibility. An attractive tax rebate will help developers start taking up projects, which will ultimately benefit students & floating population.

Abhishek Bhatewara, Executive Director, Rohan Builders

The focus of the budget should be to help sustain the demand from homebuyers. The government should continue its infrastructure push, not only in the form of more funds but also by strictly monitoring the actual infrastructure execution. Deduction on increasing the limit of housing loan interest under Sec 24(b) to 5 Lakh for the self-occupied property should be considered and deduction under section 80C for principal repayment of housing loan should be increased from the existing limit of 1.5 Lakh and not be clubbed with other tax saving instruments. Long-term capital gains on capital assets should be taxed at 10% and the holding period should be reduced to 12 months. The budget should aim to provide incentives to boost green and sustainable development by extending and enhancing the Perform, Achieve, Trade (PAT) scheme established by National Mission for Enhanced Energy Efficiency to the Real Estate sector. The government’s objective of ensuring ‘Housing for All can be boosted’ by the price cap of INR 45 Lakh on units to qualify as affordable housing needs to be revised as there have been substantial changes in the prices of various construction raw materials, labor costs and overall construction costs and further full tax holiday under Section 80IBA for affordable housing projects should be continued. The Credit Linked Subsidy Scheme under PMAY should be reinstituted.

Vishal Gokhale, Chairman, and MD, Gokhale Constructions

Some of the key recommendations in this year’s budget are to increase tax exemption on interest paid on home loans, exemption on rental incomes, and relaxation in investments on long-term capital gains. The existing limit of Rs 2 Lakh on exemption of interest paid on home loans should be increased to attract prospective homebuyers and thereby boost demand. The Government should incentivize homeowners by exempting 100% of the rental income up to Rs. 20 lahks per annum.

Krishnakumar Goyal, Chairman & Managing Director, Kohinoor Group

The limit for affordable housing is currently Rs 45 lakh. But considering the rising inflation, this limit should be increased to Rs. 60 to 65 lakhs for big cities and 85 lakhs for a city like Mumbai. At the same time, the GST rate levied for the resident and commercial sectors should be reduced. Along with raising the standard of the construction industry, it is necessary to balance the long-term and short-term gains.

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MUMBAI: Suraj Estate Developers Ltd., a major South-Central Mumbai real estate developer known for its marquee spaces, has recently launched Suraj Park View, a luxury residential tower in Shivaji Park. Well-planned luxury homes in both 1 and 2 BHK configurations in the project promise an experience of a lifestyle like none other.

Situated in the legendary grandeur of the neighborhood, with Shivaji Park at a distance of just 350 mt, Suraj Park View carries a different emotion while offering a luxury living experience. Each apartment is thoughtfully designed to encourage natural interactions between residents, by creating a community where everyone feels at home. Suraj Park View opens up endless possibilities by bringing healing, calm, and joy into each home.

Suraj Park View provides its residents with constant access to everything they need, including round-the-clock security, elevators, mechanized tower parking, attractive interiors, and more. The project features high-end interior and exterior amenities. Branded vitrified tiles in all the rooms, CP, and sanitary fittings of reputed brands, premium quality granite kitchen platform, premium anodized aluminum, windows with powder coated finish, and black granite/ marble sills make the homes stand apart. 

Residents of Suraj Park View will also have access to a Crossfit Area, an Artificial Lawn that can be used for play or parties, a grand entrance lobby, mechanized tower parking, 24-hour security, firefighting equipment, a RO water system, a rainwater harvesting system, a power backup facility, and an earthquake resistant structure.

Shivaji Park is a tree-lined neighborhood with a great history attached, where you can feel the breeze flow uninterrupted as you walk the lanes of heritage all around. The locality in Dadar West offers proximity to a host of places of worship with Siddhivinayak Temple and Portuguese Church, entertainment and recreational space, educational institutions, hospitals, and shopping.  Suraj Park View also offers great access to public transport, the Mumbai local trains, and the metro. 

Suraj Estate Developers Ltd. has become a household name in the field of real estate construction, with 36 years of experience and counting. Suraj has been able to bring the world’s finest to the area’s most discerning inhabitants thanks to its landmark real estate developments offering premium quality across budgets and requirements, as well as its famous connections and memberships.

