Pradhikaran: Pune Real Estate’s Hottest Growth Corridor

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Sector 14 in Pradhikaran now boasts of massive integrated township properties like Woodsville

Anil Pharande

The Pune residential real estate boom, initially kick-started by the IT/ITeS industry, has brought about a lot of unregulated development. While property prices in Pune rose unrealistically, the city’s traditional ease of living and pleasant climate, which were previously its USPs, suffered.

Hills and trees have been razed to accommodate the rapidly expanding concrete jungle that all but defines central Pune today. The town planning commission found itself impotent in the face of the development mania, which soon transcended all reasonable, sustainable boundaries.

Real Estate Issues In Pune

In Pune, infrastructure challenges have been increasing because of the ever-increasing population. This has also put escalating pressure on available land, resulting in the forced extension of the city limits.

The pattern of development has been decidedly mercenary and unplanned, with the only criteria being accessibility to existing and upcoming IT hubs. While the rise of Hinjewadi created increasing demand for homes in its immediate vicinity, places like Aundh soon witnessed a slew of projects by property developers. Similarly, property prices in Baner and Wakad rose so steeply that they finally corrected.

Focus On Pimpri Chinchwad Municipal Corporation (PCMC)

As things stand now, central Pune no longer has an iota of its previous quality and ambience in residential property offerings. It is therefore not surprising that homebuyers are beginning to focus on the Pimpri-Chinchwad Municipal Corporation. This area has, in fact, emerged as the last outpost Pune’s previous residential property comfort levels.

The Pimpri Chinchwad Municipal Corporation first came into the limelight as an industrial area. However, it also has an advantage that central Pune does not – planned development. The growth of the real estate sector in the Pimpri Chinchwad Municipal Corporation is closely regulated by the PCNTDA, which works together with the PCMC to ensure planned and realistic growth.

Central Pune continues to suffer from pollution, depleting greenery, traffic jams, water and power scarcity, lack of proper infrastructure and unrealistic residential property rates. Meanwhile, Pradhikaran (the location that defines the PCNTDA) has been benefiting from sensible real estate development.

If one studies the demographic development of Pune real estate growth, it is evident that Pradhikaran is precisely where the city’s growth is headed in the North/North-Western direction. This is extremely significant in terms of long-term residential property investment.

The Rise Of Pradhikaran

In years gone by, the PCNTDA began to acquire land in the PCMC area so that planned development could take place in the future. This planning included the allocation of specific areas for industrial activity, residential property development, public parks, unobstructed spaces, shopping centres, office buildings, roads and utilities.

Water supply to all sectors was ensured by the construction of several mammoth water tanks, each with capacities of several million litres, before development was permitted in each sector. Once this was done, the PCNTDA made the developed land parcels available to property developers.

The PCMC master plan also provides for generous road widths, the likes of which are impossible elsewhere in Pune. This goes a long way in preserving one of Pradhikaran’s natural splendour and hygiene.

Because of these factors, and also because of the growth in the PCMC industrial belt, the last two years have witnessed a huge increase in demand for residential property in the Pradhikaran area.

The fact that a number of large international companies are operating in nearby Chakan has, in fact, been a primary criterion for the area’s development profile. These companies regularly deliver thousands of jobs at all levels, which has had a telling effect on Pradhikaran’s general economic status. Specifically, there has been a huge surge in demand for residential property there.

Pradhikaran’s expansion, which has been inspired by the Chandigarh model of controlled development, began with a few hundred acres. Today, the area speaks for about 7000 acres. Pradhikaran is continually seeing infrastructural enhancements on all fronts – including roads, water and electricity supply and digital connectivity.

Pradhikaran now boasts of massive integrated township projects that offer all the hallmarks of ambient, sustainable living. Apart from the high lifestyle quotient, the investment potential of these townships benefits from a magic mix of real estate market drivers.

The presence of Tata Motors, Talawade, Hinjewadi, Chakan and the Pimpri-Chinchwad industrial belt add to the value of these townships, while the Mumbai-Pune highway and Expressway make it advantageously accessible to the financial capital of Mumbai.

No wonder that Pradhikaran is now being seen as both, the best option for first home buyers, and as the new residential property investment hotspot in Pune’s real estate market.

About The Author

Anil Pharande is Chairman of Pharande Spaces, a leading construction and development firm operating in the PCMC area of Pune, India.

A Call For Action For The Pimpri Chinchwad Municipal Corporation

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.

