46721953 magarpatta-city

MAGARPATTA CITY

INTRODUCTION

Magarpatta City is a new Real Estate development model, conceptualized by Mr. Satish Magar which involves the concept of Integrated Township.

In this model, rather than acquiring the land for development, which is a tedious process, farmers were made equitable partners in the project.

With the help of this model, around 120 farmers pooled in their lands along with Magar and a land corpus of 400 Acres for development was generated.

Farmers were given a stake in the company, according to the land held by them.

DETAILS OF THE PROJECT

Project Name: Magarpatta City: Integrated Township

Total Developed Area: 400 Acres

Project Cost: 1800 Crores

Architects/Planners: Hafeez Contractor

Incorporated Residential Buildings: 1,2,3,4- BHK Flats, 4BHK- Bungalows, Row Houses.

Incorporated Commercial Spaces: Cybercity IT Park, Megacity Mall, Other Office Spaces.

FSI Available: 0.8 ( 2 in case of IT Park )

Total Dwelling Units: 7500 (5000 Occupied)

Expected Population: 60000

Planning Philosophy: “Walk to Work, School, Shop”

Certification: ISO 9001:2000

KEY PLAN AND LOCATION

MASTER DEVELOPMENT PLAN

DEVELOPMENT PHASES

Sr.N

o.

Name Type Remarks

1 Erica 3/2-BHK: Row

Houses

1100-

2000 Sqft

Area

2 Grevillia 2/3-BHK Flats 870-950

Sqft

3 Heliconia 1 BHK Homes 600 Sqft

1 Roystone

a

2/3-BHK Flats 940 Sqft

Area

2 Acacia

Gardens

Bungalows 5000 Sqft

3 Daffodils 2/3-BHK Flats 1120 SqFt

Sr.N

o.

Name Type Remarks

1 Iris 2-BHK:

Homes

940 Sqft

Area

2 Mulberry

Gardens

Bungalows 4750 Sqft

3 Jasminium 2/3-BHK

Flats

1500 SqFt

PHASE:1 PHASE:2

Current Property Rates in Apartments: 4100~4750 Rs/Sqft

Current Property Rates in Bungalows: 5800- 6500 Rs/Sqft

Note: All Built Up Areas

DEVELOPMENT PHASES

Sr.N

o.

Name Type Remarks

1 Cybercity IT Park 6770 Sqft

2 Mega Mall Retail Mall 5.25 Lakh

Sqft

3 Pentagon Office Spaces 5000 Sqft

Spaces

Sr.N

o.

Name Type Remarks

1 Trillium 2/3-BHK

Flats

1100 Sqft

2 Sylvania 2/3-BHK

Flats

1300 Sqft

3 Laburnum

Park

3/4-BHK

Flats

2000 Sqft

4 Zinia 1 BHK Flats 550 Sqft

PHASE:3 PHASE:4

Phase-3 included the commercial space development in the city.

Phase-4 included the construction of luxury life spaces.

Rates were calculated According to 4000 Rs/Sqft and all MSEB, Stamp Duty

Etc. was to be paid additional to that.

One time maintenance of 2-3 Lakh was to be paid.

BACKGROUND OF NEED

The Magarpatta area is part of the Pune Municipal Corporation from 1960 onwards, even though it was in the agricultural zone.

The 1982 draft development plan showed it as future urbanization zone. Under the Urban Land Ceiling Act, the government could easily acquire this land.

After 1987, a lot of farmers started selling small plots of land to developers. The government had no mechanism to stop it, no will to demolish it.

BACKGROUND OF DEVELOPMENT

Satish Magar, was holding approximately 100 acres of land and agriculture was not proving very profitable.

He thought of the following development options for the land:

Heavy Industries ( Not Acceptable as within City Limits)

Bungalows/Villas etc, but was not very profitable.

Golf Course.

But in 1993, he thought of developing a township on his and surrounding land.

BACKGROUND OF DEVELOPMENT

Acquiring land from the farmers as mentioned before is a very tedious process and will present a lot of obstructions.

