Pune Property Blog

Anil Pharande

Affordable housing is a term we use for residential units in India’s urban areas which are affordably priced with respect to households that fall within a specific limited income range. There is no single set of parameters to define what an affordable housing unit should cost in India. This is because the pricing and feasibility to developers of affordable housing is a function of the city, location within the city, type of project being built and also the construction technology employed.

In India, it is appropriate to judge the affordability of a home on three broad parameters – the monthly income of prospective buyers from the target segment, the size of the home and, of course, its price. There is another element that should be mentioned, namely the target clientele itself. We tend to look at the word ‘affordable’ solely in terms of the LIG (lower income group) segment. For this segment, affordable housing would mean 200-300 square foot dwellings priced at between 7-12 lakh.

But what about people who earn more than the average factory labourer but still cannot afford to buy a decent 1 BHK flat of 300-450 square feet within ten to fifteen kilometers of their workplaces? They too need affordable housing – housing appropriately priced for the middle class. The home buyers in this segment can afford to buy flats in the price range of Rs. 30-35 lakh via home loans.

Obviously, they expect a certain standard of living, comforts and facilities for this expense. However, but even such flats are hard to come by in our larger cities. This is the case even in Pune.

Today, around 30% of India’s population lives and works in urban areas. This means that they occupy less than 2% of the land available in the country. If we zoom in on Maharashtra, it emerges that close to 60% of the overall population lives in urban locations. Distressingly, a closer look at a city like Mumbai reveals that over 50% of its citizens live in slums. Mumbai’s slums occupy less than 4% of the land available in the city. Obviously, the affordable housing quotient has gone badly wrong in Pune’s prosperous neighbouring city. However, the problem is larger than just one city, which continues to get negative press only because of its exorbitantly high property rates and enormous annual inward migration.

Despite everything being said on the matter, the shortage of affordable housing in India is getting worse instead of better. The country’s urban population of 285 million has multiplied itself by five over the last half century. It is projected that it will continue to increase at this fast pace, and that 50% of all Indians will be living in urban areas by the end of the next three decades. So, if the shortage for housing for the lower income segment stands at 25 million today and there is no increase in the pace of supply of affordable housing launches, what will this figure look like in 30 years?

Let us look at the situation from a real estate market point of view. There is, in fact, a gigantic market for affordable housing in India. Currently, it is valued at anything between Rs. 5-10 trillion. What is really being done to address this huge market – especially the one constituted by the ever-growing middle class? There are next to no Government incentives for projects with flats in the Rs. 30-35 lakh bracket.

While the only answers to this question in Mumbai seem to lie in small projects on the far outskirts of the city, Pune presents a far more encouraging picture. Developers of township properties in Pune have now begun addressing this market with an internationally inspired property development model called integrated townships. This model is based on maximum value for money to buyers, based on high-grade common infrastructure and shared facilities in more cost-effective, yet progressive areas like the Pimpri Chinchwad Municipal Corporation.

With fully integrated township projects like Woodsville and Celestial City, we at Pharande Spaces have been successful in delivering affordable housing for the mid-income segment of home buyers in Pune and the PCMC area.  There are various reasons for this success.

For one, land for these integrated townships was acquired early on in upcoming locations such as Ravet and Moshi. This meant that the price of the finished products could be kept within the means of Pune property buyers. Secondly, townships like Woodsville and Celestial City are conceived and constructed on a model that allows luxurious facilities and amenities on an economy of scale. In other words, it is possible to provide luxurious features for all units in these projects on the basis of a large-scale master plan.

Anil Pharande is Vice President – 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.

This article may be reprinted with proper attribution to the author and a link back to PunePropertyBlog.com

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Property investment only makes sense when the investor is fairly assured of a property’s appreciation and rental income potential. But these days, even normal home buyers are intent on getting the benefit of property appreciation and the possibility of good rental income when they are buying a home in Pune. Gone are the days when a home was simply a home – today, it is also a means for ensuring future financial security.

