Prashant Thakur – Page 5

Undri, Pune – from Nondescript Hamlet to Residential Hotspot

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Located in south-eastern peripheries of Pune, Undri was once a small and unremarkable village outside the Pune municipal corporation limits. After opposition from residents regarding merging of Undri into the Pune Municipal Corporation (PMC) in 1997, it was demerged in 2002.

In 2017, Undri came under the purview of the Pune administrative authority – Pune Metropolitan Region Development Authority (PMRDA). Many residents of the region, whose primary occupation was agriculture, sold their land parcels to private real estate players, thus paving the way for rapid growth of residential and commercial developments in Undri.

Surrounded by micro-markets such as Hadapsar, Pisoli, and Handewadi, Undri offers relatively serene surroundings with thick green cover. It has good social infrastructural facilities including educational institutions, healthcare facilities, and entertainment options.

Various IT-ITeS establishments including Magarpatta City in Hadapsar, Eon Free Zone in Kharadi and SP Infocity in Phursungi have created massive residential demand in and around the regions, eventually hiking property prices in these areas.

Undri caught the spill-over demand from these nearby markets with its relatively lower property values.

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

After a year-long delay, the final draft of Greater Mumbai Development Plan (DP) 2034 recently saw the light of day.

The highlights were the amendments in the development control regulations (DCR) in terms of increased FSI and the opening of the salt pan lands for construction of affordable houses, which are now the talk of the town.

DP 2034 visualizes Greater Mumbai as a ‘competitive, inclusive and sustainable city’. It goes without saying that decongesting the city must be a prime focal point in such an agenda.

Accordingly, the Municipal Corporation of Greater Mumbai (MCGM) has decided to utilize the city’s huge tracts of salt pan lands for affordable housing projects.

A total of 3,355 hectares of salt pan lands are spread across MCGM in Dahisar, Goregaon, Mulund, Bhandup, Kanjur, Nahur, Ghatkopar, Turbhe, Mandale, Chembur, Wadala and Anik.

These lands, which were classified as salt pan lands and no development zones (NDZs) for decades are now open for new development.

According to the final draft of DP, 2,100 hectares of salt pan lands are now demarcated for the construction of 10 lakh affordable housing development,

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Goregaon, located on the western lines of the Mumbai suburbs, is one of the oldest and most popular residential areas in MMR.

A vibrant residential hub, Goregaon lies between Bandra and Borivali and has earned its tag as a premium residential hotspot due to its proximity to the entertainment industry in Bandra and Juhu.

In a city where connectivity is everything, other market drivers that make it such an attractive residential hub for HNI buyers and investors are its proximity to:

The Chhatrapati Shivaji International Airport
The commercial hubs of Bandra-Kurla Complex (BKC) and Andheri
The Western Express Highway
NESCO, Nirlon Knowledge Park and Mindspace
The proposed ODC (Oshiwara District Center)

Apart from its thriving commercial office real estate market, the fact that Goregaon is such a uniquely-positioned hub for working professionals also favours its residential property market. Moreover, Goregaon has emerged as one of the front-running property hotspots to advance the vital walk-to-work (w2w) concept in Mumbai.

With several office projects already in place and more constantly mushrooming in and around the locality,

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Conceptualized as an industrial town, Sector 150 falls in the peripheral area of New Okhla Industrial Development Authority (NOIDA).

During the mid-2000s, Sector 150 evolved as an IT hub and subsequently attracted real estate developments primarily due to effectively-planned layouts.

Situated at the confluence of Yamuna and Hindon rivers along the bustling Noida-Greater Noida Expressway, Sector 150 is now one of the preferred residential destinations of Noida. The key factor which differentiates Sector 150 from other regions is the presence of massive green spaces.

The land use planning of Sector 150 has been undertaken in a pattern that ensures 80% of the 600-acre land parcel remains under greenery and only the remaining 20% is allocated for construction activities. Nearly 42 acres of land are dedicated specifically for parks and recreational facilities.

This micro-market is equipped with good social infrastructure including reputed educational institutions, hospitals and shopping complexes. Sector 150 is currently flourishing with real estate activity, and there is a visible rise in residential developments, integrated townships, commercial spaces and mixed-use developments.

Located strategically,

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Gachibowli in Hyderabad is a market comprising of a 15 km stretch from Nallagandla-Tellapur along the Financial District, Nanakramguda, Kokapet, Narsingi, Raidurg up to Manikonda.

Recognized as one of the popular IT-ITeS and BFSI hubs of Hyderabad, Gachibowli has emerged as a sought-after destination for commercial office spaces as well as residential developments.

Gachibowli falls in the western periphery of Hyderabad and was once a far-flung region with minimal development and almost negligible residential activity.

However, it has witnessed a tremendous transformation in terms of commercial and residential real estate activity driven primarily by the many major IT-ITeS companies now operating there.

Only 6 km from HITEC City, Gachibowli has ICICI, CMC, Franklin Templeton, UBS, Cognizant, IBM, Microsoft, Infosys and many other large firms driving multi-faceted real estate demand. As a result, it has emerged as a top employment destination in Hyderabad and attracts working professionals from various parts of India.

These commercial office developments have attracted residential developers to come up with projects in the nearby micro-markets, and now the region is booming with massive real estate activity.

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Nestled in the foothills of Aravalli – one of the oldest range of folded mountains in India – Sohna was for long a major tourist attraction due to its lakes, hot springs, temples and many places of historical importance.

