Indian Millennial Homebuyers: The Times Are Changing

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Anil Pharande, Chairman – Pharande Spaces

Everything that your parents may have communicated to you about owning a home may be incorrect if you are a millennial under the age of 35. However, don’t blame yourself for this – your parents operated by a rigid set of values that they have simply passed on to you. It was a simple enough formula – get a good education, get married, have kids and buy a big flat in the city. This is – or was – the quintessential Indian middle-class dream.

This dream – and the formula – may continue to have relevance to quite a few younger people in India, but the way life works for today’s millennials in India is no longer so cut and dried as it was for their parents. In the first place, we have a rapidly evolving and increasingly competitive job market in India.

The career charts of Indian millennials are no longer as predictable as those of their parents were – nor does a sound college education mean that one can actually get the best jobs anymore. Also, millennials are the ‘job hopping’ generation which wants to sample different lines of work and also different companies with varied work cultures before they ‘settle down.’ This is one reason why many Indian millennials initially prefer to rent rather than buy their homes.

Secondly, because their careers are no longer cast in the concrete of limited options like engineer, doctor, lawyer, banker or ‘Government job, young Indians today are marrying later and are not necessarily in a hurry to have children once they do, either. When they do decide on having children, having one child is, more often than not, enough. The typical millennial family of today is essentially nuclear and does not subscribe to the values that drove the much larger and much more complex joint family package.

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They are more flexible and value their freedom, so they are not overly invested in making heavy financial commitments as soon as they are able to (making such commitments was a defining factor of the previous generations of Indians).

What does this mean in terms of their home purchase decisions? For one thing, it means that a smaller flat – even for a dual-income household – is perfectly adequate to begin with. What increasingly matters for the young, smart socially conscious Indian nuclear family of today is not necessarily size, but:

  • Value for money (banks and developers should understand by now that dual income does not equal dual gullibility)
  • Being able to get to and from work conveniently (not because getting to work fast matters most, but because getting home faster leads to better work-life balance)
  • Good public transport connectivity (because using public transport is good for the family budget as well as the environment)
  • Two car parking spaces (because two earning members may need to be as mobile as possible)
  • Fast broadband + Wi-Fi connectivity and other smart home features (because many Indian millennials can and do work from home, or from home as well as an office)
  • Environmental sustainability of the project (because most Indian millennials do believe that the world can become a better place)

Upgrading to larger homes should be an option, but it is by no means the only acceptable path for the Indian millennial to follow. For the previous generations, the ‘upgradation’ route was more or less socially enforced – but that trend is now history.

Strangely, many residential developers in cities like Pune have not caught on to the reasons why their projects are not selling as fast as they used to. They choose to believe that it is because ‘market conditions’ are currently ‘slow’. That may be true, but the larger fact is that housing projects that appealed to their parents may not have the same attractiveness for today’s millennials.

Projects that do not meet the requirements of today’s younger generation of working professionals are not going to work for this buyer segment, regardless of the market conditions.

One truth about the real estate market has not changed, even for millennials – while it is not all about ‘location, location, location’ for them, location is still certainly very important. It’s just that ‘central location’ is no longer the Golden Rule – Indian millennials are far more inclined to purchase their first homes in the suburbs, not in the city centre.

They are also far more likely to buy homes in organized townships with stand-alone infrastructure and their own schools, healthcare and shopping / entertainment facilities. Townships with their own office complexes offering potential walk-to-work or cycle-to-work possibilities and those close to major employment hubs such as IT parks and manufacturing belts are the most preferred.

About The Author:

Anil PharandeAnil Pharande is Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in West Pune. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.

Infrastructure And its Correlation to Home Buying

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Anil Pharande, Chairman – Pharande Spaces

In India, as in other countries, it is a simple fact that localities which are as close as possible to important workplace areas will be most consistently sought out by people looking to buy homes. Therefore, projects with great connectivity by railway and road, see the highest demand for residential properties.