The Pimpri Chinchwad Municipal Corporation has become one of the most promising areas for property appreciation in Pune today. There are many reasons for this:

• PCMC is a developing area, which means that property rates are still lower than in fully developed areas
• Because it is still developing, a lot of new infrastructure is being put in. Infrastructure is one of the prime influencers for property appreciation
• The fact that PCMC residential real estate is being thoroughly planned by the PCNTDA (Pimpri Chinchwad New Town Development Authority) is ensuring that development is closely monitored. Since the PCNTDA follows a master plan for the development of residential property in PCMC, every location gains maximum investment value. There is no chance of oversupply, destruction of the environment or shortfall of necessary infrastructure
• PCMC is a hotbed for growing residential real estate demand because of the huge presence of automobile and other manufacturing industries there. There is unlimited demand for homes right from the affordable housing category to the luxury homes segment

It is important for anyone interested in property investment to know how real estate appreciation actually takes place. We have often heard that real estate investment is all about ‘location, location, location’ and this is largely true. However, we also need to understand what it is that gives a location its investment value.

First of all, one needs to consider how much demand exists for homes in a particular area. Then one needs to look at how many projects are being constructed to meet this demand. If the demand is more than the supply, the location has great appreciation potential. If there is more supply than demand, there is an oversupply situation and property appreciation will be low.

Another factor to consider is the existing cost of residential property in the location, and the manner in which property prices have moved. For example, if property prices in a location five to seven years ago were half of what they are now, the appreciation potential is definitely high. This is usually the case in so-called ‘growth corridors’, where a lot is happening every year to develop the area further.

If property prices have moved less than 10-12% over the last five years, it means that the area has very little appreciation potential. This invariably happens in city centres, which have been developed to such an extent that no further development is possible.

What kind of new developments cause property prices to shoot up? These include:

• New roads, widening of existing roads, bridges and flyovers, which improve connectivity of the area to other areas
• The arrival of new office complexes or industries, which increase employment and create demand for homes in the area
• Education and healthcare institutes and facilities, and also shopping and entertainment complexes. These increase the comfort levels and quality of life for residents

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Affordably Priced, Will Cater to Management Cadre Homebuyers

Pune, June 27, 2012:  Pharande Spaces, the leading construction and development firm specializing in township properties in the PCMC area of Pune, is launching its premium residential project L-axis on the PCMC Spine Road, in Sector 6 of Pradhikaran. The launch date is June 28, 2012. The project is spread over 11 acres of verdant green land and will feature 2, 2.5 and 3 BHK apartments.

“Projects by Pharande Spaces have become a byword for value for money, and our mid-income housing townships in Moshi, Ravet and various locations in Pradhikaran have met with resounding success,” says Anil Pharande, Chairman – Pharande Spaces. “L-axis is our offering to the premium segment of home buyers who value even more advanced levels of comfort, generous living space and high-tech amenities.”

Spine Road, which is where this ahead-of-its time luxury housing project is located, has become one of the most talked about infrastructure embellishments in the progressive Pimpri Chinchwad Municipal Corporation. This area is fundamentally at the core of Pune’s most vibrant industrial area, with many manufacturing giants such as Tata Motors, Force Motors and Bajaj Auto close by. It is also well-connected to the Chakan industrial area, which is home to national and international automobile companies like Volkswagen, Mercedes Benz and Mahindra & Mahindra. Apart from this, the Talawade IT Park is also within easy access.

In addition, L-axis is advantageously placed close to the Bhosari District Centre, Sadhu Vaswani International School, Sri Sri Ravishankar Vidya Mandir, the PCNTDA Traffic Park and the upcoming International Exhibition and Convention Centre at Moshi. The project will feature technologically advanced security and lifestyle features to its residents and boasts of vast green spaces, with paved area kept at a minimum.

L-axis also includes a modern clubhouse with gymnasium, tennis and basketball courts, a multi-purpose community hall and a massive water-world-style swimming pool that offers limitless enjoyment to all family members.

“We have conceived L-axis in response to the huge demand for luxury living spaces coming from the managerial cadre of these industries,” explains Anil Pharande. “Keeping in mind the clientele, we have added every possible lifestyle feature, including multiple parking spaces, luxurious atriums and lobbies in each building and high-speed lifts.”

In fact, L-axis represents a first-of-its kind residential option for discerning homebuyers in the PCMC area for whom ease, luxury and convenience are the primary watchwords. No effort has been spared to make this a landmark development which will become its own distinctive address. The launch price for apartments at L-axis is currently Rs. 4500 per square foot, and will be augmented to Rs. 5000 per square foot thereafter.

