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

Pune-based Ceratec Group has rebranded to better reflect its modern vision and evolving market aspirations. The new identity, including a redesigned logo and the tagline "Exceeding Expectations," replaces the 2000 logo, symbolizing a commitment to innovation and high-quality service. Managing Director Anand Agarwal emphasized that the update aligns with their expanded service portfolio and shifting market trends. Founded in 2000 and transitioning from marble to real estate, Ceratec has developed over 65 acres in Pune and is currently focused on projects in Ravet, Hinjewadi, Balewadi, and Baner. The rebranding aims to enhance their role in Pune's dynamic real estate sector.Read more

Pune's property market is thriving, with a 60% increase in property registrations in June 2024 compared to June 2023, amounting to over 14,230 properties, as reported by Knight Frank India. Stamp duty collections also rose by 90% year-on-year. The first half of 2024 saw 97,294 property registrations, a 44% rise from the previous year. Factors driving this growth include affordability in the mid-range segment and a preference for larger apartments. Central Pune remains the main hub, but areas like West Pune are emerging as new hotspots. The market shows a strong positive trend for the rest of the year.Read more

Embassy REIT, India's first listed REIT, is considering the sale of its Quadron office campus in Pune's Hinjawadi suburb as part of a strategic move to optimize its portfolio. The Quadron property has significantly lower occupancy at 54% compared to the REIT's other Pune assets, Embassy Tech Zone and Embassy Qubix, which are performing exceptionally well. The REIT is expected to fetch over INR 1,200 crore for the 1.9 million square feet Quadron asset, which commands standard Grade-A office rents in the area. The planned sale comes as the REIT looks to finance the acquisition of new projects, particularly from its manager, the Embassy Group.Read more

Ceratec Group launches Presidential Towers in Ravet, Pune, featuring 2 and 3 BHK homes across a 4.1-acre development. Offering units from 727 sq. ft. to 1031 sq. ft., the project ensures luxury with modern finishes. Strategically located, it provides easy access to the Mumbai-Pune Expressway, Hinjewadi IT hub, and top educational institutions. Amenities include a fitness centre, swimming pool, and lush gardens. Scheduled for possession in December 2025, the project sets new benchmarks for urban living, aligning with Ceratec Group's 25-year legacy of quality and innovation.Read more

The Pune Municipal Corporation (PMC) is launching an initiative to identify unreported rental properties and recover lost revenue from property taxes. Previously, PMC offered a 40% discount on property tax for self-occupied properties, but many rented properties continued to claim this discount, causing significant revenue loss. Out of 4.5 lakh required submissions, 3.5 lakh homeowners failed to provide self-occupancy affidavits. A pilot project revealed many properties wrongly enjoying the discount. By collaborating with housing societies to identify rentals, PMC aims to generate an estimated INR 100 crore (approximately USD 1.2 million) in additional revenue.Read more

Pune's luxury real estate market has hit a new high with the sale of the "Emperor Palace" penthouse at Lodha One Bund Garden for an unprecedented INR 37 crore. This expansive 12,000-square-foot property, perched atop a residential tower, offers panoramic views of 500 acres of lush greenery, redefining luxury living in the city. Built by Lodha, the penthouse exemplifies Pune's growing demand for exclusive gated communities with top-tier amenities. This sale marks a significant milestone, surpassing previous high-end property sales and signaling continued growth in Pune's luxury real estate segment.Read more

Godrej Properties is expanding its presence in Pune with the acquisition of an 11-acre land parcel in Hinjewadi, a prime IT hub. This new project will feature mixed-use development, including housing and retail, with a potential of 2.2 million square feet and an estimated revenue of INR 1,800 crore. This move highlights Godrej Properties' confidence in Pune's real estate market, driven by its strong IT sector, educational institutions, infrastructure development, and pleasant climate. Their strategy includes a recent debut in Hyderabad and is supported by robust financial performance, despite a minor GST demand challenge.Read more

Ravet, a developing suburb on the outskirts of Pune, has gained significant popularity due to its location and affordable housing options. This emerging locality offers a mix of high-rise apartments and gated communities, attracting a diverse population. Proximity to the Pune-Mumbai Expressway and the Hinjewadi IT Park makes it appealing to working professionals. In June, Om Yashodham led real estate activity with five deals, followed by Sonigara Presidency. Apartment sizes in Ravet range from 336 to 698 square feet, with prices averaging around INR 8,258 per square foot. The area continues to grow, balancing urban conveniences with a peaceful environment, making it a sought-after destination for homebuyers and investors.Read more

The Pune Municipal Corporation (PMC) has begun demolishing 15 illegal properties along DP Road, from Mhatre Bridge to Karvenagar, in compliance with a recent Bombay High Court ruling. The court denied interim relief to property owners who had reconstructed structures despite previous demolitions. The properties, including marriage halls and eateries, were demolished to uphold environmental standards. PMC officials, noting past legal challenges, underscored their commitment to executing court orders and preserving the green belt area. This action marks a continuation of efforts to curb unauthorised constructions and maintain ecological balance in the city.Read more

Wagholi, a developing suburb in eastern Pune, has transformed from a small village into a residential and commercial hub, because of its proximity to IT parks like Kharadi. The area has seen significant real estate growth, with numerous residential complexes and affordable housing projects attracting young professionals and families. In May, Rudra Apartments and Supertech Defence Colony Phase IV led the sales, highlighting Wagholi's diverse housing options and strong market appeal. While infrastructure development is ongoing, Wagholi's mix of urban amenities and semi-rural charm, combined with its affordability, continues to draw a wide range of homebuyers, ensuring its ongoing growth and popularity.Read more

Bajaj Housing Finance, managing INR 91,370 crore (USD 10.8 billion) in assets as of March 2024, has announced an IPO to raise fresh capital and meet RBI regulations. The news boosted parent company Bajaj Finance's shares by over 4%. Bajaj Finance reported a 21.1% increase in Q4 net profit to INR 3,824.53 crore (USD 454 million). The IPO aligns with RBI's mandate for large NBFCs to list by September 2025. This move positions Bajaj Housing Finance among top listed mortgage lenders, potentially enhancing market competition and benefiting homebuyers with more loan options and competitive rates.Read more

Mahindra Lifespace Developers Limited (MLDL) reveals the final phase of Mahindra Happinest Tathawade in Pune, reporting rapid sales in earlier phases. Tower A, offering 2 BHK units and duplexes, is part of this sought-after development in the PCMC area. MLDL introduces highway-facing offices and shops, enhancing resident convenience and reaffirming its commitment to thoughtful amenities. Positioned near the Mumbai-Pune highway and Hinjewadi IT hub, the project benefits from its strategic location. Designed for modern living, Mahindra Happinest Tathawade addresses post-pandemic lifestyle needs with unique amenities and efficient space utilization. Residents enjoy easy access to transit points, health facilities, and retail options, ensuring a holistic living experience.Read more

Pune-based EFC (I) Ltd., a provider of flexible workspaces with integrated fit-out solutions, reported a remarkable 1,537% increase in net consolidated profit after tax, reaching INR 63.17 crore for the fiscal year ending March 31, 2024 (FY24), up from INR 3.86 crore the previous year. Total sales surged by 3,126% to INR 428.78 crore, compared to INR 104.06 crore in FY23. This impressive growth is driven by the rising demand for flexible workspaces among startups and small businesses in India. EFC (I)'s integrated approach, combining office space and fit-out solutions, positions them uniquely in this expanding market.Read more