Property investment is always driven by the infrastructure in and around a locality. From sufficient roads to reliable water supply and drainage, infrastructure includes all the physical characteristics which contribute towards creating sustainable communities. Unsurprisingly, property costs close to infrastructure including airports, railway stations and roads are higher than in other regions.

If a location does not offer reliable electricity and water supply, connectivity, public transportation stops and sanitation by ways of good sewerage and waste disposal, it will not work as a residential destination regardless of what else it offers. All these are services that nobody living in a modern Indian city is prepared to live without.

From a property marketplace outlook, sufficient infrastructure in an area includes everything that leads to an easier, convenient lifestyle which does not have to contend with any kind of shortages, service outages and breakdown of public facilities.

Well-planned roads and public transport

Roads are required to make transport quicker and simpler. They are important right from the time when basic infrastructure and initial real estate development are being put in place, as raw materials and labour has to be able to reach the location. Once the area is established, roads let people travel to and from work, for kids to get to and from school and for access to shopping and entertainment.

Proper planning of road, rail and public transport nodes is very important. The key factor to be kept in mind during this planning is that people do not want to too close to bus depots, railway stations, shopping areas and industries businesses – but neither will they wish to be too far away from them.

Reliable supply of essential utilities

In a developing country like India, there are still many towns and suburbs of cities that do not enjoy reliable water and electricity supply, garbage management and public security features. With the income of typical Indian families constantly growing, today’s urban homeowners are willing to spend more to get access to seamless water and electricity, and adequate security.

Naturally, residential complexes that provide 24×7 water and electricity supply and round-the-clock security are far now highly favored. This is what has led to the growing momentum of township development in Pune and even more so in PCMC. Housing projects in places that don’t have reliable utilities and where security is a concern do find takers – but these are usually exceptionally budget-strung buyers who resign themselves to having to wait for everything to fall in place at some stage.

Sanitation infrastructure

In India, there has been rising awareness of the minimum levels of sanitation that a household should have access to. A new location will only start attracting real demand from homebuyers if it offers appropriate measures of sanitation such as municipal road cleaning, trash removal, sewage and waste water disposal, and other related services. Without these services, life becomes unhealthy and intolerable. A location’s score on the sanitation front is a very important criterion for homebuyers who are shortlisting housing projects in which to buy a property.

Social infrastructure: Schools, hospitals, shopping and recreation

Indian families put great onus on the availability of schools in a residential neighbourhood. This is why areas with good schools in the vicinity fetch higher property rates than most others. This is not only a question of convenience for Indian parents, but also of the safety for their children. Because of life’s uncertainties and the rise in road and domestic accidents, hospitals are another component in an area’s social infrastructure that is of critical concern for homebuyers. They expect quick access to medical facilities –  this is non-negotiable.

Recreational open spaces such as parks are also consistently in favour from city dwellers that wish to experience nature to some extent, and thereby be able to find some refuge from the urban madness that rules most of their days. A locality that offers water bodies, gardens, parks and playgrounds in the vicinity are considered premium.

Developers of large integrated townships are aware of how important the availability of good social infrastructure has become, which is why they include gardens and artificial lakes as well as schools, shopping and entertainment inside the project premises for their residents.

Infrastructure in all its facets is therefore hugely important in today’s residential property scenario, and it directly influences the buying behavior of Indians scouting around for homes. The degree to which social and civic infrastructure is available in a neighbourhood dictates how successful a residential destination is today.

This is why integrated townships have become the most important trend on the Indian property market today. Townships are not dependent on how proactive the municipality and private sector players in deploying social and physical infrastructure. They deploy it themselves in perfectly-contained microcosms that not only include residential projects but also office and retail complexes as well as educational and healthcare facilities.

Integrated townships ensure that their residents have everything they need for a modern comfortable and secure lifestyle accessible within easy reach, for instant use. The high demand for township properties in rapidly urbanizing cities like Pune and PCMC vouchsafes the fact that homebuyers are no longer willing to compromise on the advantages of sufficient infrastructure in their neighbourhoods.

