Bengaluru Trumps Mumbai in Uptick of Residential Market

It may seem as if the lean period in Indian real estate market could be turning the corner. Based on Knight Frank’s ninth edition of its flagship half-yearly report on Indian Real Estate for the period January-June 2018 (H1), the residential real estate market seems to be making a comeback from the slowdown caused due to ‘testing triplets’ of demonetisation, RERA and GST.

Knight Frank, an independent property consultant which routinely releases its analysis of the real estate markets around the world and India released this report on July 25th, a day when the Maratha Kranti Morcha called for a state and city wide bandh to protest farmer deaths in the Marathwada region. Most retail establishment across Mumbai were shut for the day and roads were remarkably empty for a city that experiences traffic jams all day. Thankfully the bandh was called off by evening so that people could get home safely. However, the scenario sums up the developmental issues our country and leading cities face, in the backdrop of which the positive news of renewed growth in real estate and its ancillary sectors is a much needed balm.

According to Knight Frank report which analyses the 8 cities of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, there was a 46% YoY increase in units launched during the H1 period, while the increase in units sold was at 3% YoY in the same period. This marks the highest level of launches and sales in the last 18 months since demonetisation was rolled out at 124,000 and 92,000 units respectively.

Mumbai saw a staggering 128% YoY rise in residential launches, accounting for 40% of the total launches across the 8 cities covered in the report. However, the sales grew just 1% casting a shadow on positive sentiments. By contrast, Bengaluru saw a modest but very positive 11% rise in launches and even better 22% increase in sales of residential units. Other markets such as Pune, NCR and Hyderabad also saw a boost in the percentage increase of launches.

Report of Indian residential market
Report of Indian residential market (Source: Knight Frank report)

The key contributor to Mumbai seeing launches to the tune of 35,974 units is the dumping ground reprieve in BMC region and the parallel launches of mega projects in the peripheral suburbs of the financial capital. Dr. Samantak Das, Chief Economist and National Director – Research at Knight Frank noted, “Most developers focused on reducing apartment sizes of their new launches. Accordingly, we have seen shrinkage of 12% in apartment sizes across MMR, with some premium markets witnessing reduction of as high as 31%.”

Some of the key takeaways of the report were:

  • Mumbai saw the most number of launches at 128% YoY while NCR and Pune witnessed more than 75% growth.
  • Most launches were in the lower ticket size range wherein Bengaluru and Mumbai witnessed significant supply of units priced under INR 50 lakh and 1 crore, respectively.
  • Average size of units in MMR shrink by 12% between 2013 and 2018.
  • Mumbai, Pune and Kolkata saw prices of residential units drop by 9%, 8% and 8% respectively. The effective price drop was 10-15% after factoring in developers’ sops such as waiver of GST and stamp duty, and no floor rise cost to customers.
  • Despite growth in launches, government reforms and reduction in prices, sales continue to stagnate across markets. Bengaluru’s positive growth however prevents a pan-India decline in sales.
  • The growth-resistant state of the sector until now has also resulted in a higher Project Life Cycle (PLC) as the Quarters-to-sell (QTS) inventory remains stagnant at around 11.2 or 3 years.

Despite the encouraging numbers across most markets, the analysts at Knight Frank remained circumspect of the future growth of the sector owing to the continuing uncertainty in the market, high inflation and rising interest rates as well as the upcoming general elections.

Shishir Baijal, Chairman and MD, Knight Frank India wrapped up, “It could perhaps still be a rocky way ahead for the real estate industry and we all continue to look ahead for the impetus that is required for the industry to revive.”

Purva Silversands – Updates as of January 2018

I recently had the opportunity to again visit the site of the much-awaited Purva Silversands project in Mundhwa in Pune in the month of January 2018. This project represents one of South India’s biggest developers, Puravankara’s first foray into the west of the country. Similar to another of their upcoming projects, Purva Palm Beach in Bangalore in terms of its beach-living theme, Purva Silversands will look to set a benchmark for the developer’s future projects in this part of the country. I have mentioned my takeaways from this visit below.

