Tag: Pune

IndustryLatest Stories

Pune Civic Body Hits Revenue Loss as State Halts Tax Recovery

PUNE: The civic body that faced revenue losses in the 2024-25 fiscal owing to ongoing legal disputes regarding property tax in merged areas might encounter the same challenges in the 2025-26 financial year, as the state government maintains its ban on tax recovery. In 2024, the state mandated a halt to property tax collection from merged regions and ordered the Pune Municipal Corporation (PMC) to limit property tax to no more than twice the rates previously set by the grampanchayats, following complaints from residents of the newly integrated areas about high civic taxes. The absence of specific regulations within the…

IndustryLatest Stories

Tishman Speyer, Axis CRE Partner with Kasturi for ₹1,700 Cr Pune Project

Global real estate investment, development, and management firm Tishman Speyer, along with Axis Commercial Real Estate Fund, has formed a strategic alliance with Kasturi Housing to launch a commercial and IT office project valued at ₹1,700 crore in Pune’s Balewadi region. This collaboration will yield approximately 1 million sq ft of premium office space, with Tishman and Axis holding a joint 50% stake while Kasturi Housing retains the rest. “Our partnership with Kasturi Housing and Axis AMC marks a significant expansion in India,” stated Parvesh Sharma, MD & country head of Tishman Speyer India. “The Pune project is a crucial…

Latest StoriesResidential

Pune: PMRDA Targets Illegal Plotting in Purandar

Representative AI image PUNE: The Pune Metropolitan Region Development Authority (PMRDA) has ramped up efforts against illegal plotting in Purandar taluka, demolishing unauthorized layouts in three villages over the last two days. The demolition drive, which commenced on November 19, will extend into Monday, as informed by Joint Commissioner Dipti Suryawanshi-Patil to TOI. Following numerous complaints from buyers who were misled into buying plots without the necessary permissions, PMRDA recently conducted a survey across 15 villages in Purandar and uncovered several violations. Demolition activities took place in Deodi, Ambodi, and Kalewadi, where plots had been sold without non-agriculture (NA) permission…

Latest StoriesRera

MahaRERA Releases SOP to Speed Up Compensation Recovery

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a detailed standard operating procedure (SOP) to streamline the process of obtaining compensation from developers who disregard its orders. Released on Thursday, in response to directives from the Bombay High Court, the SOP outlines strict timelines and escalation measures, which may include property attachment and civil imprisonment, as noted by MahaRERA officials. According to senior MahaRERA officials speaking to TOI, the new SOP is designed to “ensure strict compliance with the high court’s ruling and offer timely relief to homebuyers.” Developers are now required to compensate affected homebuyers within 60…

Latest StoriesResidential

All-Party Support for Housing Societies’ Land Policy Revamp

PUNE: Revenue Minister Chandrashekhar Bawankule has gained all-party consensus for a significant overhaul of the stalled redevelopment policy for housing societies on government land. The proposal will be submitted to the cabinet for final approval, following which a government resolution (GR) will be issued to implement the new framework, an official informed TOI on Friday. Once approved, the policy is expected to benefit approximately 3,000 housing societies on government land. Pravin Darekar, chairman of the Maharashtra Housing Cluster/Self-Redevelopment Authority, urged the state to establish a clear, time-sensitive process specifically for societies on government land. He highlighted that countless residents are…

Latest StoriesRegulatory

Pune Land Deal Report Blames Sub-Registrar, Two Others; No Parth Pawar

PUNE: A committee led by a Joint Inspector General of Registration (IGR) has completed its investigation into a controversial Rs 300-crore land transaction involving a Pune firm co-owned by Parth Pawar, son of Maharashtra Deputy CM Ajit Pawar. The committee has identified three individuals named in a police FIR, according to an official report. The three-member panel’s findings were submitted on Tuesday, but it did not implicate Parth Pawar, as his name was absent from any of the relevant documentation, as per a senior official’s statement to PTI. Joint IGR Rajendra Muthe, who led the committee, presented the report to…

IndustryLatest Stories

Maharashtra: IGR Panel Calls for Stricter Property Registration Controls

PUNE: A five-member inquiry committee, led by Joint Inspector General of Registration Rajendra Muthe, has proposed significant reforms to enhance Maharashtra’s property registration system and reduce revenue loss. This recommendation follows an investigation into irregularities linked to a ₹300-crore land purchase case in Mundhwa involving Amadea Enterprises LLP, associated with Deputy Chief Minister Ajit Pawar’s son, Parth. According to sources familiar with the report, the committee has advised that registrars must obtain a formal decision from the Stamp Collector under Section 31 of the Maharashtra Stamp Act before granting stamp duty exemptions based on government notifications. “This measure is vital…

IndustryLatest Stories

Maharashtra Minister Orders Free Regularization of Small Lands

MUMBAI: Maharashtra’s Revenue Minister, Chandrashekhar Bawankule, announced on Tuesday the free regularization of small land parcels that were purchased in violation of the Fragmentation Act. This initiative is projected to benefit approximately 60 lakh property holders and nearly three crore citizens statewide. “Entries reflecting transactions violating the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act will be erased from the 7/12 land title document,” Bawankule stated. He emphasized that the newly implemented eight-point procedure will legitimize thousands of long-standing small-plot transactions in Maharashtra. In response to Bawankule’s directive, the revenue department indicated that this procedure will apply to land…

InfrastructureLatest Stories

Maharashtra Cabinet OKs Iconic City and MHADA Redevelopment Plans

MUMBAI: On Tuesday, the Maharashtra cabinet sanctioned a policy for concept-driven iconic city development, aimed at maximizing land utilization held by CIDCO and various authorities. It also approved the redevelopment of certain MHADA colonies. The meeting was headed by Chief Minister Devendra Fadnavis, according to an official release. The City and Industrial Development Corporation (CIDCO) leases land parcels for diverse purposes via auctions, permitting project construction under the lease and Development Control and Promotion Regulation (DCPR) 2020 guidelines. However, for land parcels controlled by multiple construction and development operators (CDOs), integrated township-style development is currently unfeasible, the CM’s office stated.…

CommercialLatest Stories

Smartworks Leases 1.66 Lakh Sq Ft to Wolters Kluwer in Pune

NEW DELHI: Smartworks Coworking Spaces has signed a lease for 1.66 lakh sq ft with Wolters Kluwer (India) at the Marisoft campus in Kalyani Nagar, Pune. “The cohort of 1,000+ seats, which constituted about 12% of our rental revenue three years ago, has now surged to nearly 35%,” stated Neetish Sarda, founder and managing director of the company. Currently, over 30% of the company’s rental revenue is generated by enterprises operating across multiple locations. It reported a 21% year-on-year increase in revenue to ₹4,248 million, along with a 46% rise in normalized EBITDA in Q2 FY26. The company also achieved…