Pharande explains that PCMC’s Spine Road is the perfect location for this project, providing a residential catchment that is a focal point of the region’s most prestigious industries. The 10-kilometer road connects two major highways and also runs through Pimpri Chinchwad’s industrial, residential and commercial areas on the eastern side.

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Pune property market is a lot more conservative than Mumbai, and there is certainly a market-dictated cut-off point for price escalations, says Anil Pharande, Vice-President of CREDAI Pune Metro and Chairman of Pharande Spaces, a leading construction and development firm that concentrates on township properties in the Pimpri Chinchwad Municipal Corporation (PCMC) area of Pune.

Excerpts…

From technocrat to leading builder…. How did this transformation happen?

I was very interested in what was happening in Pimpri-Chinchwad back then. The idea of being involved in the raising of a planned city on the lines of Chandigarh, so close to Pune, was an exciting prospect. The Pimpri Chinchwad New Town Development Authority (PCNTDA) had taken on an ambitious and laudable task. My first objective was to help steer the path of this planned development, which is why I got involved with CREDAI. Getting into the creation of township properties that would take the best advantage of the benefits that the PCMC offered in terms of superior infrastructure and phased real estate growth was the next logical step.

Can you give us an overview of Pune’s reality market and its growth prospects?

Pune is a powerhouse of potential when it comes to real estate. It is a city of learning and entrepreneurship, and there is a distinctly progressive flavour to everything that happens there. Thanks to the fact that it has become a magnet for IT/ITES and manufacturing companies, the real estate market in Pune is not likely to lose its forward momentum. Having said that, I always had misgivings about the opportunistic manner in which property development was taking place within the PMC limits, and was far more interested in the holistic approach being adopted in Pimpri-Chinchwad.

What is the impact of the price upheavals of metropolis Mumbai on Pune’s realty market?

There is doubtlessly an impact, since a lot of cash-rich buyers from Pune are looking at Pune both as a property investment and retirement home option. The level of demand from Mumbai tends to exert a certain upward pressure on property prices in Pune. However, the Pune property market is still a lot more conservative than that of Mumbai, and there is certainly a market-dictated cut-off point for price escalations.

Do you think that the dismissal of a few big builders from CREDAI over non-compliance will affect the body’s advocacy on transparency?

Not at all. Every administrative body must experience occasional churn in order to maintain its vision and to stay flexible and open to new avenues of progress.

About your ongoing and upcoming residential projects…and future expansion plan?

Woodsville in Moshi is virtually a small town within PCMC, spread over 40 acres with vast tracts of open spaces and a very healthy environment. This hugely successful project, which is being developed phase-wise, has been and continues to be a primary focus for us. I’m also very excited about (L)-Axis, which we are launching along the PCNTDA Spine Road. In contrast to our other projects, which cater mainly to the middle-income group, this is a luxury project which will have no rivals in Pimpri-Chinchwad.

Apart from (L)-Axis, Pharande Spaces is planning a residential/IT-ITES SEZ project at Punawale, near Hinjewadi/Wakad, Dehu Road-Katraj Expressway bypass. It will encompass 42 acres in the residential segment and 28 acres for the IT Park. The residential part will have apartments, row houses and bungalows.

What is your take on green building concept? Why is it not popular in India compared to West?

There is a lot of change-resistance and no end of misconceptions about green buildings in India. It is taking a long time for developers and buyers to understand the sound rationale behind them. However, I am seeing a definite awakening now, and I am confident that the next ten years will usher in a slow but steady green revolution in Indian real estate.

There is a general belief that affordable housing by private players is a non-starter in India, do you agree?

I completely disagree. A huge amount of affordable housing stock in our cities is created by small private developers who cannot imitate the scale of the larger players. Countless people would still be waiting in vain for the many Government-driven budget housing schemes that are yet to see the light of day if it were not for these private players. Many national players have also made their mark in this segment and consistently delivered.

