Comments in Times Property Pune on 17th November 2012

TWIN PROGRESS

Pimpri-Chinchwad remains a noteworthy model of planned development, says NISHA SHROFF

The city of Pune has grown extensively over the last few years with peripheral areas getting prominence. The areas, which were considered far away for residential and commercial projects, are now dominating the real estate chart and industrial area of Pune. The boundaries of the city are widening with places like Pimpri-Chinchwad getting a makeover.
Pimpri-Chinchwad has become a masterpiece of sorts in terms of urban development. Today, it boasts of impeccable infrastructure and public amenities, including multi-lane roads, strategically located flyovers, public parks and urban forestation, residential property zones, including MIG and LIG housing on a public-private partnership basis, ample portable water supply and a comprehensive drainage network. Naturally, prominent developers such as Pharande Spaces and Mahindra Lifespaces have snapped up prime land exclusively for building projects in the PCMC (Pimpri Chinchwad Municipal Corporation).
Infrastructure in Pimpri-Chinchwad is comparatively superior to what Central Pune offers. Since it is still developing, a lot of new infrastructure facilities are being developed. This is one of the prime influencers for property appreciation. The area is governed by a common municipal body, the PCMC. Sanjay Bajaj, Managing Director, Jones Lang LaSalle India, says, "PCMC is a city which is still evolving, and the evolution process will take time as it covers a fairly large area. Existing civic and social infrastructure varies according to the individual dynamics of each micro-market. By and large, provision of social infrastructure is very good and is increasing with every quarter."
Pimpri-Chinchwad is a noteworthy model of planned development. The area's economy revolves around the numerous industrial entities present in the area and the demand for real estate which these workplace hubs generate. As a residential area, PCMC is advantageous for buyers and it is growing at the fastest pace. Anil Pharande, Chairman, Pharande Spaces, says, "The real estate development in Pimpri-Chinchwad is tightly regulated. There is abundant green cover and most of the residential projects now coming up here offer unobstructed view of distant hills, while traffic is just a dim, far-off echo from the express highway. The environment is absolutely perfect for residential family units. We have a number of township projects in Pimpri-Chinchwad, including Woodsville in Moshi, Celestial City in Ravet and L-axis on Spine Road."
"Property rates in Pimpri-Chinchwad vary according to micro-markets. The general range for mid-income housing is between Rs 3,500-4,500 per sq.ft," adds Pharande.
In addition, Pimpri-Chinchwad has seen significant capital appreciation in real estate sectors including the appreciation of rental income in the last few years. Smeeta Neogi, Vice-President - Marketing, Mahindra Lifespace Developers Ltd, says, "Antheia by Mahindra Lifespaces offers well designed spacious homes at Pimpri Pune. Homes that are surrounded by nature with schools, hospitals, shopping and all the conveniences that a family needs in proximity."
She adds, "It is spread over 16 acres, Antheia is a low-density project with a choice of 1, 2, 2.5 and 3 BHK apartments offering a host of amenities." The region has, therefore, become an attractive proposition for investors given the lower investment cost.
Road and rail connectivity in Pimpri-Chinchwad is good and expanding rapidly. The area has the advantage of being well connected to Pune as well as Mumbai. The proximity to the Pune airport and station has also made the region an attractive destination.
Says a Pimpri-Chinchwad resident Ravindra Marda, "Yashwantrao Chavan hospital is the nearest hospital at present which has met the needs of the patients. With the opening up of
new and nifty eating joints
and grocery stores along the stretch, it has helped the residents in finding a comfort zone."
    In terms of education, there are colleges like D Y Patil College of Engineering and S B Patil College of Management among others that are very well known in the area.
    The growth of the area will be fuelled by several factors in the coming years. On one hand, there will be a huge requirement for homes from the rapidly growing manufacturing sectors of Pimpri-Chinchwad and the Chakan-Talegaon belt. Chakan itself, though a burgeoning industrial hub, has little to offer by ways of residential facilities. The onus naturally falls on PCMC, which will necessarily be the residential location of choice for the entrepreneurs and employees of these units.
QUICK
BYTES
    PIMPRICHINCHWAD BOASTS OF IMPECCABLE INFRASTRUCTURE, PUBLIC PARKS AND RESIDENTIAL PROPERTY ZONES
    THERE IS ABUNDANT GREEN COVER AND MOST OF THE RESIDENTIAL PROJECTS COMING UP OFFER UNOBSTRUCTED VIEW OF DISTANT HILLS

 

Publication: The Times Of India Pune;

Date: Nov 17, 2012;

Section: Times Property;

Page: 32

Link to epaper : click here

Comments in Times Property Pune on 10th March 2012

AFFORDABLE OPTION

Handewadi in the eastern zone of Pune is seeing good residential growth coming its way, says SHILPA SACHDEV

