Pimpri Chinchwad Municipal Corporation offers 5% rebate for cashless tax payments
May 22, 2017

In an attempt to promote cashless transactions in the region, the Pimpri Chinchwad Municipal Corporation (PCMC) is offering rebates to property owners paying their taxes through cashless methods. Eligible taxpayers will get a concession of five percent on the general tax component of property tax which will also be available on payment of arrears. Dilip Gawde, joint commissioner, PCMC, commented that people paying property tax till June 30 will be able to avail the concession if they use PCMC’s mobile… Read More

SPV for Pimpri Chinchwad smart city to be formed soon
May 22, 2017

Pimpri Chinchwad Municipal Corporation (PCMC) has given a green signal for the formation of the Special Purpose Vehicle (SPV) for the Pimpri Chinchwad smart city project. The state government has directed the civic body to create an SPV, authorising the municipal commissioner to raise funds for the project. The SPV board includes 15 directors, of which four are from the state government, six from the civic body, and one from the central government. Further, it… Read More

Maharashtra announces new rules for advance possession of land
May 21, 2017

Maharashtra cabinet has recently announced new rules which makes it mandatory for government authorities to give advance possession of land for a public project. As per the new rules, the land parcels needed for any public project must be handed over the executing agency within 90 days of the application. This move will help avoid land allotment and transfer issues with regard to public projects which will cut down delays in the execution of the… Read More

Proposed Pune airport pushes investments in the region
May 20, 2017

The seven villages of Purandar Taluka in Pune, where the district's first international airport is slated to come up, has seen a substantial rise in investment post the announcement. In fact, the 9-25 percent increase in the Ready Reckoner Rates (RR) for rural areas of Pune, announced in the beginning of April 2017, has not scared investors. The area around the proposed airport site, which includes Pargaon, Khanvadi, Udachi vadi, Munjwadi Kumbharvalan, Ekhatpur, and Vanpuri,… Read More

Maharashtra revokes stamp duty hike on gift deed
May 19, 2017

In a surprising move, the Maharashtra government has revoked its decision to hike stamp duty on property gift deeds. The hike announced a couple of days ago received flak from political parties, which forced the government into withdrawing the hike. Earlier this week, state government had amended the Maharashtra Stamp Duty Act to enforce a hike in stamp duty applicable on conveyance deeds and gift deeds. This move was spurred by the need to increase… Read More

Maharashtra hikes stamp duty on property gift deeds
May 17, 2017

In an attempt to boost revenue, the Maharashtra Cabinet has decided to raise the stamp duty on properties gifted to blood relatives or spouses. This decision will help the state government mop up Rs 200 crore as additional revenue. The hike will be implemented by amending sections 34 and 25 of the Maharashtra Stamp Duty Act, which will impact both gift deeds and conveyance deeds. It should be noted that conveyance deeds are documents for… Read More

Maharashtra proposes to link e-registration of property documents with Aadhaar
May 14, 2017

The Maharashtra government is planning to link e-registration facility for property documents with Aadhaar details. This change can be implemented once the requisite amendment to Registration Rules, 1961, are approved. The amendment is expected to be considered in the cabinet meeting or in the upcoming monsoon session. The system of e-registration of property documents is already in effect for leave and license agreements and for some new projects in the state. However, the state registration… Read More

Rising temperature torments new areas in Pune
May 14, 2017

According to a recent survey, newer areas in Pune are facing a surge in land surface temperature, a phenomenon known as heat island effect, a side-effect of growing urbanisation. The analysis is based on satellite data from the United States Geological Survey’s Earth Resources Observation and Science (EROS). Another survey by College of Engineering, Pune (CoEP), has found that the built-up area of Pune, where buildings have increased during the last decade, have recorded the… Read More

Work on Swargate-Pimpri metro begins from next week
May 11, 2017

As the work order for the metro project on the Swargate-Pimpri route was issued last week, the construction of the stretch will begin next week. As confirmed by officials, the work will begin near Nashik Phata chowk on Pune-Mumbai highway, at first, before construction work begins at four other places. As the construction sites will fall near Pimpri Chinchwad Municipal Corporation’s (PCMC) main building, the metro officials are yet to take clearances from the traffic… Read More

Over 400 builders and brokers in Maharashtra registered under RERA
May 4, 2017

With the Real Estate (Regulation and Development) Act (RERA) coming into effect, real estate developers and brokers across Maharashtra are hastening to comply with the Act’s registration requirements. The state has witnessed the registration of housing projects by more than 400 developers in the first three days of the Act’s rollout. Meanwhile, over 700 brokers have also applied for getting themselves registered under the Act. The rush amongst developers and brokers is due to the… Read More

Filing complaints on RERA website may take time
May 4, 2017

Homebuyers and real estate investors in Maharashtra, who want to file their complaints on the Real Estate and Regulatory Authority (RERA) website, will have to wait till their developers register on the portal. The RERA rules in Maharashtra came into force on May 1, 2017, stipulating strict norms for developers and real estate agents in the state. However, considering the fact the existing projects are given three months’ time to register on the regulatory portal,… Read More

Press Release

VTP Realty launches VTP Purvanchal project in Pune
April 26, 2017

VTP Realty launches VTP Purvanchal project in Pune26th April 2017 Real estate developer VTP Realty has notified the launch of its project VTP Purvanchal along Wagholi-Kesnand Road in Pune. Sprawling across 11 acres, the project will be constructed using the latest tunnel form technology from France that not only accelerates construction work but also gives top-quality finish. The project will also comprise 40,000 sq ft of recreational space divided into 3 zones.  Read More

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

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