by Mr. Anil Pharande, Chairman – Pharande Spaces,
Indian luxury
real estate is in rapid evolutionary mode, and few of the previously accepted
definitions of a luxury home have stood the test of time. For luxury home
developers, the challenge has shifted from offering a number of attractive
add-ons to providing a well-rounded residential experience that transcends
luxurious exteriors, interiors and amenities.
Luxury
townships are the obvious answer to the questions today’s buyers are asking.
They are not looking for mere glamour – because of the mounting challenges of
urban life in cities like Pune, they are also looking for superior
infrastructure, cutting-edge security and project management and a walk-to-work
option. These are obviously not an option in standalone luxury buildings –
nothing less than a fully integrated luxury township can provide such
advantages.
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| Mr. Anil Pharande, Chairman – Pharande Spaces. |
A number of
Indian developers who previously specialized in traditional luxury residential
projects – one or two snazzy buildings in a tony part of town where ‘address
value’ accounts for a massive price premium – have therefore shifted their focus
to the township format. This is because luxury living in today’s context is a
360-degree lifestyle equation which cannot be limited to elegant
superficialities.
The buyer
profile for integrated luxury townships is also different today. These are not
HNIs hailing from families with protracted histories of wealth – they are young,
self-made entrepreneurs, the corporate upper management cadre and high-placed
Information Technology professionals.
This new breed of luxury
home buyers is not swayed by impressive addresses and the other factors which
dictated how luxury was interpreted in the past. They are looking for the
aspects that spell genuine luxury today – convenience, safety, reliable
utilities supply, modern recreational facilities, on-the-spot availability to
essential services like hospitals, schools and shopping, and good internal and
external connectivity.
They will not
spend their hard-earned money on an expensive location but invest in a superior
living experience for themselves and their families. Moreover, the traditional
CBDs of cities like Pune are no longer the areas which yield the most lucrative
jobs – the IT and manufacturing hubs in modern satellite cities like the
Pimpri-Chinchwad Municipal Corporation (PCMC) are the next employment hotbeds
which are driving both the demand and trend for high-end homes.
This luxury
home buyer demographic is highly tech-savvy and environmentally conscious, and
attributes a lot of value to ‘smart’ and ‘green’ features – not only at a
residence level but at a project level. Again, this is only possible in
integrated townships, and this is what has spurred the growth of PCMC’s
ultra-modern townships over the last decade.
These
townships offer their residents:
- Broad, well-lit internal roads
- 24x7 water and electricity supply
- Multiple user parking per unit
- Multi-level security
- Green open spaces
- Conveniences such as shopping malls, banks, schools and hospitals within the project
- Easy connectivity to other parts of the city
- Modern recreational facilities
The best
integrated townships also include high-grade commercial spaces and give
residents the ultimate luxury - the walk-to-work option. Obviously, this new
definition of luxury living provides a stark contrast to the traditional
concepts of luxury homes, which was usually tied to a vanity address in an
exorbitantly pricey location. Though older luxury buildings in the core areas of
cities like Pune are invariably redeveloped into luxury skyscrapers, there is
nothing that can be done about the fact that the locations themselves are
cramped, polluted, devoid of support infrastructure and often hemmed in by slums
and tenements.
While the
window view from a luxury home in such a setting is usually one of chaos and
urban decay, the corresponding view from a home in an integrated township is one
of greenery, orderliness and unpolluted air. No wonder, then, that the younger
and smarter generation of luxury home buyers today prefers the benefits of
contemporary luxury far away from such areas. Integrated townships are their
obvious choice.
About
The Author:
Anil Pharande is
Chairman of Pharande Spaces, a
leading construction and development firm that develops township properties in
Western Pune. Pharande Promoters & Builders, the flagship company
of Pharande Spaces and an ISO 9001-2000 certified company, is a
pioneer in the PCMC area offering a diverse range of real estate products
catering especially to the 42 sectors of Pradhikaran.
The luxury
township Puneville at Punavale
in West Pune is among the company's latest premium offerings. Woodsville in
Moshi is another highly successful PCMC-based township by Pharande Spaces which
is now in its 3rd phase.
Jay Kalghatgi
Client Interface - Copyconnect
Mobile: 9320142248
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