09 Nov 2023

The Pune Municipal Corporation (PMC) is aggressively addressing property tax defaulters to bolster its financial stability. In just four days, they've taken action against 40 delinquent property owners, owing a total of approximately Rs 8 crore in arrears. After issuing notices and warnings, PMC has begun sealing these properties and has already collected Rs 1.8 crore. They plan to auction around 200 sealed properties, potentially adding Rs 60 crore to their coffers. However, critics raise concerns about amnesty schemes for defaulters, underscoring the need to balance fiscal responsibility and fairness for diligent taxpayers. PMC's efforts are crucial for sustaining essential city services.Read more

08 Nov 2023

Bajaj Finserv Health has secured a five-year lease for 97,000 square feet of office space in Pune's Trion IT Park, Kargil Vijay Nagar, Wadgaon Sheri. The deal with Mindspace Business Parks is valued at Rs 72.26 lakh per month starting from December, with a rental increase of 5% every year. The lease began on November 1, 2023, with a lock-in period of three years. In a similar context, co-working spaces have seen significant growth in Pune's office leasing market, accounting for 40% of transactions in FY23, with demand expected to grow 15-20% over the next few years.Read more

08 Nov 2023

The Pune metro extension to Nigdi, a project worth over Rs 900 crore, has received the Union government's approval and is set to begin work in February. The extension, covering 4.4 km, will connect Chinchwad, Akurdi, and Nigdi. The project does not require any major land parcel, except for the stations, due to its alignment along the existing Pune-Mumbai highway median. The viaduct will extend from PCMC station to Chinchwad, with discussions to determine station locations and land requirements in coordination with the PCMC. This extension will benefit industrial workers in Chinchwad and Akurdi, as well as students traveling to Nigdi and Akurdi. Some commuters express disappointment at the three-year wait for these metro services.Read more

04 Nov 2023

Shapoorji Pallonji Real Estate (SPRE) launches 'Wildernest' and 'Joyville Celestia' in its 200-acre Pune township, 'SP Kingstown,' with expectations of approximately Rs 1,500 crore in revenue. 'Wildernest' is a low-density luxury residential project emphasizing biophilic design principles, offering 3 and 4 BHK luxurious residences. 'Joyville Celestia' under the Joyville brand features 2 and 3 BHK configurations and over 40 wellness amenities. SP Kingstown enjoys strategic placement along the Pune-Solapur Highway, with proximity to prominent areas and upcoming infrastructure developments, showcasing growth potential. SPRE's commitment to excellence aligns with Pune's rapidly expanding real estate market, reflecting a promising future.Read more

02 Nov 2023

percent discount, reinstated this year after being revoked in 2019, requires residents to prove eligibility by November 15. Keskar is requesting an extension until December 20 due to the festival season. The discount was introduced in 1970 to assist residents in maintaining properties damaged during the 1961 Mutha River flood. Activists and residents support the extension, relieving the burden during the festive season. The PMC originally withdrew the discount after objections from the state audit department.Read more

02 Nov 2023

Mahindra Lifespaces Developers Limited (MLDL) has revolutionised the real estate industry by launching India's first home-buying experience in the Metaverse. This pioneering initiative was introduced through a spectacular drone show in Pune, unveiling Mahindra Citadel's Phase 2, Bastion. The immersive Metaverse experience allows prospective buyers to explore, interact and customise their future homes, marking a significant leap in real estate innovation. MLDL's commitment to pushing technological boundaries and enhancing customer experience positions it as a trailblazer in the real estate sector.Read more

01 Nov 2023

Oberoi Realty (ORL) has divested its 31.67% stake in Sangam City Township to Balewadi Techpark for Rs 3.60 crore. This move follows a 17% decline in sales bookings for ORL in the quarter ending September 30, 2023. However, the company maintains a strong financial position, reporting a significant increase in profit after tax and net consolidated total income. ORL's strategic divestment decisions and ongoing real estate developments, including a project in Tardeo, Mumbai, showcase its resilience and adaptability in the face of market challenges, reaffirming its position as a key player in the real estate sector.Read more

