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.

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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.

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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.

PCMC’s First Full-Fledged Mall Set To Open

Stategic Location & World-Class Retailer Mix A Definite Success Formula

Pimpri-Chinchwad Municipal Corporation, Pune’s thriving sister city, is all set to throw the doors of its first full-fledged mall open to the public. City One Mall is an undertaking by PCMC’s leading development group Pharande Spaces in partnership with Rama Group, and is being leased by out Jones Lang LaSalle India.

Anil-Pharande

 

 

Anil Pharande, Chairman – Pharande Spaces says, “The one missing link on the well-meshed PCMC’ real estate market has been organized retail. With City One Mall, we are finally bridging the gap. The Pimpri-Chinchwad Municipal Corporation now has a distinct cosmopolitan profile and aspirations are at an all-time high. Strategically located close to the Pimpri-Chinchwad Municipal Corporation Building, City One has four levels of retail spaces and will provide an international shopping experience, an exclusive Entertainment City, alfresco cafes and global dining options to PCMC’s residents.”

PCMC has always been a promising catchment for retail developments. The region’s versatile population profile has already spelled success for major local category players like Jai-Hind, Ranka Jewellers, Silver Leaf, Krishna Rajaram Ashtekar, Vama, Hastakala Sarees, PNG, Bafna Jewellers and Chandukaka Saraf. Nevertheless, PCMC has not had the benefit of a full-fledged mall development to cater to its highly aspirational and rapidly growing shopper catchment.

This region has seen a quantum leap in retail viability, driven by the high purchasing power of employees from its automobile and other manufacturing industries as well as massive trading community. The potential for organized retail in Pimpri-Chinchwad was waiting to be tapped. The demand for space at City One has been nothing short of spectacular.

PCMC’s industrial development is the most important ingredient of its success story. The proximity of massive manufacturing clusters within its precincts has fueled job availability across literally all socio-economic strata. The region’s unmatched employment generation has, in turn, driven demand for residential properties from affordable housing to luxury homes.

Even as more and more commercial and industrial establishments arrive to set up shop there, residential developers in the PCMC have their hands full delivering projects across the various price bands.

So far, organized retail has had a very limited presence in the PCMC belt. The opportunity for retailers to capture the full potential of this market is much greater as compared to many other locations. The massive residential development happening in and around PCMC is creating considerable inherent retail demand.

National hypermarket chains such as Big Bazaar, Star Bazaar and D Mart and organised retail chains like E Zone, Croma, Vijay Sales, McDonald, Just In Time, World of Titan, Tanishq and FabIndia already exist in stand-alone stores. Now, City One Mall at is all set to offer all the major brands under a single roof.

City One Mall’s total development size is 3,33,000 square feet of built-up area, consisting of two buildings, both equipped with four levels of retail spaces and two levels of parking space. In the first building, which has a total area of 1,12,000 square feet, Central has already snapped up 81,000 square feet across the ground, first and second floors and is gearing up for a grand launch of Pimpri Central by the end of 2013.

The remaining 21,000 square feet have been leased to Men’s Avenue – a leading Pune-based apparel retailer which has also taken up space for their ‘Kajree’ saree section on the second floor. Both these stores were inaugurated on 11th October, 2013 by Hon’ble Deputy Chief Minister of Maharashtra, Shri Ajit Pawar.

 

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.

Tips On Buying A Home In Pune

Every Indian dreams of having their very own home, and most people work all their lives to save up enough money to purchase it. In fact, this is the primary driver of the Pune property market, since this city holds to the traditional concept of homeownership as a gauges of security and success. And, of course, a new home is the best gift you can give yourself and your family.

Because of the recent economic crisis, a lot of Pune property buyers have begun thinking twice about purchasing a new home. The major reasons are increased interest rates and the rather unfriendly Pune property rates. While a number of banks are offering to help out families in Pune who want to buy their own home, there are still clouds of doubt that hover above the decision makers.

