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What Lies Ahead for the Pune Property Market

Pune’s real estate market is the stuff of legend, and justifiably so. All the five main verticals of the property sector – residential, commercial office space, retail and hospitality are performing optimally in Pune. This is by all standards an exceptional real estate market. Moreover, Pune is always growing and...

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Buyers prefer homes in areas with good employment prospects

One major trend that has emerged is that areas with good employment opportunities are seeing a genuine demand for homes, a fact that many developers are cashing in on As a general trend, employment opportunities in an area have a significant impact on property demand – higher the job opportunities available...

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Educational institutes boost Puneís residential market

The presence of good educational institutes, has had a positive impact on Pune’s real estate market. We examine the regions that have witnessed healthy demand for residential properties on sale as well as rental Pune is hailed as an educational hub, which attracts students not only from different parts of Maharashtra,...

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Illegal construction market high in Pune on state's move to amend law

Pune The illegal construction market on the city fringes is celebrating the state assembly’s move to amend the Maharashtra Regional and Town Planning (MRTP) Act that allows to legalise unauthorised buildings by paying a premium or a compounding fee. The new rule will be applicable to buildings constructed before December 2015. But...

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Infosys Pune becomes largest campus to receive LEED Platinum certification

Pune Technology services and consulting firm Infosys on April 18 announced that it has been awarded the LEED EBOM (Leadership in Energy and Environmental Design - Existing Building Operation & Maintenance) Platinum certification by the United States Green Building Council (USGBC) for its entire Infosys Pune Phase-2 campus. LEED Platinum is the highest level of green rating for buildings and with...

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Affordable housing units out of most target beneficiaries reach

Pune Rahul Wadke's dream of owning a home-sweet-home in the city is not turning out to be an affordable one. With an income of Rs 20,000 a month, the 40-year-old autorickshaw driver has been planning to invest in a Rs 10-15 lakh flat in Pune ever since the Centre announced its affordable...

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Civic budget moots projects that may remain on paper

Pune Scepticism about the plans for the city floated in the civic budget is on the rise. The standing committee, which presented a Rs 6,000-crore budget for 2017-18 on May 13, proposed a tunnel connecting Pashan and Kothrud to reduce traffic congestion. It also planned digital schools when the civic body has...

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PMC earns Rs 29 crore from regularising illegal flats

The Pune Municipal Corporation (PMC) has collected a fine of Rs 29 crore under the amnesty scheme for regularising constructions in the city. Even as the opposition claimed that builders benefitted from the scheme and not consumers, civic administration said the scheme has been a success. Over 10,700 flats have been regularised by the civic...

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Is your property possession delayed? Hereís what you can do

A home buyer, who fails to get the possession of his property on time, can resort to several provisions under India’s civil, criminal and consumer laws, to take action against the developer A property buyer, who invests his hard-earned money in buying a home and does not get its possession on...

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IGR plans tie-up with cops for online rental agreements in Maharashtra

The state Inspector General of Registration and Controller of Stamps department (IGR) has proposed linking of data from the registration department to the police department which will exempt citizens from the mandatory police verification process to encourage more online registrations for leave and licence agreements. The move will keep out middlemen...

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Buyer literacy must for real estate Act's success: Experts

The Real EstateRegulatory Authority (RERA) Act will empower people, but citizen's participation and awareness is key to make it a success, realty experts said on May 6. They were speaking at an event organised by citizen's forum Sajag Nagrik Manch. "Citizens will have to take a lead in ensuring RERA's effective implementation. They should...

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Maha RERA - Leading by example

Pune Maharashtra has become the first state in the country to be 100 percent RERA-ready. The centre has notified May 1 2017 as the date when the Real Estate Regulation & Development Act (RERA), 2016 will come into force. The state governments were given time till April 30 to set up the...

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A green touch

Pune Easy-to-maintain plants can add charm to your living and working space. Potted plants always provide the much-needed relief of freshness in the air, particularly in the stagnant indoor environs of homes and offices. Such spaces are prone to allowing pollutants to settle in large amounts and for a longer period of...

