PRESS RELEASE

Pride Group Launches 400+ acre Megacity/Township At Dhanori Lohgaon road, Pune

Pride World City (PWC) To Become Greater Pune’s New City Centre

Pune, 24th September, 2014: Leading real estate developers Pride Group today announced the launch of its mega city/township PRIDE WORLD CITY (PWC) at Dhanori Lohgaon road, near Lohegaon airport, Pune. This world-class integrated township is being developed on a sprawling 400 acres of land at one of the most promising real estate locations in the city.

Pride World City is being developed with investments of Rs. 6,000 crore in construction and an additional Rs. 500 crore in infrastructure.

PWC falls within the jurisdiction of the PCMC, the most progressive municipal corporation in Maharashtra, and will be the largest real estate development in the region to date. Apart from its proximity to Pune Airport, this mega city/township also benefits from its location along the proposed Ring Road, which abuts the north area of the project.
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PRIDE WORLD CITY

A GLOBAL CITY.
A BEAUTIFUL LIFE.
YOUR WORLD.

Announcement

  • Visit the Pride World City stall at 99 acres.com- East Pune Property Investment Expo. at Deccan College Ground on 14th & 15th May 2016.


Articles

Arvind Jain's article in Chromohomes magazine 5 Reasons Why A Developer’s Reputation Matters While Buying A Home...!
by Mr. Arvind Jain, Managing Director – Pride Group

India’s economy is once again on a sure footing, and people across the country are now confident about buying homes. Purchasing a home is of course a huge investment, and therefore not something where there can be any margin for error – and yet, things can and often do go wrong.

One of the most common mistakes that many buyers of property commit is doing business with developers who lack established credentials. Dealing only with reputed real estate builders is the first line of defence against getting cheated out of one’s money, and being assured of buying a quality product.

Arvind Jain, Managing Director – Pride Group. How can one identify reputable, reliable developers from the huge number of builders constantly putting projects on the market? There are several defining factors:

1. Legal Sanctity Of The Project...!
Every residential and commercial building needs to get a variety of permissions from local and government bodies. Reputed developers will ensure that their projects have all the certificates and permissions required by the local authorities. Again, their reputation is at stake and they will not take such matters lightly.

All instances of illegal construction that one reads of in the papers today have one factor in common – these projects are by unscrupulous or inexperienced builders who either did not care to get their projects properly approved, or did not know of all the approvals and permissions that they need to obtain.

2. Timely Completion...!
In most cases, developers will offer their projects for sale before it has actually been completed. On purchasing a home in an under-construction project, the buyer is assured of a certain time-frame in which possession will be given.

Reputed developers will not push the possession timeline beyond a rational limit, firstly because they are adequately funded and secondly because they will under no circumstances jeopardize their credibility on the market.

Most of the instances of irrationally delayed project completions involve new, under- capitalized and often struggling builders. Reputed developers can and will always stick to the schedule.

3. Zero-defect Homes...!
For reputed developers, credibility is the key to their brand recognition – it is their primary competitive advantage in the market.

They will never offer a homes that have construction defects like bad electrical fittings/wiring, faulty plumbing, water seepage, bad drainage, etc. Quality construction also includes the right size and shape of rooms that are in sync with the overall project design.

4. Project's Structural Integrity...!
Quality control is an important part of every building construction being undertaken by a reputable developer.
Their engineers will check and monitor every aspect of the construction process, including soil compactness, proper cement/sand ration, slump testing, drainage engineering and earthquake resistance of the building.
This ensures that the project will not suffer from construction-related defects in the future. Choice-based remodeling aside, buyers will not have to pay for structural repairs in the future.

5. Adequate Amenities...!
Reputed developers know that it takes more than four walls to make a home, and will always strive to offer a good lifestyle to their customers. They will always provide facilities like proper parking spaces, adequate security, internal access roads, playgrounds, clubhouses and aesthetically landscaped open spaces in their projects.

Fly-by-night developers, on the other hand, will look to provide only the barest essentials in order to keep their prices as low as possible, since their main aim is to attract non-discerning, budget-strung buyers who do not look beyond their financial restrictions.

It goes without saying that a home in a project by a reputable, credible developer will cost more than the threadbare offerings of anonymous local builders, but it is always worth it. If one chooses to patronize smaller, inexperienced developers, the only attraction will lie in the price – but the price one pays is actually much bigger than the one in the agreement.

Problems related to construction legality, lack of security and spurious engineering quality can result in massive future costs, and in the case of outright illegal buildings even a total financial loss The additional amount paid to a reputable, trustworthy developer is an investment one makes into security, peace of mind and a high-quality environment for the family.

