Pune Property
Why Integrated Residential Projects Have Higher Investment Value
We all know how disconnected we tend to become from each other while living in cities like Pune and Mumbai. Most developers tend to build their residential projects in such cities wherever small parcels of land are available.
As a result, people tend to live in smaller, isolated pockets. Coupled with the stresses of modern work life, this makes developing a sense of neighbourhood impossible. Homeowners buy units, but they cannot buy a sense of community.
The problems don’t end there. Residential properties in smaller, stand-alone projects do not have the same capacity for maintaining and increasing property investment value as integrated residential projects.
There are various reasons for the higher appreciation prospects of such planned residential projects:
Integrated residential projects adhere to a pre-set development plan with regards to open spaces, communal amenities and common areas. This means that the overall value of the location does not decrease because of unrestricted developments that may crop up later on.
Since such projects have their own infrastructure, they do not depend heavily on what the local municipal corporation delivers (or doesn’t deliver) in terms of sewage management, water supply and overall maintenance of the immediate surroundings.
Both these factors add a lot to the demand for homes in integrated residential developments, because they are directly related to better comfort and quality of life.
Planned integrated projects have better property investment value because there is uniformity of the home designs. Living in such a project assures residents that nobody will build either more luxurious or inferior homes in their neighbourhood.
Moreover, the maintenance of an integrated residential project is centralized. All this means that the overall social profile of the residential community is maintained at all times. Demand for homes in such projects is very high on the property market.
Considering the escalating crime rate in cities like Pune, security has become a big issue for Pune property owners. Burglaries apart, it becomes next to impossible to ensure sufficient security in smaller residential projects in the event of communal riots or other large-scale disruptions.
Since integrated residential projects have various levels of security that protect the entire project, homeowners are assured of much higher levels of safety for themselves, their families and their possessions. Such security commands a higher premium on the Pune property market.
It’s no secret that home buyers look for convenience in shopping and entertainment. The fact that integrated residential projects have these within walking distance adds tremendously to the property investment value of its units.
Because integrated residential projects are conceived and executed by a single developer, there are no variations in construction standards. In the unplanned localities that are so much a part of the Pune property market, many developers with different construction ideologies and standards have projects next to each other.
Substandard construction in one project will not only pull down its own property market value, but also that of those next to it. Two or three inferiorly designed and constructed buildings can cause the entire location’s market profile to collapse.
For all these reasons, the integrated residential projects coming up in Pradhikaran and other areas of the Pimpri Chinchwad Municipal Corporation (PCMC) have boosted this area’s entire property market.
Anil Pharande is President of CREDAI PCMC and Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.
This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com
