Fractional ownership platform hBits has acquired the 44,328 square foot campus in CyberCity Magarpatta, Pune. The agreement duration for Tenant 1 is 60 months and Tenant 2 is 108 months with a lock-in period of 36 months for both. Located in the prestigious Magarpatta City township, the campus will provide a INR 55 crore investment opportunity for investors and increase hBits' assets under management to INR 365 crores. The acquisition price and rental income of the asset offers a gross entry yield of 9% and expected internal rate of return of 15.15%. This expansion underscores Pune's attractiveness as a commercial real estate market.Read more

Zeassetz, India's largest co-living rental investing platform, has partnered with real estate developer Bramhacorp to introduce a new co-living standard called "Isle of Life" in Hinjewadi Phase II, Pune. The project consists of 484 fully furnished studio apartments across two sizes priced from INR 22.9 lakhs. Each unit is designed to offer premium amenities and managed living. This expands Zeassetz's buy-to-rent portfolio and provides investors with a straightforward way to earn rental income through tenant management. Emphasizing affordability, convenience and easy rentals, the project is suitable for modern investors seeking high returns.Read more

Pune's property market is experiencing significant growth, with a notable 52% year-on-year increase in property registrations in March 2024. The surge is primarily driven by demand for affordable housing, with properties priced between INR 25 lakh and INR 1 crore dominating transactions. Infrastructure development, a thriving economy, favorable interest rates, and government initiatives promoting affordability are cited as key factors fueling this trend. Young professionals aged 30 to 45 form the largest buyer segment, drawn to Pune's opportunities and lifestyle. With a focus on functionality and affordability, Pune's property market presents an enticing prospect for homebuyers.Read more

Viman Nagar, Pune, stands out as a bustling residential and commercial hub, celebrated for its prime location near the Lohegaon Airport. Its robust infrastructure offers a mix of housing options, from high-rise apartments to independent bungalows, catering to diverse needs. March witnessed notable transactions with VNSVL Shubh Nirvana Phase 1 and Rohan Mithila leading sales. The market appeals to varied budgets, with prices ranging from INR 11.5 Lakhs to INR 3.17 crores. Apartment sizes vary, ensuring suitability for families and individuals alike. Average prices per square foot hover around INR 12,029, attracting buyers from different segments. Viman Nagar's allure lies in its balance of affordability, luxury, and convenience, solidifying its status as a sought-after real estate destination.Read more

Kolte-Patil Developers' annual sales in FY24 reached 3.92 million square feet, marking a significant 20% increase compared to the previous fiscal year's 3.27 million square feet. This surge underscores the company's robust performance and growing market presence. The uptick reflects strong demand for their real estate offerings. In Q4 FY24 alone, the company recorded quarterly pre-sales of INR 743 crore, indicating a 6% YoY growth. Kolte-Patil also launched projects worth INR 3,800 crore across Pune and Bengaluru during the fiscal year.Read more

Pune's property market is booming, with the Pune Municipal Corporation (PMC) registering 53,000 new properties in the 2023-24 fiscal year. This surge, driven by the city's expanded limits, is expected to generate an extra INR 170 crore in revenue. The PMC, actively pursuing property registration, formed ward-wise teams for the task. Surprisingly, the building permissions department outpaced the property tax department, collecting INR 2,400 crore. This anomaly is attributed to collaboration, ensuring property registration before issuing construction completion certificates. While Pune's growth presents opportunities, maintaining a fair property tax system amid expansion is crucial for sustained development.Read more

The Adani Group's acquisition of a prime 25-acre plot in Pune's Pimpri industrial zone for INR 471 crore signals a significant entry into India's data centre market. Leveraging Pune's strong industrial base and skilled workforce, this move positions Pune as a potential data centre hub, attracting investment and creating over 1,000 high-skilled jobs. Adani's subsidiary, Terravista Developers, will lead the project, aligning with AdaniConneX's goal to develop a network of data centres across India. With India's booming data demand and over USD 13.5 billion already committed to data centre development, Adani's investment promises to propel the country's digital economy forward, albeit with careful attention to environmental sustainability.Read more

PNT Reporter

The Pune Municipal Corporation (PMC) has announced plans to demolish 46 dilapidated wadas due to safety concerns ahead of the rainy season. Despite efforts to categorise the structures and encourage tenants to vacate through tenancy certificates, obstacles such as financial constraints and legal complexities have hindered progress, highlighting the challenges in ensuring public safety while addressing residents' housing security concerns. The initiative underscores the need for a comprehensive approach balancing safety measures, legal compliance, and residents' welfare in addressing hazardous structures within PMC's jurisdiction.Read more

