Horse Racing And The Pune Property Market

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

Called ‘The Sport of Kings’, since the city’s first horse race in 1819, horse racing has commanded the fascination and respect of generations of Puneites.

In 1830, the Pune Race Course was built on the present site in the Cantonment near the Empress Garden. The rest, as they say, is history.

According to official sources, the stakes offered at the Pune Turf Club are the highest available anywhere in the country. The available facilities were upgraded a few years ago to match this enviable and highly lucrative status.

Yes, horse racing in Pune is beyond doubt a high-profile enterprise. High-stake players from all over the country throng the city for a piece of the action, notably from major cities like Mumbai, Delhi and Bangalore. As with any regular influx of big spenders, this affects the local real estate market significantly.

Big Bucks On The Rental Scene

It is possible that, in the initial British Raj years of horse racing in Pune, the then available residential facilities were quite sufficient. Even today, the Old Wellington Soldiers Club house offers 21 double and single rooms that are supplemented by excellent recreational facilities.

However, this was bound to fall short as they racing craze became more firmly entrenched. The residential requirements for a racing season in Pune today are considerable. After all, it is not the equivalent of a one-day cricket match, and in fact extends over more than a month.

Pune Horse Racing

To the huge number of horse racing enthusiasts from beyond Pune, it makes more sense to have reliable living arrangements for this period. This fact translates into an annual upsurge in rental requirements in Pune and is one of the reasons why investment in a flat makes such good sense in the city.

However, it is the ownership property segment that sees most of the business each year thanks to the horse racing mania.

Outright Ownership For Total Dedication

Many outstation racing enthusiasts prefer to maintain outright ownership residential properties throughout the year just for this vital period. In both the cases of rental and ownership, the racing season in Pune translates into considerable revenue on the property market.

This becomes even more remarkable when we recall that we are talking about a limited period of just 33 days – 23 Clubs race days and 10 Special Race days. Obviously, the Pune property market is significantly oriented towards this annual event.

Many racing enthusiasts get their first good look at Pune for the first time during this period, and this leads to new purchase inquiries every year. In other words, Pune’s real estate market experiences a sort of annual mini-boom solely because of the horse racing phenomenon.

One must keep in mind that this is a recurrent phenomenon. This makes horse racing a property market launch-pad in its own right.

Image credit prakash gosavi

Amit Bloomfield Declared ‘Residential Project of the Year’ At Construction Week India Awards 2012

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

It gives me pride and satisfaction that we annouonce that Amit Bloomfield was declared the Winner in the ‘Residential Project of the Year’ category at the Construction Week India Awards 2012.

Amit Bloomfield was unanimously chosen as the clear winner during the Grand Jury Meet held on August 24, 2012 in Mumbai.

We accepted the award at the awards presentation ceremony on September 7 at ITC Grand Maratha, Mumbai. The awards ceremony was aptly themed ‘Celebrating Excellence in Nation Building’, with the aim of recognising and honouring the achievements of the Indian construction industry. All the winners and runners up were selected by an eminent jury team after a rigorous selection process.

Amit Enterprises Hosing Ltd is indeed honoured and gratified to receive this award. Amit Bloomfield was planned and executed to be a masterpiece of modern luxury residential design, and this prestigious recognition by one of the country’s leading real estate publications is a very satisfying endorsement. We are proud to be honoured with this award, which recognizes one of our most outstanding projects in Pune.

Construction Week Awards

The Indian real estate industry is one of the most vibrant and promising in the world, but lack of transparency and awareness have contributed to a lot of confusion about what is quality and what isn’t. Both customers and investors need to have a credible means of discerning which projects and developers are benchmarked above the rest. Real estate awards go a long way in helping them do this.

I firmly feel that events such as the Construction Week Awards, which are driven by jury panels of acknowledged industry leaders, serve a much larger purpose than extended marketing of high quality projects. They add to the tool-chest of consumers and investors and help them zero in on the best options.

Green Home Certification: The Requirements And Benefits

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

The concept of green homes – meaning environmentally sustainable residential spaces – is still an emerging trend in India, but awareness about this exciting new way of life is rapidly gaining ground.

Buildings account for almost 40% of the country’s overall energy consumption, and more than 60% of all buildings being developed in India are residential projects.

It certainly requires a leap of intelligence to understand where we are headed at this rate, but the Indian market response for green residential buildings is increasing with every passing year.

Not surprisingly, Pune – the Oxford of the East – has become one of the leaders of this new movement. Thanks to the city’s high intellectual acceptance quotient, it is fast emerging as Maharashtra’s primary ‘green living’ city.

This is a proud fact for Pune, since accepting green homes as a way of life is not something that is geared to come naturally to Indian home buyers One reason for this is lack of a clearer understanding of green homes; another is the fact that such homes are perceived to be a lot more expensive.

The fact is that green homes – both in terms of their construction and their use – are one of the clearest and most available means to reducing environmentally harmful waste, tackling water and energy insufficiency, reducing the consumption of fossil fuels by lowered commuting and improving health.

As a matter of fact, building sustainable residential projects is the only real way forward for ushering Indian real estate into a new Era of Sustainability.

More and more Indian developers are now looking for official green certification of their projects via the IGBC (Indian Green Building Council) Green Homes Rating System.

What Is IGBC Certification And How Is It Obtained?

This unique rating programme for Indian residential sector has been developed in accordance with well-defined principles of environmental preservation and increased energy efficiency.

Contrary to common belief, IGBC certification is not a Draconian system which is next to impossible to obtain. However, it does demand a highly disciplined development approach that is aimed towards delivering environmentally sustainable projects.

Green Home

To get IGBC certification, a developer of a multi-storey residential project needs to meet certain mandatory requirements and obtain a certain amount of ‘green’ credits. Projects can qualify for precertification once the developers in question have incorporated IGBC requirements in the project’s design and submitted the relevant documents to IGBC.

The final IGBC certification is awarded once the project is complete. The process is fairly simple and straightforward, but it is also very thorough.

When a developer registers his project under the IGBC Green Homes Rating System, he is making a commitment to ensure that the project will conform to all IGBC requirements.

At every step of project completion, he is required to submit all supporting documents. In fact, IGBC stipulates that documentation must be submitted both at the design stage and at every phase of construction.

Basically, the documentation that needs to be made available to IGBC for pre-certification of a residential project must include information on how and to what degree the developer intends to adhere to the prescribed certification norms.

According to the degree of compliance, IGBC awards a rating. This rating may differ from the rating given at the stage of completion, since the developer needs to offer clear proof that the rating norm he initially committed to have indeed been followed.

Once a developer applies for pre-certification with IGBC, the agency will review the project’s conformance to the certification requirements every six months.

Green Home Certification for Sereno, Baner

Is it worth it? We certainly think so, and we are not alone. It is true that there is a premium of around 5% attached to certified green homes which buyers are required to pay.

However, this premium is not proving to be a big deterrent to Pune’s new and highly informed home buyers. The extra cost is recovered by the end user in as little as three years.

In fact, there are immediate, sustained and very tangible benefits in terms of the savings generated by reduced water and energy consumption, lower medical costs due to significantly healthier living environment and an overall improved life experience for the whole family.

One also needs to factor in the added appreciation value – ten years from now, green homes will have the highest resale value on the residential property market.

Those who invest in green homes today are going to see the value of their investments multiplied by a factor which normal projects will not be able to match.

About Amit Enterprises:

Amit Enterprises Housing Ltd. is a ISO 9001:2008 certified residential development company based in Pune. Two of AEHL’s latest projects in Pune are well on the way for final Platinum certification by the Indian Green Building Council (IGBC).