Purva Silversands: Construction Updates

Site photograph of Purva Silversands project in Mundhwa, Pune
Site photograph of Purva Silversands project

Purva Silversands had barely begun clearing the land parcel when I had been there last. During this visit, I could see the buildings of the project emerging from the ground. Construction was on at full swing at the site and one can clearly see that 2-3 levels of each building in the first phase have almost been completed.

Site photograph of Purva Silversands project in Mundhwa, Pune
Site photograph of Purva Silversands project

The first phase of Purva Silversands has now been registered under Maharashtra RERA. For the 6 buildings (4-9), the RERA registration number is P52100007566, while for building I, which has been provided the name of Phase Kensington Court, the RERA registration number is: P52100005377. As per the developer’s registration with RERA for the first phase, the buildings 4 to 9 are to be delivered by 30th November 2021, though a home buyer here can expect to receive possession earlier than this date.

Of the six buildings in this phase, buildings 4, 5, 6 and 7 will each have around 21 residential levels, while buildings 8 and 9 will have 20 residential levels each. Three levels of parking will be provided below the podium level of these buildings. A similar division can also be seen in the apartment configurations on offer. While buildings 4-7 will offer apartments of 2 and 3 BHK, buildings 8 and 9 will have a greater number of apartments of 1, 1.5 and 2 BHK configurations.

Purva Silversands: Infrastructural Updates

Approach road to Purva Silversands project in Mundhwa, Pune
Approach road to Purva Silversands project

The road leading up to Purva Silversands has greatly improved over the last year or so and should be a fully functional smooth ride for residents, well before possession of the apartments is handed over, as more and more people start moving into this area. Also on the anvil is the new bridge across the Mula-Mutha river, directly connecting the project to Eon IT Park and World Trade Center in Kharadi. With the Kharadi-Wagholi road also nearing completion, one can expect a sharp appreciation in property prices in the near future. The water supply in the area is a slight concern but will be alleviated well before residents get possession of their apartments. To conclude, things are definitely looking upwards for this promising project, in more ways than one!

*Infrastructure charges, legal fee, maintenance related charges/deposits, taxes, and statutory charges extra. The imagery used in the advertisement is indicative of style only. The photographs of the interiors, surrounding views and location may have been digitally enhanced or altered and do not represent actual views or surrounding views. Furniture, fixtures or fittings shown in the image are not standard and will not be provided in the apartment. No photos have been shot at the site.

**Terms & Conditions apply. Offer applicable of select units under the specific payment scheme

Ring Road – Latest News as of January 2018

The Pune Ring Road is one of the most important infrastructure projects, proposed in the city of Pune in recent times. Expected to serve as a major booster to the growth of the city and also divert inter-city traffic from passing through city limits, this road has had a rather chequered history. Recent developments related to this road seem to bear this out.

The Pune Ring Road is to cover a total distance of 128 km and is expected to cost Rs. 13,315 crore to complete. It is to come up in 3 phases. The first phase, linking Satara Road in the south of the city to Ahmadnagar Road in the north-east, has in December 2017 received an allocation of Rs. 1,500 crore from the Union Government’s National Highway Authority.

The Pune Metropolitan Regional Development Authority (PMRDA) is the agency which has been entrusted with constructing this ambitious project. The PMRDA is expected to seek funds from the Asian Development Bank and other reputed lenders for the remainder of the amount. The ring road, as per current alignment, will pass through many villages on the outskirts of Pune such as Khed Shivapur, Maval, Kesnand, Wagholi and Pirangut.

Map showing the proposed Pune Ring Road (Image credit: maps-pune.com)
Map showing the proposed Pune Ring Road (Image credit: maps-pune.com)

However, land acquisition continues to loom large as the biggest hurdle this ambitious project faces. Many farmers from the area in and around Maval recently protested against their land being acquired for this purpose. The road ahead for this project, which is looked forward to by many, is likely to be a bumpy one and overcoming these will be a major challenge for those behind it.