The Pimpri Chinchwad Municipal Corporation was honoured by by presence of Maharashtra Chief Minister Shri Prithviraj Chavan, Deputy Chief Minister Shri Ajit Pawar and NCP President Shri Sharad Pawar. These distinguished dignitaries had very generously agreed to inaugurate several key infrastructure projects at PCMC:

  • The new PCNTDA building near Akurdi Railway station
  • The Traffic Park at Bhosari
  • The flyover near Spine Road
  • PCMC’s very own Nala Park
  • The Science Park at Auto Cluster

We, the architects of India’s most progressive planned city, were truly inspired by the kind words of praise, encouragement and hope that these honoured guests offered at the inauguration ceremonies. It is clear that the Government has recognized Pimpri-Chinchwad as the City of the Future, and that the city can depend on the fullest support as it continues to progress.

Nevertheless, there are reasons to be cautious in all this optimism. It is true that the careful and futuristic engineering of development at PCMC by the PCNTDA has become a national and even international benchmark for town planning. However, there have been various challenges along this road to progress. We need to take these hurdles into consideration if the Pimpri Chinchwad Municipal Corporation is to fulfill its maximum potential as the City of the future.

Considering the pace at which real estate development has been taking place, certain lacunae in adhering to the PCNTDA’s master plan were unavoidable. One of the most glaring examples of this was the emergence of unauthorized structures in various pockets of the PCMC.

Thankfully, this issue is being dealt with firmly. The authorities have embarked on a massive drive to deal with such structures, and we are confident that all illegal constructions will be erased from the landscape by the end of 2013. However, we cannot deny that these are damage control measures which would not have been necessary if the damage had never been allowed to occur in the first place.

More Road Connectivity

Another area of concern is lack of adequate road connectivity between certain key areas of the PCMC and areas such as Talegaon. Because of the massive potential for industrial and residential development in and around these areas, they have seen most of the road construction initiatives. In the process, road connectivity from these locations to some of the most important growth areas of PCMC has been largely ignored.

Paradoxically, the areas referred to as Phase 2 in the PCMC development plan hold the highest potential for real estate growth. Thanks to the availability of large land parcels at relatively lower prices, residential and commercial realty development has picking up rapidly in areas such as Moshi. In the meantime, Moshi has become a hotbed for property investments because of the International Convention Centre being jointly developed by the Maratha Chamber of Commerce and the PCMC.

Despite this, there is still no sufficient road connectivity between Phase 2 and the larger industrial hubs. This is going to prove to be a huge stumbling-block for the overall growth of the region. The lack of a suitable road network means that people living in areas like Moshi face difficulties in reaching their workplaces in these employment clusters. This issue must be addressed on a priority basis. A city like PCMC must do everything in its power to ensure that its growth pockets are not isolated from each other.

PCMC Needs To Expand

Yet another issue is that the population within the Pimpri Chinchwad Municipal Corporation is growing at an annual rate of 73%. Such a rate of growth makes it necessary to provide more spaces for development. Unfortunately, there have been limitations put on the city’s potential for geographic expansion by Red Zones (non-development areas).

It is imperative that more of the region’s outlying villages be included in the urbanization plan. There are enough examples in India of what happens when a city does not expand geographically in tandem with its population growth. Such a situation must not be allowed to develop in the PCMC. Also, PCMC needs to be able to accommodate the rapid growth in population in terms of providing more educational institutions, shopping complexes, healthcare establishments and entertainment zones.

Encourage Green Development

Finally, I would like to touch on PCMC’s major thrust towards sustainable real estate development. It is no secret that green development is the future of real estate all over the world. In fact, many of the bigger residential townships and commercial complexes in the PCMC have already adopted the ‘green development’ mantra. The new PCNTDA building itself is a resounding statement to how important sustainable development has become to the city.

Nevertheless, there is still a noticeable lack of enthusiasm within the region about the benefits of green homes and workplaces. One of the reasons for this is lack of awareness. Many of the region’s residential property developers and buyers have not been attuned to the advantages of environmentally sustainable properties. I urge the State Government to join hands with the PCMC to bring about greater awareness and eventual adoption of this vitally important principle.

I also strongly advocate better incentives for developers and buyers of green homes in the PCMC. The use of non-conventional energy sources and sustainable waste water management does not only have a positive impact on the environment and on the overall quality of life. Such measures reduce the strain on municipal resources, resulting in significant revenue savings. Unless the benefits of these savings are passed back on to the developers and buyers of sustainable properties, we cannot expect a more wide-spread adoption of the ‘green’ mantra in PCMC.

