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The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.Read more
The Pune police's Economic Offences Wing is investigating a loan fraud case involving directors of Gagan Raisoni Vastushilpa Ventures, a realty firm. The directors are accused of securing a loan using flats and shops in a housing society as collateral without the property owners' knowledge. The directors deny the allegations and claim the properties were extended as collateral security, not mortgaged. The complaint was filed by a flat owner, who claims the directors defaulted on the loan payment. The case highlights the need for a thorough investigation to establish the truth and ensure justice for all parties involved.Read more
Gera Developments, a leading real estate company in Pune, has announced legendary Bollywood actor Amitabh Bachchan as its Brand Ambassador. With this association, Gera Developments becomes the first Pune-based company to rope in the iconic superstar. Aligned with their philosophy of 'Let's Outdo', Gera Developments aims to enhance customer-centricity by offering innovative infrastructural ideas and theme-based projects.Read more
The Pune Municipal Corporation (PMC) has successfully saved approximately 5 lakh litres of potable water per day by cracking down on realtors who failed to utilize treated sewage water for construction purposes. The PMC took action against around 200 construction sites that were not adhering to the directive of using water from sewage treatment plants (STPs). As a result of these actions, including halting construction work, there has been a noticeable increase in the usage of treated water. This initiative aims to conserve precious freshwater resources in Pune.Read more
A Pune developer has encroached upon land owned by the Pune Municipal Corporation in Kharadi, which was meant for exhibition and recreation purposes. Despite residents' complaints, no action has been taken. The land has been fenced off and restricted from public access. The local association, recognizing the importance of open spaces, plans to stage an agitation to halt further construction and reclaim the land for community use. They aim to protect the land intended for amenities and preserve it for the benefit of the residents.Read more
The Central Bureau of Investigation (CBI) has taken action against K J Infrastructure Projects India Pvt Ltd and its directors following a complaint from Union Bank of India. An FIR has been registered, alleging a bank fraud case of over Rs 91 crore. The accused individuals manipulated financial statements to obtain credit facilities, leading to an alleged diversion of funds and loss to the bank. The CBI conducted searches, recovering significant evidence, and highlighting concerns about financial integrity and its impact on the banking sector.Read more
The Pune Municipal Corporation (PMC) is intensifying its investigation into the illegal use of residences for commercial purposes. Collaborating with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), PMC is scrutinizing commercial electric meter data to identify violators. The crackdown, which has already resulted in significant penalty collections, could affect up to 1 lakh properties across the city. Despite appeals for voluntary self-reporting, few have complied, leading to stricter actions and increased penalties.Read more
The Pune Municipal Corporation (PMC) is contemplating making the usage of sewage treatment plant (STP) water mandatory for grounds, golf courses, and sports facilities to combat water scarcity. Currently, 5 lakh litters of treated water are used for various activities, but PMC aims to increase it to 20 lakh litres due to inadequate rainfall this year. The civic administration has implemented weekly water cuts and is closely monitoring the situation, with decisions on further cuts depending on rainfall. The move aims to conserve potable water and mitigate the effects of water shortage in the region.Read more
The civic body in Pune, India, has sealed over 400 buildings as citizens fail to pay property tax. The Pune Municipal Corporation (PMC) sent notices to property owners and occupants, but non-payment resulted in the sealing of properties. The PMC aims to recover approximately Rs 8,000 crore from defaulters, including industries, commercial complexes, IT parks, and hospitals. Many defaulters have resorted to legal action, causing delays. Concerns have also been raised about exaggerated tax amounts and alleged bias in targeting defaulters. PMC's unique approach of using musical bands to shame defaulters has shown success. The PMC targets a recovery of Rs 2,318 crore for the next fiscal year.Read more
Pune residents will no longer need to visit police stations for tenant verifications, thanks to the state property registration department's new online system. Deputy Commissioner of Police, R Raja, confirmed that the online tenant verification system, stalled during Covid, will resume next month across Pune's 32 police stations. The streamlined process, expected to boost registration and offer home-based police verification, aims to enhance convenience for tenants and owners alike, marking a significant step in Pune's digital transformation journey.Read more
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Ashiana Housing, a realty developer, plans to invest over Rs 275 crore in a senior living project spread across 11.93 acres in Pune's Talegaon locality. This will be the company's second project in Pune, catering to the growing demand for retirement communities. The project aims to provide retirees with ample space and a peaceful environment. Ashiana Housing sees senior housing as a focus area and aims to expand its portfolio to nine projects in the near future.Read more
