Puneville: Redefining luxurious living with a dash of modern lifestyle

Pharande Vaarivana Pune

Pharande Vaarivana Pune

With 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.

Pharande Vaarivana Pune

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.

Pharande Vaarivana Pune

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.

Pharande Vaarivana Pune

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)

Six Reasons Why People Buy Luxury Homes

Pharande Vaarivana Pune

Anil Pharande, Chairman – Pharande Spaces

At given point in time, and regardless of economic conditions and other market variables, there will always be people who are not content with just any kind of home. As a result, the demand for luxury homes in India may rise and fall – but it never goes entirely away.

It is driven by the rising standard of living and increasing disposable income among successful entrepreneurs, high-flying corporate executives and software professionals, and the wealthy scions of traditionally wealthy families. They want more than just four walls and a parking slot.

What lies beneath? Is it just the thirst for the good life, or perhaps nothing more than the play of people who have too much money in their hands? Not quite. Indian luxury home buyers have sound reasons for why they want to live in premium rather than ‘normal’ homes:

  • Status Aspiration

Buying a luxury home is a matter of prestige – and why not? After all, most luxury home owners have bought their pride and joy with hard-earned money. They want to live in homes that announce their arrival, and offer a higher lifestyle rather than just a postal address.

Pharande Vaarivana Pune

  • Comfort

The very latest of today’s luxury homes provide all the modern comforts – and an ideal environment for living and raising a happy family. These homes are built to take care of the needs of a comfortable lifestyle. Features like swimming pools, themed, landscaped gardens, gyms, meditation centers, manicured lawns, electronic security, touch-button responsive fixtures, and entertainment and shopping available at close hand all contribute towards making the living experience more comfortable and enjoyable.

Pharande Vaarivana Pune

  • Security

One important feature of luxury homes is that they have very high security. They have top-of-the-line security, both in terms of trained security personnel and security installation that guarantee safety. Further, accidents and medical emergencies can be quickly taken care of with immediate response triggered by technology, and the availability of hospitals and emergency rooms close at hand.

Pharande Vaarivana Pune

  • Technological Enablement

Technology and IT innovation have gone a long way to make the living experience in high-end luxury homes extraordinary. From solar generators to remote controlled window shutters, everything is directed towards meeting the demands of homebuyers looking for an ultra-modern lifestyle.

  • Better Neighbors

The benefits of housing one’s family in a luxury apartment do not only extend to conveniences. Luxury housing projects are also seen as the perfect environment for one’s children to grow up in and the adults to socialize in. After all, such projects basically form a society with a certain degree of culture, education and beliefs – in short, better neighbours.

  • Investment Value

The increasing demand for properties in India rivals that of gold. Real estate and gold are the most traditional forms of wealth investment in India. However, properties present the advantage of being an asset that rises in value at every instance – and it is also a ‘performing asset’, meaning that it serves a practical purpose even as it gains in value. Given the fact that luxury homes are always in demand even on the secondary market, HNIs correctly see them as the perfect investment opportunity that guarantees multiplied returns in the future.

About The Author:

Pharande Vaarivana Pune

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.

