Real Estate Investments Flowing Into West Pune

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

With a consistent track record for delivering the highest value to home buyers and investors alike, Pune’s real estate market has remained one of the most vibrant and exciting in India. By attracting more and more international and IT/ITeS companies to establish their operations, the city has been generating jobs at a scale which is unmatched by any of the other Indian metros.

Though the city ‘s property market has been witnessing fairly uniform growth, there is no doubt that West Pune is now the most vibrant and promising corridor. The primary factor driving growth in Western Pune is the Pune-Mumbai Expressway, which allows convenient and fast access to Mumbai.

Even by itself, this factor alone makes West Pune one of the most important parts of the city – in recent years, Pune and Mumbai have been coexisting in mutually beneficial economic juxtaposition, with capital and other resourcing flowing freely between the two cities.

punawale

The other reason why West Pune is on a tremendous growth curve is the fact that it has the major IT Parks of Hinjewadi, Baner and Aundh in the neighbourhood. At the same time, it enjoys superlative connectivity to the industrial pockets of Chakan, PCMC and Talegaon. Moreover, despite the massive economic activity and growth in this part of the city, West Pune enjoys a high degree of natural beauty.

This combination of factors has resulted in West Pune becoming the most preferred destination for home buyers and real estate investors not only from Pune, but also from Mumbai and various other parts of Maharashtra.

Because of the rapidly increasing demand for residential and commercial properties, West Pune has in the past delivered some of the most attractive real estate locations. With Aundh, Baner and Wakad now almost fully exploited and nearing complete saturation, Punawale has become the hottest new location in West Pune.

To a large extent, Punawale owes its fast rise to fame to the fact that it is located very close to the thriving Information Technology parks in Hinjewadi and Tathawade, as well as to the Pune-Mumbai Expressway. At the same time, Punawale offers quick access to Wakad and has a number of good schools, hospitals and shopping malls close at hand.

location-map-new

 

 

With the arrival of superlative residential projects at Punawale by reputed developers such as Pharande Spaces, this area is now the the location of choice for IT/ITeS professionals working in Hinjewadi and Tathawade, as well as from buyers from the MIDC manufacturing hub who are attracted by the better lifestyle options now available there.

 

 

 

puneville_1This combination of factors has led to Punawale becoming not only a hot new investment destination but also West Pune’s newest and most exciting luxury homes destination. Punawale has now seen the arrival of Puneville, a luxury township by Pharande Spaces – a project that has provided Punawale with a 360-degree image makeover on the Pune real estate map.

Like Moshi, Ravet, Spine Road, Wakad and many other highly successful real estate locations, Punawale has the added advantage of being located at the fulcrum of various mega road development projects by this region’s infrastructure-focused town planning authorities.

Backed by the unlimited cash reserves at the disposal of PCMC, Asia’s wealthiest Municipal Corporation, and a diverse and vibrant economy which provides a convincing complement to that of Pune, Western Pune is seeing a steady and growing pipeline of employment opportunities generated by its manufacturing and Information Technology industries.

In Punawale, Western Pune has received yet another iconic location to take this prosperous, infrastructure-driven region’s real estate story to the next level.

About The Author:

Anil Pharande Chairman of Pharande Spaces, the pre-eminent construction and development firm in the thriving, pro-infrastructure Pimpri-Chinchwad Municipal Corporation (PCMC) region of Pune. Pharande Spaces has a number of integrated township projects in Western Pune in high-value locations such as Moshi, Ravet, Punawale and Spine Road to its credit. Puneville, the new luxury township at Punawale, has become the definitive landmark for luxury living in Western Pune

West Pune’s Golden Location Matrix Widens Into Punawale

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

While real estate is a constantly changing and evolving concept, some parameters remain constant – the three success mantras are still Location, Location and Location. In this respect, Western Pune is an important new chapter in the annals of Pune real estate’s success story. One of the most exciting new locations in this corridor is Punawale.

Thanks to massive demand for residential and commercial properties, Western Pune has delivered some of Pune’s hottest real estate locations over the past decade. Punawale is the latest addition to the region’s lineup of strategic real estate development and investment hotspots.