The Strand Square, developed by the SSPL Group is the company’s newest offering the commercial real estate space. The project is strategically located in Kharadi, Punr offering excellent connectivity and surrounded by prominent business areas. The Regus Brand, the world's leading provider of workplace solutions, was the first tenant to occupy The Strand Square. The project features A-class retail outlets, premium office spaces, and F&B spaces, along with modern infrastructure and world-class amenities. It aims to foster work-life balance and caters to businesses of all sizes.Read more
MahaRERA has received 39 applications for deregistration from developers of real estate projects in Pune, out of a total of 88 requests received from various regions. Developers cite reasons such as insufficient funds, legal disputes, and changes in government planning regulations. Majority of the projects seeking deregistration are located in rural areas of Pune. MahaRERA has set requirements for developers to meet before halting construction, including settling allottees' rights and providing relevant documents.Read more
Real estate developer Kalpataru and Indian Hume Pipe Company have agreed to a revenue-sharing arrangement for the development of a mixed-use project on a 15-acre tract of property in the Vadgaon neighborhood of Pune. The project is expected to generate Rs 2,500 crore in revenue overall, of which Kalpataru will receive about Rs 1,700 crore. Over the course of the next 6-7 years, the project will be built out in two phases, with premium residential development making up 90% of it and commercial development the remaining 10%. Additionally, HDFC Capital most recently contributed Rs 1,450 crore to Kalpataru's project and land portfolio.Read more
Sigma One Universal introduces Sigma One Bizbay, an impressive eight-story commercial project located on Kumthekar Road in Pune. With its striking glass facade and strategic location in Pune's oldest shopping destination, Bizbay offers a thriving environment for retailers and entrepreneurs seeking growth and success. The project provides modern retail spaces, flexible office areas, and versatile commercial units, catering to various businesses. With high footfall and attractive rental yields, Bizbay presents a compelling investment opportunity in the Pune market.Read more
Property owners in the Pune Municipal Corporation (PMC) are facing confusion and frustration over their property tax bills, which have been delayed and contain discrepancies. The Maharashtra government's decision to reinstate a 40% tax deduction for self-occupied homes has led to issues with software updates and re-issued bills. PMC officials have acknowledged the problem and plan to provide clearer explanations on future bills. However, residents are expressing dissatisfaction with the lack of guidance and the burden of resolving the errors.Read more
The tenancy certificate introduced by the Pune Municipal Corporation (PMC) has seen limited uptake among wada residents. Only around 400 tenants have applied, with concerns about its utility, legal value, and potential loss of rights deterring others. The PMC is exploring alternatives like offering additional floor space index for wada redevelopment. Legal experts suggest that the significance of the certificates depends on their allocation. The low adoption reflects scepticism and fear among tenants. Efforts are being made to address concerns and protect residents' rights. The PMC aims to strike a balance between property owners and tenants' interests.Read more
Roche Information Solutions India has agreed to lease office space in the '45ICON' workplace project in Baner, Pune. The modern office space, developed by Raviraj Abhinandan Developers and Brookfield Properties, offers approximately 18,000 square metres of space. The establishment aims to accommodate over 1,000 personnel, with room for future expansion, and aligns with Roche's sustainability standards. The tower is already occupied by major tenants Tarana Wireless and Infobeans Cloudtech, in addition to Roche.Read more
LOGOS, a prominent logistics real estate company in the Asia Pacific region, has joined forces with Ivanhoe Cambridge, its venture partner, to purchase a substantial 77-acre industrial land parcel located in Pune's Chakan industrial area. The objective behind this acquisition is to establish a sprawling logistics park within the region. The park's development aims to cater to the increasing demand for efficient and extensive logistics facilities in Pune, an industrial hub. This strategic move by LOGOS and Ivanhoe Cambridge highlights their commitment to expanding their presence in the logistics sector.Read more
The Pune Municipal Corporation (PMC) in India has successfully generated a significant revenue of Rs 40 crore from property tax bills within a week of their issuance. The PMC has implemented a 40 percent discount on property tax for individuals who occupy their own properties, with the option to pay digitally or in person. While physical bills are yet to be distributed, the PMC has accumulated Rs 92 crore in property taxes through electronic payments. The government has announced that properties registered post-2019 will undergo an assessment and become eligible for the discount from April 1, 2023.Read more
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