Thriving Real Estate in Pune

(StockMarketsReview.com, October 13, 2010)
Pune is a well established premier IT centre in the country that houses units of various leading IT and ITes companies. Once known as pensioner’s paradise, Pune property market is witnessing mushrooming of various luxurious and affordable housing spaces equipped with modern amenities. It has apparently metamorphosed into a bustling mini metro over the years and ranks among the most preferred property investment destinations today.
The entire realty sector in Pune is flourishing with humungous developments in residential, commercial and retail segments. Some of the popular residential localities in the city are Hadapsar, Kalyani Nagar, Kharadi, Viman Nagar, Baner, NIBM, Koregaon Park, Wakad and others. Similarly, commercial property in Pune is most sought after in areas of Baner, Viman Nagar, Aundh, Lonavala, etc. The entry of technology honchos has not only triggered its economy and created employment opportunities galore but also put it forth as a potential real estate destination.
As is the case with other tier-II and III cities, the large scale migration of professionals and students created the housing needs. Already working hard to cater to the commercial demand, developers then began focusing on the inadequate residential property. With the youth settling in, demand for retail realty in Pune also witnessed a considerable upsurge pushing developers to launch retail property projects in the city.
Undoubtedly, builders have been instrumental in taking Pune real estate to a different level. The coming up of high quality developments in terms of modern apartments equipped with state-of-the-art amenities, commercial spaces with excellent infrastructural support and swanky multi storied shopping complexes and multiplexes are all their efforts. Besides the colossal growth within the city, residential property is burgeoning in the peripheral areas of the city as well.
The demand is increasing relentlessly encouraging more and more realty projects to be launched by both national and local property builders. While corporate companies are scouting for commercial properties in Pune, migrant professionals are eyeing accommodation facilities in the city. The supply of real estate constantly falls short even as housing and office spaces multiply speedily within and around the city. With this conspicuous deficit, the property prices are soaring higher year by year.
The emergence of numerous integrated townships and condos among green environs make Pune an ideal place for living. And the considerably high returns on its realty put it across as a rewarding investment destination. The great capital and rental values spells enthusiasm in the property sector with hordes of realty investors thronging the city’s market. With an attractive 30 to 40 percent appreciation in prices, NRIs are also taking interest in investing money here. As a result, the demand for premium housing- deluxe villas and luxury apartments has also gone up by several notches.
This addition to the already fuelling up demand makes Pune one of the most lucrative realty destinations. It is among the most happening cities, located in proximity to the financial capital of the country and that serves as another advantage for Pune realty. The emergence of tier-II and III cities as property hubs is instrumental in heightening the importance of real estate in India.
Pune has not only come across as a cosmopolitan city but also as the cultural capital of Maharashtra. It offers a wonderful blend of tradition and modernity symbolizing historical past as well as a software and industrial center of today with global presence. It has been attracting huge foreign investments from NRIs, MNCs and FDIs in its realty sector. Real estate in Pune has been expanding ever since the Government started liberalizing its policies to attract investors. It is expected to flourish furthermore in coming years being a favorable investment destination.
Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively.

Pune Property: The Power of Location

What are the factors that make a residential project popular? Speaking in contemporary real estate terms, there are some fundamentals:
1. The builder’s brand equity
2. Attractive elevation, with tempting amenities
3. Competitive property rates
4. Location
One could argue that a builder’s brand, driven by reputation and prestige, shouldn’t be a major consideration. However, the fact is that a well-known developer’s banner sells project simply because it is a trusted name on the market. Such a builder is known for quality construction, clean titles, decent property rates and overall transparency.
Of course, elevation and amenities count for a lot, too. After all, a property is basically defined by its physical characteristics. Attractive rates certainly matter, but one should not have to forgo basic quality, aesthetics and proper amenities just for lower rates. However, since Pune is a city of passionate bargain-hunters, this is what often happened in the past – buyers overlooked the fact that a cheaply-priced property does not really appeal.
Fortunately, these days Pune property buyers have become aware that neighbouring Pimpri-Chinchwad offers residential projects that are vastly superior to anything that Pune has to offer – at much lower rates, and in far more pleasant surroundings.
woodsville-1-1478
Which brings me to location – the last but certainly not the least consideration in my list above, and the primary topic I want to address here. Location is a vitally important factor to consider while buying a home in Pune. In fact, location should be a priority consideration.
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What gives location such power on the Pune property market? Take the area near the Pune International Convention Center in Pimpri Chinchwad, for instance. Obviously, a location that is now so popular with property buyers from both Pune and the PCMC area does not win its reputation in a lottery. There are qualifying aspects involved. It is home to the integrated residential project called Woodsville, and is very favourably connected in terms of public transport. The roads are wide and spacious, ensuring that traffic bottlenecks cannot happen. There is ready and limitless availability of water, the scenery is a homebuyer’s dream come true and the development in this area is carefully regulated.
The last point is very significant – regulated town planning ensures a sufficient amount of
open spaces and prevents cluttering. In other words, homeowners in Woodsville are assured that what they see from their windows and terraces today is exactly what they will see ten years down the line. Another developer cannot buy up the plot in front of their unit and build some kind of monstrosity there. The massive green cover is being maintained for ecological reasons, so the generations to come will breathe the same unpolluted air.
The fact that this area is within easy reach of a number of crucial points within Pune as well as from important cities like Mumbai and Nasik has contributed to its popularity. In other words, location – especially from the point of view of a Pune property buyer – should be seen both from both a present and future perspective.
Anil Pharande is President of CREDAI PCMC and Chairman of Pharande Spaces, a leading construction and development firm that develops integrated residential projects in the PCMC area of Pune, India.
On the Pune Property Blog he discusses the market fundamentals that drive one of Pune’s most dynamically emerging real estate investment destination.
You may reprint or quote this article with full credit to the author and a link back to PunePropertyBlog.com