It is true that buying a home is a huge investment, and that you need to maintain it for a lifetime. For a middle class homebuyer in Pune, buying a residence is literally putting all the chips on the table. Here are some tips that are worth considering before you proceed with buying a property in Pune:

  • Location

Location is perhaps the most important factor to consider, because it will say a lot about your purchase. Do not forget that its location dictates the price of your new home in Pune. For example, a 3 BHK flat in the middle of nowhere will cost you a lot less than a 1 BHK in the middle of the city’s commercial district. Some areas are called prime because of their central location. They are close to the places that we need access to, such as schools, healthcare facilities and shopping centres. These places cost a lot more because they offer all of these.

However, the new concept of township properties has created an entirely new paradigm. The new townships in Pune allows property buyers to avail of all these facilities even if the location is not in the centre of the main city. Some of the best townships in Pune are coming up in the Pimpri Chinchwad area – for instance, Woodsville in Moshi and Celestial City in Ravet, both being developed by Pharande Spaces. These are integrated townships that offer every convenience of modern living in Pune’s flourishing sister city.

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  • Price

The cost of your flat in Pune is obviously one of the most important considerations. As already stated, certain properties in Pune cost more simply because they are centrally located within the city. It is significant to note that despite the higher pricing, the homebuyer has to put up with traffic congestion, air pollution, lack of greenery and inadequate parking facilities.

Those who are looking for a reasonably priced flat in Pune will only find it in the further locations. Many of these new areas do still have some greenery and less traffic congestion and pollution. However, in time these areas will also succumb to the hammer of indiscriminate development which has been the hallmark of the Pune real estate market.

Again, Pimpri-Chinchwad township properties offer the perfect alternative. The real estate development in the PCMC area is strictly controlled. This means that infrastructure keeps pace with property development at all times. In other words, these Pune township properties will never be strangled by over-development and traffic snarls. They are the perfect alternative for Pune property buyers who are looking for a clean, green environment to live in – not only for the current generation, but for all generations to come.

  • Security

Security is a major concern in a fast-developing city like Pune. Your choice of location for your new home also reflects on the safety of your family as well as your property. Security is definitely a very important consideration when you purchase a new home. It makes more sense to buy a property in a township project which offers round-the-clock security than in a urban city centre with a high crime rate.

  • Appreciation

While central location is a big driver for property prices, central locations are also the most volatile in terms of price fluctuations. This is because the property market in city centres is more often than not driven by investors rather than genuine end users. On the other hand, there are no other price drivers in a congested, overdeveloped city. Very little can be done to enhance the infrastructure and therefore the lifestyle quotient of property owners.

Though prices stagnate in the city centre for these reasons, property valuations for township properties in developing areas such as Pimpri Chinchwad increase because of the better infrastructure, more wholesome environment and the steady – yet controlled – addition of value-adding projects such as office complexes, malls, schools and hospitals.

While buying a flat in Pune, it makes a whole lot of sense to consider the purchase from all angles. In short, keep in mind what kind of standard of living you wish to enjoy in your lifetime and also pass on to your children.

Posted by: K. D. Nagarkar

Pune Real Estate On A High Trajectory

(TOI, Oct 13, 2010)

PUNE: Prices of the city’s residential property are witnessing a rise, if market observations of leading realty research firms are an indication. Rentals of commercial space are also witnessing an upward movement, though the market cannot yet be called a heated one, the firms have said.

Rates in different parts of the city have recorded anything between 15 to 25 per cent rise in the past one year or so, rising customer interest being one of the factors, the observers added.

“As far residential properties are concerned, the sector is moving again for the last six months or so. Previously, we had thought the returning demand will fizzle out by April, but that has not been the case. The impression one gets is that Pune’s home buyers are once again convinced of the long-term potential of their investments,” Mohammed Aslam, Pune head for real estate advisory Jones Lang LaSalle India told TOI.

