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.

Ravet: A Promising Residential Destination For Pune Property Buyers

celestial-city-ravet
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.
This article may be reprinted with proper attribution to the author and PunePropertyBlog.com

Pune Apartment Rental Vs Buying A Dream Home In Pradhikaran

You may think that buying your dream home in one of Pune’s latest integrated residential projects is beyond your capabilities. However, the fact is that it is easier than ever to get a home these days.
Pune Property
Most lending agencies and banks are now extremely liberal with providing home loans. In other words, even if you do not have a lot of actual cash to put down, you can still get the home of your dreams.
Many people think that buying a dream home is a tough process – that it calls for a large down payment. This is not always the case. Buying a home largely depends on your budget and also the location you choose.
If you consider the Pune properties for sale in the central parts of the city, you may certainly find them unaffordable. One look at the Pune property rates in 2010 will confirm that. However, if you consider buying a residential property in Pune’s adjoining PCMC, you get not only affordability but also a vastly superior deal.
Home loans for purchasing a dream home in one of these ultra-modern integrated residential projects are readily available. The down payment you make on this dream home purchase will go towards your overall purchase.
The more money you put down at the outset a home when you purchase, the lower your monthly payments (or EMIs – equated monthly instalments) will be.
If you don’t own a home right now, you probably live in a rental house or apartment.  This is certainly an option, but you are still paying money towards your housing that you could instead be putting towards a home of your own.
These days, renting a Pune flat will cost you just about as much as payments towards a home loan for a property in PCMC’s Pradhikaran would – and this, of course, makes no sense at all.
Maybe you should consider converting your monthly rental payments towards a small Pune apartment into monthly instalments towards your own spacious dream home in the Pimpri Chinchwad Municipal Corporation.
There is no shortage of banks who will offer very easy terms and interest rates on a home loan. In fact, the high competitiveness on the Pune home loan market gives you an edge – you can choose a loan plan that’s best for you.
There are various routes you can take to get a home loan. Most Pune developers have tie-ups with leading banks to make the process as pain-free and convenient as possible for their customers. Real estate agents can also be used to obtain a home loan – they can also be very useful when it comes to getting a great deal on the home, at prices that are right for you.
As long as you plan your budget and take things a step at a time, you’ll be closer than you think to actually owning the home of your dreams. You have the possibility of owning a fully-facilitated home at Pradhikaran, an area blessed with natural beauty and superior infrastructure.
It is time to reflect on just how much sense it makes to continue paying rent towards a far smaller home in a congested area of 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.
You may reprint or quote this article with full credit to the author and a link back toPunePropertyBlog.com
Photo credit draconianrain

CREDAI PCMC To Hold Property Expo 2010

Date: May 6-9, 2010-05-04
Venue: Auto Cluster, Chinchwad
CREDAI PCMC presents PROPERTY EXPO 2010, where leading developers from the burgeoning residential boom location of Pimpri Chinchwad will showcase their properties.
“Pimpri Chinchwad Municipal Corporation is fast becoming the preferred residential destination in Pune, thanks to the excellent Town Planning by PCNTDA and the fine infrastructure created by the PCMC – including broad roadways, flyovers, public parks and ample water supply,” says Anil Pharande, President – CREDIA PCMC.
“This exhibition will put on display some of the finest properties currently available in this new investment hotspot on the Pune property market. It is an unprecedented opportunity for those who are looking to buy property in Pune to explore the options in this lucrative real estate investment destination.”
Some of the world’s leading automobile, IT and engineering companies are now operational in the PCMC area, creating attractive career opportunities and a large support base of vendors, consultants and associates.
In turn, this has exerted a gravitational force on a variety of sectors, pulling in top-drawer educational institutions, retail outlets, showrooms, entertainment and fine dining spots. The demand for residential real estate in Pimpri Chinchwad has naturally multiplied exponentially. The best of township properties and individual projects will be featured at this mega event.
PROPERTY EXPO 2010 will be held in the centrally located, air-conditioned premises of the Auto Cluster in Chinchwad, from Thursday, 6th May to Sunday, 9th May 2010.

PCNTDA Documents To Be Online Soon

Pimpri-Chinchwad New Township Development Authority’s (PCNTDA) ‘Shashwat project’ for paperless administration is almost ready. After the implementation of the project, all information regarding properties, including documents like lease deeds, demarcation of plots, building permission certificates and others will be available online for citizens.
According to the Pune divisional commissioner and president of PCNTDA, Dilip Band, it will digitise all records in PCNTDA limits. Touchscreens will be installed at the PCNTDA offices, using which people can get printouts of land records.
Read the rest of the article, Soon, all PCNTDA documents will be online.

Property Registration Just A Click Away

No more will property buyers or sellers have to stand in long queues at the 20 sub-registrar offices in the city. They will be able to book the date and time for any property transaction online.
In a bid to speed up the process as well as add transparency, the department has put in place estepIn, the computerised time slot booking system operational in Pune, Mumbai and Thane divisions.
Developed by the National Informatics Centre, the option is available on the website,http://igrmaharashtra.gov.in , where the property buyer/seller could book a time slot. The booking forms require the Personal Account Number (PAN) to be filled to avoid multiple registrations from a single applicant.
Read the rest of the article from the Indian Express, Adieu to queues, property registration

Investors Buying Mid-Income Housing In Pune

The economic slowdown might have hampered the investment in real estate across the country but in Pune  it seems that the investor  demand is higher compared with other major cities in the country. According to a proprietary real estate survey carried out across eight cities in the country homebuyers are primarily interested in mid-income housing in Pune.
The survey was carried out by ICICI Securities among 2,697 online, 6,767 offline buyer respondents as well as 57 property consultants. As per the survey, Indian homebuyers are cautiously optimistic about the property prices. They are primarily interested in mid-income housing (Rs. 2-5 million) and are conservative on ticket size.
End-user demand is higher in Mumbai, Hyderabad and Bangalore, while investor demand is higher in Ahmedabad and Pune.
Read the complete article at Real estate market in city going strong: survey

Pune Real Estate In Demand

pharande spaces logoUnlike other major cities like Mumbai, Delhi, Chennai and Bengaluru, real estate demand in Ahmedabad and Pune is higher in investment segments, said a real estate survey released by ICICI Securities, the largest integrated securities firm.
The survey was conducted across eight Indian cities including Mumbai, Delhi/NCR, Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad and Pune among 2697 online, 6767 offline buyer respondents as well as 57 property consultants.
Read the rest of the article Ahmedabad, Pune realty demand high in investor segment: I-Sec survey here.