Press Release

Kohinoor Group launches new residential-retail project in Pune
December 15, 2017

Kohinoor Group launches new residential-retail project in Pune15th December 2017 Pune-based real estate developer, Kohinoor Group announced the recent launch of Kohinoor Reina, a residential and retail project on Kondhwa Road, opposite Fakhri Hills, South East Pune. This project is a joint venture of Kohinoor Group and Rohit Joshi enterprise. Kohinoor Reina boasts of top-notch amenities and smooth connectivity to nearby localities such as Hadapsar, MG road, Kalyani nagar, Kharadi and Koregaon Park. 

MahaRERA to start dispute resolution system from Jan 2018
December 12, 2017

The Maharashtra Real Estate Regulatory Authority (MahaRERA) to set up conciliation benches soon, which will become functional from Jan 1, 2018. The regulatory authority is likely to establish 10 benches for Mumbai Metropolitan Region (MMR) and Pune. These benches will work as an alternative dispute resolution system. The move was decided considering the number of complaints registered by homebuyers against builders under the new real estate Act. Initially, notices were issued to builders by the regulatory authority and sought valid reasoning. Now, these conciliation benches will hear complaints filed by buyers, only if he/she is ready to compromise. These benches…

Maharashtra transport body approves Rs 450 cr for Pune-Paud road extension
December 7, 2017

The Maharashtra State Road Transport Corporation (MSRDC) will soon issue tender for the expansion of Pune-Bhugoan-Pirangut-Paud road. Construction work on widening of Pune-Paud road will start soon. The widening of road up to Paud is part of the Pune-Paud-Tamhini-Mandgaon-Dighi Port highway link project. The corporation has sanctioned Rs 450 crore for the road project. The project will be developed in phases. Once the road widening project is completed, residents to reach Konkan via Tamhini Ghat would become smooth and traffic free. It will be used as an alternative route for commuters to reach Dighi Port. Officials have stated that the…

Pune leads the Smart City mission followed by Bhopal and Ahmd
December 6, 2017

A progress report published by AmCham and PwC titled ‘Snapshot of projects under Lighthouse Smart Cities’ revealed that Pune has witnessed the maximum progress in terms of projects launched in the city under the smart cities mission followed by Bhopal and Ahmedabad. On the other hand, Chennai emerged as the biggest laggard among the top eight cities featured in the report. The report further mentioned that among eight cities (Pune, Surat, Ahmedabad, Jabalpur, Vishakhapatnam, Chennai, Ludhiana and Bhopal), Pune is the only one to raise Rs 200 crore via bond issue in June. It is to be noted that the…

Pimpri Chinchwad civic body to construct 3,000 affordable homes
December 4, 2017

The Pimpri Chinchwad Municipal Corporation (PCMC) has sanctioned a sum of Rs 377 crore to construct 3,664 affordable houses at different locations across the region including Charholi, Ravet and Moshi under the Pradhan Mantri Awas Yojana (PMAY) housing scheme. Rajan Patil, Joint City Engineer, PCMC, has stated that the detailed project report of the scheme has been approved by the central government. Bids for the projects will be invited in December 2017. The construction work is expected to begin in February next year. The civic body will soon conduct a survey to identify the number of beneficiaries under the ambitious…

Meagre occupancy in slum rehab projects in Pune
December 4, 2017

About 20 percent of houses constructed under the slum rehabilitation projects are vacant under the jurisdiction of Pune Municipal Corporation (PMC). A total of 302 flats were developed under the slum rehabilitation authority (SRA) scheme, out of which, 51 are still lying vacant. The civic administration has informed that 127 houses have been handed over to the beneficiaries by the land and estate department of PMC. Nearly 124 more houses have been granted to slum dwellers by Urban community development department. Officials have stated that the remaining units will be handed over to the beneficiaries once the verification and other…

Pune builders launch 16% affordable homes during Jan-Sep 2017
November 28, 2017

According to a report by Anarock, Pune has witnessed 16 percent new launches in the affordable housing segment from January to September 2017. Hinjewadi and its surrounding areas remain the upcoming main pockets for sub-Rs 40 lakh price units in the city. Over 7,000 residential units were launched under Rs 40 lakh price range in the city during the period. Of these newly launched houses, 1,470 have been absorbed, while the remaining units are unsold. Pune has recorded maximum sale of such units during the period. Apart from Pune, other top locations across the country including Bangalore, Mumbai Metropolitan Region…

Post RERA launches: Mumbai & Pune on road to recovery
November 16, 2017

According to a report published by JLL, post the formation of Maharashtra Real Estate Regulatory Authority (MahaRERA), Pune and Mumbai have shown swift recovery in terms of new launches as compared to other cities in the country. However, Pune has registered 24.14 percent drop in new project launches and Mumbai recorded 3.72 percent decline over a twelve-month period of 2015-16 and 2016-17. Bangalore has witnessed a dip of 38 percent, National Capital Region (NCR) dropped by 67 percent and Chennai recorded a downfall of 65 percent. Officials have stated that the real estate sector had been affected post-demonetisation and before…

Pune Metro to interlink with city’s railway stations
November 16, 2017

The Maharashtra Metro Rail Corporation Limited (Maha-Metro) has decided to interlink various railway stations, including Pune, Shivajinagar, Khadki and Kasarwadi, with metro stations of the Pune Metro. Officials have informed that the metro authority has planned to connect metro stations directly to railway platforms. Brijesh Dixit, Managing Director, Maha-Metro, has stated that the corporation is working on a memorandum of understanding (MoU) with the Indian Railway, for interlinking stations. The Pimpri–Chinchwad to Swargate metro corridor will connect Kasarwadi, Khadki and Shivajinagar railway stations and the Vanaz to Ramwadi metro route will connect with the Pune station. Officials have informed that…

Press Release

Gera Developments launches edu-infotainment centre in child-centric homes
November 11, 2017

Gera Developments launches edu-infotainment centre in child-centric homes11th Nov 2017 Pune-based real estate developer, Gera Developments formally inaugurated EVOLVE, the first-of-its-kind edu-infotainment centre in child-centric homes. The project was launched by Grand Master Viswanathan Anand, former World Chess Champion. Evolve will have the first-ever Chess Academy for children.

