Tag: Pune

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…

InfrastructureLatest Stories

Maan-Mhalunge planning scheme awaits Maharashtra’s approval

PUNE: Nearly seven years after being highlighted as a premier urban development project at the Magnetic Maharashtra summit, the Mhalunge-Maan town planning (TP) scheme is still awaiting the final approval from the state government, leaving many landowners in uncertainty. Initiated by the Pune Metropolitan Region Development Authority (PMRDA) in August 2017, the project was touted as a key initiative during Devendra Fadnavis’s first term as Chief Minister. Despite renewed directions in July from Fadnavis to the urban development department (UDD) to accelerate processes, officials confirm there has been no advancement in the past three months. A senior PMRDA official remarked,…

InfrastructureLatest Stories

Pune’s PCMC-Nigdi Metro Stretch Hits 50% Completion

PUNE: The civil work on the Nigdi elevated Metro line within the PCMC area has achieved a significant milestone, having reached the halfway point. Launched in August 2024, Maha Metro anticipates completing the remaining 50% of the project within the next 14 months, targeting a finish by December 2026. This 4.5 km Metro extension complements the Swargate to PCMC route, featuring four stations: Chinchwad, Akurdi, Nigdi, and Bhakti-Shakti Chowk. Initially projected for completion in three years (36 months), the goal has been adjusted to finish within 30 months. Officials expressed optimism about meeting this timeline, citing no major land acquisition…

Latest StoriesResidential

Infrastructure Issues Impact Pune’s Affordable Housing Demand

PUNE: A decrease in the availability of affordable housing and challenges related to commuting and access to basic amenities is affecting demand in the city, as reported by industry experts and residents on Tuesday. Many affordable housing projects are situated on the city’s outskirts, including areas like Wagholi, Phursungi, Katraj, Dhanori, Lohegaon, and locations beyond Wakad and Balewadi, extending to Urali Kanchan. Industry experts noted that these locations often experience issues such as power outages, water supply shortages, and poor road conditions. “Many affordable housing projects fail to launch due to these challenges. On the supply side, the government should…

InfrastructureLatest Stories

Pune: PMRDA Halts Two Wagholi Projects Over Drainage Problems

File photo PUNE: A stop-work order from the Pune Metropolitan Regional Development Authority (PMRDA) has provided some relief to residents of Wagholi’s internal Baif Road, who have struggled with sewage around their homes for nearly two years. The order, which took effect on October 9, halts two construction projects in the area and demands that builders submit an alternative development plan within 60 days. This plan must demonstrate a viable strategy for managing future drainage and sewage generated by these buildings. The directive followed several meetings between PMRDA officials, Pune Municipal Corporation (PMC) engineers, builders, and local residents in recent…

IndustryLatest Stories

Mahindra Lifespaces to Redevelop Four Mumbai Societies

NEW DELHI: Mahindra Lifespace Developers (MLDL), the real estate arm of the Mahindra Group, has been chosen as the preferred partner for redeveloping four residential societies in Malad (West), Mumbai. The project spans approximately 1.65 acres and has a development potential estimated at ₹800 crore. Vimalendra Singh, Chief Business Officer (Residential) at MLDL, stated, “This aligns with our strategy to strengthen our presence in established micromarkets, allowing us to leverage economies of scale and improve project efficiencies.” In a separate regulatory update, the company announced its acquisition of 13.46 acres of land in the prestigious Nande-Mahalunge region of Pune, expected…

IndustryLatest Stories

Kolte-Patil Buys 7.5 Acres in Bhugaon, Pune

NEW DELHI: Pune’s Kolte-Patil Developers has acquired a 7.5-acre land parcel in Bhugaon. The project boasts an estimated saleable area of 1.9 million sq ft, with a gross development value (GDV) of ₹1,400 crore. According to Rajesh Patil, the company’s managing director, “Our entry into Bhugaon aligns with our strategy of providing thoughtfully planned, value-driven developments, driven by increasing demand from improved infrastructure and heightened end-user interest.” Recently, the NCLT in Mumbai greenlit the amalgamation scheme between Kolte-Patil Developers and its wholly owned subsidiary, Kolte-Patil Integrated Townships. Published On Oct 10, 2025 at 12:00 PM IST Join a community of…

InfrastructureLatest Stories

East Pune Residents Call for Improved Infrastructure

Representative Image PUNE: Residents from eastern Pune areas—Wadgaon Sheri, Wagholi, Lohegaon, and Dhanori—gathered outside the Pune Municipal Corporation (PMC) building on Tuesday to voice their demands for better infrastructure. They approached civic chief Naval Kishore Ram, highlighting years of inadequate facilities that have hindered their daily lives. The community requested a consistent water supply, completion of unfinished roads, enhancements to the drainage system, and improved healthcare services. They also called for the establishment of parks, installation of streetlights, and approval of local development plans. Frustration over civic negligence was palpable among the protesters. “We pay taxes like everyone else, yet…

Latest StoriesResidential

SGRA Chair Calls on Pune Societies to Adopt Mumbai Self-Redevelopment Model

PUNE: Pravin Darekar, chairman of the new Self-Group Redevelopment Authority (SGRA), announced on Sunday that self-redevelopment is increasingly advantageous for property owners. The initiative is gaining traction in Mumbai, and he encouraged more housing societies in Pune to consider it. Speaking to reporters at a seminar hosted by the Pune District Cooperative Housing Societies and Apartments Federation, Darekar highlighted the formation of a dedicated authority to promote self-redevelopment. He noted that the state cooperative bank and various district banks are willing to provide loans for such initiatives. “Many private builders are obtaining loans at very high rates from private banks.…