Pune Slum Rehab Projects May Get 2.5 FSI Soon

PUNE: Like the slum rehabilitation projects in Mumbai, the project in Pune and Pimpri-Chinchwad may also get 2.5 FSI (floor space index), chief minister Ashok Chavan said here on Friday.
Speaking at the inauguration of the Rajiv Gandhi housing complex at Kashiwadi, Chavan stressed that with the additional FSI, people should get small houses at affordable prices. At the function, Chavan handed over the ownership papers of the tenements to the people whose houses had been destroyed in a major fire in March 2005 in the Kashiwadi slum area in Bhavani Peth. Chavan appreciated the initiative taken by state minister for home Ramesh Bagwe for completing the housing complex despite several administrative and other social hurdles.
“I had received representations from various leaders saying that just as the government has sanctioned 2.5 FSI for slum rehabilitation schemes in Mumbai, the same should be made applicable for Pune city. The government will soon issue orders to this effect for Pune and Pimpri-Chinchwad. With this additional FSI, I don’t expect to see tall buildings. The buildings should have maximum number of small houses which should be available at affordable rates to the common people,” Chavan said.
He observed that buying houses in the city has become highly unaffordable and this is the reason why there is proliferation of slums. The government, he said, is taking up an elaborate programme for rehabilitation of slums. In rural areas too, people below poverty line would be able to get houses at very low prices. The government, he said, will be building ten lakh low-cost houses in rural areas.
Explaining the significance of the launch of the Unique Identification Number from Maharashtra, Chavan said the state will soon revamp the welfare schemes for the poor so that they get maximum benefits without any hassles.
Others who spoke on the occasion included state minister for marketing and co-operation Harhavardhan Patil, Congress secretary Pravin Rashtrapal, and Avinash Bagwe. Bollywood actor Vivek Oberoi made a surprise appearance at the programme.

Home And Personal Loans To Cost More

The Reserve Bank of India (RBI) on Thursday hiked policy interest rates, sending a message to banks that they need to do the same for their loans. The silver lining is that interest rates on fixed deposits will also rise from the current 7-8% levels.
The RBI increased the repo rate (the rate at which it lends money to banks) by 25 basis points to 6% and the reverse repo rate (the rate at which the RBI takes out excess cash in the banking system) by 50 basis points to 5% with immediate effect.
The central bank did this primarily to contain inflation and to ‘normalise’ policy rates, considering the speed at which India’s economy is growing. Interest rate is a monetary tool used by central banks to ensure that a fast-growing economy doesn’t get out of hand — primarily, that prices of goods, or inflation, don’t spiral out of control due to excessive demand, the hallmark of fast-growing economies.
This is done essentially by controlling the amount of money floating in the economy by raising or lowering interest rates. When an economy declines, the opposite happens — central banks lower interest rates so that people are persuaded to buy goods and thereby generate demand.
“The RBI believes inflation has plateaued (and the declining trajectory inline with its projection), but it highlights that it will remain at ‘unacceptably’ high levels for a few more months.
It hence believes that there is a need for continued policy response to contain inflation and anchor inflation expectations,” said Ashutosh Datar, economist with the brokerage IIFL.
“The broad indication of the RBI action on Thursday is that lending rates will rise. We will take a call in a few days on increasing our personal and home loan rates because the impact of this rate hike will have to be passed on to consumers,” said Kamlesh Rao, executive vice president (personal loans and home finance), Kotak Mahindra Bank.
The timing of the hike will vary from bank to bank, depending on the cost of their money.
“On the interest rate scenario there is definitely an upward bias. But the hike may not be immediate. It will depend upon the credit pickup. Initially, it may be a hike of 25 basis points,” said MD Mallya, chairman and managing director, Bank of Baroda.
It seems both the RBI and the government want fixed deposit rates to rise.
“If bank credit is not to become a constraint on growth, real interest rates need to move in the direction of encouraging bank deposits,” the RBI said on Thursday.
On Wednesday, the government raised the employees provident fund rate by 100 basis points to 9.5%.
Banks had already resorted to hiking their benchmark prime lending rate, or BPLR, in August, citing reasons that their costs were going up. In the near future, they may hike it further and may even hike the base rate, which came into existence from July 1 this year.
“The BPLR may be hiked further as most of the lendings happen through it, and there is also the likelihood that the base rate may be hiked in the next quarter since banks have the option to change the base rate every quarter for the first year,” said Deepak Tiwari, banking analyst at KR Choksey Shares & Securities.
“Borrowing rates will go up for both consumers and developers,” said Shobhit Agarwal, Joint Managing Director (Capital Markets), Jones Lang LaSalle India, a real estate consultancy. Conversely, this could mean demand for homes, and therefore their prices, may decline.
“The projects that are already priced high, the impact in terms of demand erosion will be higher. We don’t see much impact on low-cost housing, that is Rs25-50 lakh purchases,” said Agarwal.
But teaser home loan rate — where you pay a low interest rate in the first year and more later — won’t be discontinued as they are a hot favourite among borrowers.
“I expect teaser loans to continue as they are so popular with people. But I think banks may continue those schemes with a slight increase in rates, said Harsh Roongta, CEO of apnapaisa.com, a personal finance advisory. The State Bank of India (SBI) is offering teaser home loans till September 30 and the committee will take a decision on whether to extend it further or not on September 28, said a senior SBI official.

