GST Implications On Real Estate

– Anil Pharande, Chairman – Pharande Spaces

The Goods and Services Tax (GST), is a kind of a comprehensive indirect tax on sale, manufacture and consumption of different kinds of goods and services throughout India, with all other Central and State taxes intended to be subsumed under it. If this happens, it has far-reaching implications, including on real estate.

Taxation and real estate industry

If we take a look at the real estate industry in India today, we find that there have been major tax changes in the last few years. However, these taxes are not uniform all over the country – different practices and regulations are followed in different states in India. It was the 46th Amendment to the Constitution that brought massive changes towards taxation in the real estate sector. Later in the following years, special powers were given to the State Government for implementing Value-Added Tax (VAT) on some specific kinds of transactions.

gst

For land, property and other kinds of work contracts, different kinds of taxes are levied by the State Government and the Central Government. The transactions are mainly categorized in three parts – value of services, value of goods and materials and value of land. VAT is applied by the State Government on the goods portion, while value of services is taxed by the Central Government. However, other than stamp duty, there is no clear tax on the transactions regarding value of land. This situation leads to confusion and can result in dual taxation. Compliance and implementation of such taxes also get difficult.

The real estate industry has justifiably been feeling jittery with such confusing tax implantations and calculations. For one real estate transaction, multiple taxes need to be paid and this has a negative effect on the industry. The industry’s demand to bring GST on board is primarily to get a clear and transparent taxation rule for the real estate sector in India.

Expected GST effects on the real estate industry in India

The implementation of GST can prove to be a significant step in reforming indirect taxation in India. Chances of double taxation would be diminished, as some of the Central and State Government taxes will be amalgamated into one tax. This will ease the process of taxation considerably, making its enforcement and administration easier and simpler.

Talking about the real estate industry in this context, there are many things which have to be known and understood. In the current situation, a builder or a real estate developer incurs various kinds of expenses during the construction phase of a project. Different kinds of taxes are involved with these expenses, such as VAT/CST, customs duties, service tax, excise duty and so on. Majority of these taxes are expenses that are included in the system. This is because they are not creditable to the developer or to the end-customer. These non-creditable expenses lead to tax inefficiency, which is not desirable.

One positive impact that might result from GST is doing away of restrictions on credit utilization. This will definitely help in strengthening the credit chain in the entire system. If property developers and builders can properly manage this aspect, they will see some profit.

It is expected that the proposed GST structure will have a progressive and streamlined approach. The tax compliance rules should not have any serious impact on real estate builders and developers. In present conditions, builders running projects in different states have to comply with State-specific VAT laws, as well as other kinds of service taxes. Bringing in GST will therefore not bring any additional compliance burden on real estate builders in the country.

Issues regarding GST which affect real estate builders

There are a few clarifications that might be sought for GST taxation by real estate developers. For instance, the definition of a real estate developer varies from one state to another in India. The composition scheme varies according to State, in which the VAT rates come between 1-5%. In some States, there are differences between the terms real estate contractors and real estate developers. It has to be understood what will the GST implications are if the terms have different meanings.

There might be some confusion regarding GST implementations on residential property, as well. In the present scenario, there is no service tax applicable on renting immovable property, particularly for residential purposes. But service tax and VAT is implemented on the construction work. The question that arises is if the proposed GST will offer differential tax for residential properties.

As of now, it does not look like completed residential projects will be affected by GST, as buyers into completed projects have already paid statutory charges such as stamp duty and registration charges on the transaction. The segments to watch on the GST front are under-construction flats and rental flats, which are expected to come under the ambit of GST. GST will apply to the materials that a developer procures for building a residential project, so there is a direct correlation to the overall cost of construction.

Much depends on what rate of GST will finally be confirmed. If it is more than the existing cumulative taxes currently in force, it means that the overall cost to consumers of buying an under-construction flat will increase along with the added cost of stamp duty and registration. At the same time, developers have to keep an eye on costing, as price competitiveness is very important in the current real estate market scenario.

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.

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.

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

Puneville: Redefining luxurious living with a dash of modern lifestyle

pharande spaces logoWith the Pune real estate market now counting among the most vibrant and attractive property investment destinations in the country, the focus is now squarely on which regions and real estate typologies are in highest demand by end users and investors. West Pune has emerged as a clear winner. One of the major global industrial hubs, West Pune is a dynamic economic generator drawing power from its massive cluster of mechanical, automotive and information technology clusters.

experience-centre

Integrated townships have become the most preferred residential real estate configuration in Pune, and Punawale in West Pune is now home to what is by far the most luxurious as well as future-ready townships of its kind. Puneville, the masterpiece of luxurious township living by Pharande Spaces, has completely redefined the West Pune real estate landscape. Conceived and executed in partnership with globally acclaimed architects Aedas, this ultra-luxurious project is the culmination of Pharande Spaces’ constant quest towards perfection in township development.

master-bedroom

Puneville has been created to be the penultimate statement in luxurious township living,” says Anil Pharande, Chairman – Pharande Spaces. “We have spared no effort, expense or stretch of imagination to make it the most desirable residential address in Pune, and we have succeeded. The response from end users and investors has been unprecedented. By design and intent, Puneville is a unique creation that has no peers. Here in West Pune, we have given the city its ultimate real estate destination.”