About The Author:
Arvind Jain is Managing Director of The Pride Group , a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, Pride Group has built and delivered over 10 million sq.ft. of constructed area. Pride Group has recently launched Pride World City , the 400-acre luxury mega-township at Charoli, Pune.

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Apt moment to act.

Jun 20 2015 : The Times of India (Pune)

Anuradha Ramamirtham
In a growing city like Pune, wait-and-watch policy may push properties that the buyers are keen on buying beyond their reach
There are many people who prefer to sit back rather than take the plunge in the hope of a price correction.The policy doesn't necessarily bear fruit. It's important to identify an opportune moment and seize it with both hands.

“ Every consumer looking to purchase any product would defer his decision to purchase if he believed prices would come down. As people talk about prices dropping, buyers lap up the stories since they want to believe in them. This leads to decision paralysis among some buyers,“ says Rohit Gera, managing director of Gera Developments Pvt Ltd.

Fence-sitting is often the result of confusion rather than certainty. A buyer may have been receiving inputs from many different sources, some of which predict that property prices will come down soon. If they do, the buyer would have incurred a loss by buying too soon. If they don't, the buyer would have missed the optimal 'entry point', and certain flats which were shortlisted earlier may suddenly be off the market.“The biggest impact to homebuyers is that they continue to wait to purchase a home at the same time, continue to waste money on rent in their existing homes. In fact, only a miniscule minority can actually time any market to perfection and most people get left behind when the market corrects upwards. In many low sentiment markets, customers have been found to be left behind when the market turns suddenly. The dream home they had their eye on suddenly gets sold and by the time they find an alternative, the prices move up by a couple of hundred rupees,“ Gera adds.

Anil Pharande, chairman Pharande Spaces, says that the disadvantage of waiting too long is that the opposite of what is expected may (and often does) happen prices may rise rather than fall. “This is usually the case in markets where there is healthy demand for properties.Buyers may have taken the wrong kind of advice from people who do not understand how the local market is behaving, and what is likely to happen in the near future. The second disadvantage of waiting too long is that buyers may find that properties which they were keen on buying are no longer available,“ Pharande points out.

According to Arvind Jain, managing director Pride Group, the reasons why people who long to own a home do not take the plunge may be because they are confused by conflicting objectives and are looking at the whole issue of home ownership from an investor's viewpoint.Such a mind-set results in people either waiting for the right entry point (the lowest point to which prices will drop) or worrying about the non-liquid nature of property (gold or stocks can be turned into cash much faster if a financial crisis arises).Another reasons for buyer paralysis can be the expectations one has set with regards to the desirable size for a home. Since homes beyond a certain size are beyond their purchasing power, they plan to save until they have enough to make a sizable down payment.

Property, in a growing economy, always appreciates, just like gold does. This is an immutable rule of the market. It never does a complete about-turn to march in the opposite direction, though it will occasionally deviate from 'learned' market predictions. These are not corrections in the commonly understood sense of the term they are the minor course alterations that any market must undergo in order to adapt and stay alive. Whoever buys a house anytime, anywhere in India, does so with the knowledge that it is not only a place to live in, but a sound financial investment. If it were not so, India would be a predominantly renting nation like the US.

Akin to all mind-sets, the wait-and-watch syndrome can become a habit. The decision to postpone the purchase of a home should not be on the basis of limited information. Such a course could be self-defeating and put your dream home further and further out of reach.

“ Developers will usually not come down on their asking rates, but they may offer discounts at the negotiation table to serious buyers. They may have a higher-than-anticipated holding capacity and sufficient sales volumes through negotiated deals, which makes it possible for them to hold on to their prices feasible to developers.The depreciating rupee has also caused NRI property purchases to increase in the larger cities, again making it possible for many developers with good projects to hold on to their rates,“ says Ashwinder Raj Singh, CEO Residential Services, JLL India.

Eco-friendly AVENUE
Jun 27 2015 : The Times of India (Pune)
Amit Sethi
Pune's property market is aggressively promoting the use of environment-friendly homes
Pune is well known for its good environment and soothing climate. However, the pollu tion hazard is slowly taking its toll on city's ecological tranquillity and serenity. Appreciatively, Pune's growing property market is now aggressively promoting the use of environment-friendly homes. Green homes help in saving energy while encouraging healthier living.

