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

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

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

PNT Reporter

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