We gratefully acknowledge the importance that the visiting dignitaries have given to the City of the Future by gracing it with their presence. At the same time, we sincerely request them to take heed of PCMC’s most urgent requirements.

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.

Pune Real Estate: From Kothrud To Wakad – And Beyond

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

In Pune, property and quality of life were once synonymous, but that can no longer be taken as a given. In earlier years, it did not really matter much where one chose to buy property in Pune – all locations were more or less supportive of peaceful family life in their own right.

Today, while considering flats for sale in Pune, one has to consider a number of variables – among them the levels of traffic congestion and pollution, the availability of basic facilities such as water and, of course, quality of the neighborhood.

Let us take Kothrud, for example. This once charming area was one of the first suburbs to be developed after the old city. Even today, it is considered a desirable core area due to its strong connection with the city centre via Karve Road. However, for better or for worse, Kothrud is also mentioned in the Guinness Book of World Records as the suburb with the fastest urban growth in the world.

Kothrud started developing in late 90s. Back then, Pune City was truly a Pensioner’s Paradise, with little economic activity. People from Mumbai looking to buy property in Pune preferred Kothrud, naturally leading to an accelerated rate of development.

By the time the IT/ITES boom began in 2000-02, Kothrud was a full-fledged residential destination. Because of this, it fortunately did not go the way of suburbs like Aundh and Baner in the West or Viman Nagar in the East as they joined the IT/ITES bandwagon.

Over the past decade-and-a-half, Kothrud has evolved as one of the most densely populated residential destination in Pune. Residential projects are very scarce and the demand is enormous. However, because of the manner in which it grew, Kothrud was not developed holistically in terms of social infrastructure.

Many other areas in Pune developed on similar lines, and the old Pensioner’s Paradise charm soon gave way to massive, relentless development. This began the hunt for less cluttered and more lifestyle-supportive residential locations.

Pune Property

Fortunately, Pune is not a sea-locked city like Mumbai, and there was scope for looking further ahead. One of the first areas to emerge as a preferred area to settle down was Wakad – a once-nondescript village with 5000 locals who farmed sugarcane, onion and groundnut in its rich, black, fertile soil.

In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) acquired 50% of this virgin location. By 1998, PCMC counted Wakad as one of its areas. Today, Wakad has emerged as the focus of younger, financially fit families that are looking to upgrade their lifestyle by moving to larger, more nature-endowed homes on the outskirts of Pune City.

With the increasing congestion of the previously preferred area of Aundh, neighboring Wakad was seen as the perfect location, with close proximity to the Infotech and Biotech Parks at Hinjewadi, the Pimpri-Chinchwad Industrial area, the Mumbai-Bangalore Bypass, the Super Express Highway to Mumbai and the Balewadi National Sports complex.  Thanks to the Expressway, Wakad is only about 80 to 90 minutes away from Mumbai, and Mumbaikars looking to buy property in Pune saw it as an excellent value proposition.

Of course, Wakad is just one of the chapters that the Pimpri Chinchwad Municipal Corporation has in its book of Pune real estate successes. Today, Ravet and other sectors of Pradhikaran in the PCMC have become the new residential real estate watchwords in Pune. These areas are developing fast and are even now venues of extremely modern integrated residential projects.

However, the development of Wakad marked the beginning of a new residential real estate trend in Pune – the quest for better environments to settle down in and recapture some of Pune’s erstwhile glory as Queen of the Deccan.

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.