“ Green homes can be defined as living premises that are comfortable, healthy, cost-efficient, energy saving and environmentally sustainable. They are designed to make optimal use of building material during the construc tion process, and energy and water throughout their life cycle. Their larger objective is to achieve a reduced carbon footprint. This is becoming important in a city where citizens are directly affected by the negative impact of rapid development and air pollution. Especially the younger generation of homebuyers in Pune are aware of how these trends are impacting the city and the health of their families. They seem determined to make a difference by adopting a green lifestyle“, says Arvind Jain, managing director Pride Group.

THE BENEFITS

According to experts, green homes con tribute to healthier living. Special con struction mate rial used re duce their inhabitants' exposure to toxins and allergens. Green homes ultimately lead to substantial reductions in energy costs. Energy-efficient homes can reduce the consumption of electricity by over 30 per cent.

Also, the targeted engineering involved leads to optimised space configuration and enhanced efficiency. Reduced water wastage in green homes is also significant. To illustrate, water and energy efficient washing machines can save more than 7,000 gallons of water every year, which would have otherwise gone to waste. If one extrapolates such savings to the how much water a green home project saves, which uses rainwater harvesting, water recycling and water-efficient appliances throughout, the magnitude of benefits to the environment and the pocket can be understood even better.

STEPS TO MAKE A HOME ECO-FRIENDLY
Experts suggest that the highest benefits can only be achieved if the entire project has been designed and executed as a green project and conforms to the guidelines laid out by agencies such as GRIHA. This is because the green factor is more a question of cohesively functioning processes rather than individual features.

“ If a housing project does not already include green features, individual home owners can still render their units more environmentally sustainable by using energy-efficient electric fittings such as LCD or CFL bulbs, automatic cutoff timers, appliances such as refrigerators and air-conditioners, which have the highest energy efficiency ratings and water efficient fittings in the bathrooms. Having a lot of indoor plants will ensure better air purification.Housing society members together install solar heating panels on their building,“ suggests Anil Pharande, chairman Pharande Spaces Green features do cost more, as they involve specialised technologies. This is true at a project level as well as in cases where individual owners look at incor porating green features on their own.However, the extra cost is covered up in a short time by the savings that green homes make possible gradually, experts point out
In newspaper. Indian cities have about a crore vacant houses, but no room for those who need them

As I walked I could hear myself breathing, I could hear my boots hitting concrete, the wind blowing, and little else. It’s the silence that makes China’s ghost cities so startling. It’s not just the deficit of people, but the fact that sound waves just become lost in the extensive empty space between buildings, across streets, and over barren construction lots.”

What Wade Shepard has written in his latest book, Ghost Cities of China: The Story of Cities without People in the World’s Most Populated Country, could well describe lakhs of unoccupied houses in India. The country has more than 1.1 crore vacant urban houses. Rows of concrete structures stacked together, but without any human presence. Though the number is considerably smaller than China’s, where one in every five urban house is vacant, it is alarming, especially when the country faces a shortage of 1.9 crore houses.

Venkaiah Naidu, Union minister for urban development, housing and poverty alleviation, recently said at least Rs3 lakh crore had to be pumped in to build 2 crore houses for the urban poor by 2022. India is at the cusp of a massive rural to urban influx of population, similar to the one that happened in Europe during the Industrial Revolution. In another 15 years, about half of India's population will be city-dwellers. These cities, however, just do not have enough room for their new entrants.

That is why the housing glut in urban India is a paradox that does not fail to surprise. Most of these vacant houses are sold to customers. Who are these buyers? And, why don't people live in these houses?

About two-thirds of India's urban housing shortage is in Uttar Pradesh, Maharashtra, West Bengal, Andhra Pradesh, Telangana, Tamil Nadu, Bihar, Rajasthan, Madhya Pradesh, Karnataka and Gujarat. And, the shortage is almost entirely among the low income groups. While about 56 per cent of this is among households from the economically weaker section, with average annual household income less than Rs1 lakh, around 40 per cent is among households with average annual income of Rs1 lakh to Rs2 lakh. Still, few builders are keen on tapping into the segment.

Akhilesh Tilotia, associate director of Kotak Securities, explains this dichotomy in his latest book, The Making of India—Gamechanging Transitions. “There is huge demand but the supply is not coming at the same price point. Supply is mainly in the greater than Rs40-50 lakh per house category while demand is in the Rs10 lakh segment,” Tilotia told THE WEEK.

