PNT Reporter

The Pune Metropolitan Region Development Authority (PMRDA) recently filed six FIRs against illegal constructions and has submitted applications for three additional cases. Despite prior stop-work notices, construction activities continued, leading to legal actions. Demolitions were paused for two months following a Supreme Court directive limiting such actions to structures on roads and water bodies. With election duties concluded, PMRDA plans to resume normal operations, including demolitions of unauthorised structures. The department ensures that complaints are investigated, and opportunities are provided to regularise structures where possible, but restricted or unapproved constructions face demolition.Read more

PNT Reporter

Pune's real estate sector witnessed a sharp increase in October 2024, registering over 20,894 properties-a 39% year-on-year growth-driven by festive demand and favorable economic conditions, according to Knight Frank India. Stamp duty collections also surged 52% to INR 751 crores during the month. The city recorded 159,306 registrations in the first 10 months of 2024, reflecting a 30% rise from the previous year. Demand for larger apartments and luxury homes grew, with properties above INR 1 crore making up 14% of October's sales. Central Pune led transactions, holding 80% of the market share, as infrastructure development and affordability continued to attract buyers.Read more

The Pune Municipal Corporation (PMC) faces a projected INR 300 crore shortfall in property tax collections, primarily due to election-related restrictions and halted tax recovery in newly merged areas. By October, PMC collected INR 1,725 crore against its INR 2,600 crore target, with an additional INR 600 crore expected by March 2025. Efforts to enhance recovery in merged villages have been stalled by the poll code and state directives. With property tax as a key revenue source for its INR 11,601 crore budget, PMC must explore alternative strategies and collaborate with state authorities to stabilize finances and meet fiscal commitments.Read more

Pune has established itself as a prominent co-working hub in India, ranking second in the country for office space collaboration transactions. Between 2018 and September of this year, Pune recorded 123 transactions, driven by a rising preference among companies for flexible co-working environments over standalone offices. Knight Frank's report covering eight major metropolitan cities reveals that Pune's growing co-working market is part of a larger trend nationwide. Bangalore remains the leader, yet Pune's substantial growth highlights the city's pivotal role in India's evolving office space sector.Read more

The Pune Metropolitan Region Development Authority (PMRDA) has approved over 200 projects after developers identified alternative water sources beyond the municipal limits. These clearances follow PMC and PCMC's inability to supply water to areas outside their jurisdictions. Developers pledged to obtain water from the Pune Zilla Parishad and Maharashtra Jeevan Pradhikaran. Both PMC and PCMC face water shortages due to rising demand and limited resources, stressing the need for sustainable solutions. PMRDA's approach balances the expansion of infrastructure with resource management, urging developers to secure dependable water sources for sustained growth across the Pune metropolitan area.Read more

Shriram Properties Limited (SPL) has signed a Joint Development Agreement for a six-acre land parcel in Undri, Pune, to develop a mixed-use project featuring over 650 apartments and retail/commercial spaces. With a total saleable area exceeding one million square feet, the project has an estimated revenue potential of INR 700-750 crore and is expected to launch in H2 FY25. SPL also plans to secure rights for an additional eight acres primarily for retail and commercial development.Read more

Panchshil Realty's subsidiary, Wagholi Estates, sold a 4.8-acre land parcel in Pune's Wagholi to Vilas Javdekar Infinitee Developers for over INR 103 crore. The land is part of Panchshil's 4.5 million sq ft IT park project, with 1 million sq ft designated for residential development in this mixed-use layout. Registered on October 21 with a stamp duty of INR 7.21 crore, the transaction highlights growing demand for land in high-growth areas like Pune. As major cities such as Mumbai, Chennai, and Bengaluru expand, developers and investors are actively pursuing land for new residential, commercial, and mixed-use projects.Read more

Residents and members of the Pimpri Chinchwad Cooperative Housing Societies Federation (PCCHSF) have opposed the municipal corporation's proposal to convert 1.55 hectares of land in Tathawade from a public semi-public zone to residential use. They argue that this decision could set a precedent for similar conversions, jeopardizing public amenities. A senior PCMC official noted that citizens have time to raise objections before the proposal is sent to the state government for a final decision. Concerns were also raised about the impact on local education and the lack of elected representatives to voice citizens' needs.Read more

The Pimpri Chinchwad Municipal Corporation (PCMC) is intensifying efforts to register unregistered properties, issuing notices to 52,787 owners identified during a comprehensive property assessment survey. Over 200,000 properties lack registration, with 4,261 owners responding by paying dues. PCMC has completed geo-sequencing for 855,000 properties and employed drones for effective identification. Utilising QR codes on notices, residents can file objections online, enhancing accessibility. Currently, PCMC has 630,000 registered properties, collecting INR 977 crore in property taxes for FY 2023-24. The initiative aims to increase annual tax revenue to INR 1,500 crore, improving city infrastructure and services.Read more

Property transactions in Pimpri Chinchwad are set for a transformation as the civic administration finalises the integration of data between the property tax department and the Inspector General of Registration (IGR) office. This automation will eliminate the need for separate registration applications, expediting property transfers. Once the data is updated, owners will receive notifications to pay transfer fees online, which will be included in property tax bills if unpaid. Deputy Municipal Commissioner Avinash Shinde highlighted that this integration aims to rectify issues with outdated ownership information, ensuring accurate billing and reducing penalties for delayed payments.Read more