“I won’t say that the market is back with all guns blazing, but matters have improved considerably. Residential sales and retail lease figures for the month of July 2010 look astonishingly different than from this time last year, Aslam of JLL said.

For mid-income homes, the hottest-selling locations are now in western Pune, he observes. Buyers have the widest choice there because of the large number of projects popping up all over Hinjewadi, Wakad, Pimple Nilakh, Pimple Saudagar, Aundh and Balewadi. Secondly, this influx of projects is serving to keep prices affordable. In western Pune, average residential property rates start at around Rs. 3,200 per sq.ft. and hover around Rs 4,000 per sq.ft. The most popular price tags for homes in these areas are between Rs. 30 to 40 lakh.

Manish Aggarwal, executive director, investment services, Cushman & Wakefield India (C&W), said, “With India’s economic environment showing signs of stability and buoyant growth, coupled with improvement in affordability and access to finance, housing demand in the country is expected to witness a revival in the near future.”

According to the C&W report, Pune is expected to witness the highest demand in residential sector after National Capital Region (NCR) and Mumbai. Pune is estimated to witness a demand of 2,70,000 housing units by 2014, the report says. “The growth in demand for residential units in Pune can be attributed to rapidly growing city population (both migratory & local), coupled with improvement in economic environment with stimulate growth of both IT and manufacturing sectors in this city,” the report adds.

Real estate advisor Ravi Verma, a former official of the National Association of Realtors, said, “The residential market is moving briskly and both high-end and economy segments within the residential sector are doing well. There is however a warning here, that the prices are rising slowly but definitely.”

Offices segment, on the other hand, has yet to pick up speed, as there is a sizeable overhang of stock created or planned prior to the economic slowdown of 2008-09. Verma said the information technology sector which drove most of the deals in the early part of the decade is still slow in absorption of space and so are the retail and commercial spaces.

Aggarwal said, “The overall demand for commercial office space is subdued in comparison to the supply which is estimated to be approximately 400 million sq.ft during 2010 to 2014, implying caution and the need for quality supply at the right prices.” According to him, the demand for retail space across the country is estimated to be 55 million sq.ft; of which the top seven cities will witness approximately 53 per cent.

The total mall supply expected between the period under review is approximately 93 million sq.ft. NCR, followed by Pune, is likely to witness the highest demand-supply gap over the next five years, with supply overshooting demand.

PMC Survey: Half Of Pune Food Business Illegal

A survey conducted by the Pune Municipal Corporation (PMC) has found that around 7,737 of 15,449 eateries in the city, including shops selling food products, are running without the permission of the civic body and not following the norms set up by the administration. The civic body has initiated a drive to take legal action against the errant owners.

It is mandatory for people selling food products in any form to take permission from the civic body. The civic body has set up norms for the joints that include restaurants, beer bars, bakery, ice-cream parlour, dairy, grocery shops and paan shop.

Among the various norms, the civic health department issues licences only if there is a clearance from the building permission department, no objection certificate from the fire department, regular payment of property tax, commercial use of water supply. However, ward medical officers and the food inspectors are finding it difficult in executing the action against illegal business at their respective wards.

Read the rest of the article here.

Lonavala, Tourist Destination Near Pune, To Get 1.5 Lakh Sq Ft Mall

Now malls appear to be tracking tourists. A 1.5 lakh sq.ft mall at a cost of Rs 100 crore is coming up in Lonavala, a hilltop tourist destination that is an hour’s drive from Mumbai.

A ‘mall mechanic’ is in the forefront of this development, who says that the research has it that on an average 62,000 visitors come to Lonavala during weekends — Friday through Sunday — annually.

Beyond Squarefeet, a boutique mall advisory company, has bagged the project being developed by Dhanlaxmi Builders and Developers.

“Hill towns like Darjeeling, Mussoorie, Shimla, Nainital, all have a ‘mall road’, while Lonavala, in spite of being frequented by people from Pune and Mumbai, does not have it. We wanted to create a mall which will cater to the local population and also generate business opportunity for the locals,” says Mr Sunil Sangoi, Managing Partner of Dhanlaxmi Developers.

