Advertisement
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
The Pune Municipal Corporation (PMC) in Pune City has commenced the distribution of property tax invoices after a delay of one and a half months. The bills can be accessed online through the PMC website, and taxpayers have multiple payment options available. The distribution process involves printing and mailing the bills, and the deadline for payment has been extended. The PMC has also implemented a 40 percent tax reduction for properties occupied by their owners, and eligible property owners can submit documentation to benefit from the discount.Read more
In response to concerns over open space policies, local residents of Mumbai have written an open letter to Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, and BMC Chief IS Chahal. The letter, made public on last week, calls for rigorous enforcement of the city's open space policy to prevent misuse, and for the maintenance and caretaking of public spaces to become a mandatory duty of the BMC.Read more
The Pune Municipal Corporation (PMC) is streamlining the procedure for obtaining a 40 percent reduction in property tax. However, political leaders across the spectrum have raised concerns about the lengthy process involved in obtaining the rebate. The PMC has requested numerous documents from citizens, causing confusion and uncertainty among the public. Despite the state government's directive to reimburse supplementary taxes for individuals residing in newly built estates, the PMC has opted to distribute the tax evenly across property tax invoices over the next four years.Read more
Advertisement
According to a report by the Maharashtra Real Estate Regulatory Authority (MahaRERA), only 39 out of 277 recovery warrant orders have been executed by the district administration of Pune, resulting in only Rs32.92 crore being recovered out of the total amount of Rs170.37 crore owed by errant realtors. The slow process of execution of orders in Pune district has been attributed to the lack of a dedicated team and difficulty in finding properties of errant builders for auction. Homebuyers have expressed frustration at the inordinate delay in executing recovery warrant orders.Read more
A recent report by the Pune Cooperation Department revealed that approximately 17,000 registered housing societies in Pune lack conveyance or deemed conveyance. Incomplete documentation and property disputes are the main reasons for this situation. To tackle this problem, the state government is planning to conduct monthly camps to educate and assist housing societies in applying for conveyance or deemed conveyance. An app has also been launched to guide housing societies through the process, and social media groups have been formed to create awareness.Read more
The demerger of Uruli-Phursungi from the Pune Municipal Corporation (PMC) has cast uncertainty over the future of the city's town planning scheme. The newly formed municipal council, now responsible for these areas, may struggle to execute the project due to a lack of resources, expertise, and infrastructure. Experts urge other government bodies to step in and ensure the town planning scheme's continuation, which is vital for the rapidly developing areas covering 371 hectares of land.Read more
Maharashtra's urban development department is set to decide the future of five proposed town planning schemes in the Pune Metropolitan Region. The plans, spanning 751.55 hectares, will be established in Wadachiwadi, Autadewadi Handewadi, Manjari Kolwadi, and Holkarwadi, subject to state approval. The schemes, modeled on the successful Maan-Mhalunge town planning scheme, will ensure landowners regain 50% of developed plots, fostering a mutually beneficial development process. The projects are part of a larger vision for the 128-km PMRDA inner ring road.Read more
The State Cabinet in Pune recently approved a proposal to offer a 40% discount on property tax to owners of self-occupied properties in the city. The move is expected to provide relief to property owners but may cause the government to lose revenue of at least Rs. 400 crores. The discount was first introduced in 1970 but never implemented by the state government and was eventually declared illegal and scrapped in 2019. However, with the formal introduction of the discount, the civic body has announced that all arrears collected between 2019 and 2022 will be adjusted with future bills.Read more
Pune's civic body has launched a stringent campaign to enforce fire safety norms, targeting housing societies and commercial properties failing to comply. Non-compliant property owners and tenants risk a Rs 50,000 fine or six-month jail term. The Pune Municipal Corporation (PMC) requires a certificate from licensed auditors, affirming the adequacy of fire safety systems. The Maharashtra Fire Prevention and Life Safety Measure Act of 2006 mandates biannual certificates and encourages fire safety education for residents. This initiative seeks to improve safety standards in Pune and emphasize fire safety as a legal obligation for all stakeholders.Read more
The Pune property market had its biggest monthly stamp duty collection in March 2023, indicating a 20% increase from February. The increase in sales of houses costing Rs 50 lakh or more and the shift towards larger residences contributed to the growth. Primary and secondary residential transactions accounted for 76% of all property registrations, with Central Pune having a higher percentage of transactions. Micro markets in Pune's north, south, and east held a smaller percentage of residential sales during the month.Read more
VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017. The landowner agreed to keep a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.Read more
The Pune Municipal Corporation (PMC) has employed artificial intelligence (AI) tools to incorporate over 11,000 previously non-tax paying properties into its tax system, resulting in an estimated Rs 31 crore increase in revenue. By analysing property tax data, Geographical Information System mapping data, and satellite imaging, the AI-driven approach enabled accurate identification and classification of commercial and residential properties. This innovative use of technology highlights the potential of AI in streamlining administrative processes and may prompt other civic administrations to adopt similar methods for optimizing revenue generation and resource allocation.Read more
The Pune Municipal Corporation (PMC) has extended the deadline for property owners to pay their taxes at discounted rates. The previously deadline was May 31, which has now been extended to June 30. Further, tax defaulters have been given an extension until April 30 to clear their dues. The state government has announced a 40% tax discount for self-occupied properties, but the civic administration has yet to receive a detailed notification about it, which could delay the distribution of tax bills. Therefore, additional time has been given to pay the tax at discounted rates.Read more
Advertisement
