Tag: Pune

InfrastructureLatest Stories

Maharashtra CM Advocates Metro Expansion in Pune’s New Areas

Representative AI image PUNE: The Phase-II expansion of the Metro system in and around Pune is set to gain momentum, as Chief Minister Devendra Fadnavis announced plans to enhance the transit infrastructure in several cities, including Mumbai and Nagpur. The proposed Khadakwasla-Swargate-Hadapsar-Kharadi line, along with new routes from Hadapsar to Loni Kalbhor and from Hadapsar to Saswad Road, aims to connect older city areas with newer developments. If implemented on schedule, these lines will significantly benefit countless commuters. Fadnavis stated that the state government is focused on expanding the Metro network and has approved the new lines in Pune and…

CommercialLatest Stories

ICICI Prudential AIF Buys Pune IT Park for ₹520 Crore

An alternative investment fund managed by ICICI Prudential Asset Management Company has successfully acquired a grade-A office property in Pune as part of its initiative aimed at enhancing a portfolio of income-generating commercial real estate. The acquisition was made through the ICICI Prudential Office Yield Optimiser Fund-Series II, which purchased approximately 388,000 sq ft at Aditya Shagun Infinity IT Park in Baner, Pune, for around Rs 520 crore, according to sources familiar with the deal. The property was developed by K Raheja Group and Shagun Developers. The asset is currently leased to reputable tenants including Eaton Corporation, Accenture, and Jaguar…

IndustryLatest Stories

Maharashtra Budget: Urban Growth and 1,200 km Metro Plan

MUMBAI: In the Maharashtra State Budget for 2026-27, Chief Minister Devendra Fadnavis announced a significant shift in urban governance, predicting that by 2047, 70% of the state’s population will reside in urban areas while contributing nearly 80% to Maharashtra’s GDP. The plan includes an expansion of the Metro network to 1,200 km and the expressway network to over 6,000 km. Major projects in Mumbai feature Metro Line 11 (Wadala to Gateway of India), envisioned as a fully underground corridor with an estimated cost of Rs 23,487 crore. The government is also developing a “Third Mumbai,” a 200 sq km urban…

Latest StoriesRera

MahaRERA: Over 6,300 Unresolved Complaints by December 2025

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) currently has 6,366 unresolved complaints, according to the state economic survey for 2025-26 presented in the legislative assembly on Thursday. This underscores a persistent backlog in disputes between homebuyers and developers. As of December 2025, a total of 53,012 real estate projects were registered with MahaRERA. The authority has received 32,377 complaints since its inception, resolving 26,011, which leaves 6,366 still pending. The survey highlighted that MahaRERA was established under the Real Estate (Regulation and Development) Act of 2016, to regulate the real estate sector by ensuring transparency, financial accountability, and protection…

IndustryLatest Stories

Maharashtra’s Debt Could Push RR Rates Up 5% by April 2026

PUNE: Increasing fiscal pressures and a significant rise in the state’s debt may lead the government to adjust the ready reckoner (RR) rates starting in April, with an anticipated average increase of over 5% across the state, according to senior government officials on Thursday. “Given the expanding revenue deficit and an influx of supplementary demands, a revision of the RR rates seems inevitable. The official announcement will be made on March 31,” a senior state government source told TOI. Consultations with stakeholders in various districts have been completed, but the final decision will hinge on the funds needed to support…

IndustryLatest Stories

Maharashtra Cancels NA Tax for Urban Housing, Waives Dues

NAGPUR: The Maharashtra government has abolished the annual non-agricultural (NA) tax imposed on urban housing societies, providing relief to countless flat owners across the state. Revenue Minister Chandrashekhar Bawankule announced this decision in the Assembly during the Budget Session, following a query from legislator Bhimrao Tapkir. Bawankule stated that all overdue payments and arrears have been canceled. This applies to all urban residential properties, whether they are newly built or older structures. “The previously collected tax and outstanding dues have been scrapped, which will offer significant financial relief to housing societies and apartment owners,” he informed the Assembly. Tapkir highlighted…

InfrastructureLatest Stories

Pune Civic Body Dismantles 78,000 Sq Ft of Illegal Structures

Representative AI image PUNE: On Wednesday, the civic body demolished 18 illegal constructions over an area of 78,000 sqft in the Lohegaon and Nagar Road regions. The structures included both concrete buildings and tin sheds, affecting residential and commercial properties alike. According to a statement from Pune Municipal Corporation (PMC) officials, action was also taken against the well-known Rameshwaram Cafe in Vimannagar. Attempts to reach the cafe’s management were unsuccessful as their phone line was off. PMC officials explained that the demolition was conducted in accordance with the Unified Development Control and Promotion Regulations (UDCPR), which align with the Maharashtra…

InfrastructureLatest Stories

Pune Mandates Sensors for STP Monitoring in Housing Societies

PUNE: The civic authorities have mandated the installation of sensors in nearly 750 housing societies to facilitate effective monitoring of sewage treatment plants (STPs) within these residential areas. According to Pune Municipal Corporation (PMC) officials, all residential complexes with over 100 flats must manage their wastewater on-site. “The sensors will enable us to assess the efficiency of the STPs. Housing societies must handle their generated sewage. If they fail, corrective measures will be enforced,” stated Prithviraj BP, additional commissioner of PMC. The initiative is aimed at preventing the discharge of untreated wastewater and combatting water pollution. With urbanization leading to…

CommercialLatest Stories

Prime Offices Fund buys 51% stake in 1.1M sq ft Pune asset

NEW DELHI: Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has obtained a 51% stake in TenSteps, a 1.1 million sq. ft. office project located in Pune’s Kharadi micro-market. This deal was executed through a joint venture, with Keppel maintaining the remaining 49% stake. The asset is currently in the leasing phase. With this acquisition, PRIME’s office portfolio will grow to about 3.8 million sq. ft. across major markets, including Delhi NCR, Chennai, and Pune. NCW, which manages the fund, is a 50:50 joint venture between Nuvama Asset Management and…

IndustryLatest Stories

Private firms to manage 60 property registration centers; Pune, Mumbai first

Representative AI image PUNE: The state government plans to establish 60 property registration offices across Maharashtra, managed by private institutions, to simplify the process, enhance efficiency, and reduce waiting times—albeit at an additional cost, officials informed TOI on Friday. The proposed centers are designed similar to passport service centers and will operate alongside the current 517 government-run sub-registrar offices. Officials stated that the revenue department approved the proposal last year, and its implementation will occur in phases. In the first phase, five centers will be launched in Mumbai, Pune, Thane, and Nagpur. “We anticipate opening them within six months. Tenders…