The incorporation of 23 areas into Pune's civic limits in 2021 is anticipated to stimulate real estate development with the impending implementation of the Unified Development Control and Promotion Rules (UDCPR). These rules are meant to offer benefits to developers and landowners by relaxing regulations and fostering high-rise constructions, especially in the city's outskirts. Local residents and leaders have long advocated for the UDCPR's implementation to ensure uniformity in construction regulations across all areas under the Pune Municipal Corporation, marking a significant step towards streamlined development.Read more

PNT Reporter

Maestro Realtek, a key player in real estate, joins forces with Vascon for two projects in Pune: a residential project in Talegaon and a commercial venture in Kharadi. The Talegaon project, spanning 3 lakh sq ft, offers premium homes with 5 acres of open space, while the Kharadi commercial space boasts strategic location and amenities. The residential project offers scenic views and lifestyle amenities, while the commercial space guarantees ultra-luxury features and connectivity. With expertise and innovation, Maestro Realtek reaffirms its commitment to transforming real estate landscapes through strategic partnerships like Vascon.Read more

Bollywood actor Tiger Shroff purchased a INR 7.5 crore home in Pune's premium Yoo project developed by Panchshil Realty. The 4,248 sq ft 4.5 BHK apartment is located in the developing township of Hadapsar. Documents show that Shroff immediately leased the property for INR 3.5 lakh monthly rent to a beverage company. He also owns a INR 35 crore apartment in Mumbai's Khar. Many Bollywood actors like Akshay Kumar, Ajay Devgn and Mrunal Thakur are actively investing in the booming real estate market through purchases, sales and leases to capitalize on opportunities.Read more

PNT Reporter

Pune Municipal Corporation (PMC) has announced initiatives aimed at addressing the city's housing needs, especially for its transient population. With a focus on affordability, PMC will introduce rental housing projects, starting with Baner. Additionally, plans include affordable housing and slum rehabilitation in Gultekdi. The administration is also revising charges for approval of Gunthewari projects to encourage participation. Notably, PMC targets a significant revenue increase from building permissions, signaling a proactive approach to urban development.Read more

The Pune Municipal Corporation (PMC) is revolutionizing property tax collection through specialized software, aiming to expedite real-time data entry and curb revenue losses. Integration of departments like building permissions, property tax, and IGR ensures seamless inclusion of properties into the tax system post issuance of occupancy certificates (OC) or registration. Automation streamlines assessment and collection processes, eradicating historical delays caused by manual data sharing. Utilizing assessment software and auto-DCR, coupled with API integration, enhances operational efficiency and data accuracy. With an estimated 11.6 lakh properties eligible for taxation, PMC targets INR 115 crore in holding taxes this fiscal, affirming its commitment to revenue enhancement through technological advancement and streamlined processes.Read more

CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet multi-tenanted IT Special Economic Zone (SEZ) project in Pune's Hinjawadi, for approximately INR 773 crore. This strategic move bolsters CLINT's presence in Pune's thriving IT market, complementing their existing aVance Hinjewadi SEZ acquired in 2017. BlueRidge 3 Phase 1, already leased to prominent multinational companies, offers a work-live-play environment with proximity to key infrastructure developments like the upcoming metro and Navi Mumbai's international airport. With this acquisition, CLINT expands its portfolio to approximately 21 million square feet, positioning itself to capitalize on Pune's burgeoning IT sector and India's economic growth trajectory.Read more

Nisus Finance, in partnership with BCD Group, has invested over INR 105 crore in Shapoorji Pallonji Real Estate's subsidiary, Suvita Real Estate, through senior secured listed non-convertible debentures (NCD). The investment aims to facilitate the acquisition of a 12.16-acre land parcel in Manjari-Budruk, Pune, with potential for a mixed-use township exceeding 2.1 million sq ft. The project aligns with Shapoorji Pallonji's focus on mid-income affordable housing. Nisus Finance's Real Estate Special Opportunities Fund, with a corpus of INR 700 crore, underscores its commitment to opportunistic investments in the real estate sector. This collaboration highlights strategic synergy for growth in Pune's real estate market.Read more