Tuesday, February 2, 2010

On going and upcoming integrated townships in Pune real estate market

"Why are you talking about upcoming 34 integrated townships in Pune real estate market when ongoing are struggling to survive by offering the property rate of Rs. 2,800 to 2,900 per sq.ft.?"

"For the same reason, dude!"
The Pune's boundaries are growing in all directions. Adding another totally new dimension to the city is the rush of integrated townships into Pune.
City Development Corporation's Amanora Park Town took off first with its 400-acre Rs 10,000-crore township, followed by Paranjape Schemes Construction's 138-acre Rs 3,200 crore Blue Ridge and Megapolis, a Rs 1,500-crore 150-acre project by Pegasus Properties Pvt Ltd, a joint venture between Kumar Properties and the Avinash Bhosale Group.

Lalit Kumar Jain, promoter of Kumar Builders, said his company had received clearance from the state government for three townships in Pune. The first one coming up at Hinjewadi phase II will be spread over 124 acre. Another Kumar township coming up spreads across 120 acre. The third township of 110 acre is slated to come up in Kharadi.

The recently listed Kolte Patil Developers has a 450-acre township at Hinjewadi with ICICI Ventures investing in this venture with a 50% share in this project.

According to state government officials, there are a total of 34 projects that applied for township status and are under consideration. Almost all these project are being designed by overseas architects, have high rises and well-designed and well-defined spaces for living, recreation, commercial space and promise of a much better standard of living.

Even HCC Real Estate, the 100 per cent subsidiary of Hindustan Construction Co Ltd (Lavasa!) has plans to get into a township project in Pune. The company is in the process of acquiring land and is planning a 500-acre township. It has indicated to analysts that it is in the process of acquiring 230 acre to create five million sq ft of development.

To read more, please, visit Rush of integrated townships into Pune

Or you can read an article published in May 2008!

The Financial Express: In Pune, the great integrated township rush has begun

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3 comments:

  1. This is dangerous trend. These RE players would grab land in leaps and bounds and keep RE prices high and unaffordable.

    Each flat in a typical township is actually worth half its quoted price including builder profit (actually costs one-third of quoted prices).

    ReplyDelete
  2. wow!! the agents business will pick up

    ReplyDelete