Latest Property News on 'Pune'

DS Kulkarni, GTC Cyprus to jointly Develop SEZ in Pune

Housing and construction firm DS Kulkarni Developers has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a multi-service SEZ project in Pune, in which the foreign firm will invest $ 90 million.

DS Kulkarni Developers Ltd (DSKDL) has entered into an agreement with GTC Cyprus under which “… DSKDL and GTC shall jointly develop a 250 acres Multi-Service SEZ Project in Pune through a 50:50 JV,” the Pune-based firm said in a filing to the Bombay Stock Exchange. Read More »

Peninsula widens Portfolio with IT Parks, Townships

Peninsula Land Ltd, the Ashok Piramal-backed real estate company, is diversifying into integrated townships and information technology parks in Pune, Nashik and Hyderabad.

It also plans to enter Ahmedabad, Chennai, Mysore, Bangalore and Coimbatore by next year. Peninsula is developing five projects, which includes one residential and one township project in Nashik, and integrated townships and IT Parks in Pune and Hyderabad. Read More »

Sahil Group to Develop ‘Radisson’ in Pune

Pune-based real estate player, Sahil Group will develop another Radisson hotel in Balewadi, Pune. Construction for the 250 room property has already started. The hotel is expected to start operations by 2011. The hotel will operate on a management contract basis. This is the third addition to Sahil Group’s hospitality portfolio, which currently includes the Sahil Sarovar Portico, Lonavala and the Radisson Resort and Spa, Alibaug.

“Unlike the first Radisson property developed by the Sahil Group in Alibaug, which is a mix of business and leisure services, the upcoming property in Pune will be a typical business hotel,” says Ajit Dharmadhikari, Executive Director, Sahil Resorts and Spa India Ltd. Commenting about the group’s expansion plans, Dharmadhikari said that the company will subsequently diversify into developing and managing their own brands through their hospitality subsidiary, Sahil Resorts and Spa India Ltd.

Walk to Work - The new Mantra of Pune, SEZ.

The Blue Ridge IT/ITES SEZ is an international 2.88 million sq. ft. SEZ with an integrated township. Located in the Silicon Valley of Pune-Hinjewadi and being the first notified SEZ in Phase-I it is built on the principles of Facilities, Flexibility and Freedom, the Blue Ridge SEZ is unique in more ways than one. As a customer you get facilities that exceed expectations, flexibility to choose your space and freedom to explore and optimise.

In close proximity to the Pune-Mumbai Expressway, the upcoming automobile hub of Talegaon and Chakan and a mere 2 hours from Panvel, the Blue Ridge SEZ offers top-notch amenities and international work spaces. Read More »

Domina Plans Three Vedic Sub-Brands

Real estate firm Shristi Infrastructure, which had set up a joint venture hotel management company, Domina India, with Milan-based Domina Hotel Group last year, all set to introduce three sub-brands under the umbrella Vedic label in India.

About Rs 2,400 crore will be invested over five years to set up about 35-50 properties. These will be the two-star Vedic Inn, a mid-scale Vedic Domina and five-to-seven star resorts — Vedic Resorts and Palaces. The partners will have equal share in the investment. Read More »

PIL Against State over Pune Land Mafia

A city-based advocate has filed a public interest litigation (PIL) against the state government for failing to curb illegal land dealing and proliferation of land mafia in Pune.

Dinesh Gonjare has filed the PIL in the Bombay high court saying that land mafia in Pune are holding all to ransom. They are not only responsible for unprecedented hike in the real estate prices, but also for the inflationary situation citizens are trapped in. Read More »

Rs 1400 cr Township Planned in Pune

Pune-based real estate companies, the Avinash Bhosale group and Kumar Properties, have joined hands to set up a Rs 1,400-crore township in the third phase of Rajiv Gandhi Infotech Park in Hinjewadi here. The project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.

Pegasus Properties, a 50:50 joint venture floated by the two firms, would develop the project over the next five years. Spread over 150 acres, the township will have all 21-storied buildings. Read More »

Residential Property Prices to go up in Pune

Pune-based real estate developers have decided to increase the per-square-foot charge for residential construction between Rs 50 and Rs 400 from April 20 due to the increasing cost of construction and heavy taxation by Pune Municipal Corporation (PMC). This was announced today by Lalitkumar Jain, president, Promoters and Builders Association of Pune (PBAP).

Pune, over the last two years, has experienced a boom in the real estate industry. However, availability of land has remained a problem as the new Development Plan (DP) for Pune has not been sanctioned and executed for quite some time. Read More »

Pune registers record Revenue Collection from Property Registration

Despite the slowdown in the growth of real estate sector, the Pune district registered a record collection of Rs 1,392 crore from registrations and stamp paper duty of property agreements for 2007-08. This is an increase of 30.22 per cent, as against Rs 1,069 crore in 2006-07. However, the registration of properties was 2,97,785 in 2007-08 as against 2,82,068 in 2006-07, which is an increase of mere 5. 57 per cent as against 16.15 per cent the previous year.

The increase in revenue collection of 30.22 per cent against 16.15 per cent document registration is being attributed to the steep increase in the property price list of Ready Reckoner by the state government. The property list has a 30-40 per cent rise in price rates for all areas except the slum and gaothan areas where only a 10 per cent rise has been recorded from January 1. Read More »

Pune Realty goes in for a correction

Ostensibly, all seems hunky-dory and that’s exactly what the city builders in Pune keep saying. But scratch the surface, follow the trail to its origin, piece together seemingly not-so-related issues and the big picture begins to emerge, one that tells a different story.

To go back to where it all began, the US sub-prime home loan rates issue has already negatively impacted most exporters, especially the IT companies. Just as the realty boom, to a large extent, was powered by the IT sector, a slowdown there, it can be logically concluded, will also have a negative effect on the domestic real estate. In fact it already has. Read More »