Pune's property market saw high growth in the year 2024, with 1,38,412 registrations during the first nine months, up 29% year-on-year (YoY). Stamp duty collections surged by 38%, exceeding INR 5,253 crores. However, September 2024 witnessed a 33% drop in property registrations due to the inauspicious 'Shraadh' period, leading to a 13% decline in stamp duty collections to INR 508 crores. Luxury properties worth INR 1 crore and above rose to 14%, while demand for larger homes continued. Central Pune dominated with 80% of transactions, though West Pune's share grew to 12%, reflecting the city's evolving residential preferences.Read more

Delays in state approvals are jeopardising six proposed town planning schemes in the Pune Metropolitan Region, including Maan-Mhalunge and others. Designed on the Gujarat model, these projects aim to develop around 1,000 hectares but are causing uncertainty among landowners. While the central government is expected to allocate infrastructure funds, the ongoing delays may hinder the timely implementation of these vital developments.Read more

Pune's property market saw a 33% drop in registrations in September 2024, with only 11,056 units registered, compared to 16,604 in the same month last year. This decline is largely attributed to the cultural observance of the Shraadh period, during which buyers avoid significant financial transactions. Despite this temporary downturn, Pune's property market has shown resilience overall. From January to September 2024, property registrations grew by 29%, totaling 138,412 units, and stamp duty collections reached INR 5,253 crore, a 38% year-on-year increase. Shishir Baijal, Knight Frank India's Chairman, emphasized Pune's strong market fundamentals, driven by rising incomes, positive buyer sentiment, and ongoing infrastructure development.Read more

The Maharashtra Pollution Control Board (MPCB) has issued a show-cause notice to Cybage Software for alleged environmental violations during the construction of its new building in Kalyaninagar, Pune. The notice, prompted by resident complaints, cites excessive noise levels and improper water discharge. MPCB officials also observed expired blasting permissions and inadequate soundproofing measures. Residents of the nearby Kumar Kruti Housing Society reported noise and dust disturbances, with some considering relocation due to health concerns. Cybage, maintaining that it holds all necessary clearances, must respond within seven days or face potential penalties. This case highlights the need for stricter environmental compliance in urban developments.Read more

Mastercard has announced the inauguration of a cutting-edge Tech Hub in Pune, India, marking the latest addition to the company's global technology hub network. This new facility, situated in the Bluegrass Business Park, will house over 6,000 technologists and engineers, making it Mastercard's largest workforce in a single city worldwide. Aligning with India's "Viksit Bharat" vision, the Pune Tech Hub will focus on tackling complex technological challenges, ensuring secure, seamless, and efficient payments globally, while also supporting the development of innovative solutions for the domestic market, including financial inclusion initiatives and Aadhaar-based services.Read more

The Maharashtra government has approved two new metro rail routes in Pune, aimed at enhancing urban mobility. The Khadakwasla-Swargate-Hadapsar-Kharadi and Nalstop-Dahanukar Colony-Warje-Manikbaug lines will span 31.63 kilometres, featuring 28 stations, and will be constructed by Maha Metro at an estimated cost of INR 9,897 crore. Union minister Murlidhar Mohol emphasised the significance of these developments for Pune's transportation infrastructure, while local MP Supriya Sule celebrated the long-awaited approval for improved connectivity. The project is expected to alleviate traffic congestion and bolster economic growth in the region.Read more

The Pune Housing and Area Development Board, a regional unit of MHADA, has opened the registration and application process for the sale of 6,294 housing units. These homes are spread across Pune, Pimpri-Chinchwad, Solapur, Kolhapur, and Sangli districts. The lottery offers units under various schemes, including the first-come, first-served and Pradhan Mantri Awas Yojana schemes. The government is also planning to expand affordable housing in areas like Alandi and Shirur, with redevelopment projects in old MHADA colonies. The online lottery for these units is scheduled in the coming weeks.Read more

Officials in Pune announced that the possession of new facilities will be handed over gradually in a phased manner, featuring world-class infrastructure including spacious courtrooms and amenities for staff and litigants. In a recent cabinet meeting, the naming of the subway and flyover on the Katraj-Kondhwa stretch of national highway in Pune after RSS sarsanghchalak Balasaheb Deoras was approved. This proposal was made by the Pune Municipal Corporation at the request of the Pune Medical Services and Research Foundation, recognising Balasaheb Deoras as the third sarsanghchalak of the Rashtriya Swayamsevak Sangh.Read more

VTP Realty's recent allotment event for its two WOW projects in Hinjewadi Phase 1 set a new benchmark in Pune's real estate market. Attracting over 1,000 prospective homebuyers, the day-long event showcased the grandeur and luxury of the projects, featuring impressive designs and world-class amenities. The overwhelming response resulted in numerous bookings, highlighting the strong demand for these exclusive properties. CEO Sachin Bhandari emphasised the company's commitment to exceeding customer expectations. VTP also engaged its global clientele through live streaming, further solidifying its leadership in the luxury real estate sector. This event transformed the landscape of property launches in Pune.Read more

The Pune Municipal Corporation (PMC) generated around INR 1,600 crore from property tax in the first half of the financial year, aiming for a target of INR 2,400 crore by March 2025. However, nearly 5.05 lakh property owners have yet to pay, with significant opposition from residents in merged areas due to inadequate facilities. While PMC initiated a drive to seal defaulters' properties, it faced pushback and paused the effort. Despite these hurdles, PMC collected approximately INR 2,400 crore from building permissions and is taking measures like property confiscation to improve tax recovery.Read more