(As told to KR Iyer (ramanaathan.iyer@sulekha.net)

http://property.sulekha.com/pune-has-more-potential-for-real-estate-growth_news-1093

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Anil Pharande, Chairman – Pharande Spaces & Vice President – CREDAI Pune Metro

The Spine Road is a monumental contribution to the PCMC real estate sector by the Pimpri Chinchwad New Township Development Authority (PCNTDA). This becomes evident when we study the benefits that this massive infrastructure initiative brings with it. The Spine Road is the latest initiative by PCNTDA’s focus on location-efficient development.

The PCMC Spine Road connects two major highways and provides an access focus for the residential, commercial and industrial centres in the PCMC. As the longest stand-alone road within the PCNTDA limits, it is a significant step forward in relieving traffic congestion on internal roads. It also features six lanes with cycle tracks, service roads and parking facilities, thereby vastly improving the quality of living for all residents living along its perimeter.

It is generally accepted that improved road connectivity is very important for real estate growth. Most property brokers will make a big case out of an area’s excellent road network and how this improves the appreciation value of a proposed property. But how exactly does this phenomenon work? What is the real ‘connection’ between better roads and better real estate values?

Road Connectivity And Quality Of Life

Fundamentally, major roads such as the Spine Road in PCMC reduce vehicle travel by cutting down the distance that needs to be traveled between destinations. This has a direct effect on residents in connected areas. With shorter distances, people can comfortably choose to travel public transport or two wheelers, thereby cutting down fuel expenses. This also decreases noise and air pollution in residential areas.

Improved road connectivity also improves the overall safety of a neighbourhoods. This is because it becomes easier for emergency services such as fire brigade and ambulances to reach them. Likewise, it is possible for residents to reach hospitals faster – this can sometimes make a difference between life and death.

An undertaking such as the PCMC Spine Road is also a blessing for employees working in the area’s numerous manufacturing and service industries. In Indian cities, the amount of time it takes to get to and from one’s workplace is an extremely important consideration. By allowing the residents of connected neighbourhoods to reach and return from their workplaces faster, the amount of time they can spend with their families increases significantly. The same paradigm applies to school-going children.

The Health ‘Connection’

Reduced travel time also reduces the incidence of various physical ailments as well as stress levels. Longer travel times give rise to higher exposure to traffic pollution and extreme climate. Several serious health problems such as deep vein thrombosis and lung infections have been directly linked to extended automobile travel on a regular basis.

Similarly, road rage and reckless driving are often the direct result of the traffic congestion caused by insufficient road linkages. Also, as road connectivity improves further, the shorter travel distances can encourage the use of health-positive travel modes such a bicycles.

The Personal Finance ‘Connection’

Ever-increasing fuel prices were once a concern only to the middle class – today, they have gone so high that even the more affluent classes are feeling the heat. Electric cars that can meet the travel requirements of a normal-sized family are still a distant dream. We hear that Tata Motors is developing a air-powered car, but it is unlikely that we will see such solutions on the roads for several more years to come. In the mean time, like it or not, we are dependent on fossil fuel-driven vehicles.

The magnitude of savings that are possible because of improved road connectivity must not be under-estimated. It is a known fact that the transportation expenses of residents in well-connected areas is lower; a lesser-known fact is that communities which live in areas without good road connectivity often spend between 10-15% of their monthly income on transportation alone. The figures rises proportionately to the number of vehicles the family operates.

The Real Estate ‘Connection’

These are the reasons why road connectivity has such a massive impact on real estate prices. Simply put, there is a higher demand for homes in well-connected areas because they equal an easier, safer, healthier and more cost-effective way of life. In this context, the arrival of the PCMC Spine Road has become a game-changer for the region’s real estate market.

The investment value of residential properties along the Spine Road has not been lost on investors, who are now making a beeline to residential developments in Moshi, which is one of the most prominent areas along this road.

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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Before, Wakad was an anonymous village with around 5000 sugarcane, onion and groundnut farmers. In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) acquired fifty per cent of Wakad. By 1998, PCMC counted Wakad as one of its areas.