Read the rest of the article here.

Ravet: PCNTDA Delivers The Ultimate Real Estate Investment Destination

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With many tempting locations featuring properties for sale in Pune, what does it take to make a new one stand out? Aundh, Wakad, Baner, Pimple Nilakh, Pimple Saudagar and similar areas have had their heyday.

Now, it is the turn of Ravet, which lies on the North-West side of Pimpri Chinchwad Municipal Corporation and Pune. This location is set to become the new paradigm of investment property in Pune. Various significant real estate market drivers have combined to make Ravet the most promising destinations for Pune residential property.

Superior Location

With its development masterminded by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA), Ravet enjoys the benefit of an extremely strategic location on the Pimpri Chinchwad map. It is, in fact, the first town that appears on leaving the Mumbai-Pune Expressway.

This has resulted in it becoming known as the Gateway to Pune; but that is not all there is to it. Ravet is a junction of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway and is placed advantageously close to the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt.

The residential property investment potential at Ravet is further enhanced by the fact that J.N.N.U.R.M has begun construction of a 45-metre, grade-separated, non-signaled four-lane BRT (Bus Rapid Transport) road at this point. This road, with 40% of the work already completed, will ensure that key area such as Aundh, Pimpri, Chinchwad, Chakan and Talegaon are in easy access from Ravet.

Developer Activity Picking Up

Pharande Spaces and the Rama Group have joined hands at Ravet in launching an integrated residential township called Celestial City. In Pune, township properties are definitely the lifestyle wave of the future. This integrated township, spread over 2.5 million square feet, features futuristic facilities aimed at making it entirely self-sufficient and is going to be developed in three phases.

Since the highest demand in Pune is currently for affordable housing, the first phase targets the middle-income group with 2/3BHK flats ranging in size from 800 to 1200 square feet. These flats are currently priced between Rs. 24 to 34 lakh at the initial offering phase. Taking a cue from this pioneering project, other developers have also acquired land in Ravet, although their projects are yet to be announced.

The Trappings Of A Pune Real Estate Legend

While Ravet’s accessibility is certainly one of its biggest real estate market drivers, it also has a number of very important establishments in its immediate vicinity. These establishments will ensure that any township properties in this area will thrive.

Among them are the famous Aditya Birla Hospital, industrial giants such as the Bajaj Auto manufacturing plant, SKF and Telco, as well as important education establishments like the Indira Institute of Business Management, D.Y. Patil College and Mercedes Benz School.

Of course, the fact that Ravet is so close to the Hinjewadi IT hub is a major factor in terms of real estate investment potential. Ravet, with its upcoming integrated township, will now offer affordable residential property options for software employees from this software hub, as well as to those from the Talegaon MIDC and Chakan MIDC.

As of now, property rates at Ravet are still extremely rational. Rates at township properties tend to be slightly higher owing to the fact that they provide their own infrastructure. Because of this, the appreciation potential for properties in such townships is also much higher than in other projects.

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

You may reprint or quote this article with full credit to the author and a link back to PunePropertyBlog.com

Commercial Property Booms Again

The commercial property market is finally on an upswing, according to an article in ET Real Estate. Here are some excerpts:

The spell cast by the global meltdown in 2008-09 is finally wearing off, as both office and retail space are back in demand. However, most of the development in 2010 is expected to happen in tier-I cities of NCR, Mumbai, Bangalore and Chennai, thanks to a new generation of companies that are considering offshoring for the first time in these destinations.

According to global real-estate consultant, Jones Lang LaSalle Meghraj (JLLM) about 60.9 million square feet (sq ft) of office space is expected to become operational in seven Indian cities — including NCR, Mumbai, Pune, Chennai, Kolkata, Bangalore and Hyderabad — during 2010. The tier-I cities of NCR, Mumbai, Bangalore and Chennai are expected to contribute around 74% to this supply.