VTP Solitaire, Baner – Value For Money Premium Homes

Indicative image of the Living room in an apartment in VTP Solitaire project in Baner, Pune

The last couple of years have been challenging for the Indian economy in general and the real estate sector in particular, with some major changes such as demonetization, GST and RERA coming in, which have disrupted the normal way of conducting business. However, there have been some developers who have actually been able to thrive in this environment by coming up with projects that are best suited to the customers’ needs and budget. Among these developers, a notable one is Pune’s VTP Realty, whose project VTP Solitaire we shall look at.

VTP Solitaire is located in Baner, which is a premium residential locale in the western part of Pune and known for its proximity to the IT hub of Hinjewadi. In addition, companies such as Veritas (0.6 km), Symantec (1 km) and also, the Teerth Technospace IT Park (5.1 km) are even closer to here. This project represents the developer’s first foray into this side of the city, having already established themselves in eastern and southern Pune with completed projects such as VTP Urban Space, ongoing ones (VTP Urban Nest, Urban Balance, VTP Urban Life, VTP Urban Rise, VTP Purvanchal and Bhagyasthan) and the upcoming ones including VTP Celesta, VTP Solitaire and KP Square. In this article, we focus on some of the key features of this promising project by a well-regarded developer.

VTP Solitaire: Site Overview & Current Status

Baner-Pashan Link Road, the approach road to VTP Solitaire project in Baner, Pune
Baner-Pashan Link Road, the approach road to VTP Solitaire

VTP Solitaire is coming up on a 2.25 acre land parcel on the Baner-Pashan Link Road. This project, which will come up in phases, will be an L-shaped one, comprising of 4 buildings, a clubhouse, swimming pool, gardens etc. is accordingly, getting registered with RERA. The approach behind the project’s layout has been to efficiently utilize all available space to provide more amenities to residents. The project has a better design philosophy, with the focus firmly on interior design and space.

The project’s first phase will have 2 buildings, A and B coming up. This phase has already been registered under Maharashtra RERA, with registration number as P52100000727, which is a big positive for prospective customers. I could see during my visit that excavation work has started for this phase. The developer has set a target date of December 2020 for possession handover of the first phase. The initial response of home buyers to the project has been quite encouraging, with a number of apartments already been sold.

Each of the buildings will have 14 residential levels with 4 apartments on each level, built above 3 levels of parking. These buildings are among the taller ones in this area and promise to offer residents a great view of the lovely hills surrounding Baner.

VTP Solitaire: Apartment Overview

VTP Solitaire offers 2 BHK and 3 BHK apartments, which are the preferred options for most home buyers in this area. Of the two towers, Tower A will have exclusively 3 BHK apartments, while Tower B will have only 2 BHK apartments.

The most remarkable feature of apartments here is the optimal utilization of available area, so as to provide more livable space for residents. This has been achieved by designing the unit so as to minimize any internal passageways etc. Hence, on a like to like basis, residents get larger room sizes and that too at a lower price compared to other projects in the vicinity.

Indicative image of a bedroom in an apartment in VTP Solitaire project in Baner, Pune
Indicative image of a bedroom in an apartment in VTP Solitaire

VTP Realty is a customer centric real estate provider and in a premium market like Baner, it is essential that they not just match, but exceed similar offerings by other developers. A look at their sample apartment makes this clear. The apartment comes with wooden flooring in the master bedroom and large 600X1200 mm vitrified tile flooring in the living cum dining room, kitchen, other bedrooms and entrance lobby. This gives a spacious and elegant look to the apartment.

Indicative image of the security features in an apartment in VTP Solitaire project in Baner, Pune
Indicative image of the security features in an apartment in VTP Solitaire

The sanitaryware fittings used in the toilets will be of top brands such as Grohe or Kohler. The electrical switches will be modular ones of brands such as Anchor. Designed as per the requirements of the IT personnel, who form the majority of home buyers in Baner, the apartments come with additional smart features such as a video door phone (for security), intercom facility, gas leak detector and a digital locking system, where a unique digital code provided to each resident will allow them to lock and unlock their apartment, without fuss.