Wakad is now the focus of younger, financially fit families that are looking at upgrades and moving into larger, nature-endowed homes on the outskirts of the city. With the increasing congestion of the previously preferred area of Aundh, the neighboring Wakad is Pune’s new hotbed of future growth. Wakad has a perfect location, with close proximity to the Infotech and Biotech Parks at Hinjewadi, the Pimpri-Chinchwad Industrial area, the Mumbai-Bangalore Bypass, the Express Highway to Mumbai and the Balewadi National Sports complex. It is only about 80-90 minutes away from Mumbai, thanks to the Expressway and the Bypass. This makes Wakad an excellent value proposition

The word’s leading automobile giant General Motors Ltd., is setting up a plant in Talegaon, in close proximity to Wakad. Some of the finest schools and higher educational institutions have come up in this area, which is much preferred as a residential destination because of its natural splendor and unpolluted environs. Naturally, property appreciation is showing an increasingly upward trend at Wakad.

The Emergence of Thergaon

Thergaon is yet another of the Pune property market’s rising stars. In a scenario where many of the urban areas within Pune have reached saturation point, it is the suburbia and outlying localities that are receiving increasing attention. Thergaon is amongst the most promising locations among them.

The fact that it is now knows as both the Aundh Annexe and Chinchwad Annexe is significant. Both Aundh and Chinchwad are highly developed in both in terms of residential and commercial real estate, while Chinchwad is a major industrial entity in its own right. Wakad and the Hinjewadi Software Technology Park lie at approximately the same convenient distance from Thergaon along the Pune-Mumbai Highway, bestowing their various benefits as well.

The general location of suburban Aundh is favored for many reasons – all of them of great importance in the property market context. Being unsaturated and relatively free from congestion, localities like Wakad, Baner, Pimple Saudagar, Pimple Nilakh and Thergaon still offer relatively pollution-free environment, spacious living conditions and affordable property rates while retaining the advantages of modernized, developed Aundh.

Moreover, town planning authorities have taken it upon themselves to avoid the more obvious mistakes committed in the over-development of Aundh. The pace of development in the above-mentioned areas is carefully controlled. Only residential and commercial projects that fit well into the overall master plan are allowed. From both an investment and home-buying angle, localities like Thergaon make eminent economic and aesthetic real estate sense.

Great Connections

The Pimpri Chinchwad area features some of the nation’s most prominent industrial entities, and is home to the redoubtable Maharashtra Industrial Development Corporation belt. As such, it provides innumerable opportunities for employment and entrepreneurship, and counts amongst the most prosperous and progressive areas in the country.

Similarly, Aundh has proliferated in leaps and bounds over the past few years. HOwever, Aundh is now plagued by overcrowding, noise and air pollution as well as unrealistic property rates. The Hinjewadi Software Technology Park is a byword of Pune’s IT Revolution, having attracted major corporations active in this vast and progressive field.

Thergaon offers the ideal solution for home buyers who want the advantage of proximity to both these employment hubs. Thergaon has ready access to the above-mentioned areas, but remains inherently peaceful, free of excesses – and highly affordable. Since these advantages came to light, some significant additions have been made to the landscape at Thergaon:

The Aditya Birla Hospital is a major coup for the future of Thergaon’s standing on the property market. The establishment of this deluxe medical facility there had been proposed in response to the quiet environment and convenient accessibility to Pune’s more centralized parts. As a medical establishment, it rivals the most prominent and respected in Pune and has attracted a lot of attention. In addition, it provides a significant amount of employment and commercial advantages to the immediate area.

It is also no accident that the Pimpri Chinchwad Municipal Corporation (PCMC) has decided to launch its ambitious Sunny Water Sports Centre in Thergaon. The basic functions of this establishment, designed along international guidelines, is to train and discipline youngsters with potential in the refined water sports of canoeing, kayaking and rowing, under highly qualified training instructors and in a carefully monitored environment.

The organizing committee for this undertaking found the Pawna River that flows along Thergaon to be the ideal venue. Apart from a professional training establishment, the SWSC will also serve as a deluxe recreational facility for water sports enthusiasts interested in speedboats, water scooters and so on.

On the industrial front, the well-known Padamjee Paper Mills have contributed in no uncertain way to Thergaon’s overall economy. This sizable organization provides for the blue-collar sector what Hinjewadi does for the white collars – adequate employment, steady economic status and additional interest in the area as a suitable residential abode.

In short, things are definitely looking up at Thergaon. Numerous notable builders are taking an active interest in establishing projects there, and the future of this charming little locality is as bright as that of Wakad, Pimple Nilakh and other outlying areas of Pune.

