In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.Read more

The Pune Municipal Corporation is considering extending its gunthewari regularization scheme by three months due to a lacklustre response. Since its reintroduction last year, only 21 out of 856 proposals have been approved, with high costs and complex processes deterring property owners. The scheme aims to regularize unauthorized subdivisions of privately owned land, but limited geographic applicability and documentation hurdles have hindered its success.Read more

The Pune Municipal Corporation (PMC) has made significant progress in waste management by removing 2.34 lakh metric tonnes of construction and demolition debris using its dedicated transport service this year. This effort prevents improper disposal of debris in public spaces and riverbeds, with a focus on environmental preservation. Civic activists commend this initiative and call for stricter measures against illegal dumping, urging the PMC to expand the service and establish specialized disposal centres.Read more

Celebrity power-couple, Shahid and Mira Kapoor, have been named brand ambassadors for Shapoorji Pallonji Real Estate’s luxury project, VANAHA, in Pune. Nestled near the renowned Oxford Golf Course within a sprawling 1000-acre township, VANAHA promises an unmatched blend of residential, commercial, and green spaces. This collaboration seeks to magnify the project’s allure, blending the couple's elegance with the property’s promise of harmonious luxury living. The Kapoor endorsement is set to give VANAHA a unique spotlight in Pune's real estate market.Read more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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