The Pune Metropolitan Region Development Authority (PMRDA) has directed the concessionaire, Pune IT City Metro Rail Limited (PITCMRL), to submit a detailed micro plan for completing the 23km Metro Line 3 route by March 2025, ahead of a Central Government meeting on the project's viability gap funding. PMRDA has also sought a plan for the 1.7km integrated flyover, and has issued show-cause notices to the concessionaire for not repairing roads along the route. Deputy Chief Minister Ajit Pawar had recently called for round-the-clock work on the project to meet the deadline and ensure the roads used for traffic diversion are in good condition.Read more

Prime Minister Narendra Modi virtually inaugurated a 3.68-km section of the Pune Metro from District Court to Swargate, marking the completion of the first phase of the project. In his speech, he criticized the previous Congress-led UPA government for delaying the metro's progress, stating that no work had been done until his administration laid the foundation in 2016. The Prime Minister also launched projects worth INR 11,200 crore and laid the foundation for the metro's extension to Katraj. He emphasized the importance of modernizing Pune's transport and infrastructure to boost urban development and connectivity in Maharashtra.Read more

Rising Sun Holdings, co-owned by Adar Cyrus Poonawalla, has acquired approximately 2.20 lakh sq ft of office space across four floors in Pune's Cerebrum IT Park for a total of INR 395 crore. The seller, Zawareh Soli Poonawalla, facilitated the sale through four separate transactions. This significant investment aligns with Rising Sun Holdings' strategy to expand its presence in India's commercial real estate sector. The company has also diversified into hospitality and other high-value real estate segments, reinforcing its role as a major player in the market despite global economic challenges.Read more

Nvidia Corp has renewed its 375,000 sq ft office lease in Pune's Yerwada for a long-term period of 10 years, with a monthly rent set at INR 81 per sq ft. The agreement includes a 5% annual rent escalation, aligning with market standards for premium office spaces. Nvidia's presence in India, particularly in Pune, underscores the region's significance as a technology hub, driving advancements in AI, cloud computing, and more. As demand for tech solutions rises, Pune's commercial real estate market is expected to experience further growth in the coming years.Read more

A group of Uruli Devachi and Phursungi residents are preparing to challenge the recent decision to demerge the areas from Pune Municipal Corporation (PMC). They are worried about high property taxes and the lack of basic services. They believe creating a new municipal council won't fix these problems. They plan to take their case to the Bombay High Court. The locals plan to challenge the demerger notification in the HC. Protests have already taken place, and further legal steps are expected too.Read more

Knight Frank India's latest report reveals that Pune registered 13,397 property sales in September 2024, marking a 3% year-on-year increase. Stamp duty collections soared by 40%, reaching INR 592 crores. The residential sector in Pune continues its robust growth, with 127,108 properties registered in the first eight months of 2024, reflecting a 40% rise compared to 2023. Demand for mid-range and luxury homes, particularly in the INR 50 lakh to INR 1 crore segment, has driven this growth. Pune's real estate market remains strong, supported by rising incomes, positive buyer sentiment, and ongoing infrastructure developments.Read more

Around 18,000 properties in Pune Municipal Corporation's (PMC) newly merged areas remain outside the property tax system, resulting in a loss of INR 80 crore. The PMC has initiated disciplinary action against 45 officials for negligence. Despite merging 34 areas since 2017, many properties have yet to be taxed, causing dissatisfaction among property owners over high tax rates and inadequate infrastructure. PMC introduced reforms, including regular staff transfers, to improve tax collection. Activists allege collusion between officials and locals to avoid assessments. The PMC faces pressure to resolve loopholes and improve accountability in tax collection.Read more

315Work Avenue has expanded its presence by leasing 56,000 square feet of office space at International Tech Park Pune (ITPP), following a previous lease of 44,000 square feet in the same tech park. ITPP, a Grade A technology park developed by Ascendas-Singbridge, spans 2.5 million square feet. With six centers across 0.6 million square feet in Pune, 315Work Avenue now offers around 12,000 workstations. The company manages a total portfolio of approximately 2.5 million square feet and 50,000 workstations in Bengaluru, Chennai, Mumbai, and Pune, with plans to expand into New Delhi & NCR and Hyderabad.Read more

Prestige Exora Business Parks, a subsidiary of Bengaluru's Prestige Estates, has acquired a prime 4.57-acre land parcel in Pune's fast-growing Kharadi area for INR 200 crore. The deal, finalized in April 2024, marks Prestige's expansion into Pune's booming real estate market. Kharadi, known for its IT parks, corporate offices, and upscale residential developments, has become a hub for land investments due to its proximity to Pune's IT corridor and excellent connectivity via the Pune-Mumbai Expressway. Prestige's acquisition from B U Bhandari M&M Real Estate agents aligns with its strategy to capitalize on Pune's dynamic housing and commercial sectors.Read more

Suzlon Energy has sold its headquarters, One Earth in Hadapsar, Pune, for INR 440 crore to OE Business Park Pvt Ltd, supported by 360 ONE Alternates Asset Management. The company has leased back the property for up to five years, with the option to sublease parts of it. This sale-and-leaseback transaction is part of Suzlon's strategy to adopt an asset-light model, freeing up capital to support its growing 4 GW order book and drive long-term growth. The move aligns with Suzlon's goal of maintaining operational stability and creating sustainable value for its stakeholders.Read more

