Tag: Pune

Latest StoriesRegulatory

Two Pune Officials Suspended for Ignoring Illegal Builds

PUNE: The Pune Municipal Corporation (PMC) has suspended two officials from the TDR department for allegedly allowing the construction of two unauthorized floors at a property in Baner. Municipal Commissioner Naval Kishore Ram took disciplinary action against junior engineer Shubhangi Tarukmare and deputy engineer Sandeep Misal under section 56(2)(F) of the Maharashtra Municipal Corporations Act, pending a departmental inquiry. As per the order, the construction of the sixth and seventh floors was proposed through the additional use of TDR, exceeding the approved plan. However, construction on the sixth floor has already been completed, and work on the seventh floor is…

IndustryLatest Stories

Charity Commissioner Maintains ‘Status Quo’ on Jain Trust Sale

PUNE: Maharashtra’s Charity Commissioner, Amogh Kaloti, has ordered a ‘status quo’ on the sale of a significant property in Pune’s Model Colony that currently houses a longstanding Jain boarding facility and the Mahavir Digambar Jain Temple. This decision comes amidst opposition from various factions within the Jain community, who have protested and sought legal intervention to halt the transaction. The prestigious 12,000 square metre property (3.5 acres), owned by the Seth Hirachand Nemchand Smarak Trust, which has been in operation since 1958, was sold to Gokhale Constructions for ₹311 crore. Advocate Yogesh Pandey, representing the petitioning group, argued, “The HND…

InfrastructureLatest Stories

Maharashtra Approves Pune Civic Body’s Draft Plan for Merged Areas

PUNE: Nearly eight years after its declaration, the draft development plan for the merged areas under Pune Municipal Corporation (PMC) has been approved by the state government. The notification, published on Friday, invites public suggestions and objections for the next 60 days. Civic officials stated that under Section 23(1) of the Maharashtra Regional and Town Planning Act, 1966, PMC expressed its intention to prepare a draft development plan on June 28, 2018. The proposal to merge 34 villages was ratified by PMC in 2013-14, with eleven areas incorporated into its jurisdiction in 2017. Among these, nine were partially merged, while…

Latest StoriesRera

MahaRERA Registers 200 Projects in One Day, 809 in Two Weeks

In a significant initiative to expedite project approvals across Maharashtra, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has authorized an unprecedented 200 housing projects in a single day on the eve of Dussehra, totaling 809 applications approved over the last two weeks amidst heightened activity during the festive season. These approvals include new registrations, timeline extensions, and amendments to existing projects, ensuring compliance with technical, legal, and financial standards. The regulator emphasizes that these approvals are part of broader efforts to uphold regulatory integrity while facilitating timely housing project execution throughout the state. The importance of these approvals is underscored…

IndustryLatest Stories

Maharashtra: Only 31% Builder Recovery Warrants Executed, Buyers Upset

PUNE: Homebuyers across Maharashtra are expressing their dissatisfaction with the slow progress on recovery warrants issued against non-compliant builders by MahaRERA, with only 31% of cases resolved to date. Despite a directive from the state government to hasten the process, officials revealed that only ₹243 crore has been recovered from the ₹760 crore owed in 1,212 cases. The slow recovery stands in stark contrast to revenue minister Chandrashekhar Bawankule’s promise during the state budget session to eliminate the backlog within three months. Recovery warrants, issued under Section 40(1) of the Real Estate (Regulation and Development) Act (RERA), authorize district administrations…

Latest StoriesRera

Consumer Groups Ask MahaRERA to Regulate Real Estate Influencers

PUNE: Consumer advocacy groups are urging MahaRERA to impose regulatory oversight on real estate influencers. These influencers, active across diverse platforms, often promote housing projects without verifying their registration numbers on the Maharashtra Real Estate Regulatory Authority (MahaRERA) portal, potentially misleading prospective homebuyers. Neha Patil, a homebuyer from Navi Mumbai, shared her experience: “I watched a walkthrough of a project on social media by an influencer. It appeared flawless. However, when I checked the MahaRERA portal, there was no registration number. That raised a red flag.” She noted that many potential buyers are unaware of the necessity to check these…

IndustryLatest Stories

Maharashtra Panel Proposes Cancelling Membership for Flat Owners Blocking Redevelopment

PUNE: Homeowners who continue to obstruct self-redevelopment after exhausting all legal avenues may face membership revocation, as suggested by a state-appointed study group. The panel, led by MLC Pravin Darekar, emphasized that while objections are a member’s right, persistent resistance following majority approval of a redevelopment plan constitutes holding the entire society at ransom. The report proposed that if a minimum of 51% of society members approve a redevelopment resolution (validated by the deputy registrar, cooperative court, or even the High Court), that decision should be obligatory for everyone. Dissenters would then need to vacate their flats to facilitate the…

IndustryLatest Stories

Kolte-Patil Q2 FY26 Pre-Sales Fall 13% to ₹670 Crore

NEW DELHI: Kolte-Patil Developers Ltd has reported a 13% decline in sales bookings, amounting to Rs 670 crore for Q2 of this fiscal year, attributed to reduced area sold amidst declining demand in the Indian residential sector. In the same period last year, sales bookings were ₹770 crore. According to a regulatory filing from the Pune-based firm, sales volumes fell by 17%, totaling 0.86 million square feet in the July-September quarter compared to 1.03 million square feet the previous year. In the first half of the fiscal year, the company’s sales bookings decreased by 13% to Rs 1,286 crore, down…

Latest StoriesRegulatory

Maharashtra I-T to penalize sub-registrars for unreported deals

NAGPUR: The income tax department is set to impose significant penalties on property sub-registrar offices (SRO) for failing to accurately report real estate transactions in their financial statements. Investigations at various SROs revealed that transactions totaling approximately Rs13,000 crore were not disclosed in the required format. Registrations of properties valued at Rs30 lakh and above must be reported to the income tax department under the Statement of Financial Transactions (SFT). This marks a rare occasion where a government department penalizes another. Last year, SROs received a penalty notice, but it was for a relatively minor sum. This time, penalties could…

IndustryLatest Stories

Maharashtra earns ₹29,795 crore from property fees by Oct 12

PUNE: Property registrations across Maharashtra continue to thrive, even after the recent increase in the ready reckoner (RR) rate, marking the first uptick in three years. The state has already gathered nearly half of its annual stamp duty and registration fees target as Diwali approaches. According to the state registration department, Maharashtra amassed ₹29,795 crore in stamp duty and registration fees by October 12, equating to 46.9% of the current financial year’s target of ₹63,500 crore. This represents a 7% increase from ₹27,834 crore during the same timeframe last year (up to the end of September), despite the recent RR…