26 Aug 2023

Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.Read more

25 Aug 2023

The surge in illegal constructions in Pune's Kondhwa area is exacerbated by lax tenant police verification. Recent events, like the Pune ISIS module arrests, highlight the significance of this issue. Many property owners avoid verification due to fear of repercussions. Police aim to raise awareness and warn of legal consequences. A former corporator states about 3,000 illegal properties exist, with inadequate PMC vigilance. Kondhwa's history with terrorism suspects compounds the problem, with an influx of residents from various regions and foreign nationals. Challenges arise from the lack of proper property identification and a need for stronger police presence. Efforts are being made for cooperation between property owners, authorities, and law enforcement.Read more

25 Aug 2023

The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.Read more

21 Aug 2023

The Pune Metropolitan Region Development Authority (PMRDA) is considering implementing a transit-oriented development (TOD) charge similar to Mumbai's MMRDA, targeting new buildings near the Hinjewadi Shivajinagar Metro line to fund urban development. While some stakeholders question additional fees, PMRDA aims to balance developer profits with broader infrastructure enhancement, awaiting the outcome of Mumbai's pilot proposal.Read more

11 Aug 2023

The state government has chosen not to grant a full property tax waiver to owners of houses under 500 square feet in the Pune Municipal Corporation (PMC) limits, in contrast to exemptions in Mumbai. The decision, made during the state assembly session, aims to avoid significant revenue loss for the civic administration, already providing a 40% tax discount. This move, affecting around 12 lakh properties, comes after a history of fluctuating property tax policies, including a 40% reduction following floods in the 1970s and subsequent discontinuation in 2019.Read more

10 Aug 2023

Amid delayed bill issuance, Pune's municipal body garnered over Rs 1,300 crore in property tax payments. PMC's Ajit Deshmukh highlighted diverse online and offline contributions, resulting in revenue surpassing Rs 1,300 crore in two months. A bill delay led to a 40% rebate announcement, extending discounted tax rates until July 31. Technical glitches prompted a two-day extension. Civic activists' appeals led to a lottery for compliant taxpayers, while critics urged a focus on defaulters. PMC, with 5.5 lakh properties paid by August 2, targets Rs 2,618.15 crore from property tax, incorporating water tax revenue.Read more

05 Aug 2023

Tesla, the American electric vehicle giant, makes significant strides in India, securing a 5,850-square-foot office space in Pune's Viman Nagar. Tesla India Motor & Energy's strategic move aligns with its ambition to establish a manufacturing base in the country. The lease spans five years, with an option to extend for ten years. Tesla is keen on introducing its electric cars to the Indian market and has engaged in discussions with the government. India considers allowing Tesla's foreign vendors to manufacture critical components within its borders. This dynamic development marks a transformative shift in India's automotive landscape.Read more

04 Aug 2023

Pune is set to reach an impressive milestone, with flex space projected to account for 10% of the city's total office area by 2025. According to a report by Colliers, the thriving technology sector and the adoption of hybrid work models have fuelled this growth. In 2023, Pune's flex space stock stands at 5.4 million square feet, marking a four-fold increase since 2018. This robust growth positions Pune ahead of other top Indian cities in flex space penetration, indicating a transformative shift in the city's work environment.Read more

01 Aug 2023

Colliers, a diverse real estate firm, boldly expands in Pune, India. Opting for a larger office space in Kalyani Nagar, it aims to double its employee strength and strengthen client relationships. Pune's potential as a real estate hub drives the strategic move, complementing Colliers' expansion in other cities. The modern workplace fosters collaboration and prioritizes employee well-being. With a clear vision and growth plan to hire 400 employees, Colliers is poised for success.Read more

28 Jul 2023

WeWork India, the leading flexible workspace provider, has announced a strategic partnership with real estate developer Panchshil Realty to expand Managed Office spaces in Pune. The collaboration will enhance two recently opened buildings, Eleven West and The Golden Bell, with comprehensive workspace solutions. With the unique blend of WeWork's scalable solutions and Panchshil Realty's real estate expertise, the partnership aims to redefine Pune's commercial real estate sector by incorporating innovation, flexibility, and global standards into the city's workspace landscape.Read more