About The Author:

Anil PharandeAnil Pharande is Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in West Pune. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.

Festive Season: Tips On Freebies And Offers On Property

– Anil Pharande, Chairman – Pharande Spaces

In Maharashtra, Diwali is definitely the time of choice for property buyers to invest in their dream home. In fact, property buyers look forward to this festival to sign the papers on their homes because this city cherishes this traditional time of investing in the future.

freeObviously, builders also respond to the vastly improved market sentiments and do all they can to sustain them. During the Diwali period, property buyers will be presented with a slew of offers which developers introduce to induce sales. The Diwali period this year will see a lot of such activity, because property developers are eager to create sufficient interest in their projects. The residential property market has seen slackness over the preceding months, and Diwali is the time that developers have been looking forward to as much as property buyers.

The question here is – do such ‘freebies’ constitute real value for property buyers? The answer to this does not depend solely on what is being offered. It is a normal market phenomenon for incentives to be offered during the festive season, but property buyers should consider the actual value of the property.

They should be cautious about extravagant freebies and take a close look at the factors that add or reduce value in the case of real estate. If the project is by a developer known for sub-standard construction, or if it is located in a ‘blind spot’ of the local real estate market, no amount of freebies can compensate. The property itself will not represent a good investment, and the buyer will not benefit in the long run.

Another aspect to watch out for is freebies being offered for properties in over-priced projects. At a time when property buyers seek the best options for their money, getting a free car along with an overpriced flat does not make sense. If the flats in this project do not represent good value for money, freebies will not improve the situation. If a buyer wants to buy a flat in Pune such a project, it is best to negotiate for a better price than to accept freebies – or ask for them in addition to a discount.

Home buyers should especially beware of freebies being offered by investors who have put their money into properties in locations that are known to be ‘overheated’ (in other words, where rates have been artificially inflated by excessive investor activity). In such cases, freebies are meant to act as psychological encouragements to make an unwise property purchase.

There are certain incentives that buyers can definitely take seriously. These are not in the form of cars or vacations, but represent actual savings to them. Such incentives include:

  • Reduced down-payments to book flats, with balance payable on possession, resulting in an extension of the period between booking and full payment. Normally, buyers would have to pay the balance as the building progresses
  • Waiver on stamp duty, VAT and registration charges
  • Free or significantly reduced clubhouse memberships
  • Free parking, furnishing, interior decoration and smart home features (which would otherwise be charged for)
  • Waiver on premium for floor-rise

About The Author:

Anil PharandeAnil Pharande is 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 and an ISO 9001-2000 certified company, is a pioneer in the PCMC area, offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.

Infrastructure: The Key Real Estate Investment Criterion

Anil Pharande, CMD – Pharande Spaces

We keep hearing the term ‘market drivers’ being used in real estate. What are they? Market drivers can be defined as developments in an area that increase the value of living there. It is a well-established fact that infrastructure is by far the most important driver for real estate demand and property appreciation growth.

Infrastructure can take many forms. It includes road development to boost connectivity of a location, civic infrastructure such as dedicated water and electricity supply, public gardens, etc. that increases the quality of living in the area, and social infrastructure such as schools, colleges and healthcare, which result in shorter travelling time to such very essential services.

punawale bridge

Infrastructure must be put in place either before or along with other real estate development. Attempts to put it in place retrospectively create the kind of mess that we can see in many of our cities today. The building of flyovers and road widening are attempted in highly congested areas, disrupting the flow of normal activity and taking ages to be built, causing great inconvenience and massive costs to the city because of the incessant delays.

Building infrastructure is like growing trees – in both cases, there needs to be enough space for them to grow, and sufficient opportunity for a root network to deploy. Without space and depth, neither trees nor infrastructure can grow and flourish. If we take the case of Pune as an example, we can see that building infrastructure as an afterthought to real estate development, rather than as a precursor, does not really work well.

