Environmental Activism and Strict Regulations Slow Down Pune's Real Estate Sector
Persistent activism and strict adherence to environmental norms are significantly impacting the growth of the real estate sector in Pune, according to industry experts.
Real EstateEnvironmental NormsActivismPuneMpcbReal Estate NewsJan 19, 2025
Manish Kaneria, the head of the environment committee of Credai, highlighted these issues at a real estate expo organized by the industry body on Friday.
He stated that there has been an increase in show cause notices from pollution control authorities, largely due to complaints by activists.
'The green norms are incredibly complex, and it's nearly impossible for any developer to fully comply with them.
Developers often approach the Maharashtra Pollution Control Board (MPCB) to address their grievances,' Kaneria said.
While MPCB officials have been granting developers sufficient time to respond to these notices, the board remains firm on taking action against those who fail to rectify their irregularities.
'However, the board will have to act against those who do not rectify their irregularities,' an MPCB official commented.
This regulatory action has led to large real estate projects being stalled, potentially affecting the supply of new homes in the region.
Bharat Agarwal, president of Naredco Pune, emphasized this point, stating that regulatory action on environmental issues is likely to impact the availability of new housing.
Ranjit Naiknavare, president of Credai Pune, acknowledged that developers are generally adhering to anti-pollution rules.
He noted that much of the dust pollution in the city comes from infrastructure projects like road construction and the metro.
'Most developers are following municipal norms to prevent dust pollution by using green nets for barricading and watering structures,' Naiknavare added.
The ongoing challenges highlight the delicate balance between environmental protection and the growth of the real estate sector.
While the commitment to environmental standards is crucial, industry leaders are advocating for a more practical and supportive approach from regulatory bodies to ensure the sustainable development of the real estate market in Pune.
Frequently Asked Questions
How are environmental norms affecting the real estate sector in Pune?
Strict environmental norms and increased activism have led to more show cause notices from pollution control authorities, causing delays in real estate projects and affecting the supply of new homes.
What is the role of the Maharashtra Pollution Control Board (MPCB) in this context?
The MPCB grants developers time to rectify irregularities but is prepared to take action against those who fail to comply with environmental norms.
How are developers responding to the environmental regulations?
Developers are generally adhering to anti-pollution rules and using measures like green nets and watering structures to prevent dust pollution, but they are still facing challenges with complex green norms.
What impact do these regulatory actions have on the housing market in Pune?
The regulatory actions on environmental issues have stalled large real estate projects, which is likely to reduce the supply of new homes in the region.
What are the main concerns of real estate industry leaders in Pune?
Industry leaders are concerned about the complexity of green norms and the difficulty in fully complying with them, while also advocating for a more practical and supportive approach from regulatory bodies.
Related News Articles
Tata Realty Secures Rs 825 Crore Loan from IFC to Refinance Ramanujan Intellion Park
Tata Realty has secured a loan of Rs 825 crore from the International Finance Corporation (IFC) to refinance Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate.
Aptus Value Housing Finance India to Hold Crucial Board Meeting
Aptus Value Housing Finance India is set to convene a board meeting on May 6, 2025. The meeting is expected to discuss key financial and strategic matters affecting the company's future in the housing finance sector.
Housing Sales Surging in 2024: A Closer Look at 7 Major Cities from Delhi NCR to Bengaluru
The Indian urban real estate sector is witnessing a significant boom in housing sales across seven major cities, setting a positive trend for the end of 2024. Cities like Delhi NCR, Mumbai, and Bengaluru are leading the charge, with increased buyer intere
Chandor Villagers Unite Against Controversial 28-Bungalow Project
Locals demand revocation of licence issued to real estate developer, citing disputed property and lack of transparency
CBI Arrests Man from Assam in Tripura Chit Fund Scam
The Central Bureau of Investigation (CBI) has arrested an Assam man from Maharashtra in connection with a chit fund scam in Tripura. The accused, along with his associates, allegedly collected money from hundreds of investors under the pretense of offerin
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors