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Pune’s affordable homes now offer better liveability

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Pune's affordable homes now offer better liveability

PUNE: Affordable housing projects on offer today provide enhanced lifestyle solutions for better living standards.

The time might be just right to make a house purchase in Pune. According to the latest data from Magicbricks, affordable properties have now become more affordable. In simpler terms, there has been a fall in property prices which makes investment in one easier. If worried about the decline in prices then remember that affordable housing is one of the visions of the government of India and will not drop out of limelight anytime soon.

Today, affordable housing projects on offer provide enhanced lifestyle solutions for better living standards. The idea is to improve the living conditions of the poor and underprivileged and to provide their families respectable accommodation and safer environment. Affordable homes have captured the interest of developers, since the government of India launched an ambitious plan of providing housing for all by 2020 under the Prime Minister Awas Yojana. As per government statistics, the number of people living in slums is projected to rise to 7.75 percent of the total population almost double the population of Britain.

Why buy now?

Lower property prices can be the biggest reason for you to invest now. Though at present, higher budget properties are performing well, one can be smart and invest in an affordable property. As concluded before, lower budget segments will remain in the spotlight. If not for end-use, one can always invest in one to earn returns on investment.

In this case, it is important to choose your locality wisely. Opt for areas which have good rental demand and therefore areas near IT/ITeS hubs and other office complexes pose as a safe bet. Pune has always been a city of migrating workforce. The need for small format houses will remain for single professionals who are working. Buying a house near educational institutions and universities will also be fruitful as outstation students look for small sized properties for residence.

Price change noted: The overall price trend noted in Pune for budget segments Rs 3,000-Rs 4,000 and Rs 4,000-Rs 5,000 per sq ft has declined by one percent respectively. East Pune localities saw the maximum fall in values.

Where can you find affordable houses?

North, East and South zones of Pune offer lower budget homes. The percentage of their availability has been mentioned in the table below while the price change has been mentioned in brackets. While some localities in these regions saw rise; others witnessed a drop in property values.

Wagholi deserves a mention

These budgets have not seen a positive change in the Jul-Sep 2016 quarter. Their availability has also been comparatively slim in reference to higher budget homes. Magicbricks data in formed that the Rs 4,000-Rs 5,000 per sq ft category can be found in Wagholi.

If one is looking to invest in a property for end-use and the budget is limited, Wagholi is the area one can opt for. Arvind Jain, managing director, Pride Group, says, “In Pune, one of the prime examples of spill-over demand and infrastructure working together to successfully raise the real estate profiling of locations is Wagholi. The area is seeing spill-over from Kharadi, an IT hub of the city.” Kharadi has almost reached saturation in terms of real estate development and offer property within the range of Rs 5,800-Rs 6000 per sq ft, Wagholi comes as an affordable bet for those with limited budget.

If choosing between ready-to-move-in and under-construction properties, then one can find both these types in Wagholi. Properties in the former section saw a fall in prices by 2.5 percent while the under-construction section saw a fall of 2.6 percent. While choosing, keep the developer in mind. Look at the amenities being offered and whether it is of use to you.

Khandala-Loni road links the locality to the other parts of Pune. Wagholi is witnessing infrastructure development, for example, the expansion of Nagar Road to six lanes. Upcoming Ring Road will also boost the connectivity of the locality. The road connecting Wagholi to Eon IT Park, which goes through the Nagar Road, is under construction. Another flyover is proposed on the road connecting Wagholi to Shikrapur in the opposite direction. However, water and electricity issues are still a problem area.

Source: timesofindia.

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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