VTP Solitaire: Apartment Sizes and Prices

Baner is among the most high-end residential destinations in Pune and considering the premium features VTP Solitaire will contain, a prospective customer may feel concerned about the apartment pricing. However, the developer has been proactive in taking care that the apartments here are affordable for the salaried class.

A prospective resident can get a 2 BHK apartment in VTP Solitaire for Rs. 88 lakhs (all inclusive) onwards and a 3 BHK apartment for Rs. 1.22 crore onwards. Considering most of the competing projects in the neighbourhood are available at higher rates starting from Rs. 1 crore for a 2 BHK and nearly Rs. 1.4 crore for a 3 BHK and also keeping in mind the premium specifications and amenities offered by VTP Realty, this project indeed seems to provide good value for money.

The table below summarizes the apartment sizes and prices at VTP Solitaire:

Apartment Configuration Carpet Area (in sq. ft.) Price (in Rs.)
2 BHK 673 – 739 88 lakhs
3 BHK 921, 923 1.22 crore

 

VTP Solitaire: Amenities Overview

The developer’s aim to provide greater value for their money to residents is also borne out if one looks at the amenities planned to come up at VTP Solitaire. The centerpiece will be the clubhouse, planned to contain a fully-equipped gymnasium, indoor games facilities, a swimming pool with infinite edge and a party hall. The complex will also have gardens to promote social interactions and for community celebrations.

Sales office at VTP Solitaire project in Baner, Pune
Sales office at VTP Solitaire

For residents’ water needs, the project will have borewells, apart from a regular supply from the Pune Municipal Corporation. Power backup will be provided for all lifts (1 passenger and 1 stretcher lifts) as well as all common areas. A broadband connection and Direct To Home (DTH) television connection to homes also form part of the plans. Rounding off the amenities, the project will have an onsite Sewage Treatment Plant, which will reuse the treated water for gardening etc. and a rainwater harvesting system.

Conclusion

For a home buyer, the factors that matter the most while deciding on a project is the developer’s reputation and track record, a convenient location, quality apartments with more space for oneself and one’s family and a good price at the same time. VTP Solitaire is a project which appears to have these factors covered, which is a testament to VTP Realty’s customer focus and responsiveness to the market demand. One can say that for home buyers looking to stay in Baner and wanting a comfortable, spacious home without spending a bomb for it, this project is an intriguing option.

Vascon Xotech, Hinjewadi – A new address for techies

Apartment building at Vascon Xotech project in Hinjewadi, Pune

Any mention of the Information Technology (IT) and biotechnology (BT) sector in the city of Pune is sure to have a mention of Hinjewadi. A small village on the city’s outskirts till a couple of decades ago, Hinjewadi is home to some of the biggest companies from across the world, whose futuristic office buildings have added a distinctive look to the skyline of this area. All these commercial developments have, in turn, attracted a number of real estate developers as well, who aim to provide the large population of techies with a home near their workplace. One such developer is Vascon Engineers, who have come up with a project Vascon Xotech in this area.

Vascon Engineers have a long association with the Pune real estate sector, having a number of residential and commercial projects to their name over the last 25 years. Vascon Xotech is their first residential project in Hinjewadi. The developer claims the location is ideal for the starved for time IT and BT professionals who are looking for both convenience and a better work-life balance when deciding to purchase a home. I recently visited the project and have mentioned my impressions of it in this article.

Vascon Xotech: Location & Connectivity

Arguably the biggest positive of Vascon Xotech is its location less than 1 km from Shivaji Chowk at the heart of Hinjewadi. Major IT companies such as Accenture, Cognizant, TCS, IBM, Cisco, Infosys etc. all have multiple campuses across Hinjewadi, all of which are within 1.5 – 6 km from this project. The same also applies to major industrial companies such as Tata Technologies and Dassault as well as biotech companies such as Gennova Biopharmaceuticals, Sai Life Sciences and Omniactive Health Technologies.

