I have often been asked why developers such as Pharande Spaces concentrate primarily on large, integrated residential property projects. After all, doesn’t it make more business sense for Pune builders to launch smaller projects?
Why don’t developers of large-format residential property schemes cash in for demand for more ordinary flats for sale in Pune? Here are some of the arguments I hear:
• The developer’s construction costs for smaller residential property developments is much lower
• They require a lot less land, and can be constructed in central areas where demand is high
• They can benefit from whatever infrastructure already exists in the locality, so there’s no need to put in much more
• They can be constructed much faster and also sell much faster to a ready clientele who are looking for flats for sale in Pune
• There was demand for smaller residential projects even while the recession was on
Tempting arguments, for sure – but they represent the small picture.
• True, integrated residential projects can only come into existence if the developer has considerable land parcels at his disposal. Even if he does, such land parcels are only available in areas like Pune’s Pimpri Chinchwad Municipal Corporation, which is not near the city center.
• True, he must supply all the infrastructure and public utilities in such a residential project
• True, there is a ‘wastage’ of develop-able area because such large residential developments, by necessity, call for huge open spaces
• True, integrated residential projects take a much longer time to complete than smaller, stand-alone projects
However, this is a limited viewpoint. It does not factor in the most pressing requirements on the Pune residential property market – regulated urban development. The fact is – a multitude of smaller projects disfigure the face of a location, put its infrastructure under tremendous pressure and are usually overpriced because of ‘location value’. One look at the current property rates in Pune will confirm this – what you pay for in location, you lose in comfort and convenience.
In sharp contrast, well-planned integrated residential property schemes beautify, uplift and give value to a new location. Not only do they bring in their own infrastructure – despite being on the outskirts, they also provide residents with all the benefits and comforts of a more centralized location. The vast open areas provided in integrated residential projects are not wasted space – they are what spacious, dignified living is all about.
There is more. Because integrated residential projects have their own retail outlets, office complexes and entertainment facilities, they reduce commuting and transportation time and expense. In fact, they inject life into a new location and raise its value on the real estate market.
For the sake of an argument, let us consider the Woodsville project at Ravet in Pune’s PCMC area:
• It is located next to a major arterial road that provides direct access to Pune city and the most prominent industrial hubs of the Pimpri Chinchwad MIDC
• It is a self-contained and completely integrated residential project that has homes of every description and to suit every budget
• It offers retail, healthcare and entertainment facilities to its residents
• Like many other projects of its kind, it offers 360-degree, multi-level security to home owners
What smaller residential project in a city like Pune can offer so much to its residents within a single location?
Developers like Pharande Spaces focus on integrated residential developments because they positively transform the landscape and uphold all precepts of sustainable development.
Moreover, the new generation of large, integrated residential projects in Pimpri Chinchwad Municipal Corporation have made modern, fully-equipped and self-sufficient residential projects affordable to the middle class. No longer are such properties available only to moneyed HNIs and NRIs.
Thanks to this, even salaried individuals can buy a home in a project such as Woodsville or Celestial City, both of which offer well-defined living spaces, recreation facilities, office complexes, convenient retail establishments and a superior standard of living. These projects offer ultimate value for money to those who seek to buy property in Pune.
Which leads back to the original point. In a city like Pune, integrated residential schemes make more sense than smaller projects because they are the most modern and sustainable model of urban growth – and to a better way of living.
To own a home in one of them is an assurance of a lifestyle that cannot be replicated elsewhere in a crowded city. Developing such a project is more than a business proposition – it is an opportunity to contribute to the future of the city’s real estate market.
Is that not reason enough?
Anil Pharande is Vice President of CREDAI (Pune Metro) and Chairman of Pharande Spaces, a leading construction and development firm that develops township properties in the PCMC area of Pune, India.
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