01 Nov 2023

" The Pune Metropolitan Region Development Authority (PMRDA) has proposed changes in development charges associated with the third Metro line, aiming to fund urban transport projects. These changes include a 100% increase in development charges for areas near the Metro, while interior areas may see a 75% or 50% increase based on their growth potential. The PMRDA is implementing the third Metro line, and the proposal is under consideration. However, there are concerns about the need for region-specific charges and potential amendments to the Maharashtra Regional Town Planning Act. Balancing infrastructure funding and affordability for homebuyers is crucial as the proposal progresses."Read more

31 Oct 2023

The Bank of New York Mellon Corporation (BNY Mellon), a prominent American investment banking services company, has expanded its presence in Pune, India, by leasing over 162,000 square feet of flexible workspace in Raheja Woods through a partnership with leading co-working provider 315Work Avenue. Situated in Pune's bustling Kalyani Nagar commercial hub, BNY Mellon now occupies five entire floors in this strategic location. This expansion is part of BNY Mellon's ongoing efforts to grow its presence in India, including a recent lease for a million square feet in Pune's Kharadi locality. With roots dating back to 1983 in Mumbai, BNY Mellon continues to enhance its operations across multiple Indian cities, serving its expanding client base.Read more

25 Oct 2023

Pune's Slum Rehabilitation Authority (SRA) has issued notices to 22 developers for significant project delays, ranging from five to seven years. Developers attribute the delays to landowner resistance and commit to resolving issues through renewed negotiations. The SRA emphasises developers' responsibility for initial house repair and maintenance post-rehabilitation, actively securing insurance policies for support. With 166 ongoing projects and 61 completed, over 10,800 slum dwellers have been rehabilitated. Challenges persist due to resistance and spatial allocation concerns, but ongoing efforts underscore Pune's commitment to inclusive housing solutions and sustainable urban development.Read more

24 Oct 2023

The Pune Metropolitan Region Development Authority (PMRDA) plans to submit the final arbitration report for the Mhalunge Maan town planning scheme to the state for approval in November 2023. The scheme, initiated in 2018, involves 510 plots and 5,800 beneficiaries receiving 50% of their land area in the township. After almost five years, PMRDA officials are progressing towards the arbitration report submission. They have presented the status of all six town planning schemes in Pune to the guardian minister, Ajit Pawar. The Centre has allocated Rs25 crore for infrastructure funding for each of these projects, while PMRDA has already allocated Rs175 cr from its own budget.Read more

19 Oct 2023

A three-acre urban plot in Pune, owned by the Yerawada police station, has reignited controversy 13 years after objections were raised by former Pune police commissioner. The plot was initially allotted to the police in 1979 but later became embroiled in a complex exchange proposal involving a private trust and a private developer. The controversy underscores concerns about transparency and integrity in land allocation, highlighting the nexus between politics and developers in the region. This renewed debate emphasizes the need for accountability, transparency, and adherence to legal procedures when handling public assets and resources.Read more

14 Oct 2023

Mahindra Lifespace Developers has acquired 5.38 acres in Pune's Wagholi, enabling a potential 1.5 million square feet of upscale residential development. The strategic acquisition aligns with Mahindra Lifespace Developers' commitment to Pune, situated in the well-planned Kharadi-Wagholi micro-market. The area enjoys proximity to major commercial centres, IT hubs, and robust infrastructure. In addition, the company plans a Rs 85 crore investment in Chennai's Lakefront Estates project. The surging real estate demand in Pune prompts developers to explore adjacent regions, driven by scarce prime land and government infrastructure initiatives.Read more