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Commercial space - Set for a solution

Pune's office property supply crunch will ease by 2019, predicts Gaurav Nahta,Director,Purple Realtors. Pune's low office space vacancy rate of around six per cent is proving to be a serious challenge for companies seeking large spaces to establish or expand their operations in this thriving city. Pune is currently witnessing a...

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Confusion over compounding fee in Maha RERA rules

Pune There seems to be confusion over the compounding fee under Real Estate Regulatory Authority (RERA) rules, notified by the state government, which has come into effect from May 1. A recent report on Real Estate Regulatory Authority (RERA) Act implementation in states has stated that while the state has largely kept the rules "in line"...

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Cell to keep tabs on illegal constructions in Pune

Pune The PMRDA is set to have a separate cell and machinery to crack down on illegal constructions. At present, 18,000 illegal constructions are under its scanner. New PMRDA chief Kiran Gitte on May 9 said a separate action plan will be drawn to initiate action against these structures. He added that the PMRDA has...

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Aadhaar linked e-registration for property documents soon in Maharashtra

Pune The state Inspector General Registration and Controller of Stamps (IGR) department is awaiting amendments to Registration Rules, 1961, which will enable individuals to go for Aadhaar linked e-registration of property documents from home with just a web cam and a finger print scanner. While e-registration of property documents has been initiated for leave...

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Pune civic body stares at fiscal dependence post GST

Pune Senior civic officials are concerned about the civic body losing its financial independence. "With GST in play, PMC will largely be dependent on state grants, private investment and bonds to complete its ambitious projects. Already the 24x7 water scheme and metro projects have opened doors for private investment. It is a fact that the civic...

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Online property tax collection up 40%, next two weeks to bring in more moolah

An increasing number of Puneiites are opting for property tax payment through online portals this year’s collection reveals. In the last 45 days, the Pune Municipal Corporation collected Rs 286 crore of property tax, of which 40% (around Rs 114 crore) was received via online gateways. Last year the administration was able to collect 30% of...

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Metro gets 10 hectares on Pachgaon Parvati to launch afforestation drive

The Pune metro has been assigned Pachgaon Parvati land for carrying out afforestation in lieu of its project, which will affect greenery along the route. Metro officials have been tasked with the responsibility of planting 10 trees for every tree cut. With the project likely to affect greenery along the route, metro officials had requested the forest department and PMC...

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PMRDA to bar construction within 50 m of proposed metro route

The Pune Metropolitan Regional Development Authority (PMRDA) will implement "no development" zone proposal after floating the request for quotation (RFQ). PMRDA chief Kiran Gitte told TOI that tender finalisation has been postponed by some days and added that Delhi Metro Rail Corporation (DMRC)'s proposal for stopping construction with 50m of the proposed Pune Metro route will be...

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RERA Maharashtra

RERA Maharashtra How Maharashtra worked towards RERA implementation The Government of Maharashtra had released a draft version of rules in December, after which state government had sought suggestions and objections from various stakeholders. After seeking out all the suggestions and objections which the state government received, the final rules were approved and...

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Home buyers canít file complaint against unlisted developers on RERA website

  Pune: Consumers wishing to raise 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 for the state came into effect from May 1, specifying norms for developers, real estate agents and the consumers. Given the fact that the existing...

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TDS on Sale of Property

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1,...

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The key to Puneís success: Strong rental returns

The property market in Pune has performed well, especially due to the rental income properties in the city, have enjoyed  In the real estate market, a higher average rental in a location normally indicates high demand and low supply of properties in that location. Pune’s property market has shown consistent growth...

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Buying A Property Without A Home Loan? Mind These

Not all loans are bad loans; some offer us a chance to possess something which we could not have possessed otherwise. Home loan falls in that category. If the concept of home loans did not exist, most of us would not be able to buy a property. Despite being a...