by Mr. Anil Pharande, Vice President -
CREDAI (Pune Metro)
When you are setting out to purchase the house you
always dreamed of & saved for, you obviously wanted something more than
just an orphaned, anonymous set of walls in some congested city center.
Good construction, Layout..!
The problem is, that is all that most residential
projects in India offer these days. There is a lot more to the perfect house
than good construction, layout &
fittings – a residential property needs supporting social & physical infrastructure to become a suitable
home.
Moreover, the beleaguered city dweller’s heart yearns
for the sight of greenery, open spaces and fresh air.
After all, we want our children to grow up in better
conditions than we possibly experienced at their age…
Integrated Townships in Pune..!
In Pune, integrated townships have been seen as the
answer to these requirements. However, land constraints, zoning laws & the budgetary considerations that govern
property buyers in many areas often do not make the integrated township model
feasible. A more practical and feasible alternative is Integrated Residential
Projects.
What Are Integrated Residential Projects..?
Like integrated townships, this more compact
& serviceable model offers house
buyers everything they need for a comfortable & healthy lifestyle. Children
have enough room to play in, and both they and their parents are free from the
stress, noise & pollution of central
urban life.
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| Anil Pharande, Vice President - CREDAI (Pune Metro) |
Such projects have schools, shopping and entertainment
facilities, healthcare and easy access to public transport.
Also (very importantly) they are a boon to people who
wish to live in a non-urban environment while attending to their jobs in the
workplace catchments of the city. They get a dream location, excellent
infrastructure and a lot more.
Residential Real Estate Investors..!
Residential real estate investors, on their part, can
capitalize on the higher demand – and therefore the higher returns on
investment (ROI) that such properties offer. The higher investment potential of
houses in integrated residential projects stems from the fact that they are
self-sufficient & self-sustaining.
A direct outcome of this is that the resale value of
such properties is as good as immune to market volatility. Because of the
diversified nature of such projects, they represent a very low risk to property
investors, even while they benefit from the larger upside potential despite low
entry costs.
Unique Challenges For Developers.!
Builders who cater to the demand for integrated residential
projects face quite few challenges. After all, they have to provide the
advantages of integrated townships while having to forgo the considerable
incentives that the Indian Government offers for the development of larger
townships. Therefore, the initial capital required is extremely steep - right
from land acquisition to the providing of physical & social infrastructure.
The integrated residential project concept is just
beginning to emerge on the Indian real estate landscape. One of the areas where
it has been successfully implemented is Pune’s sister city - the Pimpri
Chinchwad Municipal Corporation.
One of the primary reasons for the success of the
integrated residential projects in the PCMC areas of Pradhikaran & Ravet is the fact that these are located very
close to vital workplace hubs such as the MIDC and Hinjewadi, Pune’s software
hub. This, coupled with the advantages of having ‘everything inside’, has
contributed to the demand for homes in such projects.
About The Author..!
Mr. Anil Pharande is Vice President -
CREDAI (Pune Metro) and Chairman of Pharande Spaces, a leading construction and
development firm that develops ultra-modern integrated residential projects and
integrated townships in the PCMC area of Pune, India.
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