Located advantageously close to Hinjewadi and its burgeoning IT Park and the Pune-Mumbai Expressway, Punawale has now emerged as the location of choice for home buyers from the Information Technology as well as manufacturing segments. Punawale is also in close proximity to Wakad and benefits from convenient access to various hospitals, schools and shopping malls.

puneville

This combination of factors has had a big impact on demand for properties in Punawale, and has led to the launch of many new residential projects. Puneville, a luxury township recently launched by leading developers Pharande Spaces, is one of the most notable examples of Punawale’s massive image makeover on the Pune real estate map.

Like Moshi, Ravet, Spine Road, Wakad and many other highly successful real estate locations, Punawale has the added advantage of being located at the fulcrum of various mega road development projects by this region’s infrastructure-focused town planning authorities. Backed by the unlimited cash reserves at the disposal of Asia’s wealthiest Municipal Corporation.

Backed by a diverse and vibrant economy which provides a convincing complement to that of Pune, real estate growth in Western Pune is backed by a prolific manufacturing sector represented by a number of national and global industry giants. This region is seeing a steady and growing pipeline of employment opportunities generated by its manufacturing and Information Technology industries.

This factor has ensured that areas like Punawale see instant absorption of housing projects across budget brackets. It goes without saying that an employment-driven real estate location like Punawale also receives significant attention from property investors.

In Punawale, Western Pune has received yet another iconic location to take this prosperous, infrastructure-driven region’s real estate story to the next level.

Planned Real Estate Development in PCMC

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

What is it about Pimpri Chinchwad and its township properties that is so different from what is happening in the rest of the Pune property market? To understand this, one has to first understand what goes into the formation of a planned city.

The immaculately planned residential areas that now define the Pimpri Chinchwad Municipal Corporation map are not an accident. They are the result of carefully planned social, economic and real estate growth. Unlike the central areas of Pune, the real estate market in PCMC has been scrupulously shielded from the PMC’s ad hoc development style.

The vigilance and futuristic thinking that went into this avant-garde satellite city have added a completely new dimension to the concept of residential properties in Pune. From the very outset, the PCMC planning authorities were determined to avoid the mistakes committed in nearby Navi Mumbai, popularly known as the world’s largest planned township.

After all, what began as regulated development in Navi Mumbai soon began giving way to commercialised expansion. Instead, PCMC adopted a blueprint for smart growth – a blueprint that placed utmost importance to organized urban planning. No scope was given to a nearsighted focus on capitalization on this new area’s development potential – the onus was firmly kept on long-term considerations.

This was to be the city of the future – a place where residents could work, live and relax without any of the constraints that plague the rest of Pune. Slowly, almost imperceptibly, the landscape of this previously ignored satellite city changed. Proposals for faster development were turned down. The master plan stayed in place, and the results are now brilliantly evident.

Today, Pimpri Chinchwad Municipal Corporation is an acknowledged masterpiece of community-oriented real estate development. It has a unique blend of sustainable residential spaces, highly advanced transportation networks, a broad spectrum of employment opportunities, modern housing typologies such as township properties and superior supportive infrastructure. At every stage of planning, this city’s inherent natural, cultural, sociological and economic resources have been carefully preserved.

This incredible growth area is now the most logical option for residential property in Pune today. For home buyers, PCMC is the perfect alternative to Pune’s unregulated urban sprawl, rapidly compounding traffic congestion and disconnected neighbourhoods. Considering the increasing evidence if rapid urban decay in central Pune, township properties such as those now coming up in Pimpri Chinchwad Municipal Corporation are the truly the New Residential Deal.

However, PCMC is not only about wider, greener spaces, cheaper property rates, improved social fabric and better infrastructure. The establishment of such new growth areas, with modern residential alternatives such as integrated townships, is a blessing to the Pune real estate market (which has been stagnating within increasingly larger pockets). At first sight, they only seem to play a role in reducing the urban sprawl and offering home buyers a healthier and more comfortable lifestyle.

These township projects are also instrumental in creating new urban centres, wherein new business districts create job growth in new directions. Thanks to the organized nature of their development, they create new and more rational scope for real estate market expansion while reducing pressure on property prices in the parent city.

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

Pradhikaran: Pune Real Estate’s Hottest Growth Corridor

woodsville1-300x225

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.

