Pune realtors cautious about town planning schemes

Though the Pune Metropolitan Region Development Authority (PMRDA) has rolled out 50 town planning schemes along the proposed 128-km ring road, they have failed to fire up developers. So far, only three bidders have evinced interest in Mann-Mhalunge town planning scheme, which is likely be finalised shortly. Pune CREDAI president Suhas Merchant told media that while the schemes are definitely good, developers are cautious as they have not got the required funds from the non-banking finance companies. “With the funds from non-banking finance companies (NBFCs) drying up, it creates a whole new challenge for realtors to invest in such schemes,’’ said Merchant. Realty experts said that realty sector funding has reduced by 80 per cent since September 2018.