Celestial City: Ravet’s Pride Is Right On Schedule

Celestial City, the unique 25-acre integrated township by Pharande Spaces and Rama Group, is now in the second phase of construction. As planned, this premium apartments complex at Ravet, PCMC is transforming the real estate topography of an area known as the Gateway to Pune.
celestial-city-ravet-roads1
Celestial City has been conceived as a completely self-sufficient residential microcosm that will offer its residents absolutely everything by way of a comfortable lifestyle.  That blueprint is now rapidly being transformed into reality as construction enters the next phase.
The location of Celestial City couldn’t be better – it was planned as both the ultimate residential destination and a sure-fire investment hotspot. Ravet is located at the confluence of the old NH4, the Dehu Road- Katraj bypass and the Mumbai-Pune Expressway.
celestial-city-phase-two
Its ready accessibility, as well as proximity to vital establishments, has earned it the distinction of being one of the most prominent growth corridors on the Pune real estate market.
Because of its unique location, invigoratingly green spaces and affordable residential property options, Celestial City is now attracting a huge demand from executives working in Hinjewadi, Pimpri-Chinchwad, the Talegaon MIDC and Chakan MIDC.
With Phase II of Celestial City now in active progress, the project is well on the way to completing the planned roster of 2000+ units at this avant-garde budget homes project.
celestial-city-sample-flat
Celestial City is backed by the experience and impeccable track record of two leading development concerns. Pharande Spaces, the residential property trendsetters in Pimpri-Chinchwad, already have several landmark projects to their credit – including the award winning Culture Crest.
To date, Pharande Spaces have completed residential projects in excess of 1.5 million square feet. Likewise, Rama Group’s professionalism and expertise have led to the completion of 23 projects that cumulatively account for 5 million square feet of construction.
The fact that Celestial City is fully underwritten by the country’s leading financial institutions ensured a smooth, seamless construction flow even during the worst of the recent recession. With Phase II on schedule, Ravet’s crowing glory has taken a decisive step towards final completion.
When two real estate giants join hands to create the City of the Future, the outcome can be nothing less than magical….

celestial-city-archA masterpiece in the making

celestial-city-sample-flat-livingroom
K. D. Nagarkar is a blogger and freelance journalist who specializes in real estate and environmental issues. He keenly follows the development of integrated township properties and other sustainable projects in and around Maharashtra.
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Pimpri Chinchwad: The Evolution Of A Pune Real Estate Paradise

integrated-residential-township
If you are new to this new Pune real estate boomtown – Pimpri Chinchwad, you need to know that its a modern twin city situated South-East of Mumbai, in the North – West quadrant of Pune.
Pimpri Chinchwad also happens to be the fifth-most populated city of Maharashtra and has long been famous for being one of the most prominent industrial destinations outside Mumbai.
The twin cities of Pimpri-Chinchwad, governed by the Pimpri Chinchwad Municipal Corporation (PCMC), are located 15 km from the Pune city centre. They form a continuous urban stretch, adding to the overall Pune Urban Agglomeration, and contain a thriving industrial belt that primarily consists of engineering and automobile industries.
In fact, PCMC and Pune, when viewed as a unified geographical unit, make up one of India’s largest industrial areas. Pimpri-Chinchwad has contributed a lot to the fact that Pune is the second-largest industrial city in Maharashtra after Mumbai. That fact alone has already spelt gold in terms of the Pune property market – but there’s a lot more.
Let me tell you a bit more about this new real estate boomtown, and why it has come so much into the limelight. As we know, location is everything in the real estate market – both in terms of connectivity to the primary city and pleasantness of environment.