11 Oct 2023

The district administration in Pune has taken strict action against individuals who did not pay the required 15% transfer fee, based on the ready reckoner rate, for changing land use from industrial to residential in various areas. Notices have been issued to 531 individuals under Section 20 of the Urban Land Ceiling and Regulation Act, 1976, allowing the state to impose a one-time premium for land use changes. Those who received notices must either pay the fee along with a penalty or face legal action. This action follows the directive of Chief Minister Eknath Shinde to address violations related to land use changes.Read more

11 Oct 2023

Pune Metro is leveraging property assets to fund its expansion, allocating 9.7 hectares of land to Tata Group along a new 23 km elevated Metro line. This land allocation offers real estate development opportunities, with a portion already assigned to Pune IT City Metro Rail Limited. Real estate developers see potential for upscale properties along all three Metro lines, encouraged by increased Floor Space Index (FSI) and transit-oriented development. The Metro aims to significantly reduce commuting times, completing its journey in under 40 minutes. Delays have pushed the project's operational start to March 2025.Read more

10 Oct 2023

TRIOS, a co-working company, has expanded its presence in Pune, Maharashtra, by launching three new spaces in prime locations, totalling 82,000 square feet. The company secured agreements for these properties with prominent real estate entities, aiming to provide collaborative coworking spaces to established companies and professionals. TRIOS plans to enhance the coworking experience with new amenities like collaborative lounges, breakout spaces, gaming zones, and more. They also focus on sustainability by establishing these centres as zero-plastic zones. The expansion in Pune is part of TRIOS' broader strategy to meet the growing demand for co-working spaces in various Indian cities.Read more

05 Oct 2023

To counter a slowdown in property tax collection, the civic administration in Pune plans to auction sealed properties owned by non-compliant taxpayers, aiming to generate approximately Rs 245 crore in revenue. The administration set a target of Rs 2,300 crore for property tax collection in the current fiscal year, but collections lagged in August and September. Critics argue that an amnesty scheme for tax defaulters sends the wrong message, disadvantaging diligent taxpayers. Additionally, PMC aims to impose property taxes on Metro rail properties, potentially yielding around Rs 20 crore annually. The civic administration faces the challenge of recovering Rs 8,000 crore from tax defaulters, including mobile towers and major businesses.Read more

30 Sep 2023

The MHADA in Pune has extended the application deadline for its 2023 lottery, offering over 5,863 affordable homes across Pune, Solapur, Sangli, and Kolhapur. MHADA has already received an impressive 32,000 applications. Of these homes, 2,445 will be allocated on a first-come, first-served basis, with prices ranging from Rs 5 lakh to Rs 1.11 crore. The application deadline has been extended to October 20, 2023, with lottery results to be announced on November 9. The apartments vary in size from 204 to 1,087 square feet, with configurations ranging from 1 RK to 3 BHK.Read more

29 Sep 2023

The Pune Metropolitan Region Development Authority (PMRDA) is actively identifying and demolishing illegal structures in the region, with 1,145 such structures pinpointed and 56 already demolished over nine months. Despite temporary setbacks during the monsoon season, PMRDA remains committed to intensifying its efforts. Drones have played a crucial role in identifying unauthorized constructions, providing an aerial perspective to locate structures on vacant government lands. Since 2015, PMRDA has identified 9,349 illegal structures, issued 1,920 notices, and demolished 324. FIRs have been filed against those involved in illegal plotting to deter violators.Read more

28 Sep 2023

Supreme Universal's 'Supreme Villagio' in Pune has garnered an overwhelming response, with phase 1's 3 BHK luxury residences almost sold out. This success showcases trust in the Supreme brand and a desire for luxurious living in a natural setting. The project aligns with contemporary preferences, offering well-crafted residences with convenient outdoor access while fostering community and privacy. Somatane's ideal location, tranquil ambiance, and strong connectivity add to its allure. Supreme Universal's legacy of innovation and quality shines through as they continue to provide an unparalleled living experience. Supreme Villagio stands as an icon of luxury living in Mumbai and Pune.Read more