Mr. Anil Pharande, Vice President - CREDAI Pune Metro
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 &
Quality Of Life..!
Fundamentally, the creation of major roads reduces 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.
Such an undertaking 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. Many 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.
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| Anil Pharande, Vice President - CREDAI Pune Metro |
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 to 15 per cent 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.
For example, 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.
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.
ABOUT THE AUTHOR:
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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