Pune International Convention Centre To Drive PCMC Real Estate

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

Historically, industrial convention centres have consistently proved to be giant economic drivers to local economies. There are significant economic benefits to the immediate and expanded communities in and around these centres. Delegates and exhibitors who vist these convention centres from out of town and other countries bring in huge amounts of revenue.

This flow of external capital into the location gives rise to a multiplier effect, because the revenue which is generated then proceeds to circulate through various other businesses in that area. An entirely new and vibrant supplier chain is established for the maintenance of hotels and facilities management companies that service these centres.

The revenue flow percolates down to the employees of these establishments, and down to local groceries and similar community-centric businesses. In other words, convention centres upgrade the entire demographic profile of the locations in which they are built.

convention-centre-300x160The Pune International Exhibition and Convention Centre (PIECC) at Moshi in the Pimpri Chinchwad Municipal Corporation will number among Asia’s biggest industrial convention centres. It will covering a total of 240 acres and is being developed by the Pimpri-Chinchwad New Town Development Authority (PCNTDA) through a special purpose vehicle (SPV). The PCNTDA has a 94% stake in this project.

The PCNTDA has an immaculate track record for timely and well-planned development in the Pimpri chinchwad Municipal Corporation. Despite,certain initial delays, the fact that the PCNTDA is a majority stakeholder in the PIECC guarantees that this project will see completion. This convention centre is going to be a game-changer not only for the industrial belt in PCMC but for Pune in general.

The automobile industry in Pune will benefit most significantly from the availability of an international convention centre. This industry has been growing in leaps and bounds, with every national and international automobile giant now having a manufacturing plants in and around Pune.

Pune is now considered as India’s foremost automobile industry nexus and numbers among the world’s leading automotive centers. In fact, the Chakan-Talegaon region has emerged as one of the most vibrant automotive clusters on the face of the planet. The list of leading automobile manufacturers with plants in this region is a veritable Who’s Who os the automobile world:

  • Tata Motors – PCMC
  • Land Rover – PCMC
  • Bajaj Auto – Akurdi and Chakan
  • Mahindra Two-Wheelers (formerly Kinectic Motors) – PCMC
  • Mercedes-Benz – PCMC
  • General Motors – Talegaon
  • Volkswagen – Chakan
  • Mahindra & Mahindra – Chakan
  • Premier Motors – PCMC
  • Fiat – Upcoming at Ranjangaon

Obviously, the venue for the Pune International Exhibition and Convention Centre was chosen for its strategic location near these automotive giants. Once this convention centre is complete, Moshi in PCMC will become the natural hub for automobile conventions. This centre will have the capability of hosting conventions on an international scale, with a total of seven massive exhibition halls and a central open exhibition ground. It will have a staggering seating capacity of 20,000. In order to provide a complete global experience to the delegates, the convention centre will also have a five-star hotel, a golf course and a retail mall adjoining it.

A significant part of the land adjacent to the Pune International Exhibition and Convention Centre will be offered to private developers to build commercial and residential projects in Moshi. It can well be imagined what an effect such an advantageous location will have on the residential property prices in Moshi, PCMC. Obviously, the convention centre will generate massive white-collar employment, and the demand for quality housing around it will rise astronomically.

This makes the area around the Pune International Exhibition and Convention Centre one of the most important property investment hot-spots ever to have surfaced in Maharashtra. The effect that it will have on property prices will be more pronounced than even that of the Hinjewadi IT park.

Township projects such as Woodsville, which is located exactly opposite to the convention centre site, obviously have an early-mover advantage. In the years to come, the investment value of a home in such strategically located township projects in Moshi will rise astronomically.

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 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.