28 Jul 2023

Only 73 properties have been identified by the Pune Municipal Corporation (PMC) for illegally operating commercial businesses within housing societies. This number is significantly low compared to the estimated 50,000 such properties believed to exist within PMC's jurisdiction, including merged villages. PMC has reiterated its call for residents to come forward and divulge information about such properties to ensure proper adherence to zoning and safety regulations in the city's neighbourhoods. The revelation raised concerns over potential non-compliance with property usage regulations, prompting authorities to intensify efforts to uncover and address these unauthorized commercial activitiesRead more

27 Jul 2023

The Mumbai branch of the National Company Law Tribunal (NCLT) has endorsed Darwin Platform Infrastructure's revised resolution plan for Lavasa Corp. The approved proposal, valued at Rs 1,814 crore, aims at the equitable distribution of proceeds from Lavasa Corp's sale among its lenders. The plan marked a pivotal step in Lavasa Corp's revival efforts and the execution of the Insolvency and Bankruptcy Code. The resolution comes in the wake of Lavasa's entanglement in environmental and land acquisition issues which led to delayed payments to lenders.Read more

26 Jul 2023

In response to citizen complaints about inadequate facilities, the property registration department in Pune plans to relocate 9 out of the 27 property registration offices in the city. The identified offices will be shifted to new locations, equipped with improved facilities such as washrooms and better hardware infrastructure. The initiative aims to address long-standing concerns raised by citizen activists and provide a more convenient and efficient experience for citizens visiting these offices regularly. The state registration department is coordinating with municipal corporations to find suitable properties for the new offices, emphasizing the need for effective implementation and monitoring to ensure citizens' concerns are addressed.Read more

24 Jul 2023

The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, is set to undergo changes aimed at expediting slum rehabilitation projects in Pune and Pimpri Chinchwad. The proposed reduction in the lock-in period from 10 years to seven years is expected to streamline the process of obtaining consent from slum dwellers and accelerate development. With around 302 SRA schemes in these cities, and about 150 pending, the revised guidelines aim to boost project progress.Read more

22 Jul 2023

The PMC has introduced a WhatsApp chatbot service for property tax billing. Over 10 lakh bills have been sent through this platform, streamlining the process for residents. Citizens can access property tax information and payment receipts at any time by sending a message to 8888251001. The initiative has received positive feedback, simplified interactions, and eliminated physical bill distribution challenges. The PMC also employs data analytics and satellite imaging for property tax assessments. With a target of Rs 2318.15 crore for property tax collection in 2023-24, the PMC aims to enhance revenue and provide a seamless experience for citizens.Read more

21 Jul 2023

Mantra, a leading luxury real estate developer, has launched two towers at their 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony showcased Mantra's commitment to providing exceptional living experiences and served as an opportunity to discuss future plans and upcoming projects with channel partners. The project offers 2 and 3 BHK units with a planned possession date in 2025, ensuring timely delivery. Situated in Tingre Nagar, the project boasts contemporary architecture, modern amenities, and excellent connectivity to key areas.Read more

21 Jul 2023

The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.Read more

20 Jul 2023

The Pune police's Economic Offences Wing is investigating a loan fraud case involving directors of Gagan Raisoni Vastushilpa Ventures, a realty firm. The directors are accused of securing a loan using flats and shops in a housing society as collateral without the property owners' knowledge. The directors deny the allegations and claim the properties were extended as collateral security, not mortgaged. The complaint was filed by a flat owner, who claims the directors defaulted on the loan payment. The case highlights the need for a thorough investigation to establish the truth and ensure justice for all parties involved.Read more

18 Jul 2023

Gera Developments, a leading real estate company in Pune, has announced legendary Bollywood actor Amitabh Bachchan as its Brand Ambassador. With this association, Gera Developments becomes the first Pune-based company to rope in the iconic superstar. Aligned with their philosophy of 'Let's Outdo', Gera Developments aims to enhance customer-centricity by offering innovative infrastructural ideas and theme-based projects.Read more

14 Jul 2023

The Pune Municipal Corporation (PMC) has successfully saved approximately 5 lakh litres of potable water per day by cracking down on realtors who failed to utilize treated sewage water for construction purposes. The PMC took action against around 200 construction sites that were not adhering to the directive of using water from sewage treatment plants (STPs). As a result of these actions, including halting construction work, there has been a noticeable increase in the usage of treated water. This initiative aims to conserve precious freshwater resources in Pune.Read more