Pune’s haphazard development in the past has not been favourable for decent infrastructure deployment to complement its rapid development on other fronts. Battling severe constraints, Pune’ development authorities are doing their best to counter the ill-effects of unregulated development which has so far been taking place.

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We are seeing some good results in building support infrastructure, but the Pune Municipal Corporation is actually a losing battle. This is amply illustrated by the fact that the Pune Municipal Corporation is not able to provide suitable parking, traffic management solutions and utilities supply despite enormous investments.

Guidelines For Homebuyers & Investors

  • The infrastructure of a location is a major focus area for property investors for a very good reason. Real estate investors want to attract end-users, either as rental or purchase clients, to the properties. They know that an area without sufficient infrastructure will be unattractive to their clients, because the quality of living quotient is low.
  • Again, properties in areas without good infrastructure tend to have cheaper property rates for a reason. Developers with projects in such locations know that the area has little or nothing to say for itself in terms of quality of life. The only way they can hope to sell their projects is to offer very attractive rates.
  • Buyers should place infrastructure availability prominently on their checklist while scouting for suitable homes. Road and rail connectivity, water supply, proximity of schools, hospitals and shopping outlets are of paramount importance. Buying a home cheaply if the location does not offer these is meaningless, and will give cause for regret.
  • If one is buying a property purely as a long-term investment and primarily for capital appreciation, one can afford to be a bit philosophical about existing infrastructure. After all, one is not planning to live there and does not expect very fast appreciation. As long as there is a reasonable assurance that it will arrive in the foreseeable future, it makes sense to invest in a property located in an emerging area where infrastructure is in its nascent stages.
  • However, if one is buying the property in order to generate rental income, existing infrastructure is far more important than upcoming infrastructure. People looking for rental options are also looking for a certain ease and dignity of living. They are willing to put the option of buying a home aside so that they can live in a good home in a good location on rent.
  • Where the option exists, give a high preference to townships over all other options. While checking out townships, ensure that they are located in areas which have a good saturation of support infrastructure as well. Most large Indian cities now have township projects coming up.
  • In Pune, the infrastructure-rich Pimpri-Chinchwad Municipal Corporation is attracting the highest number of buyers and investors of township properties. In other parts of the country, Navi Mumbai and the Kalyan-Dombivli and Vasai-Virar belts are becoming important township hubs.
  • In Delhi NCR, the areas to look at for townships are Ghaziabad, Faridabad and Greater Noida. In Bangalore, the growth hubs for townships are Yelahanka and Devanhalli, and in Chennai they include Sriperumbadur, Perambur, the OMR belt and Anna Nagar.

About The Author:

Anil PharandeAnil Pharande is 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 and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.

 

 

Punawale Now: Taking West Pune Real Estate To The Next Level

Taking West Pune Real Estate To The Next Level
Taking West Pune Real Estate To The Next Level

PCMC – India’s Best-Planned Real Estate Market

Anil-Pharande

 

 

 

Anil Pharande, Chairman – Pharande Spaces

Planning In Real Estate

Planning is an inalienable component of real estate development. This is why buildings are engineered, not built randomly. While developing a project, this means that the builder follows a pre-determined design provided by an architect, who has based his or her design on proven engineering principles.

This planning ensures that the building’s structure has a prescribed foundation depth and distributes weight uniformly so that it can withstand internal and external stresses. The engineering aspect of project design also ensures that living units are proportionate and that the available space within them is optimally used.

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In a residential complex, the planning aspect is extrapolated beyond individual buildings. The architect’s job is to engineer the project in such a manner than the buildings are distributed according to plan across the plot, and that open spaces, parking spaces, internal roads and common utilities are exactly where they are supposed to be. In larger townships, the planning aspect becomes even more involved because of the larger area.

Planned Cities

All these are expected factors when it comes to real estate projects. But when such detailed planning is applied to an entire city, its benefits are vastly magnified. Architects, engineers, town planners, government agencies and builders approach the development of the whole city as though it were one large integrated complex.

