Tag: Pune

Latest StoriesResidential

Seven Pune colonies slated for redevelopment, residents notified to vacate

PUNE: The civic authorities have initiated plans to redevelop municipal colonies that have deteriorated over the decades. Notices have been issued to residents of seven housing complexes across civic areas, requesting them to vacate their homes for the rebuilding process. Officials from the Pune Municipal Corporation (PMC) reported that approximately 1,900 flats are in unsafe conditions, emphasizing that residents must relocate. Priority will be given to 288 houses during the redevelopment initiative. Plans are currently in discussion, with the project potentially being executed by PMC itself or through a build, operate, and transfer model, possibly involving a private developer. Residents…

IndustryLatest Stories

Pune: Property Prices May Jump ₹250-300/SQ FT Amid Supplier Hike

PUNE: Homebuyers in Pune may face rising property prices following a proposed rate hike by ready-mix concrete (RMC) suppliers for various concrete grades on May 9. Experts suggest that this increase could elevate construction costs by Rs 250-300 per square foot. “While some developers may absorb part of the costs for ongoing projects, new launches will likely pass the added burden on to buyers,” commented Nitin Deshpande, president of the Marathi Bandhkam Vyavasayik Association. The Pune RMC Association previously halted operations on April 16 due to coordination issues with the Maharashtra Pollution Control Board (MPCB), Pune Municipal Corporation (PMC), and…

IndustryLatest Stories

Nisus Finance invests ₹90 crore in Realnet’s Hinjewadi project

NEW DELHI: Nisus Finance Services Co has invested ₹90 crore through its Real Estate Special Opportunities Fund-I (RESO-I) in Realnet Ventures, which is a fully owned subsidiary of Paranjape Schemes (Constructions). The residential apartment tower is being developed on 1.09 acres of land, offering a total saleable area of 4.02 lakh sq ft. It will comprise 188 units, including 3BHK (average area of 1,300 sq ft) and 4BHK (average area of 1,700 sq ft) configurations. The project has a gross development value (GDV) of ₹370 crore and is projected to generate an operating surplus of ₹143 crore. Located within Blue…

InfrastructureLatest Stories

Maharashtra Approves Land Handover for Mula-Mutha Project

Representative AI image PUNE: The state government approved the transfer of three land plots adjacent to the Mula-Mutha river for the Riverfront Development Project (RFD) on Thursday. A total area of 52,851 sqm will be transferred to the Pune Municipal Corporation (PMC) as per the decision made during a state cabinet meeting. The land parcels comprise an 11,015 sqm section between Sangamwadi Bridge and Bund Garden Bridge, a 34,128 sqm area at the Mundhwa Botanical Garden, and an additional 7,700 sqm plot in the Mundhwa area, currently owned by the Women and Child Welfare Department. Mayor Manjusha Nagpure expressed support…

InfrastructureLatest Stories

PCMC Cuts Water to 24 Housing Societies Over STP Issues

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has suspended water supply to 24 housing societies this month due to their failure to operate sewage treatment plants (STPs), despite multiple warnings. Additionally, 16 housing complexes have been fined ₹10,000 each for discharging wastewater into stormwater drains. PCMC has issued a warning that more housing societies may encounter similar penalties if they do not adhere to regulations. According to civic regulations, residential complexes with over 100 flats or a total built-up area exceeding 20,000 sqm are required to install STPs, treat sewage on-site, and reuse the treated water for non-potable purposes such…

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Maharashtra Plans Property Cards with Valuation for All Plots

Representative AI image PUNE: The Maharashtra state government is drafting a Land Titling Act that will mandate property cards for all land parcels, as stated by Revenue Minister Chandrashekhar Bawankule in Pune on Sunday. This card will not only include essential details but will also indicate the property’s value. A property card, or malmatta patrak, serves as the official land record document issued by the city survey department for urban areas. Currently, it is the primary legal proof of ownership for urban properties, encompassing all details about the owner, property size, location, and transaction history. For rural areas, a 7/12…

InfrastructureLatest Stories

Pune’s Hinjewadi-Shivajinagar metro stations may open by June-end

PUNE: Commuters waiting for the Hinjewadi-Shivajinagar Metro (Line 3) can anticipate partial relief by the end of June, with 12 stations expected to open in the initial phase, subject to necessary safety clearances, according to PMRDA officials following a meeting in Mumbai on Thursday. The officials revealed that the overall project completion stands at 95.2%. “The Commissioner of Metro Rail Safety (CMRS) is scheduled to inspect the corridor later this month. A final decision regarding the launch will depend on this inspection. However, it’s likely that services could commence by the end of June, assuming all approvals are granted,” stated…

InfrastructureLatest Stories

PMRDA to Transfer Mahalunge-Maan Plan to PMC for Implementation

PUNE: After nearly eight years of delays, the long-awaited Mahalunge-Maan Town Planning (TP) scheme is finally set to be implemented. The Pune Metropolitan Region Development Authority (PMRDA) plans to transfer the execution responsibilities of this project to the Pune Municipal Corporation (PMC). During a recent PMRDA budget meeting, senior officials confirmed that TP schemes primarily located within PMC limits will now be executed by the civic body. A formal notification from the state government is expected soon to finalize the transfer. The jurisdiction change follows the merger of several villages into the PMC. Officials revealed that over 75% of the…

CommercialLatest Stories

Boston Scientific leases 130,000 sq ft office in Pune’s Wakad

MUMBAI: Boston Scientific, a global leader in medical technology, has secured over 130,000 sq ft of office space in Pune through a long-term lease of nearly 9.5 years, emphasizing the sustained interest from multinational companies in expansive office campuses in major tech hubs. Boston Scientific Technology and Engineering Services has leased 130,682 sq ft on the sixth and seventh floors of Eon West LP II, Tower D, located in Wakad, Pune. The lease also includes an option to lease the eighth floor until March 2027, suggesting potential future expansion at the site. The office space was leased from Wakad Realty…

IndustryLatest Stories

Maharashtra Cabinet Likely to Approve Vertical Property Cards in June

Representative AI image PUNE: A revised proposal for “vertical property cards” aimed at flat owners has been reintroduced to the state government and is anticipated for cabinet review in June, as stated by officials from the settlement commissioner’s office. The proposal, which has lingered for almost four years, has recently been sent to the law and judiciary department with several incorporated modifications. A senior official mentioned, “It should go before the cabinet once the department approves it.” If sanctioned, Maharashtra will be among the select states in India to adopt such a system. The initial rollout will target projects registered…