Onsite Sewage Treatment Plant (STP) at Vascon Xotech project in Hinjewadi, Pune
Onsite Sewage Treatment Plant (STP) at Vascon Xotech

The development of Hinjewadi as a major IT destination has had a few side-effects too, such as increased traffic jams and greater commuting time as a result. By having their project in close proximity to workplaces, the developer has looked to make the commutation problem irrelevant. The arterial Mumbai-Pune highway is less than 2 km from the project site. The bus connectivity to other parts of Pune city such as Pune Municipal Corporation, Shivajinagar and Pune Railway Station is very good and frequent.

While the nearest railway station to the project is Akurdi (8.5 km), more convenient options for residents would be Shivajinagar (15 km) and Pune Railway Station (18 km). The Pune Airport is 23.5 km from here and can be reached within an hour.

Vascon Xotech: Social Conveniences

Another aspect where Vascon Xotech comes up trumps is the large number of social amenities near it. With Hinjewadi having experienced massive development over the last 15-20 years, a large number of reputed service providers have opened their establishments here. If one looks at schools, one comes across Mercedes-Benz International School (1.5 km), Blue Ridge Public School (3.5 km) and Orchid School (7.5 km). Higher educational institutions such as International Institute of Information Technology (2 km), Symbiosis Institute of International Business (2.5 km), Indira Institute (2.5 km) are very close to the project, with the Savitribai Phule Pune University (11 km) and Symbiosis University (14 km) a short drive away.

Among the medical care centers near Vascon Xotech are Sanjeevani Hospital (1 km), Ruby Hall Clinic (1.5 km) and Helambe Hospital (3.5 km). Orritel Hotel is right opposite the project, while major hotel chains such as Fortune Inn Exotica, Courtyard by Marriott and The Gateway are within 2-3 km from the project, as are a number of multi-cuisine restaurants. Topping off the list are major shopping centers such as D-Mart and Xion Mall (both 1.5 km away).

Vascon Xotech: Project Overview

Vascon Xotech is planned to come up in phases. The first phase, comprising of a single building named as ‘B’ is already completed and is in the ready for possession stage. This tower has 12 residential levels, built above 2 levels of parking i.e. the basement and podium. The 8th floor has space for a refuge area, as per building regulations.

The amenities are present in the common area of the project and include a clubhouse, a garden and a swimming pool. The project has 47 apartments in all, 4 to each level, with each apartment being provided a single parking space.

Vascon Xotech: Apartment Overview

Vascon Xotech offers apartments of 2 BHK and 3 BHK configuration. At the time of our visit, we were informed that all 2 BHK apartments had been sold, with only some 3 BHK units remaining, which indicates the appeal of the project. Of the four apartments on each level, 2 each are of 2 BHK and of 3 BHK. The base price of an apartment is Rs. 6000/sq. ft.

Master bedroom in an apartment in Vascon Xotech project in Hinjewadi, Pune
Master bedroom in an apartment in Vascon Xotech

As one enters an apartment, one passes through a small lobby, which opens into the living cum dining room. At the opposite end from the entrance is a terrace. The kitchen and dry balcony are next to the dining area, while a short passageway connects the living area to each of the bedrooms. Both 2 and 3 BHK apartments come with two toilets, one attached to the master bedroom and the other being a common one. The living cum dining room and the bedrooms are quite spacious and exude a premium appearance.

The master bedroom has elegant-looking laminated wooden flooring, while the living cum dining room and other bedrooms use large 600 X 600 mm vitrified tile flooring. The living room and all bedrooms will be provided with AC, television and telephone points. All apartments have piped gas facility. Power backup will be provided for the lifts and common areas. The bathroom fittings will be of Hindware or Parryware.

