Pune's Evolving Landscape: A Township Boom Takes Hold
By 2020, Pune is projected to undergo a dramatic transformation, expanding its boundaries in every direction and embracing suburban growth. A significant contributor to this evolution is the influx of integrated townships, reshaping the city's real estate landscape.
This development presents a lucrative opportunity for entities with the resources to invest in and develop substantial land parcels, complete with robust physical and social infrastructure. This aligns perfectly with the Maharashtra government's new Special Township Policy Act. This policy mandates a minimum area of 100 acres, investment in essential public infrastructure such as roads, water, and sewage systems, and a comprehensive approach to township development. The overarching goal is to alleviate congestion within municipal corporation areas while stimulating new settlements in peripheral regions by offering a higher Floor Space Index (FSI) than typically permitted within municipal limits.
Townships Taking Shape
Pune is witnessing a surge in the development of these integrated townships. Three such projects have already commenced, marking the beginning of this transformative phase. City Development Corporation's Amanora Park Town leads the charge with its impressive 400-acre, ₹10,000 crore township. Following closely are Paranjape Schemes Construction's 138-acre, ₹3,200 crore Blue Ridge project and Megapolis, a ₹1,500 crore, 150-acre venture by Pegasus Properties Pvt Ltd—a joint venture between Kumar Properties and the Avinash Bhosale Group.
Future Developments on the Horizon
A wave of new townships is poised to emerge. HCC Real Estate, a wholly owned subsidiary of Hindustan Construction Co Ltd, has declared its intention to embark on a township project in Pune. The company, currently in the process of acquiring land, envisions a 500-acre township. They have informed analysts of their ongoing acquisition of 230 acres, with plans to create 5 million square feet of development.
Lalit Kumar Jain, promoter of Kumar Builders, stated, "his company had received clearance from the state government for three townships in Pune." The first, situated at Hinjewadi Phase II, is planned across 124 acres and is slated for launch in August 2008. Another Kumar township, spanning 120 acres, is also in the pipeline. A third, encompassing 110 acres, is scheduled for Kharadi in September 2008.
Kolte Patil Developers, recently listed, is undertaking a substantial 450-acre township project at Hinjewadi, with ICICI Ventures holding a 50% stake in this venture. The collaboration signals significant investment and confidence in Pune's burgeoning township market.