The Pune outer ring road, overseen by Maharashtra State Road Development Corporation (MSRDC), secures INR 10,519 crore for land acquisition in the state's interim budget. MSRDC officials confirm the allocation and anticipate completing land acquisition by June, aiming for a June deadline set in a recent review meeting. The project involves two phases, with 90% land acquired for the western phase and commencement planned for the eastern phase. Additionally, the budget allocates INR 22,225 crore for land acquisition for the Virar-Alibaug multimodal corridor. The 136.80 km-long outer ring road aims to alleviate traffic congestion in Pune by redirecting through-traffic.Read more

Property registrations in Pune surged by 46% year-on-year in January 2024, totaling 17,700 units compared to 12,166 in January 2023, according to the Maharashtra government’s Department of Registrations and Stamps. Stamp duty collections for the same period also witnessed substantial growth, reaching INR 589 crore compared to INR 441 crore in January 2023. Notably, residential units priced between INR 50 lakh and INR 1 crore dominated transactions with a 32% market share, followed closely by units priced between INR 25 lakh and INR 50 lakh at 31%. The data reflects a thriving real estate sector in Pune across various price ranges, apartment sizes, and buyer demographics.Read more

Strata, a leading player in India's tech-driven commercial real estate sector, has introduced a cutting-edge investment opportunity – fractional ownership of a Grade-A office space in Pune. Targeting INR 78 crore, the venture gained remarkable traction, securing over INR 38 crore within the first 48 hours. The 53,000 sq. ft. property in Viman Nagar, Pune's IT hub, features a strategic location with a five-year lock-in lease agreement, offering a 9.1% gross entry yield and a total Internal Rate of Return (IRR) of 13.1%. With a tenant commitment from India's largest flex working space provider, Strata continues to democratize high-end commercial real estate investment through fractional ownership, backed by notable institutional investors. This move highlights a growing trend in making commercial real estate accessible to a broader investor base.Read more

Mahindra Logistics Limited (MLL) is constructing a state-of-the-art warehousing facility in Phaltan, near Pune, covering 6.5 lakh sq. ft. Designed in two phases, the first phase of 3.5 lakh sq. ft. is set to commence operations by end-2024. Strategically positioned near key customers in the auto OEM and components sectors, the facility will integrate with MLL's national network, supporting logistics operations for diverse clients. Committed to sustainability, the warehouse will adhere to green standards and contribute to community development. The first phase, contracted to a manufacturing customer, aims for operational status by Q3 2024-25. The project reflects MLL's commitment to efficient and sustainable logistics.Read more

Shapoorji Pallonji Real Estate (SPRE) has unveiled the second phase of Golfland at VANAHA near Bavdhan, West Pune, following the success of its flagship project. Having sold over 1800 apartments worth Rs. 1500 crores, the new phase targets a revenue potential of Rs 600 crores, addressing the demand for upscale residences in Pune. With configurations ranging from 2BHKs to townhouses, it has 276 homes starting at Rs.1.48 crore. VANAHA is a 1000-acre township and offers luxury living with amenities, including an 18-hole private golf course. SPRE aims to redefine Pune's skyline and lifestyle, anticipating growth in the city's real estate market in 2024.Read more

Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.Read more

Ivanhoe Cambridge and LOGOS, a global real estate firm and logistics specialist, are set to invest a record-breaking Rs 21,100 crore in a logistics park in Chakan, Pune, marking India's largest foreign direct investment (FDI)-driven integrated private industrial and logistics development. LOGOS' fifth project in India, covering over 143 acres, aligns with the Chakan Industrial Estate's 1,000 manufacturing enterprises. The investment reflects confidence in India's industrial landscape, especially in Pune, recognized as a key growth centre. The project, exceeding 3.5 million sq ft, signifies the demand for modern, responsible infrastructure supporting India's manufacturing growth and emphasizes long-term commitment to the sector.Read more

The Defence Estates Office (DEO) in Pune circle has found out that its historic properties are being used illegally. Issues such as the improper utilisation of residential properties for commercial purposes, unauthorised constructions, and in certain instances, the sale of bungalows to builders are in direct violation of explicit directives by the competent authority. Concerns have been raised concerning officials, builders and politicians working together to acquire old grant bungalows (OGBs). These issues raise concerns about adherence to regulations. Authorities emphasise the need for strict checks to prevent unauthorised transactions involving defence properties.Read more

Macrotech Developers, commonly known as Lodha, is set to acquire a 100% equity stake in Pune-based Goel Ganga Ventures India, solidifying its presence in key Indian cities. The transaction, expected by January 15, will make Goel Ganga Ventures India a wholly-owned subsidiary. Macrotech recently completed the sale of its London projects, exiting the UK market to focus on Indian opportunities. Recently, Macrotech celebrated a successful pre-sales performance with a 12% YoY growth, reaching Rs 3,410 crore. With steady demand for quality homes, the company remains on track to meet its fiscal year sales target of Rs 14,500 crore.Read more

Kolte-Patil Developers has divested a 3% stake for Rs 111 crore. Promoters Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte led the move, reflecting a reshuffling of ownership dynamics within the Pune-based realty firm. The National Stock Exchange reported the sale of over 22.80 lakh equity shares at prices ranging from Rs 486 to Rs 486.01 each. Despite undisclosed buyer details, Kolte-Patil's stock surged by 5.08%, reflecting investor confidence amid a robust Q2 performance with a 72% increase in sales bookings, totalling Rs 632 crore.Read more