Puneville consists of 16 towers, each with 23 storeys of uniquely crafted living spaces. In keeping with its elite ethos, its 2, 3 and 4BHK apartments are equipped with highest quality fittings, fixtures and marble flooring, sourced from leading manufacturers in Europe and Asia. The outdoor perfectly complements the interiors with every conceivable luxury feature, including Olympic-sized swimming pools for every cluster of buildings, landscaped gardens, tennis courts and a jogging track.

Puneville also features a completely unique sky walkway that circumnavigates the residential towers, effectively connecting all the towers to a central green area and children play zones.

living-and-dining-room

Is Pune ready for such a luxurious, futuristic township?

“Absolutely,” says Anil Pharande. “Luxury living in Pune is driven primarily by its burgeoning Information Technology sector – and in terms of what buyers from this segment expect from their luxury homes, the stakes are extremely high. At the same time, integrated townships have emerged as the most desirable residential real estate offering, since they offer self-contained and self-sustained infrastructure as well as all the ingredients of a modern, convenient lifestyle. Puneville is the perfect marriage of residential luxury in a full-fledged township environment in West Pune, which is now the city’s most sought-after real estate investment precinct.”

Mar 28 2015 : The Times of India (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.

Puneville’s Dazzling Independence Day Launch Draws Massive Attendance

The launch of Puneville, the game-changing, futuristic luxury township by Pharande Spaces at Punawale on India’s 68th Independence Day drew massive attendance of eminent dignitaries and real estate industry stakeholders. After hoisting the tricolour was hoisted at the launch venue to the refrains of the national anthem, Hemant Naiknavare – President, CREDAI Pune addressed the gathering and was generous in his praise for Puneville’s never-seen-before features.

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Puneville is a brilliantly conceived and executed luxury township,” he said. “Pharande Spaces, in partnership with globally acclaimed architects Aedas, have outdone themselves by delivering a fantastic residential project. The timing of this launch is perfect, because Puneville is the ultimate celebration of freedom of an ultra-modern lifestyle. Also, thanks to Pune’s rapidly accelerating Information Technology boom, demand for such ultra-modern township homes has never been higher.”

After the inaugural address, Kamlakar Akode, Director – Town Planning (Maharashtra) elaborated on the progressive ‘infrastructure first’ approach that is the hallmark of real estate planning and development in Pune’s progressive PCMC region, and added that Puneville is a fitting tribute to this futuristic approach which has set a new benchmark for Indian real estate.

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Addressing the gathering, Satish Magar, Vice President – CREDAI expressed his amazement at the world-class amenities offered at Puneville and also described the location at Punawale as nothing short of perfect. Shantilal Kataria, Vice President – CREDAI Maharashtra added that Punawale, Wakad and Hinjewadi are the most promising of Pune’s upcoming real estate locations and that Puneville is indeed an integrated township that has achieved global standards of excellence.

Anil Pharande, Chairman – Pharande Spaces described Puneville as his personal labour of love and the culmination of Pharande Spaces’ constant quest towards perfection in integrated township development. He was also graphic in his praise for Aedas for bringing the full benefit of their global architectural design expertise to bear in this luxury township.

After the Independence Day ceremony, Akash Pharande, Head (Marketing & Sales), Pharande Spaces treated the attending dignitaries and guests to an enthralling project presentation and a guided tour of Puneville and its various state-of-the art features. The sumptuous lunch that followed featured an international cuisine that dovetailed perfectly with Puneville’s uncompromisingly global design and ethos.

Pharande Spaces Launches Puneville, Pune’s First Futuristic Luxury Township

On the occasion of Independence Day, PCMC’s pre-eminent residential township developers Pharande Spaces launched the luxury township Puneville at Punavale today. Puneville has been designed by Aedas, the globally acclaimed, award-winning architects of ultra-luxury hotels in Las Vegas and Macau, Shanghai’s dazzling Financial Centre and Singapore’s world-renowned Marina Bay Sands.

puneville_002

In all respects, Puneville is a creation of pure marvel of luxurious extravagance, offering its residents an ultra-modern lifestyle in the midst of dazzling, futuristic architectural grandeur. Puneville was conceived and created to be Pune’s ultimate showpiece of residential luxury.

