Pune Developers: Ushering In The New Generation

Kishor PateKishor Pate, CMD – Amit Enterprises Housing Ltd. & Hon. Secretary – CREDAI (Maharashtra)

Pune’s real estate market has been transformed in less a decade, and the credit goes largely to the infusion of fresh talent into the industry. There can be no progress without change, and it is change that the new generation of developers have brought with them.

They have a fresh outlook on the real estate business, and the vision and zeal of youth on their side. They come from various backgrounds – some are the scions of existing real estate concerns, and some are absolutely new to the field.

In my opinion, those who have the benefit of continuing in established family businesses have had a greater advantage. They have the benefit of an existing business foundation and a loyal clientele.

In India, the reputation and credibility of a development firm is built up over many years, and customers learn to trust certain brands for their proven adherence to quality locations, construction and after-sales service.

However, even brand-new entrants in the field are making a mark and we are seeing a lot of good work happening from them. They have the advantage of entirely breaking the mould and starting out, from the ground up, with fresh concepts and innovations.

They can build their businesses to their own specifications, pick their own staff to maintain and build upon their own youthful edge and incorporate business practices which may sometimes meet with some opposition in older firms.

No matter what background they come from, the new generation of developers today have invariably had opportunities to a more cutting-edge education, and more exposure to the world markets. Many of them have travelled extensively and have seen new, modern concepts in housing in more advanced countries.

They are able to bring these concepts to the table back home and adapt them to Indian requirements. For instance, the ‘green homes’ and ‘smart homes’ revolution in India is largely thanks to the fact that the new generation of developers have recognized the importance of these new concepts in India.

Young minds think alike. It is sometimes difficult for the older generation of developers to completely grasp the requirements of the current age. Pune is a city where youth drives everything in terms of growth – from the IT and IT enabled services sector to retail and car manufacturing.

We find that the spirit of youth needs to be effectively interpreted and translated into today’s home designs, and the new generation is helping us to do this very effectively.

Meanwhile, thanks to the infusion of youthful talent into the business, the older generation of builders is learning to change with the times when it comes to the designing of homes, to market their products to the right customer segment and to bring better efficiency to overall business operations.

This matters a lot in a very individualistic market like Pune, where these younger developers have already made a huge difference. If we look at what Pune’s residential market offers today and compare it with what existed only ten years ago, there is visible and profound change in almost every aspect.

We now have sleeker, more efficient designs, better construction techniques and the introduction of green and smart homes. These homes are designed and built for a younger, more aware generation of buyers who know what it means to want more out of life.

Amit Enterprises Brings Sachin Tendulkar’s Thunder To Nasik

Master Blaster Meets 200 Flat Owners At Amit Eka

Master blaster, Sachin Tendulkar, recently made an extended appearance in Nasik, much to the delight of this city’s ardent cricket fans.

He met up with 200 flat owners of Amit Eka, a luxurious residential project by Pune’s leading housing developers Amit Enterprises Housing Ltd. which was launched six months ago.
Shoot with Flat holders

Sachin let his legendary charisma flow freely as he interacted with proud new flat owners and their children. He recounted his childhood visit to Nasik, when he and his parents had gone to Trimbakeshwar when he was just seven years old. Subsequently, Sachin was in Nasik in 1983-84 for a cricket tournament.

“Home is where you get peace of mind and a peaceful sleep at night,” he said during the interaction at Amit Eka, which is already redefining luxurious living in the Pathardi area in South Nasik. Within easy travel distance from all the city’s focal points, Amit Eka is nevertheless comfortably removed from the more crowded areas and indeed offers a serene lifestyle to its residents.

Shoot with Flat holders-1

Sachin also attended an interactive session moderated by cricket journalist Sunandan Lele, during which he felicitated Olympic bronze medallist Saina Nehwal. He was forthcoming with interesting snippets about his life and values when he answered an avalanche of questions from the attending audience. Afterwards, he met up with Nasik’s topmost dignitaries.

