Tag: Pune

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…

Latest StoriesRegulatory

Pune to Seize 58 Properties for Tax Defaults

PUNE: The Pune Municipal Corporation (PMC) has initiated the process of attaching 58 properties, primarily commercial establishments, belonging to tax defaulters to meet its financial goal for the 2025-26 fiscal year, according to civic officials on Wednesday. “The civic administration is emphasizing action against significant tax defaulters. Special teams have been deployed for these confiscations,” stated Ravi Pawar, head of PMC’s property tax department. Data from PMC indicates that around Rs 5,500 crore is yet to be recovered from defaulters. While activists have praised the crackdown, they urge PMC to take more stringent actions, such as filing criminal complaints against…

InfrastructureLatest Stories

Rivers, groundwater threatened as STPs decline in Pune, Pimpri

PUNE: The declining health of rivers in Pune and Pimpri Chinchwad has repeatedly come under scrutiny in recent years. According to citizens, activists, and experts, a significant factor is the inadequate sewage treatment plants (STP) managing the wastewater flowing into these water bodies, both at the municipal level and in individual residential complexes. In a January 19 ruling this year, the Bombay High Court mandated that all municipal corporations across the state ensure no occupancy certificates (OC) are issued for high-rises lacking proper connections to the civic sewage lines or without an STP on-site. This ruling is particularly important as…

Latest StoriesResidential

Pune Proposes 10% Property Tax Hike, Citizens Challenge It

PUNE: The Pune Municipal Corporation (PMC) has proposed a 10% property tax increase aimed at enhancing revenue. The standing committee is set to discuss this proposal in a meeting on Monday; currently, it comprises only civic officials due to the absence of a new general body of elected corporators. Citizens’ groups and activists are opposing this move, advocating for the administration to prioritize the recovery of dues from defaulters instead. “There are numerous large tax defaulters. Revenue generation is achievable if their dues are collected,” stated Prashant Badhe from Aple Pune, Apala Parisar, a citizens’ group. Vivek Velankar of Sajag…

IndustryLatest Stories

Godrej Properties buys 8.5-acre land in Mahalunge, Pune

Representative Image NEW DELHI: Godrej Properties (GPL) has successfully acquired an 8.5-acre land parcel through outright purchase in Mahalunge, Pune. The proposed project will primarily feature group housing, with an estimated development potential of around 2.1 million square feet, translating to a revenue potential of ₹2,000 crore. Gaurav Pandey, Managing Director & CEO of the company, stated, “This land acquisition is a significant milestone in our strategy to strengthen our footprint in Pune and expand across high-potential micro-markets in India’s leading cities.” Additionally, the company announced it will be handing over homes across nearly 10 projects in the National Capital…

Latest StoriesRegulatory

NGT Forms Committee to Investigate Tulsi Tower Pollution Complaints

BHOPAL: The National Green Tribunal (NGT) has formed a joint committee to investigate air and noise pollution concerns raised by the residents’ welfare society of Tulsi Tower in Shivaji Nagar, one of Bhopal’s popular apartment complexes. The residents claimed they have been living in a “virtual hell” since a Pune-based construction company began work on ‘Tulsi Green,’ the second phase of the project. The tribunal noted that there have been clear environmental violations by the Madhya Pradesh Housing & Infrastructure Development Board and its contractor, despite the project receiving Environmental Clearance (EC) on July 2, 2022. The judicial member, Sheo…

IndustryLatest Stories

Maharashtra May Boost RR Rate in April Amid Rising Debt

PUNE: According to senior officials in the revenue department, purchasing a flat may become more expensive in the upcoming financial year. There is a suggestion of a potential increase in Ready Reckoner (RR) rates this April due to a growing revenue deficit and rising debt associated with welfare initiatives such as the Ladki Bahin Yojana. Discussions with stakeholders at the district level are currently ongoing, and a final decision will depend on the funding required for infrastructure projects, welfare programs, and recently introduced incentives. “Given the increasing revenue deficit and significant supplementary demands, a revision in RR rates appears to…

InfrastructureLatest Stories

Mahalunge-Maan town plan awaits final approval: PMRDA

PUNE: Seven years after the state government granted initial approval for the Mahalunge–Maan town planning (TP) scheme, the flagship project, which was highlighted during the 2019 Magnetic Maharashtra Investor Summit, is still pending final clearance from the state Urban Development Department (UDD), as reported by a senior PMRDA official. The Pune Metropolitan Region Development Authority (PMRDA) emphasized that while this model scheme remains a priority, delays have arisen due to the necessity of multiple approvals. A senior PMRDA official mentioned, “The scheme is currently under evaluation and is anticipated to receive clearance soon.” These delays come despite previous assurances from…

Latest StoriesRegulatory

Pune civic body bags ₹713 crore from extended property tax amnesty

PUNE: Civic Commissioner Naval Kishore Ram announced on Monday that the property tax amnesty scheme has been extended until February 16. The Pune Municipal Corporation (PMC) reported collecting around ₹713 crore from tax defaulters during the initial two months of the scheme, which originally concluded on January 15. “The response to the scheme was positive. However, election-related factors impacted collections. This extension allows more property owners to take advantage of it,” Ram stated during a press briefing after the Standing Committee meeting. Additionally, Ram noted that the administration is in the final stages of preparing the municipal budget for 2026–27,…

Latest StoriesRegulatory

HC criticizes MHADA for delaying Pune housing society redevelopment

PUNE: The Bombay High Court (HC) has criticized MHADA officials for “overstepping their authority” by misinterpreting the Chief Minister’s (CM) comment regarding a letter from BJP’s Kasba Peth MLA Hemant Rasne. The officials construed it as a stay on the redevelopment of the Sunglory housing cooperative and a proposal for the Nutan housing cooperative in Sadashiv Peth. The bench, comprised of Justice Girish Kulkarni and Justice Aarti Sathe, noted on December 23 the “extra-legal interference” by MLA Rasne, aimed at “pressuring MHADA officials” regarding this matter. The Court ruled that MHADA’s no-objection certificate (NOC) for the Sunglory housing cooperative, issued…