This takes a huge amount of planning, coordination, investment and effort, but the results are obviously worth it. This is how the Pimpri-Chinchwad Municipal Corporation came into being. This is what sets it apart from other cities and into the same bracket as other planned municipalities like Chandigarh.

Today, the PCMC is a model city which is the result of careful planning of economic, social and real estate development. Unlike in the other regions in Pune, PCMC’s town planning authorities have scrupulously shielded the city from the ad-hoc development that has paralyzed the rest of Pune. The futuristic thinking and high vigilance that has been employed in developing this region has resulted in an avant-garde satellite city which adds a whole new dimension to the Pune’s real estate market.

Planned Cities Which Began Well And Ended In Chaos

From the start, planning authorities of the PCMC were determined not to repeat the mistakes committed in other cities which were originally meant to be immaculately planned municipalities. They started off on the right note, but the planning aspect soon decayed and gave way to the kind of unregulated growth that has destroyed the urban fabric of most Indian cities today. Some of the examples of failed attempts to produce planned municipalities in India are:

  • West India: Navi Mumbai and the Kalyan-Dombivili and Virar-Vasai belts
  • North India: The Ghaziabad-Gurgaon-Faridabad-Greater Noida corridor
  • South India: Bangalore’s Devanhalli-Yelahanka and Chennai’s Siruseri-Sriperumbadur belts
  • East India: Kolkata’s Rajarhat-Batanagar-Kalyani belt.

In each of the above cases, what had begun as a regulated real estate development process soon turned to a commercial expansion. PCMC on the other hand, adopted a smarter blueprint from the start. No scope had been given to nearsighted development. PCMC was always meant to be the city of the future where residents could enjoy the benefits of 100% infrastructure-based, community-oriented real estate planning and development.

Real Estate Demand Drivers In PCMC

Demand for residential real estate in a successful satellite city is created when there is a right balance of infrastructure, a stress-free lifestyle and employment opportunities. Additionally, there has to be good connectivity to the parent city. In context of PCMC, these are:

  • Road and rail connectivity to Pune
  • Its highly-planned business and industrial zones create countless new jobs every year
  • Infrastructure is vastly superior when compared to Central Pune
  • Real estate development is strictly dictated by a pre-planned urbanization model that ensures high living standards for all

PCMC is a perfect example of how satellite cities can surpass the central city. Here, the retail, commercial and residential markets work together symbiotically to create a winning proposition for end users and investors alike. When compared to Pune, PCMC has a much higher availability of green spaces, superior social fabric and vastly better infrastructure. Thanks to better land availability, PCMC also provides the most opportunities for real estate developers to create large integrated townships, which have are nothing short of a blessing for Pune’s residents.

About The Author:

Anil Pharande is 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 and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings.

Be A Smart Property Buyer With A Pre-approved Home Loan

Anil-Pharande

 

 

 Anil Pharande, CMD – Pharande Spaces

Home buyers, and especially first-time buyers, would like to be in the best position to make their purchase once they have identified their dream home. The most challenging aspect of home ownership is invariably financing. Questions like which lending institution to approach, what loans should be applied for, how much loan to be applied for and how much time will it take for approval need to be answered.

ApprovedStamp

The best ‘be prepared’ move on this front is to become pre-approved for a home loan. Doing so means that this tricky and time-consuming aspect of home purchase has already been dealt with, and that one can enter the market focused squarely on the best options. Getting pre-approved also puts you in the strongest possible place when it comes to negotiating the best deal.

 

What is the difference between loan pre-qualification and pre-approval?

Pre-qualification for a home loan is more or less like an educated estimate provided by the lending company. They will be letting you know the type of loan you could qualify for, and the maximum amount. The estimate is usually based on your financial history, loan eligibility and buying power. A pre-approval, on the other hand, is a written confirmation by the lender.

Before handing over the pre-approval certificate, loan officers will completely access your employment and remuneration information and do a complete ‘credit-worthiness’ check. This involves collecting all the data related to your past and current debts, repayment history, disposable income, credit card record, etc. and running it through software that will calculate whether you could be a likely candidate for approval.

