Investing In Real Estate: Near Expressways Or Highways?
Many developers are at great pains to point
out that their projects are close to a major highway or expressway while
marketing them. Obviously, there is a lot of notional value attached to homes
which enjoy such a locational advantage.
In cities like Pune and Mumbai, inter-city connectivity is literally a lifeline
that feeds the economy. Both cities depend a lot on each other on various
counts, not least of all being services, business exchange and manpower.
However, because of increasing inner-city traffic congestion, it can take an
inordinately long time just to travel to the expressway itself. This puts a
heavy toll on both precious time and fuel expenses, so living close to the
expressway - or any highway which affords quick access to key parts of the city
or adjoining cities - can be a very desirable benefit for a home buyer.
One of the potential disadvantages of investing in such a property can be the
higher rates which most developers will quote. The asked-for premium can vary,
depending on factors like the overall benefits being offered in the
project.
There is certainly no shortage of such small individual housing projects in
locations adjoining expressways or major highways. The developers of such
projects would have purchased their plots quite a while ago in anticipation of
the future demand, and therefore acquired them relatively cheaply.
These are often anonymous builders with little
or no previous experience in real estate development. Their main objective is
to make a quick buck on the back of the locational factor, so they keep the
amenities in their projects to a minimum and will usually also cut corners on
the construction quality.
Mr. Anil Pharande,
Chairman - Pharande Spaces
Obviously, buying into such a project merely to lock in the advantage of
proximity to the highway or expressway can prove to be mistake. The standard of
living will be quite low owing to the lack of lifestyle features and
conveniences, while maintenance costs can be quite high because of the
low-quality fittings and construction.
There are usually issues with water and
electricity supply in outlying areas, and air and noise pollution emanating
from the highway can be severe.
Often, there will even be problems with the land title and building
permissions, since the concerned builders are not concerned with anything but
constructing, selling and exiting as fast as possible. Additionally, residents
of such projects are often far removed from conveniences like shopping,
entertainment, schools and healthcare. Literally the only advantage they enjoy
is proximity to the expressway or highway.
The Integrated Township Advantage - High Location, Lifestyle And
Investment Value..!
As opposed to such smaller projects, integrated townships offer a vastly
superior investment and lifestyle proposition. Because of their massive land
requirements, integrated townships will invariably be developed on the
outskirts of the city.
Developers will obviously seek to juxtapose
their township project along one of the key highways or expressways in these
locations, as this will draw a lot more end-user and investor interest.
However, the very nature of an integrated
township is that it provides several key advantages to its residents.
Thanks to the size factor, housing projects in such a township tend to be
sufficiently removed from the expressway or highway to ensure freedom from
noise and air pollution. At the same time, access roads ensure that one can
still reach the highway in a short time. Integrated townships also have their
own independent water and power supplies, as well as shopping complexes,
hospitals, schools and entertainment facilities.
They also have green open spaces, jogging
parks and playgrounds. Finally, only well-capitalized and highly reputed
developers can venture into township development, and such players will at all
times ensure that all the legalities and the overall quality of the project are
beyond reproach.
Naturally, the premium attached to properties in an integrated township close
to an expressway or highway is higher. However, the additional investment is
definitely worth it. Apart from the ease and quality of life, they also enjoy a
much higher resale value on the property market.
About The Author..!
Mr.
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.
For media contact
In cities like Pune and Mumbai, inter-city connectivity is literally a lifeline that feeds the economy. Both cities depend a lot on each other on various counts, not least of all being services, business exchange and manpower.
However, because of increasing inner-city traffic congestion, it can take an inordinately long time just to travel to the expressway itself. This puts a heavy toll on both precious time and fuel expenses, so living close to the expressway - or any highway which affords quick access to key parts of the city or adjoining cities - can be a very desirable benefit for a home buyer.
One of the potential disadvantages of investing in such a property can be the higher rates which most developers will quote. The asked-for premium can vary, depending on factors like the overall benefits being offered in the project.
There is certainly no shortage of such small individual housing projects in locations adjoining expressways or major highways. The developers of such projects would have purchased their plots quite a while ago in anticipation of the future demand, and therefore acquired them relatively cheaply.
Obviously, buying into such a project merely to lock in the advantage of
proximity to the highway or expressway can prove to be mistake. The standard of
living will be quite low owing to the lack of lifestyle features and
conveniences, while maintenance costs can be quite high because of the
low-quality fittings and construction.
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Often, there will even be problems with the land title and building permissions, since the concerned builders are not concerned with anything but constructing, selling and exiting as fast as possible. Additionally, residents of such projects are often far removed from conveniences like shopping, entertainment, schools and healthcare. Literally the only advantage they enjoy is proximity to the expressway or highway.
The Integrated Township Advantage - High Location, Lifestyle And Investment Value..!
As opposed to such smaller projects, integrated townships offer a vastly superior investment and lifestyle proposition. Because of their massive land requirements, integrated townships will invariably be developed on the outskirts of the city.
Thanks to the size factor, housing projects in such a township tend to be sufficiently removed from the expressway or highway to ensure freedom from noise and air pollution. At the same time, access roads ensure that one can still reach the highway in a short time. Integrated townships also have their own independent water and power supplies, as well as shopping complexes, hospitals, schools and entertainment facilities.
Naturally, the premium attached to properties in an integrated township close to an expressway or highway is higher. However, the additional investment is definitely worth it. Apart from the ease and quality of life, they also enjoy a much higher resale value on the property market.
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