How Infrastructure Drives Real Estate Demand

– Anil Pharande, Chairman – Pharande Spaces

All property investors are familiar with the phrase ‘market drivers’, which has become one of the most utilized terms in real estate investment. What exactly are market drivers? They can be explained as advancements within a region which boost the overall worth of the location, and the desirability associated with residing there. It is a well-established fact that the infrastructure of an area is a key criterion for home buyers, and therefore property investors.

Infrastructure has numerous types. For instance, roads are considered key infrastructure, as they enhance the connectivity of the area. There is also civic infrastructure, which involves the availability of public services in the region. In India, the primary aspects covered under civic infrastructure are reliable water and electricity supply, without which an area falls flat as a residential location and therefore as a real estate investment destination.

infrastructure3

Then there is the factor of social infrastructure, which accounts for the liveability of the area. At the most basic level, civic infrastructure will include public transport and shopping outlets, but educational institutions and hospitals are also important. People expect to have colleges, schools and healthcare facilities close to where they live. Therefore, the level of saturation of social infrastructure will play a big role in the overall value of the location as a residential and investment destination.

The global standard for urbanization which is evident in most developed countries is that all or most of infrastructure required to make an area livable and desirable as a real estate destination are set up prior to or opening it up for large-scale real estate development. This is because efforts to put the necessary infrastructure in place retrospectively results in inconvenience to the existing population because of decreased public mobility during construction of such projects.

Retrospective construction of infrastructure projects also pollutes the environment during the actual construction process, and this is nothing but bad news in an area which is already inhabited.

Creating the infrastructure which is required to make a location liveable and also supportive to various economic functions can be compared to creating vast green cover in an area . In both instances, there is a primary requirement of adequate space. Another vital factor for successful infrastructure creation is time. In the case of trees, the root systems must be given adequate time to penetrate deep enough to provide anchorage as well as access to deep-lying groundwater. Similarly, infrastructure must be given enough time to be deployed, become functional and start servicing the area properly. Without space and time, both forestation and infrastructure creation become futile exercises.

infrastructure

If we take the cases of Pune and the adjoining Pimpri-Chinchwad Municipal Corporation (PCMC), we see a vast difference in successful infrastructure deployment. In Pune, the PMC has been unsuccessfully trying to provide retrospective infrastructure support to its massively congested and largely dysfunctional city areas.

Almost every new infrastructure project in Pune is hotly contested by local political parties and becomes road blocked by bureaucratic red tape. One of the reasons is that these projects affect already populated areas, which represent vote banks. The result is that most of these projects take ages to be built, and many are eventually shelved altogether.

The advantage that the PCMC has enjoyed is that it follows a proactive rather than reactive approach to infrastructure creation. In other words, massive Greenfield areas are taken up by the town planning authorities for infrastructure creation, and only then  opened up for further development by private builders. This has resulted in extremely viable, plug-and-play residential neighbourhoods and commercial districts which start delivering the goods from day one.

This proactive approach to infrastructure has earned PCMC the distinction of being one of India’s most sought-after destinations to live and work in. PCMC’s superior infrastructure has attracted the highest number of multinational companies and industries to the region, and this has also led to the highest rate of employment creation in PCMC. As a result, the Pimpri-Chinchwad Municipal Corporation has emerged as the most preferred city for home buyers who are looking to live close to where they work – and simultaneously enjoy a superior quality of life.

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.

PCMC’s Integrated Townships: Redefining Traditional Luxury

– Anil Pharande, Chairman – Pharande Spaces

Indian luxury real estate is in rapid evolutionary mode, and few of the previously accepted definitions of a luxury home have stood the test of time. For luxury home developers, the challenge has shifted from offering a number of attractive add-ons to providing a well-rounded residential experience that transcends luxurious exteriors, interiors and amenities.

Luxury townships are the obvious answer to the questions today’s buyers are asking. They are not looking for mere glamour – because of the mounting challenges of urban life in cities like Pune, they are also looking for superior infrastructure, cutting-edge security and project management and a walk-to-work option. These are obviously not an option in standalone luxury buildings – nothing less than a fully integrated luxury township can provide such advantages.

puneville2

A number of Indian developers who previously specialized in traditional luxury residential projects – one or two snazzy buildings in a tony part of town where ‘address value’ accounts for a massive price premium – have therefore shifted their focus to the township format. This is because luxury living in today’s context is a 360-degree lifestyle equation which cannot be limited to elegant superficialities.

The buyer profile for integrated luxury townshipspuneville is also different today. These are not HNIs hailing from families with protracted histories of wealth – they are young, self-made entrepreneurs, the corporate upper management cadre and high-placed Information Technology professionals.