Pimpri-Chinchwad: Location And Connectivity

Pimpri-Chinchwad is situated on the Deccan Plateau and is surrounded by hills.  It rises 560 meters above the mean sea level, near the confluence of Mula and Mutha rivers. Moreover, the Pavna River traverses the city, with the Indrayani River cutting through it on the north-western outskirts.
Accessibility by road is excellent, to say the least. Pimpri Chinchwad is situated on the confluence of NH-4 (the Mumbai-Bangalore highway) and NH-50 (the Pune-Nasik highway).
In fact, the PCMC area boasts of an extensive network of national highways to major cities like Mumbai (163 km), Nasik (202 km), Nagpur (880 km), Bangalore (835 km), Chennai (1166 km) and Hyderabad (548 km).
Railways are an important ingredient of economic growth, and Pimpri Chinchwad is located on the Mumbai-Pune mail line. It has broad-gauge, direct connectivity to Mumbai, Bangalore, Chennai and Hyderabad.
The Pune airport, which is just 20 km  away, has regular direct flights to New Delhi, Mumbai, Bangalore, Kolkata, Chennai and Hyderabad (not to mention direct flights to Dubai and Singapore).

Industries in Pimpri-Chinchwad

The Pimpri-Chinchwad area is home to over 4000 industrial units in the large, medium and small sectors, these include some of the most reputed industrial companies of the country. Needless to say, this makes it one of the most developed industrial belts in Maharashtra.
Where did it all begin? With the arrival of Hindustan Antibiotics in 1954. The establishment of this public sector pharmaceutical company proved to be a major catalyst, and PCMC saw rapid industrialisation over the next few years.
To prepare the region for the boom to come, the Maharashtra Industrial Development Corporation (MIDC) procured large tracts of land in 1956, and in no time at all multinationals like SKF and Phillips, and Indian giants like Tata and Bajaj set up major units here.
Today, PCMC industrial portfolio includes a large number of engineering units as well as a number of other industries such as pharmaceuticals, chemicals and telecommunications.
With such a scale of industrial development, the PCMC area emerged as a major employment treasure trove, and the population grew exponentially. Today, Pimpri- Chinchwad is a metropolis in its own right, and is rightfully considered Pune’s sister city.

Climactic Magic in Pimpri-Chinchwad

The PCMC area has invigorating climate throughout the year, thanks to it high altitude, moderate rainfall and a green cover that Pune cannot even begin to compare with. The monsoon arrives in during first week of July and extends to mid-September.
In this period, PCMC witnesses an average annual rainfall is 700-800 mm. The maximum relative humidity during the rainy season is 70-80%, and falls as low as 30% on summer afternoons.
This is as close to a perfect climactic setup as one can achieve anywhere in Maharashtra, and is one of the main reasons why so many people from various regions choose to settle down here.

Ready For A Home In PCMC?

Pimpri-Chinchwad is now an extremely popular residential destination, which is why real estate development here has picked up rapidly over the last three to four years.
One of the most important features of the PCMC residential property market is the fact that it features large and amazingly modern integrated residential projects. Homes in these projects offer everything required for a comfortable lifestyle within them – often at half the property rates prevailing in Pune.