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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There is little doubt in anyone’s mind that Pimpri Chinchwad is now Pune’s new hotbed for affordable residential property. In fact, the Pimpri Chinchwad Municipal Corporation is one’s of India’s most resounding real estate success stories. PCMC is a planned city, and its development profile has nothing in common with what is happening in the Pune Municipal Corporation limits.

Thanks to the unflagging efforts of the Pimpri Chinchwad New Township Development Authority (PCNTDA), PCMC is now a showcase of outstanding residential areas. The PCNTDA has been vigilant in defending this showcase sister city of Pune from the central city’s unregulated real estate development pattern. One of the hallmarks of this careful town planning is the availability of affordable township properties, which are the best examples of the masterfully planned social, economic and real estate development in Maharashtra.

Those who have never seen PCMC before are amazed at the futuristic look of this progressive city. When it comes to urban planning, the PCNTDA has gone several steps further than CIDCO of Navi Mumbai. Navi Mumbai was Maharashtra’s first planned city, and it certainly began on a good note. However, lack of vigilance by the town planning authorities there soon caused it to fall prey to commercialization. Charles Courier’s initial blueprint was son abandoned, and today Navi Mumbai has become just another extended suburb of unregulated Mumbai.

In Pimpri Chinchwad, however, the PCNTDA was determined to avoid the mistakes which caused the real estate market in Navi Mumbai to degenerate. The blueprint which was adopted was one of uncompromisingly regulated real estate growth, and organized urban planning was the constant watchword. Keeping its focus firmly on the long-term objectives of rational real estate development, the PCNTDA has managed to turn PCMC into a genuine city of the future.

Residents of township properties in PCMC have the unique advantage of owning homes which are near to their workplaces, yet affordable and blessed with green natural surroundings. They live high quality lifestyles and do not have to sacrifice their family’s health to the pollution which defines the inner city. On an average, township property owners is the PCMC spend upto 35% more time with their families than Pune residents, and have up to 40% more living space at the same cost.

The Pimpri Chinchwad Municipal Corporation is truly a prime example of social-minded real estate development. Only here will one find spacious properties at affordable prices, coupled with a modern and efficient transportation system. Only here can one find a multitude of employment opportunities, superior infrastructure and modern, yet very affordable homes close to one’s place of work. And only in the PCMC can one enjoy the benefits of carefully preserved natural splendour.

Thanks to the approach taken by the PCNTDA, the PCMC property market is today seen as the smartest option for residential property buyers from Pune and beyond. Yearly inward migration figures clearly indicate that this city is indeed growing rapidly. The year-on-year appreciation rates of residential property in the PCMC range between 15-20%, and this has also attracted property investors from all over Maharashtra.

 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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Anil Pharande

The Pimpri Chinchwad New Township Development Authority (PCNTDA), which has completed 25 years of active service to the region, has been a major catalyst in the planned development Pimpri Chinchwad Municipal Coropration (PCMC). Under its auspices, the residential property sector in the PCMC has been transformed from what was once an industrial zone into one of the hottest property investment destinations in Pune – and indeed in the country.

Over the last three decades, several thousand acres of land have been acquired, developed, zoned and brought under the jurisdiction of the Pimpri Chinchwad Municipal Corporation and PCNTDA. This land was developed and available for residential and commercial real estate utilization. As a result, there has been a monumental shift in PCMC real estate. Thanks to the PCNTDA, the Pimpri Chinchwad real estate sector has thrived and grown in an astounding manner.

The Pimpri Chinchwad New Township Development Authority is staffed by extremely capable and committed IAS officers. Under its directions, the PCMC area has become a masterpiece of urban development. Today, it boasts of impeccable infrastructure and public amenities, including multi–lanes roads, strategically located fly-overs, public parks and urban forestation, residential property zones including MIG and LIG Housing on a public private partnership basis, ample potable water supply and a comprehensive drainage network.

Under the PCNTDA, other service sectors have also grown rapidly, particularly schools and colleges. There are now over 25 colleges in Pimpri Chinchwad, offering graduate and post-graduate education in virtually every discipline – healthcare, retail, entertainment, banking and financial services and public transport.

