Tag: Pune

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…

Latest StoriesResidential

Pune: 1.3 Lakh Property Owners Excluded from Tax Amnesty

PUNE: The Pune Municipal Corporation (PMC) has announced a ban on 1.38 lakh property owners who are repeat defaulters from participating in the property tax amnesty scheme. This decision follows concerns raised by citizens’ groups regarding some property owners who continuously default on their taxes while exploiting the amnesty benefits. The current scheme grants a 75% discount on penalties for unpaid property taxes. “Actions are underway to ensure that only legitimate beneficiaries obtain benefits from the schemes. Property owners who have previously availed of the scheme will not be eligible for it again,” stated Ravi Pawar, head of PMC’s property…

IndustryLatest Stories

Pune Jain Property Row: Sale Nullified, Deed Awaiting Cancellation

PUNE: The Maharashtra charity commissioner has ordered the cancellation of a Jain trust’s prime property sale in Pune to a builder. However, officials report that neither party has approached the Registration and Stamp Department to finalize the cancellation deed. On Tuesday, Jain spiritual leader Acharya Guptinandi Maharaj, who spearheaded the protest against the Seth Hirachand Nemchand Jain hostel property deal between Model Colony trustees and Gokhale Landmarks LLP, threatened to resume the agitation if the deal is not nullified within a few days. The land, which includes a boarding facility for Jain students and the Bhagwan Mahavir temple, is located…

IndustryLatest Stories

Kolte-Patil Developers Reports ₹11 Crore Q2 FY26 Loss

NEW DELHI: Kolte-Patil Developers Ltd has reported a consolidated net loss of ₹11.14 crore for the September quarter, alongside the resignation of Group CEO Atul Bohra. In the same period last year, the company posted a net profit of ₹10.34 crore. Total income decreased by 50% to ₹161.75 crore in Q2 of this fiscal year, compared to ₹320.96 crore during the same quarter last year, as stated in a regulatory filing. The board has approved the appointment of Avani Vishal Davda as an additional director (Non-Executive and Independent), effective immediately, pending shareholder approval. The resignations of Sudha Pravin Navandar as…

Latest StoriesRera

MahaRERA Boosts Efficiency with Hybrid Mode Hearings

NAGPUR: The Maharashtra Real Estate Regulatory Authority (MahaRERA) is now facilitating both physical and digital hearings for complaints, adhering to a directive from the Bombay High Court. This initiative enhances the convenience and transparency of housing dispute resolutions. Attendance has notably risen, as complainants and relevant parties across Maharashtra can opt for in-person or remote participation via secure video conferencing platforms. MahaRERA, the governing body enforcing the Real Estate (Regulation and Development) Act in the state, has adopted a hybrid model for hearings. This allows parties to choose between physical presence and virtual attendance, as per the Bombay High Court’s…

IndustryLatest Stories

Gera Developments to Invest ₹16,000 Crore in Child and Wellness Projects

NEW DELHI: Gera Developments, based in Pune, is gearing up for a significant expansion with managing director Rohit Gera announcing an investment of approximately ₹16,000 crore in forthcoming residential projects over the next few years. This substantial investment will be evenly distributed between the company’s child-centric and recently introduced wellness-centric segments. In an exclusive conversation with Ankit Sharma, Gera shared insights into the company’s outlook, investment plans, product innovations, and financial strategies. He elaborated on the rationale behind preferring outright land purchases over joint ventures, detailed the phased project pipeline, and discussed how the wellness-centric model will enhance the existing…

IndustryLatest Stories

Pune: PMC Unveils Tax Amnesty Scheme Amid Resident Opposition

PUNE: In response to recent protests from some residents, the Pune Municipal Corporation (PMC) has announced a new amnesty scheme for property tax defaulters, set to launch from November 15, 2025, until January 15, 2026. “The monthly penalty of 2% has now surpassed the original tax amount, prompting this initiative, which will provide a 75% waiver on penalties,” explained PMC’s additional commissioner, Prithviraj BP. Recently, the citizens’ group Sajag Nagrik Manch criticized the effectiveness of such schemes, stating that previous efforts have failed to encourage defaulters to pay their dues. According to the Maharashtra Municipal Corporations Act, a 2% monthly…

CommercialLatest Stories

IndiQube Spaces Reports ₹30 Crore Loss in Q2 FY26

NEW DELHI: IndiQube Spaces Ltd has reported a net loss of Rs 29.86 crore for the second quarter of this fiscal year, compared to a net loss of Rs 52.52 crore during the same period last year. However, the company’s total income increased to Rs 366.59 crore for the July-September quarter, up from Rs 264.01 crore in the corresponding period the previous year, as per a regulatory filing. IndiQube Spaces Ltd leases office spaces from property owners to set up its centers and then sub-leases workspaces primarily to both domestic and international companies. The firm operates in 16 cities, managing…

IndustryLatest Stories

Pune PMC Issues Demolition Guidelines for Old Properties

PUNE: The Pune Municipal Corporation (PMC) has issued new directives for developers regarding the safe demolition of properties slated for redevelopment. As per the PMC’s recently released guidelines, developers are required to notify both the fire brigade and adjacent property owners during the demolition of older structures. If there’s a risk of damage to neighboring properties, those premises must be vacated. “New building permissions are contingent upon strict adherence to the PMC’s regulations for safe and secure demolitions. Developers must submit photographic evidence of compliance,” stated Rajesh Bankar, a senior official in the PMC’s building permission department. In addition to…

CommercialLatest Stories

Smartworks Narrows Q2 FY26 Loss to ₹3 Crore

NEW DELHI: Smartworks Coworking Spaces Ltd has successfully reduced its consolidated net loss to Rs 3.13 crore in the second quarter of the fiscal year, primarily due to increased expenses. The company reported a net loss of Rs 15.82 crore during the same quarter last year. Total income rose by 22% to Rs 441.06 crore in the July-September quarter, compared to Rs 360.84 crore during the equivalent period last year, as stated in a recent regulatory filing. Neetish Sarda, Founder & Managing Director of Smartworks, commented, “Our Q2 outcomes highlight the robustness and scalability of our managed campus model. With…