The company has created over 42 residential and commercial projects in some of Mumbai’s most historic neighborhoods, focusing on quality and innovation. Suraj has created unique areas for renowned businesses like the National Stock Exchange, Union Bank of India, and Clearing Corporation of India. The Palette, Ocean Star, and Mangirish are residential projects that are revolutionizing city living and changing the landscape of Mumbai. 

“Suraj Park View is a project that ensures emotions and unique attachment that the surroundings of Shivaji Park offer are felt. There are numerous benefits to being a part of Suraj Park View. The area and its cultural landmarks, community areas like Shivaji Park, and upscale shopping, restaurants, and nightlife make it a very desirable place to be in. It resounds with tales of bravery, determination, and revolutionary creativity. There’s a breath of fresh air in the city’s originally planned suburbs, where so many historical moments and sporting greats have occurred. Suraj is proud to present this development, which features premium 1, 2 BHK apartments in a unique neighborhood,” says Mr. Rahul Thomas, Whole-time Director – of Suraj Estate Developers Ltd. 

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• After the successful closure of Phase I, Phase II was launched valued at INR 53 crore
• Investors will earn a gross entry yield of 9.1 % p.a. and a targeted IRR of 12.7% p.a.
• The phase II asset is spread across an area of 39,000 sq. ft., which is pre-leased for 6.5 years with a tenant lock-in period of 5.5 years
• With this asset, Strata is to cross an AUM of INR 900 crore in 2023
• This asset is expected to provide the target multiple of 2X

MUMBAI: Strata, India’s leading proptech enabling fractional ownership in commercial real estate (CRE), has launched Phase II of its 21st asset valued at INR 170 crores. Of the total value, Strata has facilitated investors to raise INR 76 crore including Phase I & II. The asset that spans over 39000 sq. ft. is an office asset situated in Mumbai Metropolitan Region (MMR). The property will provide a gross entry yield of 9.1% and a targeted IRR of 12.7%. It is expected to provide 2X returns during the total investment tenure including rental yield and capital appreciation. It has been pre-leased for a period of 6.5 years and has a tenant lock-in period of 5.5 years.

With its extreme proximity to Mumbai, this asset is strategically located in India’s largest transit-oriented development landscape of Seawoods Grand Central. This landscape features a wide range of Grade-A office spaces, residences, malls, and an integrated Seawoods-Darave railway station which offers easy connectivity to the entire MMR region. Navi Mumbai is one of the largest planned townships in the country and has a well-connected national rail & road network along with an upcoming international airport. Equipped with conducive infrastructure including large corporate parks, upcoming business compounds, and a skilled workforce; the city is definitely one of India’s prime destinations in terms of growth.

Commenting on the launch, Sudarshan Lodha, Cofounder & CEO, of Strata Property Management, said, “We are delighted to return to one of the most sought-after locations of MMR with our second and highest valued asset amidst the fast-paced and strategic development of the region. After successfully funding over 20 assets across the country, this 21st asset is expected to generate a 2X return on investment for investors. Having said that, this asset is a perfect example of these efforts bringing a seamless combination of strategic location, high-quality property, and an international heritage tenant making it an optimum investment opportunity for investors looking to invest in the ambitious city of dreams.

With adding an AUM of INR One crore every day in 2022, in the new year, we aim to bring in more assets across high-demand sectors like warehousing, hospitals, and data centers making Strata one of the leading alternative investment platforms offering fractional ownership into CRE. We aim to reach an AUM of 1100-1200 crores by the end of this fiscal.”

In its efforts to encourage retail investment in Grade A, state-of-the-art commercial properties in India, Strata has launched multiple premium assets across Mumbai, Bengaluru, Chennai, Hosur, Jaipur, Hyderabad, Pune, etc.

Strata, since its inception, has been continuously striving towards creating a strong new asset class of fractional ownership in India, thus democratizing the high-end, limited access CRE investment. Due to these efforts, Strata has successfully proven to win the stanch confidence of over 50000 users and 2500+ active investors. With approximately 25% of the NRI investor base, Strata is helping encourage foreign investment in Indian real estate. Strata is backed by institutional investors like Kotak Investment Advisors, Gruhas Proptech, Sabre Investments Elevation Capital, Mayfield, and PropStack.

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