The Hindu Business Line : Pimpri Chinchwad beckons developers

Investment World - Real Estate & Construction
Industry & Economy - Real Estate & Construction
States - Maharashtra
Pimpri Chinchwad beckons developers

Twenty builders are coming in with various projects and in the next three to four years, about 40,000-50,000 units will be added to the PCMC area.

R. Savitha

Pimpri Chinchwad, largely seen as an industrial hub, is now developing into an attractive destination for developers. The PCMC area, which earlier catered to the workforce of the industries located there is drawing white-collar employees keen to make it their home.

“This is because of the good infrastructure support provided with good roads connecting the area to the main city of Pune,” says Mr Atul Goel, Director, Goel Ganga. This market is now the venue of luxury residential projects such as ‘Aishwaryam’ at Akurdi, launched this July and marketed by Homebay Residential Pvt Ltd. (a wholly-owned subsidiary of Jones Lang LaSalleMeghraj). The other projects here include Goel Ganga, Mont Vert, Pride Purple, Mahindra Royale, Elpro and Pristine. Goel Ganga has about four new projects which would make available about 1,000 flats in the next three years. Mont Vert will also be coming into the market with about 1,000 flats in the same time frame.

According to Mr Manish Kaneria, Director, Mont Vert, around 20 builders are coming in with various projects and in the next three to four years, about 40,000-50,000 units would be added to the PCMC area. The PCMC area includes Pimpri Chinchwad, Bhosari, Wakad, Rahatne, Pimple Saudagar, Pimple Nilakh, Nigdi, Akurdi, Kiwale and Thergaon. Most of these locations were farm lands that have now been converted to cater to residential requirements. Besides industrial presence, proximity to Hinjewadi IT Park is also driving demand.

Customers are mainly looking at budget or economical housing and the demand is for two and three-bedroom houses. And of these apartments about 30 per cent is being bought for investment purposes and 70 per cent goes to the end users, with the customers being IT and ITES employees, says Mr Kaneria.

“For people buying these flats, by the time they get the possession, all the necessary facilities such as the kiranas, malls, will be ready. If customers get everything they want in their area then even the travel towards the city is avoided, thereby reducing traffic congestion,” he says. Most of these projects are currently restricted to 12 storeys.

According to Goel, customers are more worried about clean and neat projects with good water supply, road connectivity, lighting, etc, and are not much bothered about the frills that are offered that make project costs go up. The price tag ranges from Rs 20 lakh to Rs 55 lakh. Most buyers look for a two-bedroom flat. Rates have gone up from Rs 800-900 per sq.ft five years ago to Rs 3,000-3,200.

Kaneria says despite the economy housing, there is no compromise on quality.

Some of the projects offer club memberships to enable residents enjoy facilities such as swimming pool, gymnasium or health club. A resident of the PCMC area recalls how there were once no malls or multiplexes in the area and to see a movie one had to travel a long distance.

Now, with the roads improving in the past two-and-a-half years, two multiplexes have been constructed and a third one is coming up.

Major retail chains such as Big Bazaar, Reliance, More, Subhiksha have opened outlets to cater to these residential areas. So far about 10 million sq.ft of area is said to be under the residential umbrella.

Kaneria feels the infrastructure requires a major push. Goel is apprehensive, “I feel a boom is something that should not happen. Customers get disturbed when the market goes up and down. The construction cost and material costs also go up.”