Integrated Townships to Meet Residential Real Estate

by : George Gonigal

Residential real estate at Pune-the commercial and educational hub of Maharashtra-is set to shoot high. As per the industry estimates, Pune needs as many as 40,000 residential properties every year to meet the housing demands of its citizens.

In view of this, the Maharashtra government has now given green signal to private players for setting up fully integrated townships in Pune, under the Public Private Participation (PPP) model.

To leverage this opportunity, Pune-based developer City Group has come forward with its township project 'Amanora Park Town', the first one after the government's declaration.

Under the project, the government would be providing land to the developer, who would then build up all the infrastructure comprising residential units and commercial properties. The developer will also be entrusted with the responsibility of erecting the social infrastructure encompassing healthcare centres, educational institutions, and entertainment facilities.

Meanwhile, the Amanora Park Town would be spread in the area of about 400 acre at Hadapsar with all the aforementioned infrastructure and facilities. A slew of township projects are under the pipeline following the project in different part s of the country.

According to real estate agents, demand for medium budget residential properties in Pune is constantly in upbeat mode. 'The local economy of the city is growing by leaps and bounds. Thousands of people come into the city every year, as there are ample job opportunities in the city. This really keeps the demand for rental homes in Pune high,' said Rajeev Raheja, a city-based property dealer.

He further informed that most people who have been enjoying successful careers in Pune plan for buying their own houses, and most of the enquiries are for the residential properties in the price range of Rs 25 lakh and Rs 40 lakh.

Demand for house on rent in Pune is equally shared by employees and students, who come to pursue studies at this city flooded with quality educational institutions.

As per MagicBricks reports, the rental values at residential locations in Pune like Model Colony, Range Hills, Viman Nagar and Wadegaon vary from Rs 4,000 to Rs 15,000 per month, for mid-size apartments.

Capital values in the aforementioned areas range between Rs 3,500 and Rs 5,000 per sq. ft.

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