Pune Metro phase 1 to become operational in 2 years
November 5, 2017

A joint venture, AL FARA’A and Hindustan Construction Company (HCC) has been given Rs 497.07 crore contract by the Maharashtra Metro Rail Corporation for the development of the Pune Metro Rail project. The 32-km first phase of the Pune Metro project would become operational in the coming two years (or 110 weeks). The Pune Metro phase 1 will have nine elevated metro stations — Pimpri-Chinchwad Municipal Corporation, Tukaram Nagar, Bhosari, Kasarwadi, Phugewadi, Dapoli, Bopodi, Khadki and Range Hill, covering 32 km. It is divided between two lines - Line I and Line II. The Line I, covering 16.59 km, is…

Centre to review ‘slow’ pace of Smart City projects
November 3, 2017

Slow pace of work in Smart Cities Mission projects has triggered the Central government to form a team of officials who will monitor the projects and send an official to different cities to check the ground reality. The decision has come following criticism regarding the slow progress of these projects which has prompted the Central government to take this action. Pune Smart City Development Corporation Limited (PSCDCL) and Pune Municipal Corporation (PMC) have been commissioned with the responsibility of implementing the projects. A total of 14 projects were floated in the city in 2016. Sources revealed that the team will…

New development plan tabled for 11 merged villages in Pune
October 23, 2017

The Pune Municipal Corporation (PMC) has proposed a separate development plan (DP) for 11 newly merged villages to ensure planned development and to keep a tab on illegal construction in these villages. Recently, the Maharashtra government had given a nod for the merger of 11 villages under the PMC jurisdiction. This includes partial merger of nine villages and complete merger of two villages - Phursungi and Urali Devachi. Officials have stated that the proposed DP will reserve the areas for amenity spaces and public utilities apart from ensuring proper road infrastructure. The civic administration will also make provision for amenity…

Pimpri Chinchwad citizens to get 75% discount on property tax
October 21, 2017

Pimpri Chinchwad Municipal Corporation has announced a concession of 75 percent of property tax arrears for taxpayers if they clear dues by October 31. If the tax is paid by November 30, citizens will get a concession of 50 percent. Tax concession will also be granted if housing societies implement environment-friendly measures such as garbage segregation, water conservation, use of LED lights, implementation of solar energy project and tree plantation. The city's municipal corporation has already started advertising about the same through different mediums, including radio jingles on FM channels. Apart from the tax concession, the civic administration will run…

PMRDA to acquire land worth Rs 100 crore for Pune metro
October 20, 2017

The Pune Metropolitan Region Development Authority (PMRDA) is set to invest Rs 100 crore to acquire 70 acres of land to develop the carshed of the proposed Hinjewadi-Shivajinagar Metro stretch. Out of 70 acres of land, 50 acres is located in Mann and 20 acres is in Balewadi. Kiran Gitte, Chief, PMRDA, has informed that the Authority will speed up the land acquisition process for the Pune metro project. The 23.33 km Hinjewadi-Shivajinagar Metro rail project will be developed under the public private partnership (PPP) model at an estimated cost of Rs 7,947 crore. The acquisition process will be executed soon,…

Ulhasnagar civic body launches scheme to waive off property tax penalty
October 11, 2017

In a bid to provide relief to property tax payers, the Ulhasnagar Municipal Corporation has launched Abhay Yojna scheme to waive off the penalty (interest) on property tax arrears for legal and unauthorized constructions. Under this scheme, delinquent tax payers have been given a limited time period to clear their dues - upto 75 percent of the penalty amount will be waived off if the outstanding tax is paid between October 11-25, 50 percent of the charges will be waived if paid between October 26 and November 10 and 25 percent of the same will be waived if paid between…

Pune: Authority rejects waiver of property tax for small houses
October 3, 2017

The Pune Municipal Corporation (PMC) has rejected the proposal to exempt residential units measuring lesser than 600 sq ft from property tax. Recently, Brihanmumbai Municipal Corporation (BMC) had approved a proposal to waive taxes for properties up to 500 sq ft in Mumbai. The civic administration had also given nod to a proposal to grant 60 percent discount on the tax for flats between 501 sq ft and 700 sq ft. Suhas Mapari, Head, Property Tax Department (PMC), has stated that the civic body is already providing various benefits, including slum rehabilitation schemes to small-sized home owners. The civic body…

Maharashtra to kick-start infra projects worth Rs 1 lakh crore in 2017
September 19, 2017

Maharashtra Chief Minister Devendra Fadnavis recently announced the state government’s intention to commence work on several massive infrastructure projects in 2017. While Fadnavis did not elaborate on the projects, this announcement was enough to raise realty stakeholders’ hopes for the state. Fadnavis explained that the state has planned infrastructure projects worth a total of Rs 5.96 lakh crore, of which projects worth Rs 1 lakh crore will be kick-started this year itself. It should be noted that the state’s focus on infrastructure creation earned it laurels from the NITI Aayog. It should be noted that Maharashtra government is also working…

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