Pune Has More Potential For Real Estate Growth

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

Pune property market is a lot more conservative than Mumbai, and there is certainly a market-dictated cut-off point for price escalations, says Anil Pharande, Vice-President of CREDAI Pune Metro and Chairman of Pharande Spaces, a leading construction and development firm that concentrates on township properties in the Pimpri Chinchwad Municipal Corporation (PCMC) area of Pune.

Excerpts…

From technocrat to leading builder…. How did this transformation happen?

I was very interested in what was happening in Pimpri-Chinchwad back then. The idea of being involved in the raising of a planned city on the lines of Chandigarh, so close to Pune, was an exciting prospect. The Pimpri Chinchwad New Town Development Authority (PCNTDA) had taken on an ambitious and laudable task. My first objective was to help steer the path of this planned development, which is why I got involved with CREDAI. Getting into the creation of township properties that would take the best advantage of the benefits that the PCMC offered in terms of superior infrastructure and phased real estate growth was the next logical step.

Can you give us an overview of Pune’s reality market and its growth prospects?

Pune is a powerhouse of potential when it comes to real estate. It is a city of learning and entrepreneurship, and there is a distinctly progressive flavour to everything that happens there. Thanks to the fact that it has become a magnet for IT/ITES and manufacturing companies, the real estate market in Pune is not likely to lose its forward momentum. Having said that, I always had misgivings about the opportunistic manner in which property development was taking place within the PMC limits, and was far more interested in the holistic approach being adopted in Pimpri-Chinchwad.

What is the impact of the price upheavals of metropolis Mumbai on Pune’s realty market?

There is doubtlessly an impact, since a lot of cash-rich buyers from Pune are looking at Pune both as a property investment and retirement home option. The level of demand from Mumbai tends to exert a certain upward pressure on property prices in Pune. However, the Pune property market is still a lot more conservative than that of Mumbai, and there is certainly a market-dictated cut-off point for price escalations.

Do you think that the dismissal of a few big builders from CREDAI over non-compliance will affect the body’s advocacy on transparency?

Not at all. Every administrative body must experience occasional churn in order to maintain its vision and to stay flexible and open to new avenues of progress.

About your ongoing and upcoming residential projects…and future expansion plan?

Woodsville in Moshi is virtually a small town within PCMC, spread over 40 acres with vast tracts of open spaces and a very healthy environment. This hugely successful project, which is being developed phase-wise, has been and continues to be a primary focus for us. I’m also very excited about (L)-Axis, which we are launching along the PCNTDA Spine Road. In contrast to our other projects, which cater mainly to the middle-income group, this is a luxury apartments in pune which will have no rivals in Pimpri-Chinchwad.

WoodsvilleApart from (L)-Axis, Pharande Spaces is planning a residential/IT-ITES SEZ project at Punawale, near Hinjewadi/Wakad, Dehu Road-Katraj Expressway bypass. It will encompass 42 acres in the residential segment and 28 acres for the IT Park. The residential part will have apartments, row houses and bungalows.

What is your take on green building concept? Why is it not popular in India compared to West?

There is a lot of change-resistance and no end of misconceptions about green buildings in India. It is taking a long time for developers and buyers to understand the sound rationale behind them. However, I am seeing a definite awakening now, and I am confident that the next ten years will usher in a slow but steady green revolution in Indian real estate.

There is a general belief that affordable housing by private players is a non-starter in India, do you agree?

I completely disagree. A huge amount of affordable housing stock in our cities is created by small private developers who cannot imitate the scale of the larger players. Countless people would still be waiting in vain for the many Government-driven budget housing schemes that are yet to see the light of day if it were not for these private players. Many national players have also made their mark in this segment and consistently delivered.

(As told to KR Iyer (ramanaathan.iyer@sulekha.net)

http://property.sulekha.com/pune-has-more-potential-for-real-estate-growth_news-1093

Pune Real Estate – From Wakad To Thergaon

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

Before, Wakad was an anonymous village with around 5000 sugarcane, onion and groundnut farmers. In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) acquired fifty per cent of Wakad. By 1998, PCMC counted Wakad as one of its areas.

Wakad is now the focus of younger, financially fit families that are looking at upgrades and moving into larger, nature-endowed homes on the outskirts of the city. With the increasing congestion of the previously preferred area of Aundh, the neighboring Wakad is Pune’s new hotbed of future growth. Wakad has a perfect location, with close proximity to the Infotech and Biotech Parks at Hinjewadi, the Pimpri-Chinchwad Industrial area, the Mumbai-Bangalore Bypass, the Express Highway to Mumbai and the Balewadi National Sports complex. It is only about 80-90 minutes away from Mumbai, thanks to the Expressway and the Bypass. This makes Wakad an excellent value proposition

Pune PropertyThe word’s leading automobile giant General Motors Ltd., is setting up a plant in Talegaon, in close proximity to Wakad. Some of the finest schools and higher educational institutions have come up in this area, which is much preferred as a residential destination because of its natural splendor and unpolluted environs. Naturally, property appreciation is showing an increasingly upward trend at Wakad.

 

The Emergence of Thergaon

Thergaon is yet another of the Pune property market’s rising stars. In a scenario where many of the urban areas within Pune have reached saturation point, it is the suburbia and outlying localities that are receiving increasing attention. Thergaon is amongst the most promising locations among them.

The fact that it is now knows as both the Aundh Annexe and Chinchwad Annexe is significant. Both Aundh and Chinchwad are highly developed in both in terms of residential and commercial real estate, while Chinchwad is a major industrial entity 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 them of great importance in the property market context. Being unsaturated and relatively free from congestion, localities like Wakad, Baner, Pimple Saudagar, Pimple Nilakh and Thergaon still offer relatively pollution-free environment, spacious living conditions and affordable property rates while retaining the advantages of modernized, developed Aundh.

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 allowed. From both an investment and home-buying angle, localities like Thergaon make eminent economic and aesthetic real estate sense.

Great Connections

The Pimpri Chinchwad area 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 amongst the most prosperous and progressive areas in the country.

Similarly, Aundh has proliferated in leaps and bounds over the past few years. HOwever, Aundh is now plagued by overcrowding, noise and air pollution as well as unrealistic property rates. 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 offers the ideal solution for home buyers who want the advantage of proximity to both these employment hubs. Thergaon has ready access to the above-mentioned areas, but remains inherently peaceful, free of excesses – and highly 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 serve 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 economic 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 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.