Pimpri Chinchwad Leads Pune Property Market

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

With the formation of a well-planned satellite town adjoining an overcrowded city like Pune, the most obvious benefit is a possibility to de-congest the parent city. However, a more interesting fact is that real estate corridors such as the Pimpri Chinchwad Municipal Corporation actually have higher real estate appreciation potential than the central city. This is because they are growth areas where demand rises steadily and quality supply is still possible.
Pune PropertyIn such growth corridors, the greatest advantage to the property investor is the fact that the entry cost is relatively lower than in more centralized locations, even while the potential growth in real estate prices is much higher. Self-use buyers do factor in the property investment potential of satellite towns such as PCMC. However, what attracts them the most is its superior infrastructure, planned development and higher degree of natural ambience.
There are various cities in India with upcoming or established satellite towns.  Mumbai has Navi Mumbai as well as Kalyan/Dombivili and Vasai/Virar, while Delhi has Ghaziabad, Faridabad, Guragon and Greater Noida. In Bangalore, Yelahanka and Devanhalli are showing considerable promise, while Sriperumbadur and Siruseri in Chennai have proposed as satellite towns.
Kolkata has an established satellite town in Rajarhat, apart from Kalyani and Batanagar. However, the growth that each of these areas experiences or will experience depends entirely on the quality of infrastructure and the level of urban planning being implemented there. This is why investment in Pradhikaran properties and real estate in the other boom areas of PCMC is such a winning proposition.
The Pimpri Chinchwad Municipal Corporation and similar modern satellite towns have superior real estate appreciation potential for a variety of reasons. Just like everywhere else, Pune property rates respond primarily to the common denominator of demand and supply.
Residential real estate demand is created when an area has the right mix of employment opportunities, good infrastructure and the potential for an ambient, stress-free lifestyle. An additional prerequisite for demand is connectivity to the central city, without which residents in the satellite town would be, for most purposes, cut off from familiar areas and resources in the main city.
  • The Pimpri Chinchwad Municipal Corporation offers ample connectivity to Pune via road and rail
  • Its industrial and business zones generate countless jobs each year
  • Infrastructure in the PCMC area is vastly superior to what the central Pune infrastructure offers
  • The PCMC planning authorities have ensured that real estate development in this area adheres strictly to a pre-set urban planning model, thereby ensuring a high degree of living standards
  • Unlike central Pune, areas like Pradhikaran in PCMC offer modern yet affordable township properties. Township properties  are now widely recognized and accepted as the new residential property paradigm
The Pimpri Chinchwad Municipal Corporation is a showcase example of how a satellite town can surpass the parent city in terms of property investment potential as well as residential lifestyle quotient.
Little wonder, then, that properties in Pimpri Chinchwad are in ever-increasing demand by Pune property buyers. After all, PCMC remains a meticulously masterminded property investment destination that generates its own economic growth and social infrastructure. In PCMC, the commercial, retail and residential property markets work symbiotically to create a winning proposition for both real estate investors and end users from Pune and beyond.
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.

The Pune Township Mania

The demand trend of Pune residential property is slowly but surely changing to township properties. A growing segment of Pune property buyers now says that nothing less than the autonomy, independence and convenience of a township property will do.

Woodsville-layout-300x168

Who are these people? Mostly employees from Pune’s booming IT and manufacturing sectors. The highest demand is from home buyers employed in Hinjewadi, Kalyani Nagar, Viman Nagar, Hadapsar and the PCMC MIDC belt. These home buyers are fed up with the congestion or the inner city and are seeking homes in the new and established township projects that are taking Pune real estate by storm.

What is it about these Pune townships that make them so different from other property options available on the market? Many of these township projects are located in the Pimpri Chinchwad Municipal Corporation in locations such as Ravet, Moshi and Punavale. Existing residents affirm that nothing within the main city can match the bliss of living in these magically located projects.

Nature is, indeed, still master of the situation in these areas. Real estate development in the PCMC area is tightly regulated. There is abundant green cover and almost all of these projects offer unobstructed view of distant hills, while traffic is just a dim, far-off echo from the Express Highway. The environment is absolutely perfect for residential family units. Naturally, prominent developers have snapped up prime land exclusively for the building of township projects in the PCMC.

Other factors have added to the popularity of these locations. The Express Highway, of course, is a vital one. It is the umbilical cord between Pune and other major metropolises, beginning with Mumbai, and is the very lifeblood of Pune’s commercial progress. In addition, the Mumbai-Bangalore Highway (in the close neighborhood) brings in further commercial growth and intercity connectivity.