A celebration of cutting-edge architecture, the project is uniquely futuristic in all aspects. From the breath-taking 22 foot-high walkway that connects all of this township’s residential towers to the central common amenities to the clean, sweeping chrome and glass façades of the main promenade and the towers themselves, Puneville leaves no stone unturned in living up to the highest standards of Futuristic Living.

A cohesive masterpiece of everything that spells ultra-modern urban living, this is in fact Pune’s first and only contemporary residential township featuring the innovative style of project design known as Futuristic Architecture.

First seen in Italy in the early parts of the 20th Century, Futuristic Architecture’s primary characteristics are a strong accent on sweeping, dynamic lines, generous use of steel and chrome and overall style suggesting speed, flow, motion and rhythm. In Puneville, Pharande Spaces has given the city a township that embodies a glamorous Space Age lifestyle.

Puneville is not just ‘future ready’ – it IS the future,” states Anil Pharande, Chairman – Pharande Spaces at the launch of this avant-garde luxury township for Pune’s elite home buyers. “We have partnered with Aedas to give Pune more than just another luxury project – we have given the city a masterpiece of modern residential lifestyle. The distinctly futuristic design and specifications are not just a fashion statement for today, but a standard of living that speaks of what is to come over the coming decades.”

A fully integrated and self-sufficient luxury township, Puneville features a state-of-the-art hospital, first-class international school and high-end commercial office complexes for corporate occupiers. Also included in the dazzling array of luxury offerings are an Olympic-size lagoon shape swimming pool, a clubhouse with the latest features and equipment, a fine dining restaurant, spectacularly landscaped gardens, a tennis court, verdant lawns, a jogger’s track, a fully-facilitated play area for children and serene, spacious water bodies.

As the ultimate statement in modern living, the master design of this amazing luxury township is also Pune’s definitive destination for the Green Life. Conceived to comply with international specifications of sustainable real estate, Puneville is not only 100% environmental sustainable but also in complete environmental harmony with its surroundings. The township has been given a 4-Star pre-certification from GRIHA – one of the leading sustainability rating agencies in the country.

Puneville Image Gallery

Pharande Spaces Announces Third Phase Of Luxury Township L-axis, PCMC

Pharande Spaces, the leading real estate development company in the Pimpri-Chinchwad Municipal Corporation, today announced the launch of three new towers at its highly successful luxury township L-axis. The announcement was made at a glittering ceremony that was attended by world-renowned architect and town planning expert Prof. Christopher Benninger, architect Mrs. Usha Rangarajan and Ravi Varma, Vice Chairman of the National Association of Realtors.

L-axis, one of the most successful township projects in the PCMC, has made a resounding market statement as the address of choice for HNIs from the PCMC, Pune and beyond. The location of this township has been one of the main catalysts for its success.

In a relatively short period after its inception, Spine Road in the Pradhikaran region of Pune’s thriving twin city PCMC has become one of the most talked-about investment locations. The 22-kilometer long and 45 meter-wide Spine Road connects to all sectors in the PCMC and the areas along it have become key development hotspots in the region.

Demand for homes in this area began peaking when the PCMC began further widening of this key transit infrastructure project. The Pradhikaran region, also known as Sector 42, encompasses a total area of 15000 acres and is a text-book case of planned development by the Pimpri Chinchwad New Town Development Authority PCNTDA.

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

“Road infrastructure is always the precursor of all successful real estate undertakings,” says Anil Pharande, Chairman – Pharande Spaces. “New real estate locations need to be properly connected to other parts of the city to make them attractive to developers and home buyers. For this reason, Spine Road in Pradhikaran has become a game-changer. Apart from its location, L-axis enjoys the benefits of the most luxurious project design, specifications and amenities as well as unmatched connectivity.”

Because of the Pimpri-Chinchwad Municipal Corporation’s forward-looking approach to infrastructure, the PCMC has always been the forerunner of highly planned infrastructure-driven real estate development in the Pune region. The impeccable town planning employed in the PCMC has ensured that there is a full-fledged district centre for commercial development and activity. This approach has provided a uniform spread of well-paid employment opportunities over the entire region.

laxis

L-axis is located in Sector 6, directly opposite the Bhosari District Centre with its high-profile corporate and government office complexes as well as a 5-star hotel and the recently launched ‘City One’ – PCMC’s first full-fledged shopping mall. The prestigious International Convention Centre is under construction in the immediate vicinity.