What Pune Real Estate Needs From Budget 2012-13

The 2011-12 budget did not offer much to the Pune real estate sector, and neither home buyers nor developers has any reason to feel enthusiastic. At the time when the Budget for 2012-13 is about to be announced, the city continues to face problems because of such industry hurdes as high lending rates and construction costs, insufficient infrastructure and lack of affordable housing.
Pune Property
The provisions that Pune real estate needs from Budget 2012 are:
  • A higher allocation of infrastructure funds, which should nevertheless be disbursed only if clear guidelines on timely commencement and completion for projects are agreed upon and adhered to
  • Removal of the 10% service tax on residential real estate construction, which increases the cost of new homes by as much as 3%. For a cost-sensitive market like Pune, which has a sizeable lower mid-income segment, this additional cost makes a big difference.
  • More incentives for development of affordable housing, so that more developers are encouraged to become active in this important sector and can increase the supply of budget homes in Pune.
  • Reduction of tax burden on rental income. Since buying a home is still an unattainable dream for many Puneites, renting remains the only viable option. In such a scenario, the Government needs to make rental housing a more attractive option for landlords. More fiscal incentives for landlords would also put downward pressure on rents.
  • Broaden the scope of interest rate subsidy for budget homes. Currently, the 1% home loan interest subsidy is only available for properties costing upto Rs. 20 lakh. This is extremely narrow-sighted, since it limits the choice of budget-constrained home buyers to the smallest formats and the furthest outskirts of the city. Increasing the ceiling to Rs. 30 lakh would help homebuyers to live closer to their workplaces, and to buy decent-sized homes.
  • Increase developers’ access to project funding at reasonable costs. The RBI’s step-motherly treatment being extended to real estate developers in this regard is reducing the supply of affordable housing and increasing the cost of these properties to home buyers
  • Reduce taxes such as excise, VAT and stamp duty on real estate so that home purchase becomes more attractive
India Budget 2012 is a great opportunity for the Finance Ministry to prove that the Government is concerned about the lack of affordable housing for the common man. We sincerely hope that this opportunity will be used with wisdom and compassion.

 

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.

 

 

Pune Real Estate: The Price Of Rapid Urbanization

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By the most recent reckoning, India’s population currently hovers around the 1.15 billion mark. It is estimated that by 2030, this figure will have grown to around 1.53 billion. India’s urban areas are just about ready to burst at the seams, on the heels of an accelerating population explosion.

The population growth in India’s rural areas in the present decade is around 18%, and over 30% in the urban areas. This pattern of urbanisation is seen as encouraging, since it seems to indicate that India will attain the global urbanization standard average in the course of the next decade.

However, it is also true that this upsurge in our cities’ population is putting available civic structures like public transport, water supply, drainage, sewerage and obviously the supply of housing under severe pressure.

This raises the question – how are India’s real estate developers addressing the problem of insufficient infrastructure in and around their projects in the main cities? The fact is, they can’t do much.

In cities like Pune, property buyers have no choice but to turn a blind eye to the absence of sufficient infrastructure. They are aware of the fact that they will face numerous inconveniences, but what can they do?

Many opt to buy into projects that boast of compensatory measures to overcome the infrastructure deficit. These would include independent water supply if a reliable municipal pipeline doesn’t exist, electricity backup to make up for unreliable power supply and sump pits if the area does not have adequate sewage.

However, such projects in Pune City are few and far between, and homes in them come at extremely high prices. Also, no matter in how many ways Pune developers compensate for lack of civic infrastructure, they cannot add more than a token patch of landscaped lawn by ways of natural ambience.

The high property rates are a real problem. Many of those who buy flats in Pune have saved all their lives for buying their Pune dream home. They have made a lot of sacrifices to make this happen; having finally managed to save enough, they buy their homes and immediately regret it.

The maintenance costs for their flats are far too high for them to bear – a lot of them can’t afford petrol for their cars anymore. They travel to and from work by bus.

We have all looked at the parking lots of highly-priced residential projects and seen dusty cars with handmade posters on the rear windows saying things like ‘Homemade Detergent Soap Available at Flat 12A’ and ‘Tuition For Stds. V to IX – Contact Mr. XYZ at Flat 26C.

It simply makes no sense to invest everything in a home and then live in financial stress afterward. The solution obviously lies in finding a home where the same investment buys you more.

The choice is between paying a certain amount on a small, under-equipped flat in the crowded central city or on a spacious home in a location blessed with natural beauty and and sound infrastructure.

The Pimpri Chinchwad Municipal Corporation, which planned its residential areas decades ago, offers such options. The integrated residential projects in Ravet and other sectors of Pradhikaran close to the upcoming International Convention Centre offer the kind of homes that Puneites have always dreamed of, but never been able to own.

The Pimpri Chinchwad Municipal Corporation also has an extremely vibrant economy, offering more and more job opportunities across all business sectors with every passing year.

Finally, because of the regulated nature of the PCMC real estate market and the high emphasis on civic facilities and amenities, there is no question of an eventual infrastructure deadlock. The real estate prices are way below those see in Pune, too. For that reason, these are the kind of homes that will be sources of joy for several generations.

Anil Pharande is Chaiman – Pharande Spaces, a leading construction and development firm operating in the PCMC area of Pune, India.