Located in the southern part of Gurugram, Sohna is also popularly known as ‘South Gurugram’. In the last few decades, Gurugram’s unprecedented economic growth has led to accelerated urbanization and rapid growth in migrant population flocking the city for employment.

Over time, the fast-paced growth in key areas such as MG Road, Udyog Vihar and Cyber City has created a ripple effect and pushed developments towards the western and southern parts of the city. This led to the emergence of new areas such as Golf Course Road, Golf Course Extension Road, Southern Peripheral Road (SPR) and Sohna Road – leading right up to Sohna town.

With proximity to various business centres and industrial clusters, good overall accessibility, affordable prices and planned infrastructure upgrades, Sohna is evolving as a key real estate destination for the working population of Gurugaram and surrounding regions.

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Vartak Nagar is a residential suburb in Thane once known largely for its tapered roads and deplorable infrastructure. The residential market was predominantly defined by low-rise developments that housed industrial workers from the nearby manufacturing units.

Today, with the rapid urbanization of Thane and its surrounding precincts, Vartak Nagar has witnessed a significant upgrade in terms of both civic and social infrastructure, and its revamped market profiling has turned it into a promising real estate destination in the Mumbai Metropolitan Region (MMR).

It now has excellent road connectivity to the central and western suburbs via the Eastern Expressway and Western Express highway (via Ghodbunder road) respectively. Vartak Nagar is also well-connected through an established rail network.

Its proximity to the serene Upvan lake and exquisite view of the scenic Yeoor hills have become the major drivers of consistent real estate growth in Vartak Nagar.

Moreover, it still has an abundant supply of land parcels (primarily through the redevelopment model) available at competitive prices. This is a major draw for developers of residential projects since the lower land prices allow them to sell their properties at attractive rates.

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Pune, known as an education hub and a prominent location for manufacturing industries, has evolved as an information technology hub during the last few decades.

Spread across 244 sq. km. and with a population of over 3 million, the city has rapidly transformed from a pensioner’s paradise to a bustling economic centre of India.

Well-connected to Mumbai – the financial capital of India – Pune is also well-networked to other major cities across the country, as well as the world.

In terms of Gross Domestic Product (GDP), Pune is ranked 6th in the top 10 wealthiest cities in India and the second-highest in Maharashtra (after Mumbai) in terms of GDP contribution.

The major sectors contributing to the city’s growing economy include manufacturing, education, tourism, and culture. The Mercer 2017 Quality of Living Rankings evaluated living conditions in more than 440 cities across the world and ranked Pune at 145 – second in India after Hyderabad, which ranked 144.

As per the same ranking, Pune featured among evolving business centres and nine emerging cities around the world,

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Pune, once known as a ‘pensioners paradise’, has transformed significantly over the past few years.

The booming IT/ITeS and manufacturing sectors led to a rapid makeover of the city, and working professionals from all parts of the country started flocking to Pune. The concentric development pattern of the city helped expansion in the suburbs and peripheral regions.

Undri and Ambegaon, located in South Pune, are in the process of becoming Pune’s next vibrant property boom areas over the next few years. More and more of Pune’s homebuyers now seek out residential destinations which still offer the unspoiled natural splendour and healthy environment which Pune was once famous for.

Such areas are increasingly hard to find in the face of the rampant real estate construction drive all over the city. The availability of large, contiguous land parcels for development in Undri and Ambegaon is another big advantage for the area, which for this reason lends itself particularly well to sizeable township projects.

This region’s history as far as real estate development is concerned is not very long.

by Prashant Thakur

Prashant Thakur, Head – Research, ANAROCK Property Consultants

Once a small village located on the eastern periphery of Pune and defined by industrial developments, Wagholi has now transformed into a sought-after residential destination.

The housing boom in Wagholi kicked off primarily on account of vast availability of land parcels at affordable prices, low registration costs and easy legal procedures, as it falls under a Gram Panchayat area. Wagholi and its nearby areas have also witnessed a rapid growth of IT parks and other commercial centres.

Over a decade ago, Wagholi was seen as little more than an extension of the city. However, it has interesting historical antecedents – Wagholi was the centre of the ruling chiefs of Chhatrapati Shivaji, and it’s very ancient Wagheshar (lord of tigers) temple is a popular tourist attraction.

Located on the Pune-Nagar highway, Wagholi has been under transformation since 2007. The region began developing primarily due to the saturation of core areas in Pune. In addition, the advent of the IT-ITeS industry in the eastern parts of the city drove up real estate activity here.

The major growth drivers that contributed to the development of Wagholi include the presence of affordable projects,

Undri, Pune – from Nondescript Hamlet to Residential Hotspot

Mumbai Salt Pan Lands: Mitigating the Hazards of NDZ to Affordable Housing Bonanza

Walk-To-Work Concept Gathers Pace In Mumbai’s Goregaon

Sector 150, Noida – Infrastructure Development Driving NCR’s Greenest Sector

Hyderabad’s Gachibowli – from Anonymity to IT-ITeS / BFSI Hotspot

Sohna – From Tourist Destination To Real Estate Hotspot

Thane’s Vartak Nagar – A New Real Estate Hotspot Emerges In MMR

Pune Real Estate – The Calm Eye Of The Storm

Undri-Ambegaon – Major Growth Areas With Pune’s Historic Charm

Pune’s Wagholi – From Industrial Area To Hot Residential Destination