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

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