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

Affordable Housing: The New Buzzword In India’s Real Estate Industry

The new buzzword in the country’s real estate industry today is ‘affordable housing’. Developers stung by a credit crunch, besides the drop in demand for commercial spaces and premium residences in recent times, have turned their focus to the middle-class segment.
Due to weak demand in commercial and retail segments, most developers have started looking at the affordable residential segment to maintain cash flow in order to meet their contractual obligations. Further, with buyers being extremely price conscious, the demand for affordable housing is on the rise.
A Relative Term
A simple definition for affordability can be — the consumers’ ability to purchase. However, this is a relative term. The idea of affordability may vary from individual to individual as well as from place to place. For example, what is considered affordable to a home seeker in Pune may not be affordable to someone else in Mumbai.
With the common man (read middle-class segment) constituting nearly 70 per cent of the demand for housing, we shall keep our understanding of ‘affordability’ limited to that which is deduced by the aam aadmi.
Affordable housing refers to residential units offered by developers at prices that are within the budget of low- and middle-income groups of a society. The housing units should also have all the basic amenities to cater to the daily needs of the household.
Monthly carrying costs of an affordable home should not exceed 30 per cent of the household gross income. Affordability is quantified by household income and price of the product.
Demand Growth
With the ever-increasing urban population, demand for affordable housing is witnessing a constant rise. According to recent a Planning Commission report, the shortage in urban housing as on March 2007 was estimated ar around 24.71 million.
The report went on to say that this shortage would to 26.5 million by 2012. Ninety nine per cent of this shortfall comes from the economically weaker sections (EWS) and low-income groups (LIG).
With real estate players witnessing a credit crisis, several of their big projects have come to a halt. Considering the huge demand in the affordable housing segment — which is relatively insulated — developers have now increased their focus on the fortune at the bottom of the pyramid.
An estimated 450 new projects have been launched, or are expected to be launched, in the affordable housing sector from big and small developers across the country.
Read the rest of the article here.

Ravet: A Promising Residential Destination For Pune Property Buyers

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In a rapidly developing city like Pune, it takes a lot to make a new destination stand out from the rest – and to interest those who seek to buy property in Pune.
This city has been spreading steadily outward, embracing most of the rural areas around it and bestowing the benefits of urbanization on them. Areas like Aundh, Baner, Wakad, Pimple Nilakh and Pimple Saudagar have all had their heyday.
However, it is now the turn of the hitherto obscure area of Ravet, located on the North-West side of PCMC and Pune, to receive a wave of the real estate magic wand. By a combination of various advantageous factors, Ravet is now certainly among the most promising of upcoming residential locations on the Pune property market.

Accessibility

Developed by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA) Ravet is extremely strategically placed on latter-day Pune’s map. By virtue of the fact that it is the first town one encounters after leaving the Mumbai-Pune Expressway, it is now known as the Gateway to Pune.
Ravet is, in fact, a confluence point of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway. Moreover, it is located equidistantly from two major real estate market drivers – the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt.
At this strategic point, JNNURM has now launched a 45-metre, grade-separated, non-signaled four-lane BRT (Bus Rapid Transport) road that provides access to the key area of Aundh in under ten minutes. 40% of the work on this vital conduit is already completed. Pimpri, Chinchwad, Chakan and Talegaon are now quite easily accessible from Ravet.

Developer Activity In Ravet

Pharande Spaces and the Rama Group have joined hands at Ravet in launching an integrated residential township called Celestial City. Located in the focal centre of Ravet, this project is spread over 25 acres and will be developed over three phases.
Since  the current property rates in Pune tend to be unrealistically high, the highest demand is currently for affordable housing. Keeping this in mind, the first phase targets the middle-income group with 2 and 3BHK flats ranging in size from 800 to 1200 square feet. These flats are affordably priced between Rs. 22 to 24 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. Meanwhile, this location continues to hold the highest promise for the Pune property market.

Vital Market Drivers

Apart from its accessibility, which by itself spells gold in real estate terms, there are other important establishments close to Ravet that add to its value as a residential location.
These include the Aditya Birla Hospital, the Bajaj Auto manufacturing plant, SKF, Telco and major educational establishments such as the Indira Institute of Business Management, D.Y. Patil College as well as the Mercedes Benz School.
Its proximity to the Hinjewadi IT hub is of strategic importance, since this fact makes it a new and affordable residential location for software employees there. It is also a location of high value to employees from the Talegaon MIDC and Chakan MIDC. It is, in fact, a binding location for these very important hubs.
Compared to the now staggering Pune property prices, rates are welcomingly low in Ravet, and the appreciation potential is undoubtedly high. It is therefore not surprising that some major names from PCMC’s developer community have taken an active interest in this lodestone location.
We expect it to reach a high level of investment and end-user potential in less than four years, after which rates should show significant and steady upward movement.
Avinash Gokhale is Director – Marketing & Corporate Planning, Pharande Spaces – a leading construction and development firm operating in the PCMC area of Pune, India.
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