15 Nov 2024

The Pune Metropolitan Region Development Authority (PMRDA) has approved over 200 projects after developers identified alternative water sources beyond the municipal limits. These clearances follow PMC and PCMC's inability to supply water to areas outside their jurisdictions. Developers pledged to obtain water from the Pune Zilla Parishad and Maharashtra Jeevan Pradhikaran. Both PMC and PCMC face water shortages due to rising demand and limited resources, stressing the need for sustainable solutions. PMRDA's approach balances the expansion of infrastructure with resource management, urging developers to secure dependable water sources for sustained growth across the Pune metropolitan area.Read more

07 Nov 2024

Shriram Properties Limited (SPL) has signed a Joint Development Agreement for a six-acre land parcel in Undri, Pune, to develop a mixed-use project featuring over 650 apartments and retail/commercial spaces. With a total saleable area exceeding one million square feet, the project has an estimated revenue potential of INR 700-750 crore and is expected to launch in H2 FY25. SPL also plans to secure rights for an additional eight acres primarily for retail and commercial development.Read more

06 Nov 2024

Panchshil Realty's subsidiary, Wagholi Estates, sold a 4.8-acre land parcel in Pune's Wagholi to Vilas Javdekar Infinitee Developers for over INR 103 crore. The land is part of Panchshil's 4.5 million sq ft IT park project, with 1 million sq ft designated for residential development in this mixed-use layout. Registered on October 21 with a stamp duty of INR 7.21 crore, the transaction highlights growing demand for land in high-growth areas like Pune. As major cities such as Mumbai, Chennai, and Bengaluru expand, developers and investors are actively pursuing land for new residential, commercial, and mixed-use projects.Read more

01 Nov 2024

Residents and members of the Pimpri Chinchwad Cooperative Housing Societies Federation (PCCHSF) have opposed the municipal corporation's proposal to convert 1.55 hectares of land in Tathawade from a public semi-public zone to residential use. They argue that this decision could set a precedent for similar conversions, jeopardizing public amenities. A senior PCMC official noted that citizens have time to raise objections before the proposal is sent to the state government for a final decision. Concerns were also raised about the impact on local education and the lack of elected representatives to voice citizens' needs.Read more

30 Oct 2024

The Pimpri Chinchwad Municipal Corporation (PCMC) is intensifying efforts to register unregistered properties, issuing notices to 52,787 owners identified during a comprehensive property assessment survey. Over 200,000 properties lack registration, with 4,261 owners responding by paying dues. PCMC has completed geo-sequencing for 855,000 properties and employed drones for effective identification. Utilising QR codes on notices, residents can file objections online, enhancing accessibility. Currently, PCMC has 630,000 registered properties, collecting INR 977 crore in property taxes for FY 2023-24. The initiative aims to increase annual tax revenue to INR 1,500 crore, improving city infrastructure and services.Read more

28 Oct 2024

Property transactions in Pimpri Chinchwad are set for a transformation as the civic administration finalises the integration of data between the property tax department and the Inspector General of Registration (IGR) office. This automation will eliminate the need for separate registration applications, expediting property transfers. Once the data is updated, owners will receive notifications to pay transfer fees online, which will be included in property tax bills if unpaid. Deputy Municipal Commissioner Avinash Shinde highlighted that this integration aims to rectify issues with outdated ownership information, ensuring accurate billing and reducing penalties for delayed payments.Read more

28 Oct 2024

Pune's property market saw high growth in the year 2024, with 1,38,412 registrations during the first nine months, up 29% year-on-year (YoY). Stamp duty collections surged by 38%, exceeding INR 5,253 crores. However, September 2024 witnessed a 33% drop in property registrations due to the inauspicious 'Shraadh' period, leading to a 13% decline in stamp duty collections to INR 508 crores. Luxury properties worth INR 1 crore and above rose to 14%, while demand for larger homes continued. Central Pune dominated with 80% of transactions, though West Pune's share grew to 12%, reflecting the city's evolving residential preferences.Read more

24 Oct 2024

Delays in state approvals are jeopardising six proposed town planning schemes in the Pune Metropolitan Region, including Maan-Mhalunge and others. Designed on the Gujarat model, these projects aim to develop around 1,000 hectares but are causing uncertainty among landowners. While the central government is expected to allocate infrastructure funds, the ongoing delays may hinder the timely implementation of these vital developments.Read more

24 Oct 2024

Pune's property market saw a 33% drop in registrations in September 2024, with only 11,056 units registered, compared to 16,604 in the same month last year. This decline is largely attributed to the cultural observance of the Shraadh period, during which buyers avoid significant financial transactions. Despite this temporary downturn, Pune's property market has shown resilience overall. From January to September 2024, property registrations grew by 29%, totaling 138,412 units, and stamp duty collections reached INR 5,253 crore, a 38% year-on-year increase. Shishir Baijal, Knight Frank India's Chairman, emphasized Pune's strong market fundamentals, driven by rising incomes, positive buyer sentiment, and ongoing infrastructure development.Read more

22 Oct 2024

The Maharashtra Pollution Control Board (MPCB) has issued a show-cause notice to Cybage Software for alleged environmental violations during the construction of its new building in Kalyaninagar, Pune. The notice, prompted by resident complaints, cites excessive noise levels and improper water discharge. MPCB officials also observed expired blasting permissions and inadequate soundproofing measures. Residents of the nearby Kumar Kruti Housing Society reported noise and dust disturbances, with some considering relocation due to health concerns. Cybage, maintaining that it holds all necessary clearances, must respond within seven days or face potential penalties. This case highlights the need for stricter environmental compliance in urban developments.Read more