Mr. Pharande says, “Over the years, the ‘infrastructure first’ approach has been especially evident in PCMC’s Pradhikaran sector, where the Spine Road has now become one of the most exciting locations for home buyers and real estate investors. L-axis has indeed benefited from the perfect location.”

Pharande Spaces has already distinguished itself delivering high quality township projects such as Woodsville in Moshi, Celestial City at Ravet and more recently Puneville at Punavale in this prosperous and progressive region.

Launched in 2012, L-axis was conceived in response to the huge demand for luxury apartments in pune emanating from top management home buyers of the region’s many manufacturing giants, the Chakan industrial area and international automobile companies like Volkswagen, Mercedes Benz and Mahindra & Mahindra and General Motors.

Pharande Spaces launched the two new towers at L-axis in the presence of a 300+ gathering of channel partners and prominent real estate personalities. In the course of the evening, the company made a strong case for the unprecedented market proposition of this unique luxury township. The event was followed by a celebrity performance.

Pradhikaran, PCMC: Unmatched Real Estate Success Story

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

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 Importance 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 more than 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.

The International Convention Centre At Moshi

To further boost Pradhikaran’s real estate profiling, the deployment of the new Pune International Exhibition & Convention Centre at Moshi has been put on the fast track. This world class piece of infrastructure is going to open the floodgates to a new wave of demand for real estate in the northern parts of the Pimpri- Chinchwad Municipal Corporation. This is one of the best examples of how planned growth and foresight can ensure that an entire city’s real estate fortunes reach for the stars.

convention-centre

There were a couple of decisive factors involved in choosing this location as the venue for the international convention centre. First and foremost, PCMC boasts of a prolific manufacturing sector where a number of global industry giants have their plants. The arrival of this Convention Centre will be a major boost to these industries, who will be able to host and attend massive international business events.

This benefit also applies to the IT occupiers of the Software Parks at Hinjewadi and Talawade, which are also in the vicinity. Secondly, only the Pimpri Chinchwad Municipal Corporation could offer the 240 acres over which this Rs. 600 crore project will be developed.

With the arrival of this project, the PCMC will become the primary focus for an increasing number of global-scale business events in Pune and Mumbai, as well. After all, this will be the largest such Convention Center in India. It will incorporate seven convention halls of 10,000 square meters each, a 600-room 3 star hotel, two 5 star hotels, an eco-friendly 9-hole golf course and parking space for 3500 vehicles.

At a rough estimate, a minimum of 30 major exhibitions and conventions will be held there annually. No other event venue in and around Maharashtra or anywhere else in India will be able to match its state-of-the-art facilities and sheer opulence, grandeur and overall enablement.

The Pune International Exhibition and Convention Centre (PIECC) at Moshi will number among Asia’s biggest industrial convention centres. This convention centre is going to be a game-changer not only for the industrial belt in PCMC but for Pune in general.

Once this convention centre is complete, 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 areas around the Pune International Exhibition and Convention Centre one of the most important property investment hot-spots ever to have surfaced in Maharashtra. In the years to come, the investment value of a home in strategically located township projects in its vicinity will rise astronomically.

Woodsville

Township projects such as Pharande Spaces’ Woodsville, which is located exactly opposite to the convention centre site, obviously have an early-mover advantage.

L-axis – The Luxury Housing Township Of The Future

Another integrated township by Pharande Spaces called L-axis – an ahead-of-its time luxury homes offering – is also located in Pradhikaran and has the added benefit on being on the Spine Road, which has become one of the most talked about infrastructure embellishments in PCMC. This area is fundamentally at the core of Pune’s most vibrant industrial area, with many manufacturing giants such as Tata Motors, Force Motors and Bajaj Auto close by.

L-axis

It is also well-connected to the Chakan industrial area, which is home to national and international automobile companies like Volkswagen, Mercedes Benz and Mahindra & Mahindra. Apart from this, the Talawade IT Park is also within easy access.

In addition, L-axis is advantageously close to the Bhosari District Centre, Sadhu Vaswani International School, Sri Sri Ravishankar Vidya Mandir, the PCNTDA Traffic Park and the upcoming International Exhibition and Convention Centre at Moshi. The project will feature technologically advanced security and lifestyle features to its residents and boasts of vast green spaces, with paved area kept at a minimum.

L-axis is the luxury apartments in pune, this project includes a modern clubhouse with gymnasium, tennis and basketball courts, a multi-purpose community hall and a massive water-world-style swimming pool that offers limitless enjoyment to all family members.

In these two projects, homebuyers from Pune and PCMC finally have the perfect combination of an elite lifestyle in an internationally renowned neighbourhood and tremendous appreciation potential.

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.