    In the eastern zone of Pune, areas like Kharadi, Hadapsar, Koregaon Park have emerged as popular residential destinations. However, areas closer to these large developed suburbs are also coming into the limelight and making their presence felt. Handewadi road, located close to Hadapsar, is one such area. The area is becoming a sought after destination, especially for those with a compact budget.
    Giving a perspective on the demand in Handewadi, Ravi Marda, Eye Properties says, "Areas like Handewadi and Sasane Nagar that are located close to Hadapsar are witnessing good growth. Hadapsar is a well-developed locality with players like Magarpatta that have changed the face of the area. Both residential and commercial development has taken place in Hadapsar. As a result,the next development is flowing into Handewadi and Sasane nagar areas. People who cannot afford properties in Hadapsar are naturally looking at Handewadi as the next option."
    The place is also well-connected to important locations on the east and hence offers an easy commute to the residents. With more social and retail developments slated to come up in the neighbouring areas, the place is only set to grow in the coming times. Marda adds, "Handewadi shares good connectivity with Hadapsar so even if the social infrastructure here is still developing, the nearest location for malls and multiplexes still remains to be Hadapsar which is easily approachable. A 10 lakh sqft mall with 15 screen multiplex is coming up in Magarpatta and a 7.5 lakh sqft retail development with 7 screen multiplex is going to come up at Amanora. With Hadapsar becoming the entertainment hub in the eastern zone, areas like Handewadi are going to also see action. In the next three years, about 20% growth can be expected for areas like Handewadi as Hadapsar moves closer to new developments."
    Pravin Mahurkar, City Lead - Pune, Residential Services, Jones Lang LaSalle India adds, "In the early '90's, Handewadi Road in Hadapsar was one of East Pune's more popular residential destinations. NRI interest was spiked by the coming of Ganga Village at that time. However, today the area is experiencing average growth. There is a lot of highway construction happening there at the moment. Once this is complete, which should happen in the next two-three years, Handewadi should see greater growth."
    Many reputed developers have established reasonably priced quality projects in Handewadi. Manish Jain, Kumar Properties shares, "The prices in Magarpatta or Amanora that are in the heart of Hadapsar are higher than the prices in Handewadi, where the current rates hover between Rs 3200 to 3500 psf. So it is an affordable option for those looking to buy a home under a defined budget. Our project Pebble Park is a 22-acre development offering 2BHK apartments with all the amenities. The response has been good as the project was launched six months back and we have already sold out the first few buildings. The Corinthian Club is located close by. The basic infrastructure like roads, drainage, water-supply is in place. The schools on the side of Corinthian Club are not very far. So it is a well-located and yet an affordable option."
    For those looking for affordable projects, Handewadi is an area to consider, feels Sharad Goil, CEO, Magnus Realty. Also, the presence of IT Parks in the vicinity is a crowd puller. Goil informs, "Several large projects have come up on the Handewadi road. The project Simpli-city by BK Jhala and Associates that we are marketing has 600 units. The rates in Handewadi in the range of Rs 3000 to 3500 psf are very reasonable as compared to rates in Undri, Mohammadwadi or Magarpatta. It is a good option for those looking for affordable housing. The connectivity is in place with the easterly bypass on one side and the Pune-Solapur road on the other side. Large IT parks like SP Infocity and Magarpatta are also in the vicinity. The social infrastructure is still developing but local shops and clinics take care of daily needs. Big schools and hospitals are located in a radius of threefour kilometres. The major development will be a flyover planned over the Pune-Solapur railway track. Our project is a large township with compact 2 BHK flats where the first phase is due for possession. The response has been very encouraging as Handewadi is a good option as a destination for budget home buyers."
    The affordability also brings in scope for scalability and as a return allows one a chance to earn better returns on the asset. Sanjay Runwal, MD, Runwal Housing Group who is about to launch a second project in Handewadi explains, "Handewadi is a sought after destination. Though the social infrastructure still needs to develop, affordability is the key reason drawing people to this location. It is located about 1.5 kms away from Hadapsar, which is a fully developed suburb and still offers properties in the range of Rs 3200-3500 psf. Any other parallel destination which is close to the central hub in that zone has nothing costing less than Rs 5000 psf. The software parks of Hadapsar and Kharadi are also close by so the IT crowd finds this place very reasonably priced. Our project Runwal Seagull is already booked by 95%. We are going to launch our second project called Runwal Salience by April end this year in the same vicinity. It will have 2BHk flats offering 750 to 950 sqft size flats in the range of Rs 3200 to 3400 psf. Looking at the future potential, Handewadi has the highest bandwidth for appreciation in the next three years as anything in the range of Rs 3500 offers good scalability in the market." 

Source: - http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIPU/2012/03/10&PageLabel=38&EntityId=Ar03800&ViewMode=HTML