This new breed of luxury home buyers is not swayed by impressive addresses and the other factors which dictated how luxury was interpreted in the past. They are looking for the aspects that spell genuine luxury today – convenience, safety, reliable water and electricity supply, modern recreational facilities, on-the-spot availability to essential services like hospitals, schools and shopping, and good internal and external connectivity.

punevilleThey will not spend their hard-earned money on an expensive location but invest in a superior living experience for themselves and their families. Moreover, the traditional CBDs of cities like Pune are no longer the areas which yield the most lucrative jobs – the IT and manufacturing hubs in modern satellite cities like the Pimpri-Chinchwad Municipal Corporation (PCMC) are the next employment hotbeds which are driving both the demand and trend for high-end homes.

This luxury home buyer demographic is highly tech-savvy and environmentally conscious, and attributes a lot of value to ‘smart’ and ‘green’ features – not only at a residence level but at a project level. Again, this is only possible in integrated townships, and this is what has spurred the growth of PCMC’s ultra-modern townships over the last decade.

These townships offer their residents:

  • Broad, well-lit internal roads
  • 24×7 water and electricity supply
  • Multiple user parking per unit
  • Multi-level security
  • Green open spaces
  • Conveniences  such as shopping malls, banks, schools and hospitals within the project
  • Easy connectivity to other parts of the city
  • Modern recreational facilities

The best integrated townships also include high-grade commercial spaces and give residents the ultimate luxury – the walk-to-work option. Obviously, this new definition of luxury living provides a stark contrast to the traditional concepts of luxury homes, which was usually tied to a vanity address in an exorbitantly pricey location. Though older luxury buildings in the core areas of cities like Pune are invariably redeveloped into luxury skyscrapers, there is nothing that can be done about the fact that the locations themselves are cramped, polluted, devoid of support infrastructure and often hemmed in by slums and tenements.

While the window view from a luxury home in such a setting is usually one of chaos and urban decay, the corresponding view from a home in an integrated township is one of greenery, orderliness and unpolluted air. No wonder, then, that the younger and smarter generation of luxury home buyers today prefers the benefits of contemporary luxury far away from such areas. Integrated townships are their obvious choice.

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.

Infra

 

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.

 

 

More Scope For Green Development In PCMC

The PCMC is one of the pioneering regions in the country to embrace the concepts and principles of sustainable development, and I myself have always been a strong advocate for the green way of life.
green-home
The use of green building technology, non-conventional energy sources and sustainable waste water management does not only have a positive impact on the environment but also on the overall quality of our lives. Moreover, adoption of sustainable building and living practices reduce the strain on municipal resources, resulting in significant revenue savings which can then be used to build better infrastructure and provide even more services to the people.

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. Many of the developers active here have started to take sustainable real estate development seriously and begun launching Green Homes.

To date, there are around 60 registered green buildings completed or under construction in the PCMC. The new PCNTDA building itself is a resounding statement to how important sustainable development has become to the city.

Obviously, the Pimpri Chinchwad Municipal Corporation is taking its mission to provide cleaner, greener homes to its citizens very seriously. But I must also add that we still have a long way to go. In my opinion, there is still not enough enthusiasm within the region about the benefits of green homes and workplaces. One of the reasons for this is lack of awareness.

And despite all the progress that has been made, there should be more determination by the PCMC to encourage and promote developers who are taking the Green cause seriously. I still see a great deal of disconnect between developers, agencies like GRIHA, the environment department and the building permissions agencies. Permissions for green buildings should be fast-tracked and be given preferential status. But this is still not to be seen, and it is quite disappointing.

Such disconnect is not worthy of a mighty and progressive municipality like the PCMC. Everything that happens here should be a benchmark for other regions to follow. The PCMC should be the most encouraging and determined of all the regions to promote and develop green real estate. There should be attractive incentives for both developers and consumers of green real estate. Only in such an environment can we hope to see PCMC become and remain the leader in sustainability.

I look forward to an era when this will happen, so that everyone associated with the PCMC can benefit and be proud of its efforts. This is my vision for a better tomorrow for the citizens and all stakeholders of PCMC, India’s most progressive municipal corporation. Jai Hind. Jai Maharashtra.

Anil PharandeAbout 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. 

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: Pune’s New Townships Capital


Anil-Pharande_002Anil Pharande


Townships are more than a new real estate mantra – for the larger cities in India, they are without any doubt the only remaining hope for decent living standards. Gradually but surely, residential conditions in cities like Pune are on the decline, and township properties are gaining increasing significance as the final answer to quality-based living.

In areas like the Pimpri-Chinchwad Municipal Corporation, the ‘Infrastructure First’ approach has preserved and consistently enhanced living conditions for PCMC residents. However, the Pune Municipal Corporation (PMC) has not been able to stay on top of the infrastructure situation. Traffic congestion, air, water and noise pollution and a heedless approach to development have compounded the problems on all levels.

All Eyes On PCMC

The city’s inhabitants are facing major problems with reaching emergency services and educational institutions for their children, and access to adequate parking. In this depressing scenario, the large integrated townships being developed in thriving locations of the PCMC region are the new lifestyle standard. In the PCMC, the township movement first began in areas like Moshi and Ravet, and the region’s leading developers have now launched luxury townships on Spine Road and Punavale as well.