The Royal Western India Turf Club in Pune, a historic hub for horse racing, has undergone a major renovation led by Yohan and Michelle Poonawalla. The two-year project revitalised the venue by blending its rich heritage with modern amenities, aiming to attract new audiences and enhance financial sustainability. Key updates include refurbished guest rooms, restored cottages, and improved outdoor spaces. This transformation, driven by the Poonawalla family's deep-rooted passion for horse racing, reflects a broader trend of modernising sports venues while preserving their historical significance. The club now stands as a rejuvenated community hub for racing enthusiasts.Read more

Awfis Space Solutions has expanded its partnership with Nyati Group, securing an additional three lakh square feet of grade-A workspaces under its managed aggregation model. This move increases Awfis' total workspace with Nyati to five lakh square feet across Pune. The company now operates around one lakh seats across 169 centres in 17 cities. Awfis has also signed agreements for 15,668 more seats, reinforcing its growth. With a client base dominated by large corporations and MNCs, Awfis maintains a strong portfolio, reflecting its strategic focus on asset-light expansion and long-term client relationships.Read more

Pune has experienced a significant rise in property owners claiming tax discounts for rainwater harvesting, with numbers soaring from 306 in 2012-2013 to 3,716 in 2022-2023. Despite this tenfold increase, overall adoption remains low. The Pune Municipal Corporation (PMC) offers up to 10% tax rebates for rainwater harvesting, solar energy systems, and vermicomposting, with broader interest seen in the latter two. As water scarcity becomes a pressing issue, the PMC and local legislators stress the importance of rainwater harvesting in new constructions, aiming to enhance water conservation and sustainability efforts across the city.Read more

In Pune, 2 lakh out of 4.5 lakh property owners have failed to submit the mandatory PT3 forms required for a 40% property tax discount on self-occupied homes. Despite multiple extensions and a final deadline of August 15, only 2.5 lakh forms were submitted. Many properties without submitted forms were found to be locked or rented, potentially disqualifying owners from the discount. To address this, the Pune Municipal Corporation (PMC) is conducting city-wide surveys and collaborating with local housing societies to ensure accurate property occupancy records and encourage compliance among property owners.Read more

Managed workspace provider Table Space has announced a major investment of INR 840 crore (USD 100 million) to expand its office portfolio in India. The company has recently secured a INR 450 crore deal with Panchshil Realty for 900,000 square feet of space in Pune and is in talks to acquire an additional 1.2 million square feet from the same developer. Table Space plans to gradually shift its lease-to-ownership ratio from 80:20 to 60:40, aiming to have 40% of its assets owned. The company, which raised USD 325 million in 2022, is actively seeking more acquisitions to strengthen its presence in key urban centers across the country.Read more

KSH INFRA, a Pune-based developer of sustainable Industrial and Logistics (I&L) Parks, is investing INR 450 Crores to develop its first I&L Park in Hosur, Tamil Nadu, covering 50 acres with 1.25 million square feet of development potential. The project, near the Karnataka border and Bangalore market, will create over 1,800 jobs and attract industrial and warehousing clients. This expansion marks KSH INFRA's move beyond Pune, where it has already developed 4 million square feet of I&L Parks. The company's strong financial position enables it to pursue further opportunities in Chennai, Bangalore, and Mumbai.Read more

Pune's real estate market surged by 50% in the second quarter of 2024, with 39,961 property transactions, up from 26,629 last year, according to Square Yards. Residential sales reached INR 13,995 crores, driven by a 17% rise in average home prices to INR 69 lakhs. The increase is attributed to high demand for premium properties amid rising incomes. Pimpri Chinchwad and western suburbs lead the market, with Wagholi and Baner top for sales value. Analysts predict further boosts due to upcoming festivals. Major developers like VTP Realty and Kolte Patil are leading the growth.Read more

Volkswagen Group Technology Solutions India has secured a five-year lease for 1.23 lakh square feet across three floors in the Hudson Block, Embassy Tech Zone, Pune. Starting with a monthly rent of INR 66.60 lakh, the lease includes a 15% rent escalation after three years and additional costs for maintenance and parking. This move, coupled with a four-month rent-free fit-out period, underscores Volkswagen's commitment to expanding its Indian operations. Amidst global economic challenges, the Indian office space market remains robust, with Global Capability Centres (GCCs) driving significant leasing activity and positioning India as a crucial tech hub.Read more

Maestro Realtek has partnered with GS Group for a landmark commercial and retail project on Kesnand Road, Wagholi, Pune. Spanning 5.5 acres, the development will feature five state-of-the-art towers with premium offices and retail showrooms, offering unparalleled opportunities for businesses and investors. Nitin Gupta, Managing Director of Maestro Realtek, emphasized the partnership's goal to set new benchmarks in commercial real estate, enhancing business growth and innovation. With advanced infrastructure and strategic location, this collaboration is poised to redefine the commercial landscape in Wagholi. Maestro Realtek is committed to delivering results-driven solutions and becoming India's top real estate brand.Read more

In response to recent floods in Pune and Pimpri Chinchwad, Chief Minister Eknath Shinde has called for urgent improvements to flood management systems. He emphasised the need to increase river flow capacity, enforce strict measures against obstructions, and accelerate slum rehabilitation. Shinde proposed establishing meteorological stations and an early warning system in flood-prone areas. He also announced plans for a Blue Flood Line survey for permanent rehabilitation and urged immediate humanitarian aid for victims. These steps aim to enhance living conditions and prevent future flooding disasters in the region.Read more