PCMC Real Estate By 2020 – A Fast Forward Into The Future

The Pimpri Chinchwad Municipal Corporation follows a real estate model that has proven to be the most progressive and sustainable all over the world. The essence of this model is ‘planned development’ or ‘controlled urbanization’. PCMC is a twin city to Pune, but in that respect is uniquely different. Annual inward migration into the PCMC has been calculated at a staggering 70%, while in the Pune Municipal Corporation, it is only around 30%.

pcmc-2020-300x187

Moreover, PCMC is attracting the crème de la crème of the Indian business world. This upper crust of professionals is the senior managerial cadre that administers to Pimpri Chinchwad’s booming IT and manufacturing sectors. The housing demand from this segment has revolutionized the residential property sector in the PCMC, with New Age residential configurations such as integrated townships increasingly taking centre stage.

While Pune continues to benefit from its own property market drivers, real estate development there has not followed any sort of plan. In fact, it is not hard to see it becoming a smaller version of chaotic Mumbai over the next decade.

A HOMOGENEOUS, MULTI-FACETED MOSAIC

In the same time span, PCMC will have attained its fullest potential as a model city of the future. Obviously, it will look very different from what we see today. It will have grown exponentially, into a harmonious montage of large industrial units, IT Parks, hotels, shopping and entertainment plazas, educational institutes and healthcare facilities – towering above public parks and gardens and crisscrossed with multi-lane roads and flyovers.

Further, the additional 25,000 acres of land that have come within the PCMC jurisdiction by virtue of the last Development Plan will eventually result in the addition of at least 2 million new homes. These homes will cater to every social stratum of property buyers, from the lower to the high income segments.

HORIZONTAL AND VERTICAL EXPANSION – CREATING A SPECTACULAR SKYLINE

In other words, there will be tremendous – yet controlled – horizontal real estate growth in Pimpri Chinchwad over the next decade. Most spaces allocated for residential use will have been utilized for that purpose. But this will not result in an urban jungle, since the PCMC planning blueprint will enforce the maintenance of vast green spaces at all stages of development.

Moreover, the Pimpri Chinchwad Municipal Corporation will at all times endorse self-sufficient real estate developments such as townships and other integrated residential projects. The PCNTDA (Pimpri Chinchwad New Town Development Authority) has charted a regulated, progressive and environment-friendly course for real estate development in the Pimpri-Chinchwad region. The town planning authorities have adopted the most sustainable and progressive models for optimum residential real estate. This means that residential projects in prime areas of the PCMC such as Ravet and Moshi will conform to the master-plan of scientific uniformity in real estate development and growth.

In fact, the addition of 25,000 acres will not suffice for this region’s real estate development over the next decade. This is because the PCMC will have to accommodate a massive demand for housing. The population growth in PCMC over the last 25 years has been almost ten-fold (from 200,000 to 2 million). There is reason to believe that population growth is likely to cross 50 lakhs (5 million) by 2035.

This growth will be fueled by several factors. On the one hand, there will be a huge requirement for homes from the rapidly growing manufacturing sectors of Pimpri-Chinchwad and the Chakan-Talegaon belt. Chakan itself, though a burgeoning industrial hub, has little to offer by ways of residential facilities. The onus naturally falls on PCMC, which will necessarily be the residential location of choice for the entrepreneurs and employees of these units.

Simultaneously, there will be the spill-over effect from Pune City (which will have reached complete saturation point in the next 20 years or so). We further have to factor in the ever-increasing migrant population from all over the country, attracted as much by the excellent education institutions as by the varied career opportunities.

The obvious solution lies in growing vertically as well as horizontally. More land will have to come within the purview of planned development, and building heights will need to increase from the currently permitted 70 metres – approximately 22 floors plus parking – to 100 metres or more. FSI, which still currently stagnates at 1, will need to be raised to at least 2, or even 2.5.

This means that over the next decade and a half, PCMC will be a skyscraper city on the lines of Gurgaon.

WORLD-CLASS INFRASTRUCTURE

In most cities, such growth would mean serious infrastructure challenges. We have already seen what happens in a city like Mumbai, where skyscrapers are being built without sufficient parking, connectivity and municipal amenities to support them. However, thanks to the master plan that PCMC will always adhere to, the necessary infrastructure will precede the building of high-rises. I firmly believe that in the next 20 years, the Pimpri Chinchwad Municipal Corporation will serve as a national and even international benchmark for planned, scientific vertical real estate growth.

An essential prerequisite to support this massive growth is an advanced public transport system. With an eye on this future requirement, PCMC has adopted a model similar to Ahmedabad’s Janmarg – a scientifically designed BRT-based public transport system spanning 130 km across 14 routes in PCMC. This system involves 4-lane wide, exclusive roads with grade separators that will reduce the dependence on private transport in favour of more efficient public transport.

This, in turn, will result in smooth traffic flow, less road blocks, radically lower pollution levels and a healthier, energy-conserving environment. To ensure that there are no hitches in the development of this lifeline, the PCMC has established an Urban Transport Fund for its funding.

