Tag: Pune

Latest StoriesRegulatory

Pune PMC Fines Builder for Contaminated Water in Mhalunge

PUNE: The civic authority issued a show-cause notice and imposed a fine of Rs 1 lakh on a manager/developer of VTP Aethereus for allegedly supplying contaminated water to residents at a complex in Mhalunge. According to the notice, this action was prompted by complaints from residents, although the developer has stated that the issue has been resolved. The notice from the Pune Municipal Corporation (PMC) indicated: “As the municipal water supply system is not yet operational in the area, you provided a written assurance to the Pune Metropolitan Region Development Authority (PMRDA)/PMC that you would supply safe and potable water…

Latest StoriesRera

Homebuyers Await Recovery Warrants Two Months After MahaRERA SOP

PUNE: Homebuyers seeking compensation from defaulting developers find themselves in a state of uncertainty, as execution of recovery warrants remains stalled despite the Maharashtra Real Estate Regulatory Authority (MahaRERA) implementing a new standard operating procedure (SOP) two months ago aimed at expediting the process. Among those affected are 80-year-old Arun Seth and his wife, who invested over Rs 50 lakh in a housing project back in 2014. Even though recovery warrants were issued in their favor years ago, local revenue authorities have yet to act. “Orders are issued, but nothing gets executed. It’s unclear if the developer still has any…

InfrastructureLatest Stories

Pune fines developer for dumping debris on riverbed

PUNE: The civic body has imposed a fine of ₹10 lakh on a private developer for allegedly dumping waste on the riverbed near Deccan. “The civic administration directed the Slum Rehabilitation Authority to take further action. A stop-work order should be issued for the construction project from which the debris was collected, and the site has been sealed,” noted a senior PMC official. “We will pursue criminal charges against those responsible for this illegal dumping. Monitoring efforts will be increased,” stated Avinash Sakpal, head of Pune Municipal Corporation (PMC)’s solid waste management department. PMC Commissioner Naval Kishore Ram mentioned, “The…

InfrastructureLatest Stories

Maharashtra Govt Confirms PMC as Planning Authority for 23 Areas

PUNE: On Wednesday, the state government designated the Pune Municipal Corporation (PMC) as the planning authority for the 23 areas merged into its limits in 2021. This significant decision aims to transform the city’s development dynamics. Since the merger, residents in these areas have been in a complicated situation, with daily planning decisions resting with the Pune Metropolitan Region Development Authority (PMRDA). This dual-authority scenario meant that while PMC provided water and civic services, PMRDA was in charge of issuing building permits. As a result, developers, residents, and officials often faced confusion due to overlapping regulations, ambiguous permissions, and enforcement…

InfrastructureLatest Stories

Maharashtra Plans Draft Structure for Pune Metropolitan Area

Representative AI image PUNE: The state government has instructed the PMRDA to promptly begin drafting the structure plan for the Pune Metropolitan Region (PMR). Senior officials from the urban development department mentioned that the notification was released on February 10. “The directions were issued in the public interest in accordance with provisions added through Chapter III B of the MRTP Act. The amended law allows a six-month window following the publication of the statutory notice to prepare the structure plan. Hence, the state has ordered the PMRDA to take immediate action,” they stated. PMRDA Commissioner Yogesh Mhase assured TOI on…

IndustryLatest Stories

Lodha Acquires 80% Stake in Solidrise Realty for ₹294.07 Crore

NEW DELHI: Lodha Developers has signed a share purchase agreement to acquire an 80% equity stake in Solidrise Realty (SRPL) for ₹294.07 crore. Following this acquisition, SRPL will operate as a subsidiary of the company, which is actively involved in the Pune real estate market. The acquisition aims to facilitate the company’s expansion into Pune, as stated in its regulatory filing. In the earnings report for Q3 FY26, Abhishek Lodha, the managing director and CEO, announced the addition of approximately ₹340 billion in gross development value (GDV) from new project developments, including two projects currently in the pilot phase in…

InfrastructureLatest Stories

Maharashtra Cabinet Approves ₹6,000 Crore Loan for Purandar Airport

Representative AI image PUNE: On Tuesday, the state government approved a proposal to raise ₹6,000 crore for land acquisition related to the Purandar airport project. Principal Secretary of Industries, P. Anbalagan, informed TOI that the state cabinet has, in principle, approved the funding for the airport. A special purpose vehicle (SPV), already in place, involves CIDCO holding a 51% stake, with MIDC and PMRDA each holding 15%, and MADC holding 19%. The SPV was established earlier to facilitate the greenfield airport project. Anbalagan stated, “It has been decided to raise approximately ₹6,000 crore for acquiring land for the greenfield airport.…

IndustryLatest Stories

Maharashtra Abolishes NA Tax to Boost Redevelopment of Housing Societies

PUNE | MUMBAI: State revenue minister Chandrashekhar Bawankule announced on Wednesday that the non-agricultural (NA) tax has been permanently eliminated, following directives from CM Devendra Fadnavis. This reform comes approximately a year and a half after its initial proposal and is poised to facilitate the redevelopment and regularization of aging housing societies in major urban areas like Pune, Mumbai, and Thane. The notification, issued late Tuesday, revises the Maharashtra Land Revenue Code to abolish the annual NA tax and the necessity for a separate non-agricultural land-use permit from the district collector. “This applies as long as the proposed land use…

CommercialLatest Stories

UBS Signs ₹263-Crore Rental Deal for Pune’s Yerwada Tower

Global financial services firm UBS Group AG’s Indian subsidiary has signed a long-term lease for a complete commercial tower in Pune’s Yerwada area with Smartworks Coworking Spaces, with total rental costs exceeding Rs 263 crore. The managed office facility at Tech Park One on Airport Road encompasses approximately 165,290 square feet and accommodates about 1,520 workstations. The lease spans the ground through the seventh floor and began on January 15. According to property registration documents reviewed by RealtyDailyNews, UBS Business Solutions India, the subsidiary based in Zurich, will pay an initial rent of around Rs 240 per square foot per…