Abroad, a new trend
of evaluating neighbourhoods by their 'walk score' is being seen among home
buyers. The idea behind this is simple, and in fact the very basis of that
favourite real estate mantra 'location, location, location.'
And it has great
pertinence for the Pune real estate market, as well.
Investment value of a
location..
 |
| Arvind Jain, MD,Pride Group |
The investment value
of a location is traditionally judged by how many office complexes are coming
up in the area. This makes sense - investors can expect demand from people who
work in these offices, since living close to work is always a great
convenience.
It reduces the daily
travel time, which means one can spend more time at home with one's family than
on the road.
However, property
buyers look for more than proximity to work when they choose a home.
In a city like Pune,
where traffic congestion is a huge problem, people also aspire to have various
conveniences within walkable distance from their homes.
A housing project's
'walk score' is determined by how many shops, clinics / or hospitals, parks, playgrounds,
restaurants and coffee shops are within walkable distance.
In fact, this factor
accounts for a much higher preference rating among Pune's home buyers than the
'walk-to-work' option, which is unrealistic in most cases anyway.
The logic is simple,
yet profound. A family's happiness quotient in a housing project does not hinge
just on how soon the breadwinner (or, in the case of Pune's every-increasing
dual income families, breadwinners) can get to and from work.
In the course of any
normal working day, there are still family members back at home who need to
keep the household running.
Pune is also a city
where a significant number of families still include elders, who have their own
social and leisure needs. And even for the younger generation, commuting home
from work just to face the traffic again to pick up groceries or / enjoy a cup
of coffee with friends is annoying and draining.
The convenience of
having essential goods, services and places of recreation within walkable
distance from home therefore ranks high on most Puneri families' wish-list.
For families are
fortunate enough to live in the central locations, in homes purchased at a time
when they were still affordable, this is not a problem. But for the majority of
today's generation of home buyers, Pune's newer locations are the only options.
Township properties
in Pune
One of the ways out
of this fix is the increasing availability of township properties. Most of the
large townships are coming up on the city's peripheral locations; this means
that property prices in them are more affordable.
At the same time,
they have high 'walk scores' because they include retail, leisure, healthcare
and even schools.
This explains why
township properties in Pune are becoming so popular. However, not all townships
are created equal. A good township is planned in a manner which allows all
residents to access such outlets and facilities on foot with equal ease. While evaluating a township as the venue for
one's new home, it is therefore essential to study the master plan and
establish its actual 'walk score'.
About author..
Mr. Arvind
Jain is Managing Director at Pride Group
For Media Contact:
Mr. Jay Kalghatgi
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