Tag: Pune

Latest StoriesResidential

Maharashtra Property Registrations Steady Amid RR Rate Hike

PUNE: Property registrations in Maharashtra have remained consistent, with an average of 3.7 lakh registrations monthly during the first quarter of this financial year, despite the ready reckoner (RR) rate increase implemented on April 1. Monthly revenue collections exceeded Rs 4,000 crore in both May and June. Officials attribute this stability to persistent demand, even with rising transaction costs due to adjusted property valuations. The RR rate hike, averaging 3.9% across various categories, raised concerns among developers and buyers about a potential decline in demand. However, the consistent registration figures indicate that the market has adapted well without notable disruptions.…

Latest StoriesRera

Maharashtra RERA Halts Details of Project in Abeyance

MUMBAI: Home buyers and advocates are facing challenges accessing information on projects currently suspended on the MahaRERA website. Upon attempting to retrieve project details, they encounter a message indicating the project is in abeyance and that associated bank accounts are frozen. Critical information including completion dates, occupancy certificates, approval status, and previous orders is unavailable to home buyers. Advocates argue that without public access to important documents like Form 4, project approvals, and historical MahaRERA or appellate orders, home buyers may struggle to seek legal remedies. Nonetheless, MahaRERA representatives stated that home buyers can request project information directly via email.…

IndustryLatest Stories

Kolte-Patil Developers Reports ₹616 Crore Q1 FY26 Sales

NEW DELHI: Kolte-Patil Developers (KPDL) announced sales of ₹616 crore for Q1 FY26, driven by consistent performance in major projects and a slight growth in volumes. The company reported sales of 0.84 million sq ft in Q1 FY26, reflecting a 5% increase compared to the previous quarter. Customer collections totaled ₹550 crore this quarter, aligning with the scheduled payments. The average realization remained steady at ₹7,337 per sq ft, similar to last year’s performance. Atul Bohra, the group’s CEO, stated, “With strong launch plans ahead in Pune and Mumbai, we anticipate further growth. Our partnership with Blackstone enhances our strategic…

InfrastructureLatest Stories

Purandar Airport Objection Hearings Over; Land Survey Starts Soon

Representative image created by AI PUNE: The administration of Pune district has concluded hearings for over 3,000 objections and suggestions from farmers in seven villages of Purandar taluka regarding the proposed ₹3,500-crore international airport. A joint land measurement will commence this month, followed by the submission of a comprehensive report to the state government, according to district land acquisition officials. Officials noted that opinions among villagers vary; some firmly oppose the project, while others seek better compensation, jobs, and rehabilitation packages. “Responses have improved since the hearings began, but many farmers still have concerns. We aim to gain their trust,”…

Latest StoriesRegulatory

PCMC Forms Squad to Tackle Staff Negligence in Illegal Builds

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has set up a dedicated vigilance squad to oversee its staff for any lapses related to illegal building activities. This initiative aims to curb unauthorized development in its early stages, according to a senior civic official. On Wednesday, PCMC’s municipal commissioner, Shekhar Singh, led a review meeting with zonal officers and beat inspectors to address various issues, including illegal constructions, encroachments on footpaths and drainage systems, unregulated vegetable markets, and unauthorized religious structures. Singh emphasized the need for immediate action to stop unauthorized development early on and warned that negligence in enforcement would…

Latest StoriesRera

MahaRERA Initiates Statewide Verification of Developer OCs

Certainly! Here’s a rewritten version of the content you provided: PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has launched a statewide verification process for 2,600 Occupancy Certificates (OCs) submitted by developers through its official portal. These certificates are being sent to the relevant planning authorities for validation to prevent any potential discrepancies or forgeries, as reported by officials on Saturday. This initiative follows the repercussions of the Dombivli scam, where developers allegedly utilized falsified approvals to construct illegal buildings across numerous projects. This crackdown is a direct consequence of the 2022 Kalyan-Dombivli Municipal Corporation (KDMC) scandal, which involved 65…

Latest StoriesRera

Only 30% of MahaRERA Recovery Warrants Executed; ₹527 Crore Pending

PUNE: The progress of MahaRERA in executing recovery warrants has been sluggish, with only 31% of cases resolved. Although the state government has instructed that these cases be handled within three months, officials informed TOI that merely Rs 233 crore has been recovered from the Rs 760 crore due in 1,212 cases across Maharashtra. This slow progress contradicts the revenue minister Chandrakant Bawankule’s promise during the state budget session, where he highlighted the need for faster execution of MahaRERA’s recovery warrant orders to clear the backlog within three months. The recovery warrants are issued under Section 40(1) of the Real…

IndustryLatest Stories

Maharashtra to Legalize Subdivided Land by Jan 1, 2025

Representative image created by AI MUMBAI: The Maharashtra government is set to give legal recognition to subdivided land parcels until January 1, 2025, by easing and eventually eliminating the existing land fragmentation law, according to Revenue Minister Chandrashekhar Bawankule, who spoke to the legislative assembly on Wednesday. Bawankule mentioned that more than 50 lakh families face challenges due to land fragmentation rules. He stated that plots measuring up to one guntha (approximately 1,089 sq ft) created before January 2025 will be legalized, allowing citizens to secure official property rights. However, any plots subdivided after January will need to comply with…

IndustryLatest Stories

Maharashtra Bill Aims to Let SRA Recover Transit Rent from Builders

File Photo MUMBAI: On Tuesday, the Maharashtra government introduced a bill in the state assembly aimed at amending the slum redevelopment law. This amendment will enable the Slum Rehabilitation Authority (SRA) to collect outstanding transit rent from builders and developers. The proposed changes to the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act of 1971 will classify unpaid rent to slum residents as arrears of land revenue. Consequently, this gives the SRA the authority to initiate recovery actions under the Maharashtra Land Revenue Code (MLRC). An official noted, “The SRA aims for these amendments to expedite its projects and ensure…

IndustryLatest Stories

Maharashtra’s ‘One State, One Registration’ Scheme Delayed

PUNE: The “one state one registration” initiative, which aims to allow citizens to register property documents at any sub-registrar office in the state, is expected to encounter delays due to various legal, technical, and administrative challenges, according to senior officials. Ravindra Binwade, the inspector general of registration, informed TOI that while the concept is sound, several issues are still under evaluation. “The implementation of the one state one registration scheme might take longer than anticipated, as we need to address aspects such as jurisdiction in fraud cases and document verification,” he stated. This initiative is part of the state government’s…