The construction loan for the Pune City-based Pune Metropolitan Government’s PUNE construction project will be released soon after the city’s first phase was approved by the Maharashtra Government on April 4, 2016.
The approval came after the government had been asked by the Puma Infrastructure Corporation (PIC) to get a construction loan.
The Pune Municipality had received a loan of Rs 1.5 crore from the PIC for the project.
The loan will be disbursed in a few weeks.
The project was approved as a two-phase project, with one phase under construction in Pune and the other being finished by September 2017.
The cost of the PUNE-based project is estimated at Rs 4,926 crore.
The government had said that the first phase of the project would be completed by August 2019.
Pune was the first municipality in Maharashtra to construct a new city-based municipal corporation.
The two-city project was completed in December 2016.
PIC had proposed to construct two more city-like projects in the city.
The first phase will have an urban village and a residential enclave for the first 5,000 houses in the project and will also house 5,800 flats in the two-zone scheme.
The second phase will include an urban park and a shopping mall, while the third phase will build a residential complex and park at the southern edge of the city with 1,800 homes in the first, 1,200 flats in each zone and 1,000 flats in third.
The new city and its residential enclave will be built on a 25-acre plot of land with land area of about 12,500ha.
The land area will be subdivided in two areas to facilitate the growth of the proposed residential enclave.
The residential enclave and park area will comprise about 200 residential units, of which about 100 units will be constructed in residential areas.
The remaining housing units will have four-star rating, which is a luxury housing option, for the city of Pune.
The city-wide housing project is expected to generate about 4,000 jobs and create over Rs 3 lakh crore in income for the municipal corporation, which has a budget of about Rs 50 crore.
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