Tag: Pune

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…

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…