30 Sep 2024

A group of Uruli Devachi and Phursungi residents are preparing to challenge the recent decision to demerge the areas from Pune Municipal Corporation (PMC). They are worried about high property taxes and the lack of basic services. They believe creating a new municipal council won't fix these problems. They plan to take their case to the Bombay High Court. The locals plan to challenge the demerger notification in the HC. Protests have already taken place, and further legal steps are expected too.Read more

30 Sep 2024

Knight Frank India's latest report reveals that Pune registered 13,397 property sales in September 2024, marking a 3% year-on-year increase. Stamp duty collections soared by 40%, reaching INR 592 crores. The residential sector in Pune continues its robust growth, with 127,108 properties registered in the first eight months of 2024, reflecting a 40% rise compared to 2023. Demand for mid-range and luxury homes, particularly in the INR 50 lakh to INR 1 crore segment, has driven this growth. Pune's real estate market remains strong, supported by rising incomes, positive buyer sentiment, and ongoing infrastructure developments.Read more

20 Sep 2024

Around 18,000 properties in Pune Municipal Corporation's (PMC) newly merged areas remain outside the property tax system, resulting in a loss of INR 80 crore. The PMC has initiated disciplinary action against 45 officials for negligence. Despite merging 34 areas since 2017, many properties have yet to be taxed, causing dissatisfaction among property owners over high tax rates and inadequate infrastructure. PMC introduced reforms, including regular staff transfers, to improve tax collection. Activists allege collusion between officials and locals to avoid assessments. The PMC faces pressure to resolve loopholes and improve accountability in tax collection.Read more

19 Sep 2024

315Work Avenue has expanded its presence by leasing 56,000 square feet of office space at International Tech Park Pune (ITPP), following a previous lease of 44,000 square feet in the same tech park. ITPP, a Grade A technology park developed by Ascendas-Singbridge, spans 2.5 million square feet. With six centers across 0.6 million square feet in Pune, 315Work Avenue now offers around 12,000 workstations. The company manages a total portfolio of approximately 2.5 million square feet and 50,000 workstations in Bengaluru, Chennai, Mumbai, and Pune, with plans to expand into New Delhi & NCR and Hyderabad.Read more

17 Sep 2024

Prestige Exora Business Parks, a subsidiary of Bengaluru's Prestige Estates, has acquired a prime 4.57-acre land parcel in Pune's fast-growing Kharadi area for INR 200 crore. The deal, finalized in April 2024, marks Prestige's expansion into Pune's booming real estate market. Kharadi, known for its IT parks, corporate offices, and upscale residential developments, has become a hub for land investments due to its proximity to Pune's IT corridor and excellent connectivity via the Pune-Mumbai Expressway. Prestige's acquisition from B U Bhandari M&M Real Estate agents aligns with its strategy to capitalize on Pune's dynamic housing and commercial sectors.Read more

17 Sep 2024

Suzlon Energy has sold its headquarters, One Earth in Hadapsar, Pune, for INR 440 crore to OE Business Park Pvt Ltd, supported by 360 ONE Alternates Asset Management. The company has leased back the property for up to five years, with the option to sublease parts of it. This sale-and-leaseback transaction is part of Suzlon's strategy to adopt an asset-light model, freeing up capital to support its growing 4 GW order book and drive long-term growth. The move aligns with Suzlon's goal of maintaining operational stability and creating sustainable value for its stakeholders.Read more

09 Sep 2024

The Royal Western India Turf Club in Pune, a historic hub for horse racing, has undergone a major renovation led by Yohan and Michelle Poonawalla. The two-year project revitalised the venue by blending its rich heritage with modern amenities, aiming to attract new audiences and enhance financial sustainability. Key updates include refurbished guest rooms, restored cottages, and improved outdoor spaces. This transformation, driven by the Poonawalla family's deep-rooted passion for horse racing, reflects a broader trend of modernising sports venues while preserving their historical significance. The club now stands as a rejuvenated community hub for racing enthusiasts.Read more

03 Sep 2024

Awfis Space Solutions has expanded its partnership with Nyati Group, securing an additional three lakh square feet of grade-A workspaces under its managed aggregation model. This move increases Awfis' total workspace with Nyati to five lakh square feet across Pune. The company now operates around one lakh seats across 169 centres in 17 cities. Awfis has also signed agreements for 15,668 more seats, reinforcing its growth. With a client base dominated by large corporations and MNCs, Awfis maintains a strong portfolio, reflecting its strategic focus on asset-light expansion and long-term client relationships.Read more

02 Sep 2024

Pune has experienced a significant rise in property owners claiming tax discounts for rainwater harvesting, with numbers soaring from 306 in 2012-2013 to 3,716 in 2022-2023. Despite this tenfold increase, overall adoption remains low. The Pune Municipal Corporation (PMC) offers up to 10% tax rebates for rainwater harvesting, solar energy systems, and vermicomposting, with broader interest seen in the latter two. As water scarcity becomes a pressing issue, the PMC and local legislators stress the importance of rainwater harvesting in new constructions, aiming to enhance water conservation and sustainability efforts across the city.Read more

29 Aug 2024

In Pune, 2 lakh out of 4.5 lakh property owners have failed to submit the mandatory PT3 forms required for a 40% property tax discount on self-occupied homes. Despite multiple extensions and a final deadline of August 15, only 2.5 lakh forms were submitted. Many properties without submitted forms were found to be locked or rented, potentially disqualifying owners from the discount. To address this, the Pune Municipal Corporation (PMC) is conducting city-wide surveys and collaborating with local housing societies to ensure accurate property occupancy records and encourage compliance among property owners.Read more