An overview of the apartment configurations, sizes and prices at Vascon Xotech is provided in the table below:

Apartment Configuration Carpet Area (in sq. ft.) Saleable Area (in sq. ft.) Price (in Rs.)
2 BHK 645 1075 67 lakh
3 BHK 919 1450 97.6 lakh – 1.02 crore

 

Vascon Xotech: Amenities Overview

Gymnasium in the clubhouse at Vascon Xotech project in Hinjewadi, Pune
Gymnasium in the clubhouse at Vascon Xotech

Vascon Xotech has a clubhouse in a separate building on the ground level. The clubhouse has a gymnasium and will also contain a LED screen and music system for residents to get together and watch movies or sports events. Behind the clubhouse is a landscaped garden with a kids’ play area.

Across the road from the building is a swimming pool for residents. In addition, the complex contains an onsite sewage treatment plant (STP), which will allow the treated water to be used for gardening or flushing.  Also, rain water harvesting would be carried out to conserve water and use it effectively to meet residents’ needs.

Conclusion

Vascon Xotech is a project built for the techies, aiming to provide them comfort, convenience and value for money when it comes to their homes. Located in the prime location of Hinjewadi and offering homes with many premium features, the project has a lot going for it. It is an option worth considering for prospective home buyers working in and around this major IT and industrial area.

Talegaon near Pune – An upcoming urban housing destination

Rio Vista project in Talegaon (Image Credit: Parmar Construction Company)

Among the upcoming satellite towns near Pune, Talegaon is one that particularly stands out as a real estate destination. This town has far outgrown its humble beginnings and is today, attracting a number of developers to come up with top quality projects and home buyers aplenty in equal measure.

This emergence of Talegaon as a promising real estate hub is not by accident, but is due to a coming together of a number of factors such as great connectivity, a pleasant climate and plenty of industrial growth nearby. We look at each of these factors which make this town so attractive to various categories of home buyers in the area.

Talegaon: Top-notch Connectivity

Mumbai-Pune NH4 at Talegaon
Mumbai-Pune NH4 at Talegaon

In today’s age, one can say that good connectivity is the harbinger of progress and Talegaon is doubly blessed in this regard, being well-connected by road and rail. Talegaon lies on the major national highway NH4, connecting Mumbai to Pune and onwards to Satara and Kolhapur. The Mumbai-Pune Expressway too is only 4-5 km away. One can reach here within 2.5 hours from Mumbai, 30 minutes from Pimpri-Chinchwad and 1 hour from Pune.

In addition, the town is connected by a well-tarred road to the neighbouring industrial area of MIDC Talegaon, as well as other major industrial areas of Chakan and Shikrapur. These industrial zones house major MNCs such as L&T, General Motors, Volkswagen, POSCO, JCB etc., with more (such as Foxconn) in the pipeline. A 200 hectare floriculture park for growing and storing flowers for domestic consumption and export has also come up here, as an initiative of the MIDC. Another major benefit, connectivity wise, is a link road from here to Hinjewadi & Talawade, the main IT hub of Pune.

Talegaon is well-served by PMPML buses from Pune as well as State Transport buses from Mumbai and other cities. Also, it lies on the Mumbai-Pune railway line. All local trains to and from Pune have a stop here and some even originate and terminate here. It’s not surprising to see how this connectivity attracts people of all hues.

Talegaon: Well-developed social infrastructure

Talegaon also can boast of good social infrastructure present in and around the town. A number of educational and healthcare options abound here, with large hotels and shopping centers within close proximity at Hinjewadi as well. Among the schools present here are the High Vision English Medium School, Heritage School by Pearson and BK Birla Centre for Education. The notable colleges around here include the Tolani Maritime Institute, MIMER Medical College and DY Patil College of Engineering. Medical care facilities are available at Lifeline Multispecialty Hospital, Pawana Hospital and Pioneer Hospital.

