Value added services linked to coliving are wooing many students and newly placed employees.

Annuj Goel

Managing Director, Goel Ganga Developments

How has the Pune realty market evolved in the last over two decades in terms opportunities for residential and commercial real estate?

Pune's growth trajectory has not just been confined to the east, west, north, and south, but has a marked presence in multiple directions. Pune has always been a hub for education, IT, healthcare, and all the major growing sectors. It is also well connected due to its centralized location where it's connected to major cities like Mumbai, Nashik, Solahpur, Kolahpur and more. The government has played a significant role in connecting this city with other thriving cities. Internally, Pune has three corporations, namely the Pune Municipal Corporation, Pimpri Chinchwad Municipal Corporation, and the Pune Metropolitan Region Development Authority. Corporations and internal organizations have greatly aided the city's connectivity in terms of roads, flyovers, and bridges, as well as facilities such as public transportation. Furthermore, the Maharashtra government's initiative to reduce stamp duty has effectively increased sales. Also, in the RBI policy review where they reduced interest rates, reducing banks' home loan interest rates served the customer with a whole lot of benefits and real estate developers have seen sales accordingly. Irrespective of the ruling party, the city has witnessed tremendous development in all significant areas..

Tell us about the impact of the Covid pandemic on the residential sector interms of demand and supply as well as the property prices.

Surprisingly, the pandemic has not affected the residential sector negatively. The entire industry has been impacted in a good way because the pandemic has made people realize that owning a home imparts a sense of permanence and financial stability to them. Remote working has also enhanced space requirements. People are now willingly buying properties that can offer them sufficient space while meeting their remote working requirements. Covid has also spurred the demand for weekend homes or farm houses. There is an increased demand for isolation rooms and a work from home culture due to the pandemic. The remote working culture has increased the demand for spacious rooms. Remote work is likely to stay there for the long haul and we are expecting housing demands and adjustments accordingly. We have witnessed a rise in the prices and demand for residential properties during and post the pandemic. Considering the growing employment scenario and overall growth sentiment, the demand for residential properties in Pune will keep expanding. In Pune, demand and supply are expected to be in sync.

What is your take on the scope of redevelopment projects in Pune, similar to that in Mumbai?

It's obviously true that as times and ways of life change, individuals' craving for their fantasy homes develop. Mumbai and Pune in terms redevelopment vary with one another as Pune actually has a great deal of land which is accessible for new turn of events. As of now, there is a great deal of redevelopment occurring in Mumbai because of the government's emphasis towards development. Pune will require some more years to consider redevelopment to be a chance.

We are seeing a great deal of rental requests however significantly, individuals are moving from rental homes to purchasing their own homes. Pune has seen a lot of mechanical development and improvement in regions like education which has raised the student population who wish to stay in rented apartments. There will be a positive impact on the demand for rented properties post the new model which has come. The co-living market is also expected to thrive. Because of these innovations in living model the rental market will be repositioned with growth. 

What is your view on the concepts of senior living, student living, coliving, coworking, etc. coming up in Pune?

All these innovative models of living have picked up well in Pune. Land is still easily available in the city and developers are adapting to this ongoing transition in the real estate sector. The availability of good healthcare infrastructure is allowing the concept of senior living to grow more. The education growth should be highlighted as it enhanced the rental housing demand. With millions of new students entering universities across Pune every year, the city represent a goldmine for rental property investors.

Yes, developers are exploring fresh opportunities as per the innovations that are coming in. The pandemic affected new players who had just started off their business. Physical distancing has directly transformed the way people inhabit and interact with physical space, the sudden effects of the pandemic made the demand for many types of properties go down, but the scope for real estate is still expanding due to the ongoing innovations and remodeling ideas. The value added services linked to coliving are wooing many students and newly placed employees. 

Pune has a significant number of township projects. What is your take on the changing consumer sentiment towards staying in a gated community especially in the wake of Covid where movement was restricted due to the lockdowns imposed?

Township in Pune has been a great investment prospect for developers. Also, opting a house in an integrated self-sustaining township keeps residents away from various security risks. Spanning hundreds of acres, these townships include independent houses, apartments, shopping malls, cinemas, schools, hospitals and all other facilities that are there in developed urban centres. Eco-friendly environment, large open spaces and many other amenities are the key attraction for buyers. Townships with multi facilities are definitely expected to do well even post the pandemic.

What is your current portfolio and what are your expansion plans for the next 3 years?

Goel Ganga Developments has a large portfolio of projects that have already been completed over the last three decades, with ten of our projects currently in operation and a few more planned.As soon as our project is completed, we will start working towards the next project. We also focus on all directions in Pune, whereas we don't plan projects confined to just one geographical zone. We are mainly targeting emerging areas of Pune. We are planning to mark our presence even in the commercial segment of real estate, from starting schools and hospitals to catering to IT companies. We are actively broadening our horizon.

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