The Puravankara Group, since its inception in the year 1975, has made a name for itself in the real estate sector in southern India, with impressive theme based properties in Bangalore, Chennai, Kochi and Coimbatore. Among the first realty firms in India to get listed, Puravankara is widely associated with quality, affordability and innovation in design and execution. It now brings the same attributes to Pune with the launch of Purva Silversands, its first property in western India.
Purva Silversands is to come up on a 20 acre plot on the banks of the Mula-Mutha River in Mundhwa. Built on the theme of a ‘beach resort’, this ambitious project comprises a mixture of 1, 2, 3 and 4 BHK apartments, which suits most peoples’ budget and offers them a luxurious experience of living next to an artificial beach. One intriguing feature, that caught my eye, was the ‘Managed Residences’ at Purva Silversands. Having visited the site and understood the plans for these residences, I am going to assess the same in this note.
What are Managed Residences at Purva Silversands?
The managed residences comprise of Manhattan Pods and Condominiums, which will be present in Block 1 of Purva Silversands. These 1 bedroom residences, with sizes ranging from ~325 to ~ 450 square feet, promote the concept of ‘Compact living with Luxury’.
These furnished residences come with all necessary amenities, literally, right at your doorstep or within your building. Located right next to the Mula-Mutha River, with a separate entrance from the rest of Purva Silversands, these residences offer exclusivity and great views of the surroundings.
Who are the target customers for these residences?
With managed residences, Puravankara appears to be targeting those segments of home buyers, who often do not quite get what they are looking for, in the normal apartments and often end up having to compromise with regards to their budget and/or convenience.
One such customer segment is that of singletons or small families of two, who are looking to base themselves in Pune, for whom these compact apartments are both comfortable and affordable. Another customer segment is nearby companies, for whom these residences serve as a perfect guest house, to house employees or expatriates for short durations.
A third segment is investors who can purchase these apartments at not too great a cost and look to lease out these apartments to earn rental income.
What does the location of this property have to offer?
The biggest positive that Mundhwa, the location of this project, has is its proximity to the nearby business districts of Kharadi, Magarpatta City and Viman Nagar, all within a 4-6 km radius, which makes it convenient for professionals working in companies in these areas. Lower land prices in Mundhwa, as compared to its saturated neighbouring localities, ensures apartments here are more affordable.
Pune airport and railway station are not too far away either. A number of malls and retail outlets are located around Mundhwa, which cater to all necessities and also provide entertainment options to residents.
How is the connectivity to this property?
Mundhwa is located on the opposite bank of the Mula-Mutha River from Kharadi and a soon to be constructed bridge across the river, near this property, should greatly reduce the distance and time taken between these areas. An under-construction riverside road will directly connect Kharadi and Mundhwa to Kalyani Nagar and Yerwada. Also on the horizon is the Pune Ring Road project, which will connect Mundhwa to other parts of the city and lead to a development boom in this area.
What facilities will be provided to residents?
Residents of the managed residences have a lot to look forward to, with a number of facilities planned to be provided to them, without them even needing to step out of their block. Located just below the managed residences, will be a retail block, which is expected to have a convenience store for daily necessities of residents, along with a high-end boutique store and an ATM.
The residents also need not always eat at home, with options for both casual dining and fine dining likely to be offered by means of a café in the retail block and a roof top restaurant. They have the option of utilizing the gymnasium for exercise purposes or pamper themselves at the spa, should they seek a relaxing massage after a long hard day. Their laundry requirements are also taken care of with the provision of a Laundromat containing a number of washing machines and dryers in the same block, which would help residents save valuable time and utilize the same in other pursuits.
For the benefit of home owners looking to rent out their apartments, Puravankara will provide a Leasing Desk, which will help the owners in finding interested tenants, paying their utility bills and in completing all necessary documentation to ensure the agreement is foolproof.
Puravankara appears to have made a well thought-out move in providing compact managed residences in Purva Silversands. With a good location, excellent facilities, affordable rates and great views of the river and its surroundings, prospective residents have a lot of good things to look forward to. Should this project be successful, it could provide a template for affordable and compact yet comfortable housing, which is likely to hold great promise across India.