Talegaon: Lush green surroundings with a pleasant climate

Talegaon is at a nice elevation, which is actually higher than the popular twin hill stations of Lonavala and Khandala. This aspect ensures this town has a very pleasant climate all year round. In addition, it is surrounded by hills on all sides. Particularly during and just after the monsoon season, these hills abound with waterfalls and plenty of greenery, offering a soothing site to one’s eyes.

A view of the green surroundings of Talegaon from Rio Vista project (Image Credit: Parmar Construction Company)
A view of the green surroundings of Talegaon from Rio Vista project (Image Credit: Parmar Construction Company)

The Indrayani and Pavana Rivers flow by near here and their pristine waters add to the charm of living in this place. The town also boasts of large open spaces and offers great views of the surroundings for as far as one can see. With popular tourist attractions such as the Karla Caves, Bhaja Caves, Lohagad and Visapur Forts in close proximity to the town, it serves a good base camp for a nice short holiday.

Talegaon: Affordable homes

Adding more fuel to the demand of homes in Talegaon is the affordability of properties here. In comparison to Hinjewadi, Wakad or even Ravet nearby, Talegaon emerges as a far more economical option for home buyers. The average base price of a multistorey apartment in Talegaon comes to approx. Rs. 3,000/sq. ft. One can easily get a 1 BHK home for around Rs. 22 lakh and a 2 BHK apartment for Rs. 33 lakh, which is a lot lesser than elsewhere in Pune or Pimpri-Chinchwad.

Talegaon: Attractive to a wide variety of home buyers

A combination of all the above mentioned factors has meant that Talegaon is a much in demand housing destination. A significant portion of the demand for a home comes from people looking for a second or vacation home, particularly from Mumbai and to a lesser extent, from Pune. Demand has also come in from NRIs looking to settle in India and from senior citizens, who are attracted by the sylvan surroundings.

Another group of interested home buyers here is that of real estate investors, looking for good returns on their investment. Their optimism in this town’s growth prospects is justified by the fact that property prices here have doubled since the end of the year 2009. The town also attracts people working in the industrial hubs of MIDC Talegaon, Pimpri-Chinchwad and MIDC Chakan, as well as some spillover demand from the IT crowd working for various companies in Hinjewadi & Talawade IT Park.

Talegaon: Important projects

Aayush Park II is an upcoming project next door to the already completed Commander’ Aayush Park, being developed by the Earnest Group. This project comprises of 337 residential units of 1 and 2 BHK configuration spread across three towers. The amenities provided to residents include a children’s play area, gymnasium, jogging track, study room and a multipurpose court.

Goyal Properties, one of the emerging developers in Pune, have their upcoming project My Home Talegaon located just off the Talegaon – Chakan Road. Offering quality 1 and 2 BHK apartments spread across 3 wings on a 2.5 acre land parcel, it boasts of amenities such as a landscaped garden, jogging track, amphitheater, multipurpose hall and a children’s play area.

Indicative image of My Home Talegaon (Image Credit: Goyal Properties)
Indicative image of My Home Talegaon (Image Credit: Goyal Properties)

Located almost next to the Indrayani River is Parmar Construction Company’s project, Rio Vista. Offering 1 and 2 BHK apartments at an affordable starting price of Rs. 21 lakhs onwards, it’s unsurprisingly attracting plenty of interest. Among the amenities on offer are a river view deck, a river view meditation zone, a Spanish themed clubhouse, party lawn and a central plaza.

Conclusion

When one hears the name ‘Talegaon’, it is understandable that one would consider it to be a village, owing to the ‘Gaon’ in its name. However, one visit to this ‘village’ is all it will take to dispel any such notion. Talegaon’s easy approachability, the affordability of apartments here, the pleasant climate and lovely surroundings put together make it a great place for someone to consider purchasing a home in. One can see why this hitherto nondescript village has seen such a rapid rise in real estate and is now, poised to become a new satellite city of Pune. A host of prominent developers have taken note of this town’s promise and have come up with projects, perfectly suited to the profile of interested home buyers here.