PMC’s revenue goes down by Rs 500 crore
April 18, 2017

The Pune Municipal Corporation’s (PMC) economic woes may continue for some time as cash-strapped civic body’s revenue has fallen short by Rs 500 crore in FY 2016-17. Against revenue of Rs 4,300 in the last financial year, the Corporation managed to generate only Rs 3,800 crore in the year gone by, primarily due to poor incomes from building permissions, local body tax (LBT) and property tax. While the loss of Rs 140 crore was caused… Read More

CREDAI to build 45,000 affordable homes in Pune in 2 years
April 15, 2017

The Confederation of Real Estate Developers' Associations of India (CREDAI) has recently announced its first ever investment initiative in affordable housing. The body intends to develop over one lakh affordable houses in Maharashtra in the next couple of years. Cities such as Pune, Mumbai, Nashik, Nagpur, Satara, and Solapur are likely to benefit from this move. About 45,000 affordable flats would become available in Pune alone. Contributing to the Centre’s target of providing houses for… Read More

Illegal buildings in Pune to be regularised under amended MRTP Act
April 6, 2017

Realtors involved in illegal construction in Pune have taken a breath of relief with the state assembly’s move to amend the Maharashtra Regional and Town Planning (MRTP) Act, which will now allow regularisation of unauthorised buildings. Under the new regime, unauthorised buildings constructed before December 2015 will be let off the hook after paying a premium or a compounding fee. Following the Bombay High Court’s refusal to approve the pre-2015 illegal buildings in the state,… Read More

Pune to witness Transit Oriented Development soon
March 21, 2017

After being implemented in Delhi (Kakardooma), Ahmedabad, Nagpur, Navi Mumbai and Naya Raipur, Transit Oriented Development (TOD) is all set to arrive in Pune. Under TOD model, the real estate development takes place along mass transit corridors through vertical construction with relaxation on floor area ratio (FAR). An initiative to enable people to live within walking distance from transit corridors like the metro, monorail, and Bus Rapid Transit System (BRTs) corridors is gaining momentum across… Read More

Pune office space records 23% growth in lease volume during Jan-Feb 2017
March 15, 2017

The year 2017 started on a positive note for Pune’s commercial real estate market. As per the data provided by realty data information and analytic firm Propstack, the city has witnessed 23 percent year-on-year (YoY) growth in leasing volume during the first two months of 2017. During the same period, the office space market also witnessed declining vacancy level and rising rentals in the city. While the vacancy level stood below five percent, the office… Read More

High traction in commercial leasing to boost housing demand in Pune
February 27, 2017

According to CBRE, the high leasing activity being witnessed in Pune’s commercial segment is likely to provide an impetus to the city’s housing market as well. Prominent micro markets in the city are expected to witness demand picking up once the effects of demonetisation wane and various government initiatives are implemented. Anshuman Magazine, Chairman – India and South East Asia, CBRE commented that high traction in commercial leasing along with existing and proposed infrastructure development… Read More

Pune gets 18 acres of land for airport expansion
February 23, 2017

The Ministry of Defence (MOD) has approved 18 acres of land as part of the Pune airport expansion project. The decision was announced by Manohar Parrikar, Defence Minister, during a meeting in the national capital recently. Earlier, airport authorities were handed over 84 acres of land for expansion of the airport located at Lohegaon and the transfer was approved by the MoD on May 15, 2016. As per the Airports Authority of India (AAI) officials,… Read More

Government hikes FSI for high density areas in Pune
January 22, 2017

Maharashtra government has allowed higher Floor Space Index (FSI) in the Pune Municipal Corporation’s (PMC) Development Control rules. This will be applicable in the high density areas in the city which will now have an FSI of four. The transit-oriented development (TOD) zones along the Pune Metro corridor and the Bus Rapid Transit System (BRTS) are likely to benefit from this move. Kunal Kumar, Commissioner, PMC, stated that the new rules will allow the comprehensive development of Pune and… Read More

Pimpri Chinchwad joins the Smart Cities Mission
January 2, 2017

In a surprising move, Pimpri Chinchwad has been clubbed with Pune in the smart city proposal prepared by the state government and the same has been approved by the urban development ministry. The city is likely to get Rs 1,000 crore for its projects under the scheme. Pune is among the 10 cities from Maharashtra that have made it into the Smart Cities list. The other cities include Nashik, Greater Mumbai, Aurangabad, Thane, Amravati, Navi… Read More

Pune metro rail project kicks off with surveys
January 1, 2017

The work on Pune metro rail project has finally begun with the commencement of the geo-technical investigations and surveys. The actual construction work is expected to begin around April-May 2017 with the completion targeted for 2021. The Rs 900 crore project will have two corridors stretching 31 km and two dedicated depots. While one 16.6 km long corridor will connect Pimpri Chinchwad Municipal Corporation to Swargate, the other corridor running from Ramwadi to Vanaz will… Read More