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A Proposal For Revitalization Of Pune’s Development Plan

The draft Development Plan (DP) for the 23 villages to be merged into Pune’s Municipal limits has been more or less finalized. It has given emphasis to the Pune metro, and it also proposes to increase the permissible height for high rises in the established parts of the city from 100 metres to 150 metres. Vertical growth is obviously the only way to go in the areas of Pune where horizontal spread is no longer possible.

development-plan

There is great potential for Pune real estate, and the Development Plan is supposed to aid its growth. However, there are some major areas of concern when it comes to its efficiency in doing so. One of the prime concerns is the process involved in formulating, finalizing and implementing the DP in the first place.

This process comes under the purview of the MRTP Act for urban growth in Maharashtra. As it stands now, it is archaic and extremely slow-moving process. To begin with, just getting it from the blue-print to approval stage involves several agencies. Only when the required approvals have been obtained from all these agencies can the Development Plan be finalized by the Chief Minister and implemented by the Pune Municipal Corporation.

This is an extremely cumbersome process, and the amount of red tape it takes to finalize and implement the Pune Development Plan is enormous. It should be remembered that the Government of Maharashtra has to handle the approval and implementation of the Development Plan in tandem with countless other proposals from all over the State. This is why this process usually takes anything between 10-15 years to be finalized and put into actual practice.

These huge delays further give rise to vastly increased costs, wasted time and negatively impact on the city’s GDP. At this critical juncture of deployment of Pune’s development Plan, it would make sense to look at more progressive models of planned urban development. The Government of Maharashtra could consider the method that has worked so well in Ahmedabad in close-by Gujarat and in the neighbouring Pimpri Chinchwad Municipal Corporation.

There are good reasons for considering the Pimpri Chinchwad Municipal Corporation as a suitable role model for progressive urban development. Only recently, the PCMC was honoured with the ‘Best City in India’ award at the hands of the Prime Minister himself. Pune’s booming sister city simultaneously received two further national awards under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for the improvements made in its water supply and waste water management, and for effective enforcement of policies aimed at the Economically Weaker Sections.

What is this progressive model of urban development that could transform the PMC, as well? In simple terms, it involves three distinct, time-bound stages. In the first stage, the Government acquires land under roads and reservations at a stipulated rate or in the form of TDR (Transfer of Development Rights). A blueprint for complete social and civic infrastructure creation of the new zones to be developed is then drawn up. This includes roads, water and electricity supply as well as designation of areas for residential development, schools, shopping, hospitals, workplace hubs and industry.

The laying down of this infrastructure can then put on the fast track by creating a Special Purpose Vehicle for a dedicated infrastructure fund. Pune’s new Development Plan will a certain number of kilometers of road length. The total cost of road development can be calculated and the cost per square foot could then be loaded on to the residential development of these areas in the next stage. Interestingly, this cost is very minimal and can be easily borne.

With the kind of will and focus that was displayed by PCMC when it used this model, the entire road development and civic infrastructure development can be completed with three years. At this stage, the newly established and fully infrastructure-enabled areas are then opened up to developers for residential and commercial development.

The advantages of such an approach are manifold. In the first place, there is a uniform, horizontal spread of real estate. Development does not take place in pockets, but in a scientific manner. The creation of road networks and electricity and water supplies before actual real estate development ensures that property prices remain rational and equitable. There would be a very favourable effect on the affordability of homes in these new areas. All these factors together ensure that there is optimal economic growth that benefits everyone.

The Government of Maharashtra has already committed itself to fast-track growth of its cities. By adopting the above-mentioned model, this commitment can actually bring real-time results.

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.

 

 

The Advantages Of Township Properties At Ravet

Pune real estate is all about new growth. Unlike neighbouring island city ofMumbai, Pune is not hemmed in geographically, and such growth is indeed possible. Pune’s urban growth is steadily advancing into its peripheral areas. Meanwhile, Pune’s sister city ofPimpri Chinchwadhas been seeing its own real estate boom under the auspices of the PCNTDA (Pimpri Chinchwad New Township Development Authority).

One of the most exciting new Pune real estate destinations for homebuyers is Ravet, which is situated on the North-West side of Pimpri Chinchwad. Ravet is an area that aptly showcases how seriously the PCNTDA is taking planned urban development.

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As a residential property purchase as well as property investment destination, Ravet has several advantages in terms of location and infrastructure. Also called the Gateway to Pune, Ravet is the first area to greet those who come in from the Mumbai-Pune Expressway. In fact, Ravet is also where the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway meet. However, this incredible accessibility from the financial capital is not the only factor that makes Ravet so important from a real estate point of view.

