Puravankara expands its footprint in Pune realty landscape
In the next 12-18months will be developing close to 5 mn sq-ft in Pune
Puravankara has announced its further expansion plans in the thriving Pune’s real estate market. Having established a strong presence in Pune market since 2016, Puravankara announced the launch of its luxury project – Purva Aspire in Bavdhan area of Pune, a joint development between Puravankara and a top-end Pune based developer. Puravankara launched Silversands project (Phase 1), in 2016 and is going to launch the Phase 2 soon. The company is also slated to launch another 5 mn sq-ft in Pune between both its brands Puravankara and Provident in the next 12-18 months.
Puravankara has identified Pune has emerged as one of the core 5-6 cities that will be growth accelerators for the company across India. Puravankara is committed to strengthen its presence in Pune region, with around 10 mn sq-ft of residential projects planned in the coming years. This is in line with the vision of the company to build its presence in the West region. Puravankara’s first marquee project in Pune, Purva Silversands has been received very well in the Pune market, and has encouraged the company to increase its footprint in Pune,
Purva Aspire, with an investment of approximately Rs 125 crore, is the first project in the pipeline of launches in Pune which is set to transform the luxury residential space in Pune, with homes built in a perfect blend of futuristic technology and design, with a top-line revenue expectation of Rs 220-230 crore.
Abhishek Kapoor, COO-residential, Puravankara, said, “Pune is one of the key markets for Puravankara. In the last one decade, Pune has emerged as an IT and automobile hub. The rising corporate footprints has metamorphosed the city into real estate hub. The residential real estate market in Pune has picked up quite well as compared to other cities in past three years. 2019 witnessed huge increase in residential sales and the market is only going to get better in the coming years. Keeping in mind, the evolved taste of today’s home buyers who prefer smart and contemporary homes, we are excited to introduce our project Aspire which offers homes with the perfect blend of everything futuristic - location, design, technology and architecture. Located in between Baner-Balewadi which is a fast-emerging business hub, Bavdhan is one of the most sought after locations in Pune, urban and fast developing. Purva Aspire’s first phase will be ready by September 2023.”
He added, “We foresee immense potential in Pune market and we have been exploring upwardly mobile locations such as - Mundhwa, Kondwa and Bavdhan. In fact, we have been evaluating various proposals, which are in different stages of discussion. We foresee immense potential in the Pune market and soon we will be launching more projects in the city.”
The project is being taken to market through the Quasi Book Building method, where the price discovery process is driven by data from fundamental ‘demand-supply’ metrics. The pre-booking process, which is currently open, offers the complete product information to prospective buyers, along with a ‘Price-Band’ for each type of unit within the project. Expressions of interest from prospective buyers help analyse the demand base for the project, which drives a data driven approach to the eventual pricing decision, which would be announced in 6-8 weeks gauging consumer interest. All customers during the pre-booking process will be allotted units of their choice, based on first-cum-first-serve queuing methodology. While early adopters / buyers will be at the top of the queue and hence get access to a wider choice of units, all buyers during this process will be offered a “Uniform Base Price”, there-by improving transparency in the customer buying process.
The home buying process from time immemorial has depended on “Brute-force negotiation” between buyers and the seller. The Quasi Book building method eliminates this wasteful exercise and introduces a transparent yet competitive manner of price discovery and selling of real estate.