But affordable housing is pushed to the periphery of Pune
Oct 29, 2013
Source : The Times of India


PUNE: Satish Rajopadhye has been on the look out for a two-bed room house and has a budget of Rs 35 lakh for it. His search for the right place however seems endless as there are simply no homes available within his budget in the city’s well-known pockets. The situation has forced him to consider a site 30 km north of the city and even there his budget is barely meeting the asking price.

Shrinking availability of space within city, leading to high land prices, has pushed development of affordable housing to the city’s peripheral areas or even to more distant locales, understood to be in Pune district’s rural parts for so long.

Developer Vishal Gokhale recently announced Briz, a project which his firm Gokhale Constructions is developing at Pirangut, 20 km away from the city. He says it is possible to offer affordable housing in the outskirts of Pune as land for budget housing is simply not available in the city. “Many projects of redevelopment are taking place across the city, but the cost of offering free homes to existing residents there pushes up the price for new buyers significantly,” he adds.

Thus, new projects of affordable housing are coming up in distant locations such as Pirangut on the city’s west or Wagholi in the north or Shirwal in the city’s south. Sanjay Bajaj, managing director for Pune at real estate advisory company Jones Lang LaSalle India, says as Pune’s established locations get more and more expensive, developers of mid-income projects are looking at emerging locations where land availability and pricing still support the budget homes rationale.

Sachin Kulkarni, managing director of Vastushodh Projects Private Limited, says many industrial establishments have excess land which can be unbundled for housing purposes. His company recently did one such effort and is in the process of developing nearly 1,000 homes which will accommodate the employees of the industry and people interested in budget homes.

Latest Realty News

CREDAI chief warns of stagflation
Oct 29, 2013
MUMBAI: Appreciating the RBI concern over checking inflation, realtors’ apex body CREDAI Chairman, Lalit Kumar Jain has cautioned the central bank and the government against stagflation
Panel for housing zone over libraries, schools in Pune
Oct 29, 2013
PUNE: The state-appointed planning committee has recommended that 1.71 lakh square metre land, which was reserved for 13 civic amenities in the draft development plan (DP) of Tathawade village in Pimpri Chinchwad, be earmarked as residential zone.
Tax breaks for REITs only after elections: FinMin
Oct 29, 2013
MUMBAI: The third attempt by market regulator SEBI to revive the much anticipated Real Estate Investment Trust platform has hit a roadblock yet again. And this time it is the upcoming elections that have played spoilsport.
Sebi seeks tax incentives for REITs
Oct 28, 2013
MUMBAI: Securities and Exchange Board of India (SEBI) will ask tax authorities to consider incentives for real estate investment trusts, Sebi Chairman U K Sinha said on Monday.
Kanjurmarg competes with Mulund and Ghatkopar
Oct 28, 2013
MUMBAI: Kanjurmarg, one of the suburbs located on the east-central side of Mumbai, is known for its affordable housing projects, as compared to other suburbs such as Mulund and Ghatkopar. Considering its proximity to several other real estate destinations, the area today, has carved a path for itself. Here are some of the major reasons why it has become a vibrant real estate destination.
Marunji Road: Destination next in Pune
Oct 28, 2013
PUNE: The Hinjewadi IT Park is an outstanding success story in its own right. It has single-handedly boosted Pune’s profile on the national and global business map. The effect that the Hinjewadi IT Park has had on the type of demand for residential spaces in the adjoining areas like Marunji road is a textbook case of the IT industry and its accompanying culture dictating the shape and form of a market. Real estate investors and developers are quite confident that the area will be one of the most
Realty firms gear up for first asset-backed property bonds
Oct 28, 2013
MUMBAI: Property firms, including DLF Ltd, are gearing up to sell the country’s first bonds backed by rental income from their office buildings and shopping malls.
Home Linen from Hugo Boss
Oct 28, 2013
MUMBAI: Surprise Home Linen brings you the Boss Home Collection from the Hugo Boss Group, an international premium and luxury fashion brand, which brings to India its new bed and bath offering.
Demand to outstrip supply in the next five years
Oct 28, 2013
MUMBAI:The immediate outlook in housing supply may indicate that demand is yet to catch up, resulting in over-supply. But this is set to change, according to a report by real estate property consultants Cushman & Wakefield.
Growing spaces into green towns
Oct 27, 2013
MUMBAI: As electricity bills soar and water scarcity looms every summer, it would be obvious that living in a building that enables its occupants to conserve water and power makes sense. Imagine living in a community or town geared towards conserving natural resources. Where public spaces are available for people to socialise and children to play, the roads are pedestrian-friendly and the work spot is within walking distance.

Latest Realty News Of State

Realty Talk's