The Dehuroad Cantonment Board (DCB) in Pune utilised drone technology for a successful property tax reassessment, resulting in a fourfold revenue increase. Amit Mane, the defence estate officer, initiated the first-of-its-kind drone survey spanning nine villages and 11 slums. Recognizing the innovation, the Ministry of Defence awarded the DCB for its public service contributions. The collaboration with the College of Military Engineering’s dedicated team and the use of accurate drone images facilitated a smooth transition to the updated property assessments. Despite objections from 7,000 citizens, the cantonment authorities conducted 3,000 hearings, explaining the new assessment method to citizens and effectively addressing their concerns.Read more

The Pune Municipal Corporation (PMC) is unlikely to increase property taxes in the upcoming fiscal year, citing it as a policy decision. With property tax being the PMC's primary revenue source at Rs 2,000 crore annually, this decision provides relief to owners of 11.3 lakh properties. The move is welcomed by activists, who emphasize the need to focus on recovering dues from significant defaulters. The decision's rationale is speculated to be influenced by upcoming elections and the absence of an elected body to ratify decisions. Despite facing a recovery target of Rs8,000 crore, the PMC aims to boost revenue by taxing Metro properties, expecting Rs20 crore annually.Read more

The Prestige Group is gearing up to enter the Pune real estate market in 2024, planning to launch 1 million square feet of residential units with an estimated revenue of Rs 750 crore to Rs 1,000 crore. The Bengaluru-based developer also aims to introduce 3 million square feet of property in Mumbai, projecting a top-line of Rs 15,000 crore for the next year. While currently focused on commercial projects in Pune, the Prestige Group aims to cater to IT and tech communities, mirroring its success in Bengaluru. In Mumbai, recent projects like Prestige Ocean Tower in Marine Lines and upcoming ventures underscore the company's strategic expansion plans, capitalizing on the city's lucrative real estate landscape.Read more

Efforts to improve slum areas in Pune and nearby regions are getting a boost with new rules allowing redevelopment within a larger 5 km radius, up from the previous 2 km limit. This change aims to make it easier to find suitable spaces. Despite this positive step, corruption is still a big problem, slowing down projects by the Slum Rehabilitation Authority (SRA). The SRA CEO, Nilesh Gatne, is hopeful about the new rules speeding up projects, but notices have been sent to 20 developers facing delays. While 61 projects have been completed, 46 are still in progress, and the rules now empower the SRA to enforce deadlines and penalties to ensure efficiency.Read more

The municipal administration in Pune will reissue nearly two lakh property tax bills without a 40% discount as occupants failed to submit mandatory self-occupancy certificates. Ajit Deshmukh, head of the property tax department, stated the need for occupants to complete necessary procedures within the extended deadline. The process to finalize new bill amounts for properties deemed 'not self-occupied' is underway, with PMC expecting around Rs 50 crore in revenue. Some citizens advocate for a streamlined process to verify self-occupied properties. A citizen highlighted the reluctance of individuals due to stringent conditions, leaving over two lakh property owners outside the scheme benefits.Read more

Pune's property market in November 2023 witnessed a 6.7% YoY increase in registrations, totalling 14,607 units. Stamp duty collections for the month reached Rs 473 crores, contributing to a cumulative property value of Rs 13,342 crores. YTD registrations showed a robust 9.2% growth, with 137,217 properties registered. The upper segment, properties valued at Rs 1 crore and above, notably increased its market share from 9% to 13%. Central Pune dominated with a 77% market share in residential transactions. Homebuyers aged 30-45 years constituted the largest segment at 52%, indicative of Pune's robust end-user market.Read more

The Pune Municipal Corporation (PMC) conducted an anti-encroachment operation, demolishing 15 unauthorized structures covering 1.5 lakh sq ft along DP Road between Rajaram and Mhatre bridges. In line with National Green Tribunal (NGT) directives, PMC issued notices to establishments, including marriage halls and food joints. Approximately 6,000 cubic feet of sand removed during the operation will be used for riverbank reclamation. Responding to an NGT case, PMC filed an affidavit in October, denying permission for structures within the river's blue line. The demolition is part of PMC's commitment to environmental preservation and compliance with legal directives.Read more

Pune-based Naiknavare Developers, known for community-centric projects, introduces India's first tech-assisted senior living homes in Talegaon. With 60 smart home units, the Kutumb project offers 2 & 3 BHK options, duplex houses, and townhouses. Developed in partnership with Primus, it features senior-friendly smart tech, including Alexa-controlled devices. The 16-acre site provides a tranquil environment with healthcare, leisure, and entertainment services. The project caters to diverse lifestyle needs, emphasizing healthy aging. Naiknavare aims to enhance its real estate portfolio with quality, affordable, and holistic senior living homes, addressing evolving demands in the senior care category.Read more

Chakan in Pune, known as the 'Detroit of India,' has been the country's auto hub and has now emerged as the driver for robust residential and real estate growth. Chakan hosts major players like Tata Motors, Bajaj, Volkswagen and Mercedes-Benz. Chakan's strategic location, well-connected infrastructure, and proximity to key industrial areas contribute to its attraction for both residents and businesses. Of all properties, 58% are available in the range of Rs20Lac - Rs40Lac and the 1 BHK configuration is the most sought after. Rental properties are also growing in demand, with the rent range of 5-10K being most sought-after. As more investors recognize Chakan's potential, property prices are expected to rise, promising attractive returns in this rising economic powerhouse.Read more

Pune Municipal Corporation contemplates an amnesty scheme to encourage property tax compliance, offering reduced penalties through Lok Adalat. PMC's administrator, Vikram Kumar, aims to motivate defaulters, despite concerns from civic activists. Records indicate a substantial Rs 4,500 crore outstanding from property owners. A Lok Adalat is scheduled for December, following PMC's successful collection of Rs 479.09 crore in 2021-22. Despite opposition, PMC targets Rs 2318.15 crore in property tax for 2023-24, emphasising its crucial role post-octroi and LBT removal, with tax payment options based on property ARV.Read more