“We are gratified that Sachin agreed to join us at Nasik,” says Kishor Pate, CMD – Amit Enterprises Housing Ltd. & Hon. Secretary, CREDAI (Maharashtra). “His visit coincided with the 29th anniversary of Amit Enterprises Housing Ltd., and having him cut the cake was the perfect finishing touch.”

Deep Prajwalan-by SRT

Kishor Pate says AEHL chose Nasik as the venue for Amit Eka because this is a city whose time has come.

“It has several advantages, not the least being that it is equidistant from both Mumbai and Pune,” he says. “The fact that it is also an important religious destination makes it an ideal second-home destination for people from both these cities. Nasik also has excellent year-round climate. This city is gearing up to become an extended suburb of Mumbai.”

Nasik is popular for its climate and mid-to-long-term real estate investment potential, thanks to the increasing presence of IT/ITES companies there. Until 2008, the residential property market in Nasik grew at a sedate pace and thereafter took off with unprecedented annual appreciation rates.

Gaikwad hall event-SRT with KGP sir

Nasik had already become a realistic alternative destination for home buyers who find the property rates in Mumbai and Pune beyond their budgets.

“Nasik still offers relatively low residential property prices, and the appreciation rates are excellent,” says Kishor Pate. “As a second home destination, the city’s pleasant climate adds another level of attractiveness to buyers who may not necessarily be interested just for religious reasons. Nasik’s infrastructure and connectivity with Mumbai and other key cities and towns are constantly being upgraded. This makes it a very credible and promising real estate market. The areas along Pathardi Link Road are major developing residential destinations that are in high demand by second home buyers.”

Should You Buy A Ready Possession Or Under Construction Flat?

Kishor PateKishor Pate, CMD – Amit Enterprises Housing Ltd. & Hon. Secretary – CREDAI (Maharashtra)

In most aspects of life, we tend to prefer a finished product to one which is incomplete. Nowhere is this more true than in buying a home. It seems to be a perfectly obvious choice. Instant gratification ranks very high on most people’s priority list.

The main reason why a majority of home buyers prefer ready flats is that a ‘ready possession’ flat allows the owner to move in immediately, arrange and modify things according to personal taste and get on with the business of living. However, there is also a negative aspect to instantly preferring a ready flat:

  • Increased Cost

Because of the high demand for ready flats, such units are also priced much higher than those in a project which is under construction. This means that the overall investment benefit of a under construction property is lower, since it has been bought at a higher price.

  • Higher EMIs

Buyers who are purchasing with a home loan lose out on the benefit of lower EMIs which are applicable during the construction process. This is because financial institutions release payments on the basis of phase-wise completion

  • Limits On Modification

A finished flat offers very little scope for personal touches. For instance, one may have certain desired specification for the kitchen. Modifications in a finished flat are expensive and disrupt day-to-day functioning

  • Lack Of Choice

Buyers lose out on choice. Because of the high demand for ready flats, there is pressure on buyers to make fast decisions, which they may regret later on. Many areas have projects under construction which are superior to available ready ones

  • No Payment Flexibility

Builders have no reason to offer flexible payment terms to buyers who are only considering ready flats.

Astonia Royale under construction

The fact is, investing in an under-construction flat often a lot of sense. Apart from the cost savings and higher investment benefits, buyers of such flats are also at greater liberty to ask for certain design specifications such as improved Vaastu compliance and more customized internal layouts.

Since the building is still at the developmental stage, the builder will be willing to incorporate certain changes in the original layout as long as they do not compromise the overall structural integrity or unreasonably increase his costs.

The new trend of ‘group buying’ also provides another advantage to those who are considering under construction properties. In this system, a group of serious buyers make a consolidated offer to the developer to buy a certain number of units in his project in one go at a discounted rate. This can result in considerable savings.

Of course, buying a property which is still under construction has certain elements of risk. For instance, there could be problems if the developer does not have a rock-solid reputation for completing his projects on time. Such builders may:

• Not have the professionalism to obtain all necessary permits and clearances for the project before beginning construction
• Not be financially sound enough to fund the project through to the point of completion

The best way to avoid such problems is to deal only with an established developer with a number of successful projects in the same city.