But S. Magar thought that instead of acquiring the land, he thought of making the farmer’s investors in the project giving them equity shares in the company.

He created a consensus between the 120 farmers and they decided to pool their 400 acres of land.

Each farmer would get shares equal to the land pooled.

Magarpatta City and Construction company was formed.

PROCESS FOR PERMISSION

Proposal was presented before

Pawar who supported the

idea.

But Mr. DT Joseph (Urb.P) said that agricultural land

could not be used for Residential Construction.

They started a special process to

Acquire permission to develop a

township.

PROCESS FOR PERMISSION

Project Report was submitted to the TP

Dept, Municipal Corporation for

Clearance

On the basis of that the Government

had to give notification of development.

Public Hearing was then done and final

permission was granted

A lot of support was garnered, because they presented the projectas a tool to curb the unorganized growth of the Pune City.

PLANNING CONSULTANCY

For planning of an integrated township they studied various historical Indian town planning schemes.

Suggestion were taken from various architects. Finally the project was given to Hafeez Contractor for planning and architectural aspects.

They appointed Dr Prakash Hebalkar as there consultant on the IT Park.

FINANCING FOR THE PROJECT

Construction Expenditure initially needed was 2 Crores.

Thereafter the Financing was needed to be raised for subsequent phases of Development.

Final Financing Amount or the total project cost to be raised was in tune of 1800 Crores.

FINANCING RAISED FOR THE PROJECT

1.

• Initial Finance was given by HDFC, after meeting and discussing the project with Mr. Deepak Parekh.

• He gave finance for the initial small housing schemes.

2.

• Thereafter the Finance was raised from the finances generated due to booking/selling of the apartments and other housing projects.

3.

• As the project started to become successful, more finances were made available by HDFC for the project.

• Approximately 65% of the financing was done by HDFC.

UPLIFTMENT IN FARMER’S FINANCIAL

CONDITIONS

Equity Shares were given worth 100 Rs. F.V to each farmer according to the land pooled in by him/her.

The Share price is now close to 1000 Rs. So we can say that the farmers have got tremendous profit on their investment already.

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Land Price (In Cr)

Land Price

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Share Price

Share Price

UPLIFTMENT OF THE FARMERS

Those farmers which wanted to sell off their shares, were allowed to sell them to other members only.

In lieu of the shares sold, the farmers had an option to buy apartments in the township.

Most of them, rented out the apartments and are at the moment able to generate rents between 6000-11000 Rs/pm/apartment which will make them financially very independent.

FARMERS IN DECISION-MAKING

Second generation of Farmer families were being actively involved in the decision making process for the general company strategy and operations.

Many of the farmer sons were sent to reputed engineering colleges on the account of the company and were directly employed within the township for various purposes.

All partners were eligible for loans at low interest rates for various purposes.

LABURNUM PARK

FLOOR PLAN

entrance lobby living room

SPECIFICATIONS

NIGHT VIEW AT MAGARPATTA

CYBERCITY

over 6 million Sq.ft of high

quality modular space

Offering software development

enter as well as business

center.

Including 120 acre garden.

Educational and recreational

facility.

Bordered around 25 acre

garden and located in the

lush green oxygen zone.

MEGACENTER

Area 5.25 lakhs square feet

parking space for 800 cars and

1000 2 wheelers

Hi-speed elevators

Banking and 24 h ATM Facility

4 them cafeterias and restaurants

HEALTH CARE

250 bed multi- specialty,

Multi-disciplinary Nobel hospital.

Provide best healthcare to every

Section of society with rural

care by Eminent medical

professional

GYMNASIUM

World class gym

Swimming pool

Yoga and meditation

Centre

Golf clubs

Aqua sports complex

Shopping and

Entertainment center

TARGET MARKETING

These apartment are mainly targeted for upper middle class society of Pune

Upper middle class society constitutes about 25% prospective buyers of apartments.

People who works in IT park of Magarpatta city

UNIQUENESS OF THE PROJECT

Integrated marketing with nature

Farmers become shareholders & entrepreneurs while developing there land for others.

For the first time “walk to work, walk to school” concept.

A complete city within city.