22 Oct 2024

Mastercard has announced the inauguration of a cutting-edge Tech Hub in Pune, India, marking the latest addition to the company's global technology hub network. This new facility, situated in the Bluegrass Business Park, will house over 6,000 technologists and engineers, making it Mastercard's largest workforce in a single city worldwide. Aligning with India's "Viksit Bharat" vision, the Pune Tech Hub will focus on tackling complex technological challenges, ensuring secure, seamless, and efficient payments globally, while also supporting the development of innovative solutions for the domestic market, including financial inclusion initiatives and Aadhaar-based services.Read more

21 Oct 2024

The Maharashtra government has approved two new metro rail routes in Pune, aimed at enhancing urban mobility. The Khadakwasla-Swargate-Hadapsar-Kharadi and Nalstop-Dahanukar Colony-Warje-Manikbaug lines will span 31.63 kilometres, featuring 28 stations, and will be constructed by Maha Metro at an estimated cost of INR 9,897 crore. Union minister Murlidhar Mohol emphasised the significance of these developments for Pune's transportation infrastructure, while local MP Supriya Sule celebrated the long-awaited approval for improved connectivity. The project is expected to alleviate traffic congestion and bolster economic growth in the region.Read more

17 Oct 2024

The Pune Housing and Area Development Board, a regional unit of MHADA, has opened the registration and application process for the sale of 6,294 housing units. These homes are spread across Pune, Pimpri-Chinchwad, Solapur, Kolhapur, and Sangli districts. The lottery offers units under various schemes, including the first-come, first-served and Pradhan Mantri Awas Yojana schemes. The government is also planning to expand affordable housing in areas like Alandi and Shirur, with redevelopment projects in old MHADA colonies. The online lottery for these units is scheduled in the coming weeks.Read more

17 Oct 2024

Officials in Pune announced that the possession of new facilities will be handed over gradually in a phased manner, featuring world-class infrastructure including spacious courtrooms and amenities for staff and litigants. In a recent cabinet meeting, the naming of the subway and flyover on the Katraj-Kondhwa stretch of national highway in Pune after RSS sarsanghchalak Balasaheb Deoras was approved. This proposal was made by the Pune Municipal Corporation at the request of the Pune Medical Services and Research Foundation, recognising Balasaheb Deoras as the third sarsanghchalak of the Rashtriya Swayamsevak Sangh.Read more

11 Oct 2024

VTP Realty's recent allotment event for its two WOW projects in Hinjewadi Phase 1 set a new benchmark in Pune's real estate market. Attracting over 1,000 prospective homebuyers, the day-long event showcased the grandeur and luxury of the projects, featuring impressive designs and world-class amenities. The overwhelming response resulted in numerous bookings, highlighting the strong demand for these exclusive properties. CEO Sachin Bhandari emphasised the company's commitment to exceeding customer expectations. VTP also engaged its global clientele through live streaming, further solidifying its leadership in the luxury real estate sector. This event transformed the landscape of property launches in Pune.Read more

08 Oct 2024

The Pune Municipal Corporation (PMC) generated around INR 1,600 crore from property tax in the first half of the financial year, aiming for a target of INR 2,400 crore by March 2025. However, nearly 5.05 lakh property owners have yet to pay, with significant opposition from residents in merged areas due to inadequate facilities. While PMC initiated a drive to seal defaulters' properties, it faced pushback and paused the effort. Despite these hurdles, PMC collected approximately INR 2,400 crore from building permissions and is taking measures like property confiscation to improve tax recovery.Read more

08 Oct 2024

The Pune Metropolitan Region Development Authority (PMRDA) has directed the concessionaire, Pune IT City Metro Rail Limited (PITCMRL), to submit a detailed micro plan for completing the 23km Metro Line 3 route by March 2025, ahead of a Central Government meeting on the project's viability gap funding. PMRDA has also sought a plan for the 1.7km integrated flyover, and has issued show-cause notices to the concessionaire for not repairing roads along the route. Deputy Chief Minister Ajit Pawar had recently called for round-the-clock work on the project to meet the deadline and ensure the roads used for traffic diversion are in good condition.Read more

07 Oct 2024

Prime Minister Narendra Modi virtually inaugurated a 3.68-km section of the Pune Metro from District Court to Swargate, marking the completion of the first phase of the project. In his speech, he criticized the previous Congress-led UPA government for delaying the metro's progress, stating that no work had been done until his administration laid the foundation in 2016. The Prime Minister also launched projects worth INR 11,200 crore and laid the foundation for the metro's extension to Katraj. He emphasized the importance of modernizing Pune's transport and infrastructure to boost urban development and connectivity in Maharashtra.Read more

01 Oct 2024

Rising Sun Holdings, co-owned by Adar Cyrus Poonawalla, has acquired approximately 2.20 lakh sq ft of office space across four floors in Pune's Cerebrum IT Park for a total of INR 395 crore. The seller, Zawareh Soli Poonawalla, facilitated the sale through four separate transactions. This significant investment aligns with Rising Sun Holdings' strategy to expand its presence in India's commercial real estate sector. The company has also diversified into hospitality and other high-value real estate segments, reinforcing its role as a major player in the market despite global economic challenges.Read more

01 Oct 2024

Nvidia Corp has renewed its 375,000 sq ft office lease in Pune's Yerwada for a long-term period of 10 years, with a monthly rent set at INR 81 per sq ft. The agreement includes a 5% annual rent escalation, aligning with market standards for premium office spaces. Nvidia's presence in India, particularly in Pune, underscores the region's significance as a technology hub, driving advancements in AI, cloud computing, and more. As demand for tech solutions rises, Pune's commercial real estate market is expected to experience further growth in the coming years.Read more