Areas like Yerwada and Kharadi beat addresses like Koregaon Park and Boat Club Road to become Pune’s priciest - Siddharth.Gadkari@timesgroup.com Areas like Yerwada and Kharadi have emerged as dark horses in the city’s real estate market. They have gained top ranks in an index by the National Housing Bank (NHB) surpassing posh addresses like Boat Club Road and Koregaon Park. With the housing and real estate sectors playing a major role in the economy, the Central Government had decided to set up a proper system to track the movement of real estate and housing prices, to have some control over this sector. This is how the NHB, a regulatory body of housing finance firms, was born. The main duty of the NHB is to track housing prices. They have been releasing a housing prices index since 2008. At present, this index is developed only for residential areas and has been termed Residex. In the future, the index will include indices for commercial property and land. These indices will then be combined to arrive at the real estate price index of a particular area. The NHB has released its latest Residex for 2011 of 17 different cities. Residex is based on property price of cities and area within city limits. It indicates the price of houses in a particular area. NHB has taken real estate prices in 2007 as a benchmark of the Residex which was pegged at 100. Prices have been studied for various administrative zones/property tax zones constituting each city. Primary data on housing prices is collected from real estate agents by commissioning the services of private consultancy agencies and research organisations of national repute. In addition, housing prices are also collected from housing finance companies and banks, based on loans contracted by these institutions. According to latest Residex, Yerwada and Kharadi, which were not popular as residential or commercial localities a few years ago, have now emerged as one of the most expensive areas to live in. This is due to the quick development of these zones. These areas have touched 231 points on the Residex, which is the highest compared to areas such as Koregaon Park, Boat Club Road, Bhandarkar Road and the area around Law College, Shivajinagar and Kothrud. The NHB has divided the city into five zones – Central, East, South, West and other.Yerwada falls under the ‘Others’ category, but has risen up the Residex ladder mainly due to the inclusion of quickly developing areas like Vimannagar and Kalyaninagar. Other areas touching 231 points on the Residex were Hinjewadi, Thergaon, Chinchwad, Baner, Wakad, Pimple Saudagar and Chakan, which are rapidly expanding. Kharadi is second to Yerwada with the 147 points on the Residex. Kasba Peth, Nana Peth and Shivajinagar came in third with 146 points and Parvati, Bibwewadi, Dhankawadi, Katraj, Hadapsar, Ghorpadi and Kondhwa Khurd were the least expensive with 127 points on the Residex. Rohit Gera, vice president of the Confederation of Real Estate Developers Associations of India (CREDAI), said, “Due to ancillary development, these areas have become hot spots in the city. There are five big hotels in that area, two mega malls and other attractions under construction. Wide roads constructed in an integrated manner, good education facilities, the Ranjangaon Industrial area and Kharadi IT Park play key factors here. People want to live where they can get quality services.” Prashant Waghmare, city engineer, PMC explained, “Old city limits have limited space for development. PMC absorbed 23 fringe villages into the corporation limits in 1997, after which, the city started expanding. After the IT sector boomed, Yerwada, Kharadi, Hinjewadi and Baner started developing with great speed. The PMC provided basic amenities like roads, water and electricity to these areas, which is why they lead." PARAMETERS OF RESIDEX Residex is India’s first housing residential price index and is looked upon as a Sensex. It can be used by policy makers, home buyers, brokers, developers, and housing loan companies to take informed decisions. It is a non-biased reference to understand market trends. The Residex is based on these factors: >> Prices of property tax zones >> Housing prices >> Housing loans >> Employment generation
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...