On either side of the six-lane road that connects Greater Noida with Delhi, buildings stand deathly still. Villas overlooking the lush green golf course still await residents. Some of them are even in need of maintenance. “Noida, Greater Noida and Ghaziabad have a lot of affordable and mid-segment housing options, but there are few takers,” said Piyush Pushpak, chief operating officer of the builder Shubhkamna Advert. The company's latest project, City, in Noida, has sold about 65 per cent of the inventories, a laudable effort in today’s market. “Oversupply of inventories is another growing concern that is only adding to the existing woes of the real estate market,” said Pushpak.

The story is quite the same in Rajarhat, a satellite town of Kolkata. Its property market was kept afloat by the IT crowd. However, Infosys and Wipro recently scrapped their expansion plans here, leaving several realty investors saddled with houses. Only the creation of more white-collar jobs is likely to salvage the situation. “More jobs means that I could have given my apartment on rent to people coming to work here from other cities. Right now my flat is vacant,” said an NRI businessman who had an apartment in one the plush complexes.

Real estate Industrialist Rahul Todi attributes the high number of unoccupied homes to the damp economic sentiment. “Infrastructure development is a problem. There are not many new roads or power plants. Therefore, the overall sentiment is bad. There is a lot of supply for everything and this will go on for the next two-three years if other industries do not start contributing again,” he said. Todi had developed a housing complex in Rajarhat, mainly targeting NRIs. Though most flats have been sold, very few are occupied. “If these flats are not resold, then my new projects will not be fully subscribed, too, while operating costs remain. If my investor is stuck, so am I,” said Todi.

A 2013 report by a task force on rental housing constituted by the ministry of housing and urban poverty alleviation said that around 37 lakh of 1.1 crore vacant houses, that is around 10.5 per cent, were in Maharashtra; 4.79 lakh in Mumbai alone. In the state, NRI investors and unsold luxury homes are a particular issue. “The trend of unoccupied homes is quite prevalent in cities with large complements of NRIs, and also in the emerging peripheral locations of the larger cities where infrastructure has not caught up,” said Arvind Jain, managing director, Pride Group. The Pune-based company has projects in Mumbai, Pune and Bengaluru.

At its peak, real estate attracted many buyers who were in for quick dividends. Developers, therefore, attracted robust investment that, in turn, drove the sector. It was one of the few sectors that were not severely impacted by the global financial crisis. However, in the past few years, the market has slowed down in anticipation of correction. “The market has slowed because the prices are too high. Sales are happening only where the price point is right,” said Anshuman Magazine, chairman and managing director of the real estate company CBRE South Asia.

Buying a house these days is easier than ever. Loans are easily available and there is more choice in the real estate market. “But the glut is there because resale is not happening, as people do not want to reduce price. Common people have the holding capacity, but the serious real estate investor is feeling the pinch,” said Magazine.

The easing of foreign direct investment in the construction sector has been bringing in foreign realty players to India. Dalian Wanda Group, China’s biggest real estate company, has announced plans to invest $10 billion in India in a decade. The Beijing-based group plans to build industrial townships and retail properties. Like what happened in China, a vibrant real estate sector could boost India’s gross domestic product. But again, it should not lead to emulation of Chinese ghost towns.

Experts suggest many ways to get around this conundrum. Since most of the unsold flats are in the premium segment in metros and urban areas, real estate players can focus on developing housing for the low-income group that is seeing big demand. “Demand is strong in the affordable housing segment. It has been witnessing a consistent growth year-on-year and will continue to do so in the near future,” said R. Vaithianathan, managing director, Tata Capital Housing Finance.

A revamped rental market, too, could change the situation. Jaithirth Rao, who chaired the task force on rental housing, vouched for the creation of a dynamic rental market. “We need to understand that there are lots of people in India who still cannot afford to buy homes. We need to address their demands. A vigorous rental market would help in social mobility,” said Rao, who is executive chairman of the Bengaluru-based Value and Budget Housing Corporation.

Greater fiscal incentives will encourage homeowners to rent properties out. Separating commercial from residential properties and providing fiscal incentives to homeowners will help in propagating a strong rental market. “If I own a house and I keep it empty, I pay low tax. If I rent out, property tax and electricity rates go up because it becomes commercial property,” said Rao. The government is working on a National Rental Housing Policy with emphasis on urban rental and tenancy.

Another suggestion to unclog the real estate excess is to give first homebuyers tax incentives. Laws restrict the tax deduction on the interest paid to Rs2 lakh for the first house. However, for any additional house purchase, the laws allow full deduction of interest without any cap. Most people use second homes to evade tax liability. By reversing this and providing unlimited deduction to first homebuyers, the government, to some extent, can correct the skewed real estate market.
Green Districts : Building superbs of the future