How to secure a pre-approved home loan?

While seeking to become pre-approved, it is always best to approach a lending company that you know or can be referred to by a friend, colleague or family member. The lender needs have the assurance that you are a credible borrower. However, do not stop searching after you have met the first possible lender.

Ask around and look for the lending institutions that that provide the most competitive interest rates and are known for their helpful customer service. The loan officer from the identified lending institute will then pay you a visit and help you streamline your financial statements so that you become ready to discuss your bank statements, investments, holdings, salary slips, income tax returns and other information related to your finances. This basically starts the process which will end with you becoming a pre-approved borrower.

What good will a letter of pre-approval do?

Firstly, a pre-approval letter lets you know the exact budget range you should be searching in. This helps you stay in sync with your financial reality and keeps you from allowing your focus to stray to properties that you cannot afford. Secondly, having a pre-approval letter means that you can grab an offer immediately when it comes across and is in your budget range.

The letter states that the finances are ready when you choose to ask for them. Important Note: it is highly advisable to work with lenders who have the ability to provide customized pre-approval letters, inclusive of the maximum purchase price. Sellers could get greedy if they see a greater loan amount than their quote.

Getting pre-approved for a home loan is a crucial step that can put you in the best possible position in the home buying process. It will give you both peace of mind and keep you focused on what what to look for and what to avoid in terms of affordability.

About The Author:

Anil Pharande is 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 and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran.

The Value Proposition Of Large Vs. Small Flats In Pune

Anil-Pharande

 

 

Anil Pharande

Over the last couple of years, I have been observing with concern the decreasing size of flats on the Pune real estate market. Of course, it is the demand for smaller flats that is driving this kind of supply.

With housing prices in the Pune Municipal Corporation rising relentlessly, the ‘biggest’ opportunity that developers perceive is in smaller flats that get sold in the shortest possible time. This kind of supply is aimed at first-time home buyers who either have limited budgets or low financial confidence.

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Smaller Flats – Pricing Trap

Though these are supposed to be ‘affordable homes’, the pricing of these units is actually on the higher side. They sell because the prices are still lower than those of larger flats, but the buyers are actually paying an excessive unit cost.

The reason for this disparity is that the ‘pigeon holes’ housing model itself has some inherent flaws built into it. To begin with, the share of common area that needs to allocated in a project that consists of only of small-sized homes means that the project loses in terms of overall efficiency and sale-able area. This results in lower revenue potential, so developers bump up their prices to compensate.

Secondly, the cost of construction depends on the quantity of raw materials being used. When a developer is building a project which comprises exclusively of small units, his development costs actually go up because every unit needs to be provided with separate fittings, appliances and finishes.

As a result, he will increase his prices to make up for the loss in profitability.

Home buyers should be aware that the converse is equally true. In a project with larger units, developers save on costs because of more efficient common space utilization and lower consumption of fittings, appliances and finishes for individual units.

Better Common Amenities

This is why a 1 BHK is often only 30-35% less expensive than a 2 BHK. The bottom line is that by opting for larger flats, property buyers are getting more value for their money.

Also, projects comprising of larger flats tend to have better common amenities, which the developer can maximize the overall livability and therefore attractiveness of the project rather than needing to focus on making as many units as possible within the available space.

The obvious question that follows is – where can middle class home buyers from Pune find larger flats that fall within their budgets? The answer is – in the developing (rather than expensive over-developed) parts of the city.

For example, West Pune is a corridor where hundreds of property buyers are still able to find true value for their money.

Property rates in many of the the areas of PCMC are lower than the inner localitions of the Pune Municipal Corporation, which means that buyers can get the benefits of larger flats with better amenities there.

With the vastly improved road connectivity, the newer areas of West Pune close to Hinjewadi and the MIDC are now becoming the destinations most favoured by home buyers working in these employment catchments.

About The Author:

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. Puneville in West Pune’s Punawale is the latest integrated township project by Pharande Spaces

 

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.