Tag: Pune

Latest StoriesRegulatory

50% Tax Waiver for PCMC Red Zone Properties Starting FY27

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) decided on Tuesday to grant a 50% discount on the general tax for properties located in the red zone, starting from the next financial year. This move has sparked protests from numerous housing societies. The proposal for the tax waiver was approved in the PCMC’s standing committee and general body meetings. A senior official from the property tax department stated that the decision, effective April 1, 2026, pertains only to property owners who settle all outstanding dues. Pimpri Chinchwad Municipal Commissioner Shekhar Singh explained to TOI that the civic body currently struggles to…

Latest StoriesRegulatory

SC Supports SEIAA and SEAC’s Authority on Environmental Clearances

NEW DELHI: The Supreme Court (SC) has confirmed that the State Environment Impact Assessment Authority (SEIAA) and the State Expert Appraisal Committee (SEAC) will remain the primary authorities responsible for granting environmental clearances at the project level. This ruling addresses a long-standing regulatory standstill affecting over 493 real estate projects in the Mumbai Metropolitan Region (MMR) and Pune, which could impact more than 70,000 housing units, especially in the affordable and mid-income categories. The court’s decision is expected to clarify the environment clearance process, potentially revitalizing housing development in the area. The SC also invalidated sections of the notifications from…

IndustryLatest Stories

K Raheja Corp Acquires 7.4 Acres in Pune for ₹200 Crore

Representative image created by AI Realty developer K Raheja Corp’s subsidiary, KRC Queens, has purchased a significant 7.43-acre land parcel in Pune’s Mahalunge locality from Mahalunge Real Estate Developers for approximately ₹200 crore. The acquisition holds the potential for 1.7 million sq ft of built-up area, marking it as one of the largest land purchases in Pune’s western corridor in recent months. The Mumbai-based company has also paid a stamp duty of ₹13.67 crore for the registration of the deal, which was finalized on July 21, as per documents sourced through CRE Matrix, a real estate data analytics platform. Located…

InfrastructureLatest Stories

Maharashtra CM Advocates Housing Near Metro Terminals

NAGPUR: Chief Minister Devendra Fadnavis, while reviewing 30 key infrastructure projects across the state on Monday, advocated for housing initiatives near Metro corridor terminals to optimize land use and improve last-mile connectivity in urban planning. “Housing colonies should be developed next to Metro endpoints to truly leverage our transport infrastructure,” Fadnavis stated during a meeting at the state secretariat. “We have both the technology and resources. These projects should be completed within three years,” he emphasized. The meeting, part of an ongoing series in the Chief Minister’s War Room, involved top bureaucrats and district-level officials via videoconference. This was the…

IndustryLatest Stories

Maharashtra: Experts Warn on Darekar Panel’s Self-Redevelopment Report

PUNE: Housing activists have voiced serious concerns regarding the recommendations from the Pravin Darekar committee on self-redevelopment, stating that the new proposals undermine key benefits established in the state government’s 2019 government resolution (GR) and create new challenges for middle-class homeowners. Housing expert Chandrashekhar Prabhu noted that the committee’s report could strip vital incentives for housing societies, complicating the process for residents. “The 2019 GR offered a 10% increase in FSI as a significant incentive, while the Darekar committee has only recommended a 10% increase in carpet area—offering no real advantage to housing societies,” he explained. According to activists, one…

Latest StoriesRegulatory

FIRs Launched to Combat Illegal Sand Mining in Maharashtra

PUNE: The state government has instructed district collectors and police commissioners to register FIRs and take strict criminal action against individuals engaged in unauthorized excavation, transport, and use of sand or other minor minerals. On July 17, the revenue and forest departments issued a circular that empowers officials to prosecute offenders under various laws, including the Maharashtra Land Revenue Code of 1966, the Bharatiya Nyaya Sanhita (BNS) of 2023, the Environment Protection Act of 1986, the Mines and Minerals (Development and Regulation) Act of 1957, and the Prevention of Damage to Public Property Act. The circular also states that any…

IndustryLatest Stories

Pune: Property Tax Discounts for Green Buildings Double in 6 Years

PUNE: The Pune Municipal Corporation (PMC) recently released its Environment Status Report (ESR), highlighting that the number of beneficiaries receiving discounts on property tax for adhering to green building norms has doubled over the past six years. This raises a critical question: Are these positive outcomes visible on the ground? Citizens, activists, and experts are calling for improved oversight of compliance by local authorities. The ‘green discount’ offers property owners a 5-10% reduction in property tax if they have installed solar and vermicomposting systems. According to PMC’s ESR, around 86,000 property owners benefitted from this incentive in 2019-20, which surged…

CommercialLatest Stories

IndiQube Falls 15% in Trading Debut on July 30

Shares of IndiQube Spaces dropped nearly 15% on their trading debut on Wednesday, as broader markets remained subdued ahead of an impending U.S. tariff deadline. This scenario values the Indian workspace solutions provider at ₹44.13 billion ($506 million). IndiQube’s debut is notable among a dozen Indian IPOs this month, being only the second to list at a discount. The firm raised $80.3 million through an IPO that was 12.4 times oversubscribed last week, showing strong demand from both retail and institutional investors. Its shares opened at a 9% discount to the IPO price of ₹237 in Mumbai and were down…

IndustryLatest Stories

Kolte-Patil Developers reports ₹16.88 crore net loss in Q1 FY26

NEW DELHI: Kolte-Patil Developers has reported a net consolidated loss after tax of ₹16.88 crore for the quarter ending June 30, 2025. This reflects a downturn from the profit after tax of ₹6.37 crore recorded in the same quarter of the previous fiscal year, according to a filing with the BSE. The company’s net consolidated income for Q1 FY26 was ₹96.81 crore, a significant drop of 72.37% compared to the ₹350.39 crore reported in the same period last year. As of June 30, 2025, the company’s net worth was ₹1,233.65 crore. Its current liability ratio stood at 0.99, while the…