Integrated townships have, in fact, been on the rise ever since they were identified as the most suitable residential solution by the Government’s National Housing and Habitat Policy of 1998. After this policy included townships in its ‘Housing Revolution’ initiative, the Government of Maharashtra had begun actively encouraging the development of integrated townships to reduce the pressure on urban areas and to improve infrastructure in cities like Pune.

However, such projects require large land parcels and these have been all but fully consumed in the core areas of the Pune Municipal Corporation. As result, the focus shifted to the Pimpri-Chinchwad Municipal Corporation, where land availability and superlative support infrastructure make townships a very viable proposition.

Lifestyle Aspiration Driving Demand For Townships

Today, Pune citizens’ yen for a better lifestyle quotient is leading to an increasing demand for systematic and fully-enabled residential formats. The city’s deteriorating living conditions are the prime reason why the Township Revolution is now in rapid spin.

In the integrated township format, the problems are infrastructure deficit and deteriorating living conditions are completely negated. They offer a very high grade of living conditions set to the backdrop of aesthetic environments.

Offering the township-grade facilities in smaller residential projects would involve prohibitive costs for developers – cost which the consumers would have to pay. Thanks to the economies of scale, township developers in the PCMC are providing ultimate lifestyle solutions at far more rational costs. High-quality infrastructure, open spaces and immediate access to all the necessities of daily living result in a superior lifestyle proposition, since all residents in a township benefit from one large integrated and centrally managed system.

Why Township Properties Cost More – And Why It Is Worth It

When developers offer township-grade facilities in smaller housing projects, the costs to consumers is comparable to those of luxury homes. In townships, the vast range of facilities, fully-integrated infrastructure and the availability of schools, hospitals and shopping complexes within the premises means that township properties come at a slightly higher cost than normal multi-storey apartments. However, the additional expense is vindicated by the fact that those who buy into township properties are assured of a vastly superior living standard – not to mention exceptionally higher returns on investment.

For property buyers who simply do not want to compromise on their lifestyle options, the township properties of PCMC are the most obvious solution. The direct advantages include complete security, convenience, the comfort of high-grade infrastructure and various facilities within the premises, and immediate access to retail outlets and recreational facilities. This results in a very high degree of comfort and convenience within a completely cosmopolitan ethos.

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. 

PMRDA: New Era Of Planned Growth For Pune Real Estate

Anil Pharande, Chairman – Pharande Spaces

The Pune Metropolitan Development Authority (PMRDA), which took up seat in the PCNTDA offices in Akurdi, Pimpri-Chinchwad on May 1, heralds an era of much-needed change for real estate development in Pune. From this point onward, PMRDA will introduce the concept of scientific town planning to every part of the city.

PMRDA

So far, proper town planning had only been followed in the the Pimpri-Chinchwad Municipal Corporation. The entire Pradhikaran belt has been developed by the PCNTDA (Pimpri Chinchwad New Township Development Authority) under strict development guidelines. As a result, PCMC has become a showcase of planned urban development.

The jurisdiction of PMRDA will cover the whole or Pune, including PCMC as well as several talukas such as Maval, Bhor, Haveli, Shirur, Mulshi and Khed which fall in the Pune district. Talegaon Dabhade, Lonavla, and Alandi and also be included along with several outlying villages. For the very first time in Pune’s history, there will be a unified planning and development authority to bring order to the entire district. The model of development will be similar to the approach which PCNTDA has followed to develop Pradhikaran over the years.

PMRDA will develop massive land parcels in a planned manner, areas will be zoned for residential and commercial development and support infrastructure such as electricity, water supply, sewerage and road networks will be put in place. Thereafter, they will be released for development under a newly-formulated development plan (DP) and regional plan (RP) which will replace all previous plans. In the meantime, PMRDA will also eradicate illegal developments. In the future, no construction will take place without complete vetting and authorization by the PMRDA.

This approach to urban development will have a profound effect on real estate in the Pune region. The value of land as well as any kind of built-up real estate will rise considerably, and the region will attract more and more investments from both within and outside the country. PCMC, which is already home to hundreds of global manufacturing companies, will see even more of such industries moving in and setting up operations. This will lead to incremental employment growth, which will bring with it massive requirements for commercial and residential spaces.

In short, Pune will now be able to reach its fullest potential under PMRDA. The local economy is set to boom, and Pune will eventually become the new economic capital of Maharashtra.

About The Author:

Anil-Pharande

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.

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)

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

 

Real Estate Investments Flowing Into West Pune

Anil-Pharande

 

 

Anil Pharande, CMD – Pharande Spaces

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

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

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

punawale

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

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

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

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

location-map-new

 

 

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

 

 

 

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

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

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

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

About The Author:

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