Cabinet approves Pune Metro Rail Project Phase 1
December 8, 2016

The Union Cabinet has approved the development of Phase I of the Pune Metro Rail Corridor Project. The project will covering a length of 31.254 km, comprising two lines, namely, corridor-1 (Pimpri Chinchwad Municipal Corporation to Swargate) and corridor-2 (Vanaz to Ramwadi). As per the plan, Corridor-1 will cover a distance of 16.5 km, of which 11.5 km will be elevated and around five km will be underground. Corridor-2, covering around 14.5 km, will be… Read More

Metro projects in Pune and Mumbai to be inaugurated on December 24
December 6, 2016

With Brihanmumbai Municipal Corporation (BMC) scheduled for next year and around Rs 35,000 crore available in the kitty, the present government is working aggressively on the implementation of key metro projects in Maharashtra. In this regard, Narendra Modi, the Prime Minister of India will be inaugurating the Metro projects in Mumbai and Pune on December 24. Earlier, Devendra Fadnavis, Chief Minister of the state have been strongly rooting for executing big-ticket infrastructure projects in Nagpur,… Read More

Press Release

Playtor Childspaces Pvt Ltd. hands over possession of more than 80 units
November 23, 2016

Playtor Childspaces Pvt Ltd. hands over possession of more than 80 units23rd November 2016 Pune-based realtor Playtor Childspaces Pvt Ltd. has successfully handed over the possession of the first lot of its affordable project, which comprises over 80 units. The project was constructed under the Centre’s Pradhan Mantri Awas Yojana (Urban) scheme, which is estimated at over Rs 7.8 Cr.  The company aims to build affordable and child-centric homes at reasonable prices. Read More

Pune civic body projects to benefit from new tax regime
November 10, 2016

With the central government planning a new financial system for civic bodies, Pune may soon witness a new tax regime. This new and innovative mechanism - Value Capture Financing (VCF) - will help Pune Municipal Corporation (PMC) raise funds for infrastructure works. With VCF in place, PMC will be able to raise funds from land value tax, fee for changing land use and zoning relaxation for land acquisition and land pooling system. Currently, the ministry… Read More

Press Release

Kohinoor Group’s project bags ‘Best Residential Project’ award
October 27, 2016

Kohinoor Group’s project bags ‘Best Residential Project’ award27 October 2016 Kohinoor Group’s project in Pune, Kohinoor Grandeur, won the ‘Best Residential Project’ award during the Realty Business Achievers Awards held at the St. Regis, Mumbai. The award was presented to Vineet Goyal, Joint Managing Director, Kohinoor Group by Devendra Fadnavis, Chief Minister of Maharashtra. The project has 187 housing units, comprising 137 2BHK flats and 45 3BHK units with an overall carpet area of 293,362… Read More

New bus corridors proposed between Pimpri-Chinchwad, Pune
October 26, 2016

The Pune Municipal Corporation (PMC) is planning to construct two new bus corridors under the Bus Rapid Transit System (BRTS) expansion plan. The new corridors will connected the dedicated bus routes in Pimpri Chinchwad, from Aundh to Shivajinagar and from Bopodi to Sancheti junction. Officials share that the Nigdi-Dapodi corridor will become operational in a few months while the Kiwale-Sangvi corridor is already functional. The dedicated bus corridors will help provide seamless connectivity between Pimpri… Read More

CREDAI Pune organises training for construction site safety
October 25, 2016

Collaborating with National Safety Council, the Pune wing of Confederation of Real Estate Developers Association of India (CREDAI) organised a training programme to promote safety at constructions sites. The two day programme, meant for engineers and developers, was inaugurated by Dinesh Waghmare, Commissioner, Pimpri Chinchwad Municipal Commissioner (PCMC) and Ratnadeep Hendre, Additional Labour Commissioner. The event was also attended by CREDAI president Kushal J K Shroff, Safety Committee president Ranjeet Naiknavre, CREDAI Pune Metro president Shantilal… Read More

Pimpri forum demands Metro route extension till Nigdi
October 20, 2016

The Pimpri Chinchwad Citizens Forum (PCCF) has demanded an extension of the Swargate-Pimpri Metro route till Nigdi in the first phase itself. PCCF has also appealed to citizens to support this demand by signing an online petition so that it can be sent to the Union and state governments. The petition will put forth the demand to Prime Minister Narendra Modi , Venkaiah Naidu (Union urban development minister), Devendra Fadnavis (state chief minister), Girish Bapat… Read More

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