With the kind of exposure that localities lying along these two major highways get, their popularity comes as no surprise. However, it should also be remembered that it was the Expressway which brought about the existence of the Hinjewadi Infotech and Biotech Park – which is the very important economic driver for Pune City today. Professionals from the city’s IT and manufacturing sectors need homes close to their offices, and also relative privacy in their time away from work. This has been a heavy driving factor behind the demand for township properties in the Pimpri Chinchwad Municipal Corporation.

In the not-so-distant past, township properties were a residential genre reserved exclusively for the rich. This has changes drastically with their rising popularity. The fact is, owning a township property in the PCMC has now become a feasible option for the city’s middle class. High competitiveness among housing finance institutions has ensured that loans for the purchase of homes in these township properties are easily available to the middle class.

All of the above reasons have combined to make township properties the No. 1 choice for Pune property buyers, and therefore a priority for many developers. Recognizing the wave of the future, prominent builders in the PCMC have appropriated land in these high-demand localities and are developing incredibly modern township projects there. These multi-acre township projects offer within their boundary walls every convenience of modern living to the property buyers. In fact, they can justifiably be seen as lifestyle resorts in which one can actually buy units.

The inherent commercial potential of this Pune township property boom cannot be ignored. Obviously, it presents a great opportunity to builders as well as real estate investors. In fact, a huge number of outstation investors – most notably from Mumbai – have already taken note of the Pune township trend. If Bangalore has earned the label of Silicon Valley of the East, Pune is well on the way of being called India’s Township City.

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.

Property Investment – How Real Estate Appreciation Happens In West Pune

Property investment only makes sense when the investor is fairly assured of a property’s appreciation and rental income potential. But these days, even normal home buyers are intent on getting the benefit of property appreciation and the possibility of good rental income when they are buying a home in Pune. Gone are the days when a home was simply a home – today, it is also a means for ensuring future financial security.

Puneville34

The Pimpri Chinchwad Municipal Corporation has become one of the most promising areas for property appreciation in Pune today. There are many reasons for this:

  • PCMC is a developing area, which means that property rates are still lower than in fully developed areas
  • Because it is still developing, a lot of new infrastructure is being put in. Infrastructure is one of the prime influencers for property appreciation
  • The fact that PCMC residential real estate is being thoroughly planned by the PCNTDA (Pimpri Chinchwad New Town Development Authority) is ensuring that development is closely monitored. Since the PCNTDA follows a master plan for the development of residential property in PCMC, every location gains maximum investment value. There is no chance of oversupply, destruction of the environment or shortfall of necessary infrastructure
  • West Pune is a hotbed for growing residential real estate demand because of the huge presence of automobile and other manufacturing industries there. There is unlimited demand for homes right from the affordable housing category to the luxury homes segment

It is important for anyone interested in property investment to know how real estate appreciation actually takes place. We have often heard that real estate investment is all about ‘location, location, location’ and this is largely true. However, we also need to understand what it is that gives a location its investment value.

First of all, one needs to consider how much demand exists for homes in a particular area. Then one needs to look at how many projects are being constructed to meet this demand. If the demand is more than the supply, the location has great appreciation potential. If there is more supply than demand, there is an oversupply situation and property appreciation will be low.

Another factor to consider is the existing cost of residential property in the location, and the manner in which property prices have moved. For example, if property prices in a location five to seven years ago were half of what they are now, the appreciation potential is definitely high. This is usually the case in so-called ‘growth corridors’, where a lot is happening every year to develop the area further.

up-150x150

If property prices have moved less than 10-12% over the last five years, it means that the area has very little appreciation potential. This invariably happens in city centres, which have been developed to such an extent that no further development is possible.

down-150x150

What kind of new developments cause property prices to shoot up? These include:

  • New roads, widening of existing roads, bridges and flyovers, which improve connectivity of the area to other areas
  • The arrival of new office complexes or industries, which increase employment and create demand for homes in the area
  • Education and healthcare institutes and facilities, and also shopping and entertainment complexes. These increase the comfort levels and quality of life for residents

About The Author:

Anil-Pharande

 

 

Anil Pharande Chairman of Pharande  Spaces, a leading construction and development firm that develops township properties in Western Pune. Pharande Promoters & Builders, the flagship company of Pharande Spaces, an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a mixed bag of products catering especially to the 42 sectors of Pradhikaran.