CBRE: Inclusion of villages in Pune limits will give boost to hsg projects - The Times of India

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Pune: Expansion of city limits will keep Pune real estate market relevant for the next 20 years. With the inclusion of 23 villages in the city limits residential segment will get new impetus, Anuj Dhody, ED of advisory and transaction services, CBRE India said. While projects have started materialising in some of the areas in those villages it typically takes five to seven years for these areas to be completely developed. 
Housing is the first point of development and other services such as retail and commercial along with social and public infrastructure will follow, he added.
“The inclusion of the 23 villages will result in increased housing supply in Pune in the long run. Some of them have also been seeing resident activism because of lack of basic infrastructure, which can also have implications,” according to Aditi Watve, Pune head at Anarock Group.
The merger and implementation of the UDCPR plan will bring in much needed funds to the civic bodies and it should result in better infrastructure, which in turn again provides a boost to housing, Ranjit Naiknavare, president of Pune Metro, Credai said. Many projects which were stuck in anticipation of the new rules and will enable fast completion. 
The rule will be beneficial for the landowners and developers alike and will push the land rates higher while the subsequent increase in the supply will keep the real estate prices also in check, said Sachin Bhandari, ED and chief executive officer of VTP Realty.

On the other hand, commercial real estate and office spaces will take even more time as connectivity and access to the city might be an issue. Office spaces in new areas are slow to catch up owing to improvement in infrastructure.
 

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