01 Jun 2023

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

PNT Reporter

30 May 2023

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

PNT Reporter

24 May 2023

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

PNT Reporter

16 May 2023

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

PNT Reporter

16 May 2023

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

PNT Reporter

12 May 2023

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

PNT Reporter

11 May 2023

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

PNT Reporter

05 May 2023

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

PNT Reporter

05 May 2023

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

PNT Reporter

02 May 2023

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

PNT Reporter

02 May 2023

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

PNT Reporter

28 Apr 2023

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

PNT Reporter

17 Apr 2023

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

PNT Reporter

13 Apr 2023

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

PNT Reporter

11 Apr 2023

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

PNT Reporter

10 Apr 2023

The gunthewari regularization scheme in Pune, aimed at legalizing illegal homes on small plots, has struggled to attract property owners due to high charges and complex processes. In the last financial year, the Pune Municipal Corporation received only 600 applications and approved a mere 10. With approximately 50,000 potential beneficiaries, efforts to streamline the process and address the concerns of property owners are essential for the success of the scheme.Read more

PNT Reporter

04 Apr 2023

In a recent Mohalla Committee meeting, residents of Aundh, Baner, Balewadi, and Pashan in Pune demanded that their civic body address various issues such as water scarcity in the area, the need to remove unnecessary overhead cables, clean up nullahs and stormwater drains before the monsoons, and other matters. They have requested the Pune Municipal Corporation (PMC) not permit the construction of new buildings until these issues are addressed.Read more

18 Nov 2022

Mumbai based Supreme Universal has announced a pre-launch of its ambitious Supreme Villagio project in Somatane, Pune. The luxury residential development will be situated in what is considered to be Pune’s greenest neighbourhood, with affluent localities such as Hinjewadi, Baner, PCMC and Talegaon close by. The project will span across 16 acres of land on a parcel located approximately 600 meters above sea level and include a host of amenities to give residents a feeling of living in a resort that they can call home.Read more

01 Jan 1970

Metro Global Solutions Center Pvt Ltd (MGSC), the Indian technology and solutions unit of international wholesaler Metro, has leased 50,000 sq ft of office space from coworking space provider 315Work Avenue in Pune. This transaction expands 315Work Avenue�s footprint in the city to six centres, encompassing 0.6 million sq ft and around 12,000 seats in projects by developers like Ascendas, Panchshil, and Raheja. Nationwide, the company operates across 45 locations in cities including Bengaluru, Chennai, Hyderabad, Mumbai, and Pune, with a total portfolio of 3 million sq ft and 60,000 seats.Read more