28 Aug 2024

Managed workspace provider Table Space has announced a major investment of INR 840 crore (USD 100 million) to expand its office portfolio in India. The company has recently secured a INR 450 crore deal with Panchshil Realty for 900,000 square feet of space in Pune and is in talks to acquire an additional 1.2 million square feet from the same developer. Table Space plans to gradually shift its lease-to-ownership ratio from 80:20 to 60:40, aiming to have 40% of its assets owned. The company, which raised USD 325 million in 2022, is actively seeking more acquisitions to strengthen its presence in key urban centers across the country.Read more

26 Aug 2024

KSH INFRA, a Pune-based developer of sustainable Industrial and Logistics (I&L) Parks, is investing INR 450 Crores to develop its first I&L Park in Hosur, Tamil Nadu, covering 50 acres with 1.25 million square feet of development potential. The project, near the Karnataka border and Bangalore market, will create over 1,800 jobs and attract industrial and warehousing clients. This expansion marks KSH INFRA's move beyond Pune, where it has already developed 4 million square feet of I&L Parks. The company's strong financial position enables it to pursue further opportunities in Chennai, Bangalore, and Mumbai.Read more

22 Aug 2024

Pune's real estate market surged by 50% in the second quarter of 2024, with 39,961 property transactions, up from 26,629 last year, according to Square Yards. Residential sales reached INR 13,995 crores, driven by a 17% rise in average home prices to INR 69 lakhs. The increase is attributed to high demand for premium properties amid rising incomes. Pimpri Chinchwad and western suburbs lead the market, with Wagholi and Baner top for sales value. Analysts predict further boosts due to upcoming festivals. Major developers like VTP Realty and Kolte Patil are leading the growth.Read more

22 Aug 2024

Volkswagen Group Technology Solutions India has secured a five-year lease for 1.23 lakh square feet across three floors in the Hudson Block, Embassy Tech Zone, Pune. Starting with a monthly rent of INR 66.60 lakh, the lease includes a 15% rent escalation after three years and additional costs for maintenance and parking. This move, coupled with a four-month rent-free fit-out period, underscores Volkswagen's commitment to expanding its Indian operations. Amidst global economic challenges, the Indian office space market remains robust, with Global Capability Centres (GCCs) driving significant leasing activity and positioning India as a crucial tech hub.Read more

21 Aug 2024

Maestro Realtek has partnered with GS Group for a landmark commercial and retail project on Kesnand Road, Wagholi, Pune. Spanning 5.5 acres, the development will feature five state-of-the-art towers with premium offices and retail showrooms, offering unparalleled opportunities for businesses and investors. Nitin Gupta, Managing Director of Maestro Realtek, emphasized the partnership's goal to set new benchmarks in commercial real estate, enhancing business growth and innovation. With advanced infrastructure and strategic location, this collaboration is poised to redefine the commercial landscape in Wagholi. Maestro Realtek is committed to delivering results-driven solutions and becoming India's top real estate brand.Read more

16 Aug 2024

In response to recent floods in Pune and Pimpri Chinchwad, Chief Minister Eknath Shinde has called for urgent improvements to flood management systems. He emphasised the need to increase river flow capacity, enforce strict measures against obstructions, and accelerate slum rehabilitation. Shinde proposed establishing meteorological stations and an early warning system in flood-prone areas. He also announced plans for a Blue Flood Line survey for permanent rehabilitation and urged immediate humanitarian aid for victims. These steps aim to enhance living conditions and prevent future flooding disasters in the region.Read more

06 Aug 2024

Pune-based Ceratec Group has rebranded to better reflect its modern vision and evolving market aspirations. The new identity, including a redesigned logo and the tagline "Exceeding Expectations," replaces the 2000 logo, symbolizing a commitment to innovation and high-quality service. Managing Director Anand Agarwal emphasized that the update aligns with their expanded service portfolio and shifting market trends. Founded in 2000 and transitioning from marble to real estate, Ceratec has developed over 65 acres in Pune and is currently focused on projects in Ravet, Hinjewadi, Balewadi, and Baner. The rebranding aims to enhance their role in Pune's dynamic real estate sector.Read more

05 Aug 2024

Pune's property market is thriving, with a 60% increase in property registrations in June 2024 compared to June 2023, amounting to over 14,230 properties, as reported by Knight Frank India. Stamp duty collections also rose by 90% year-on-year. The first half of 2024 saw 97,294 property registrations, a 44% rise from the previous year. Factors driving this growth include affordability in the mid-range segment and a preference for larger apartments. Central Pune remains the main hub, but areas like West Pune are emerging as new hotspots. The market shows a strong positive trend for the rest of the year.Read more

02 Aug 2024

Embassy REIT, India's first listed REIT, is considering the sale of its Quadron office campus in Pune's Hinjawadi suburb as part of a strategic move to optimize its portfolio. The Quadron property has significantly lower occupancy at 54% compared to the REIT's other Pune assets, Embassy Tech Zone and Embassy Qubix, which are performing exceptionally well. The REIT is expected to fetch over INR 1,200 crore for the 1.9 million square feet Quadron asset, which commands standard Grade-A office rents in the area. The planned sale comes as the REIT looks to finance the acquisition of new projects, particularly from its manager, the Embassy Group.Read more

01 Aug 2024

Ceratec Group launches Presidential Towers in Ravet, Pune, featuring 2 and 3 BHK homes across a 4.1-acre development. Offering units from 727 sq. ft. to 1031 sq. ft., the project ensures luxury with modern finishes. Strategically located, it provides easy access to the Mumbai-Pune Expressway, Hinjewadi IT hub, and top educational institutions. Amenities include a fitness centre, swimming pool, and lush gardens. Scheduled for possession in December 2025, the project sets new benchmarks for urban living, aligning with Ceratec Group's 25-year legacy of quality and innovation.Read more