Another requirement for efficient transport is more connecting roadways. A ring road is on the drawing boards, but that will become truly effective only with the implementation of a hub-and-spoke road network. To illustrate this point, there are currently only two arterial roads connecting Pune with Pimpri-Chinchwad, and only two connecting Pimpri-Chinchwad with Chakan. These cannot sustain the enormous increase in vehicular traffic that industrial and residential growth will generate.

Again, it is my opinion that this alone may not suffice to cater to the public transport needs that will emerge over the next two decades. I personally feel that an elevated skybus or monorail network or even an underground rail network will be called for.

THE ULTIMATE GAME-CHANGERS

I cannot end these musings without mentioning the new International Convention Centre at Moshi, which will cover a sprawling 200 acres. The Convention Centre alone will spawn a huge tourism, hospitality and retail boom which will convert PCMC into a major urban destination both within and outside Maharashtra, perhaps second only to Mumbai. Global hotel chains will have redefined the hospitality sector, and the shopping centres will be populated by marquee retail brands.

In fact, the next two decades are surely going to see PCMC being catapulted into the international Big League, giving it a distinct global identity in its own right.

Anil-Pharande

Anil Pharande is Vice President of CREDAI Pune Metro and Chairman of Pharande  Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.

Township Property Mania Hits Pune

In Pune, something very new and exciting is happening on the residential real estate market. Where ordinary flats were once the most sought-after type of residential property, the trend is slowly but surely changing to a demand for township properties. The more discerning Punekars of today says that nothing less than the convenience and ambience of a township property will do.

Pune property

Who are these people? Mostly representatives of the IT and manufacturing sectors. These, along with some other discerning professionals, have apparently become fed up with the congestion of the inner city, and the lack of amenities in the projects there. They are setting their sights on the spacious, green environment of areas beyond Aundh. Pimpri Chinchwad, with a special focus on the booming market in Pradhikaran properties, is especially in demand.

What is it about these township properties in the PCMC area that makes them so different from other available ones on the Pune property market? Well, one reason is that nothing within the suburbs of Pune can match the bliss of living in a township property. The mantra in these avant-garde resindetial projects in Pimpri Chinchwad is still ‘respect and enjoy Nature’. In the township properties in areas like Moshi and Ravet, green environment is carefully maintained and traffic congestion is unheard-of, despite the proximity of the Express Highway.

The environment is absolutely perfect for families to live in. There is so much demand for these properties that many prominent developers have snapped up prime land exclusively for the building of township properties. Other factors also add to the popularity of these townships – the Expressway, of course, is a vital one. The Expressway is the umbilical cord between Pune other major cities, beginning with Mumbai. In many ways, the Expressway is the lifeblood of Pune’s commercial progress. In addition, the nearby Mumbai-Bangalore Highway brings in further commercial growth and intercity connectivity.

With the kind of investment value that localities along these two major highways get, their popularity comes as no surprise. However, the Expressway has also brought about the existence of the Hinjewadi Infotech Park. The professionals that work there need homes close to their offices, and also privacy and peace in their time away from work. This has been another driving factor behind the township properties mania in the Pimpri-Chinchwad Municipal Corporation area. Obviously, another contributing factor is the Pimpri-Chinchwad industrial belt.

In the not-so-distant past, township properties were a residential genre reserved exclusively for the ultra rich. This has changed drastically with their rising popularity. The fact is, owning a township property in Pimpri Chinchwad has now become a feasible option for Mr. Everyman.

Anil-PharandeAnil Pharande is Vice President of CREDAI Pune Metro and Chairman of Pharande  Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.

 

 

Problems Ahead For Pune Real Estate

Anil Pharande

Like all other property developers in Pune and PCMC, I continue to be enthusiastic about the city’s real estate future and potential. However, I do have concerns about the impact of unregulated development. For instance – in the fever of the property market’s roller-coaster ride, we may have forgotten the fact that this city’s primary and most marketable attraction was its salubrious climate.

Pune Property

Today, the city authorities we indiscriminately razing hills and trees to make way for a proliferating concrete jungle. This has already had a very noticeable effect on the climate in the PMC limits. Fortunately, great care is being taken in the Pimpri Chinchwad Municipal Corporation – Pune’s booming sister city – to maintain as much green cover as possible.

The PCNTDA (Pimpri Chinchwad New Town Development Authority) is very serious about planned development; as a result, there is considerable emphasis on environmentally sustainable real estate development in the Pimpri-Chinchwad region. The increasing and highly successful trend of integrated township properties in the new boom localities of Moshi and Ravet are clear indications of this progressive focus.

However, the real estate development mania in the Pune Municipal Corporation region continues unchecked, without any apparent purpose other than to exploit all available space to maximum commercial advantage.

There are also considerable problems with real estate market transparency in Pune. The city’s rapidly increasing population is putting relentless pressure on the available land in the city. As a result, the city limits are constantly being pushed further into the adjacent villages. Ever since the merging of 38 villages into the PMC in 1997, there has been an upsurge in illegal structures in these areas. Not surprisingly, they also still lack basic infrastructure.

