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

Tata AutoComp Systems sells a 13.26-acre land parcel in Pune's Maan area to Titania Industrial Development for Rs 134 crore. Tata has applied for rezoning the property in the industrial zone to residential zone. The strategic move aligns with Pune's growth dynamics, particularly in areas like Hinjewadi, which is witnessing increased business activity. Pune is hailed as a top real estate investment destination, exhibiting remarkable growth in sales and value. The present land transaction reflects the current trend of developers opting for residential development on acquired or existing land parcels amid the ongoing upcycle in the housing market across key cities.Read more

Pune residents can soon enjoy a faster Metro route to the airport as Maharashtra Metro Rail Corporation Limited (Maha Metro) plans to operationalize the Ruby Hall Clinic to Ramwadi stretch next month. The extended line introduces four stations – Bund Garden, Yerawada, Kalyaninagar, and Ramwadi, offering city centre residents a convenient route to Nagar Road. While safety inspection details are pending confirmation, Maha Metro is well-prepared for a December completion, ensuring at least one entry-exit point at each station. Efforts to enhance last-mile connectivity, especially in Yerawada and Ramwadi, are underway, promising a seamless travel experience for Pune's metro commuters with improved feeder services and designated pick-up/drop-off points for cab aggregators.Read more

To recover outstanding taxes, the Pune Municipal Corporation (PMC) plans to auction 202 properties whose owners have not settled their dues. The online auction is scheduled for December, and if defaulters do not comply by the extended deadline of December 20, the auction will proceed. The PMC aims to generate around Rs 60 crore through this auction, considering it a last resort for tax recovery. The administration has already sealed over 1,300 properties due to tax defaults, and the remaining 1,100 are set to be auctioned in phases over the coming months. The PMC has set a property tax collection target of Rs 2,318.15 crore for the fiscal year 2023-24.Read more

The Sinhagad Road police have charged two real estate agents accused of defrauding a 66-year-old client out of Rs57 lakh. The victim alleged he was enticed into investing in two apartments and a shop in a Vadgaon Budruk project in January 2021. The realtors presented him with an occupancy rights certificate, asserting the legality of the building. However, the complainant later discovered that one of the booked flats was sold to a third party, and the PMRDA had not issued an occupancy certificate. The case underscores the importance of transparency in real estate transactions and authorities' efforts to address fraudulent practices.Read more

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

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

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

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

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

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

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

" 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

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