Two of the primary demand drivers for residential real estate in Pimpri-Chinchwad are its industrial clusters and the Hinjewadi IT Park. Both of these generate a massive amount of employment at all levels. Ravet is located at an equal distance from both these workforce hubs. Also, it has excellent educational institutions in the immediate vicinity – including the prestigious Mercedes Benz School, the Indira Institute of Business Management and the D.Y. Patil College.

Ravet is also where the most prestigious residential township properties in the Pune-PCMC belt are now taking place. Township properties are becoming increasingly popular because they have re-introduced the concept of community-based neighbourhoods. Healthcare, educational facilities and shopping are all readily available in these projects. In sharp contrast, homes in smaller projects have far less to offer.

Moreover, the investment value of integrated township properties increases much faster than that of smaller projects. The appreciation is higher because these follow premeditated development plans that encompass open spaces, communal amenities and common areas. This means the overall value of the location does not decrease because of uncontrolled developments and compromised infrastructure.

In fact, since integrated townships have their own infrastructure, they are not overly dependent the local municipal corporation. They have their own sewage management, water supply and overall maintenance facilities as well as their own security, which assures homeowners in integrated township projects of much higher levels of safety for themselves, their families and possessions.

In Ravet, integrated townships such as Celestial City by Pharande Spaces are conceived and executed on the basis of a thoroughly researched master plan. This means that construction parameters are completely standardized – unlike in unplanned residential localities, where divergent construction ideologies and standards often prevail. The standardization of construction parameters in integrated townships allows for uniform appreciation of property values.

Posted by: K. D. Nagarkar

A Home Amidst Greenery – Your Family’s Happiness And Wellbeing

Much has been said about Pune properties lacking the benefit of adequate greenery. It is true that rapid and uncontrolled urbanization is reducing the greenery within the Pune Municipal Corporation more and more. A lot of NRI IT professionals returning to Pune from abroad express shock at how much the city has become ‘concretized’.

One of the prime drivers of Pune real estate used to be the city’s erstwhile green cover. It therefore comes as no surprise that more and more Pune property buyers are choosing residential township properties in the Pimpri Chinchwad Municipal Corporation. The green cover in the PCMC area is intact and in fact flourishing despite the real estate boom happening there.

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The reason for the difference between central Pune and the PCMC area as far as green cover is concerned is simply scientific, controlled development. The PCNTDA (Pimpri Chinchwad New Town Development Authority) has ensured that real estate development does not compromise the bountiful flora and fauna in Pimpri-Chinchwad.

‘Pimpri Chinchwad is a rapidly developing industrial and commercial centre in Maharashtra, India. It is one of the primary centres for the automobile industry cluster in India, and nearby Pune is a education centre commonly referred to as the “Oxford of the East”. The area is known for its busy commerce, plethora of industries, fine educational institutions, and a rapidly growing middle class and standard of living.

However, this rapid growth has created problems with infrastructure, affordable housing and the environment. The PCNTDA was established to tackle these issues and has a purview that extends over Mulshi and Haveli taluka.’ (Source: http://pcntda.org.in/)

The PCNTDA long ago recognized that without sufficient trees and other forms of greenery, the life of residents in any area becomes melancholic and depressive. Moreover, it took into consideration the fact that trees do a lot to neutralize the effects of urban pollution. Ensuring the presence of sufficient greenery is one of the foremost defenses against environmental, economic and health risks.

Reputed developers of township properties in Pimpri-Chinchwad have also taken into account the need for trees and other vegetation. In PCMC, integrated township projects such as Woodsville in Moshi and Celestial City in Ravet are rich with trees, shrubbery and other forms of greenery. In these projects, homeowners can still benefit from healthy, green, natural surroundings while also having all the advantages of modern city life at their disposal.

A green homes environment makes a huge difference in terms of health, quality of life and overall wellbeing. Adequate tree cover also brings down air temperature significantly (reducing in savings on electricity) and protects the land from erosion. As a result, these township properties in PCMC have a much longer lifespan.

Does it come as a surprise that Pune property buyers are increasingly favoring residential township properties over options in the central city? This phenomenon is not restricted to Pune real estate alone. All over the world, there is a rapidly increasing exodus of people congested city centres to better-planned, greener and more peaceful outskirts. People are tired of the deteriorating living conditions in the city, which also give rise to grave risks to health, damage the environment and reduce the investment value of properties.

Maybe it’s time that you offered your family the advantage of healthier, greener home surroundings, too?

Posted by: K. D. Nagarkar