As Maharashtra’s second largest city, Pune is going to see increasing problems in the future. It does not take an expert to see that Pune’s urban planning and development do not consider the city as an integrated unit. The highest interest still seems to be in the pockets of highest commercial potential. With increased FSI in certain locations, there will soon be skyscrapers in certain areas, while there will continue to be unresolved slum issues in other areas.

Even today, we are not addressing the issues of badly maintained roads, inadequate drainage and the shortfall in water and sewerage networks. This leads to extremely lopsided real estate growth, with the demand focusing solely on favoured areas while little is done to raise the potential of those that lack the needed infrastructure. Pune still does not have a comprehensive parking space policy and has done nothing to curtail freight movement within the city. Many key intersections have exhausted their capacity to handle the increasing traffic.

Currently, the highest degree of Pune’s urban sprawl is along the national highway, with the density of land development declining with distance from the highway. In the interest of sustainable development, we need to correct Pune’s urban sprawl by providing the necessary infrastructure in currently non-preferred areas as well. If this does not happen, we will have serious problems in further development in the coming ten years.

Anil Pharande is Vice President of CREDAI Pune Metro and Chairman of Pharande  Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.

This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com

Thergaon Is The New Star On The Pune Real Estate Map

Anil Pharande

Thergaon in the Pimpri Chinchwad area is the latest rising star in Pune real estate. Now that most of the urban areas within the city have reached saturation point, it is the suburbia and outlying localities that are receiving increasing attention. Thergaon is amongst the most favored destinations for property buyers from Pimpri Chinchwad as well as from central Pune.

Pune Property

Location Advantages

The fact that Thergaon is now known as both the Aundh Annexe and Chinchwad Annexe is significant. Both Aundh and Chinchwad are highly developed in both the residential and commercial sense. In fact, the Pimpri Chinchwad area has a very large industrial presence in its own right. Wakad and the Hinjewadi Software Technology Park lie at approximately the same convenient distance from Thergaon along the Pune-Mumbai Highway, bestowing their various benefits as well.

The general location of suburban Aundh is favored for many reasons. All of these reasons are of great importance in the Pune property market context. Being relatively unsaturated and congestion-free, localities like Wakad, Baner, Pimple Saudagar, Pimple Nilakh and Thergaon still offer relatively clean environment, spacious living conditions and affordable land rates while retaining the advantages of modern, developed Aundh.

This is a ‘have-your-cake-and–eat-it-too’ situation that is not available often on the Pune property market. Moreover, town planning authorities have taken it upon themselves to avoid the more obvious mistakes committed in the over-development of Aundh – the pace of development in the above-mentioned areas is carefully controlled. Only residential and commercial projects that fit well into the overall master plan are encouraged. From both an investment and home-buying angle, localities like Thergaon make eminent economic and aesthetic real estate sense.

Great Connectivity

Pimpri Chinchwad features some of the nation’s most prominent industrial entities, and is home to the redoubtable Maharashtra Industrial Development Corporation belt. As such, it provides innumerable opportunities for employment and entrepreneurship, and counts among the most prosperous and progressive areas in the country.  Similarly, Aundh has proliferated in leaps and bounds over the past few years.

The Hinjewadi Software Technology Park is a byword of Pune’s IT Revolution, having attracted major corporations active in this vast and progressive field. Thergaon is readily accessible from these areas and at the same time remains peaceful, free of development excesses and very affordable. Since these advantages came to light, some significant additions have been made to the landscape at Thergaon.

The Aditya Birla Hospital is a major coup for the future of Thergaon’s standing on the property market. The establishment of this deluxe medical facility there had been proposed in response to the quiet environment and convenient accessibility to Pune’s more centralized parts. As a medical establishment, it rivals the most prominent and respected in Pune and has attracted a lot of attention. In addition, it provides a significant amount of employment and commercial advantages to the immediate area.

It is also no accident that the Pimpri Chinchwad Municipal Corporation (PCMC) has decided to launch its ambitious Sunny Water Sports Centre in Thergaon. The basic functions of this establishment, designed along international guidelines, is to train and discipline youngsters with potential in the refined water sports of canoeing, kayaking and rowing, under highly qualified training instructors and in a carefully monitored environment. The organizing committee for this undertaking found the Pawna River that flows along Thergaon to be the ideal venue.

Apart from a professional training establishment, the SWSC will also serves as a deluxe recreational facility for water sports enthusiasts interested in speedboats, water scooters and so on.

On the industrial front, the well-known Padamjee Paper Mills have contributed in no uncertain way to Thergaon’s overall economy. This sizable organization provides for the blue collar sector what Hinjewadi does for the white collars – adequate employment, steady commercial status and additional interest in the area as a suitable residential abode.

In short, things are definitely looking up at Thergaon. Numerous notable builders are taking an active interest in establishing projects there, and the future of this charming little locality is as bright as that of Wakad, Pimple Nilakh and other outlying areas of Pune.

Anil-PharandeAnil Pharande is Vice President of CREDAI Pune Metro and Chairman of Pharande  Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.

This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com