These developments have attracted some of the world’s largest companies from the automobile, IT and engineering sectors. It will also become the home of one of India’s largest International Convention Centers (on a 200-acre plot at Moshi, just off the Pune-Nashik Highway). Admeasuring 100,000 square feet, this hall will equal (if not rival) similar exhibition hubs in Munich, Shanghai and other major metros around the world.

The breath-taking residential property areas that now dot the Pimpri Chinchwad Municipal Corporation map are not an accident – they are the result of carefully planned social, economic and real estate growth by the PCNTDA. This vigilance and futuristic thinking has created an avant-garde city which has adopted a blueprint for smart growth – a blueprint that placed utmost importance to organized urban planning.

Today, thanks to the PCNTDA, Pimpri Chinchwad Municipal Corporation is an acknowledged masterpiece of community-oriented real estate development. It has a unique blend of sustainable residential spaces, highly advanced transportation networks, a broad spectrum of employment opportunities, modern housing typologies such as township properties and superior supportive infrastructure. At every stage of planning, this city’s inherent natural, cultural, sociological and economic resources have been carefully preserved.

 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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In Pune, property and quality of life were once synonymous, but that can no longer be taken as a given. In earlier years, it did not really matter much where one chose to buy property in Pune – all locations were more or less supportive of peaceful family life in their own right.

Today, while considering flats for sale in Pune, one has to consider a number of variables – among them the levels of traffic congestion and pollution, the availability of basic facilities such as water and, of course, quality of the neighborhood.

Let us take Kothrud, for example. This once charming area was one of the first suburbs to be developed after the old city. Even today, it is considered a desirable core area due to its strong connection with the city centre via Karve Road. However, for better or for worse, Kothrud is also mentioned in the Guinness Book of World Records as the suburb with the fastest urban growth in the world.

Kothrud started developing in late 90s. Back then, Pune City was truly a Pensioner’s Paradise, with little economic activity. People from Mumbai looking to buy property in Pune preferred Kothrud, naturally leading to an accelerated rate of development.

By the time the IT/ITES boom began in 2000-02, Kothrud was a full-fledged residential destination. Because of this, it fortunately did not go the way of suburbs like Aundh and Baner in the West or Viman Nagar in the East as they joined the IT/ITES bandwagon.

Over the past decade-and-a-half, Kothrud has evolved as one of the most densely populated residential destination in Pune. Residential projects are very scarce and the demand is enormous. However, because of the manner in which it grew, Kothrud was not developed holistically in terms of social infrastructure.

Many other areas in Pune developed on similar lines, and the old Pensioner’s Paradise charm soon gave way to massive, relentless development. This began the hunt for less cluttered and more lifestyle-supportive residential locations.

Thanks to the Mumbai-Pune Expressway, Wakad is only about 80 to 90 minutes away from Mumbai

Fortunately, Pune is not a sea-locked city like Mumbai, and there was scope for looking further ahead. One of the first areas to emerge as a preferred area to settle down was Wakad – a once-nondescript village with 5000 locals who farmed sugarcane, onion and groundnut in its rich, black, fertile soil.

In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) acquired 50% of this virgin location. By 1998, PCMC counted Wakad as one of its areas. Today, Wakad has emerged as the focus of younger, financially fit families that are looking to upgrade their lifestyle by moving to larger, more nature-endowed homes on the outskirts of Pune City.

With the increasing congestion of the previously preferred area of Aundh, neighboring Wakad was seen as the perfect location, with close proximity to the Infotech and Biotech Parks at Hinjewadi, the Pimpri-Chinchwad Industrial area, the Mumbai-Bangalore Bypass, the Super Express Highway to Mumbai and the Balewadi National Sports complex.  Thanks to the Expressway, Wakad is only about 80 to 90 minutes away from Mumbai, and Mumbaikars looking to buy property in Pune saw it as an excellent value proposition.

Of course, Wakad is just one of the chapters that the Pimpri Chinchwad Municipal Corporation has in its book of Pune real estate successes. Today, Ravet and other sectors of Pradhikaran in the PCMC have become the new residential real estate watchwords in Pune. These areas are developing fast and are even now venues of extremely modern integrated residential projects.

However, the development of Wakad marked the beginning of a new residential real estate trend in Pune – the quest for better environments to settle down in and recapture some of Pune’s erstwhile glory as Queen of the Deccan.

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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