Business Standard - July, 2005

Pune builders are adding new facilities to attract buyers

Pune realty is moving, slowly but surely, towards a service orientation: City builders are gearing up to provide services hitherto unheard of in the realty sector.

From a residential complex dedicated to the city’s growing senior citizen population to another serving the needs of young families with children. Add to that, apartments that come with 5 year warranties, services seem all set to change Pune’s booming residential sector.

Gera Developments is servicing a new spectrum. The needs of young families with children. Gera’s Emerald City residential complex offers a range of facilities such as a common tuition’s area for the entire complex, called the Gurukul area and separate play areas for toddlers and older children, in addition to child safe locks that can be opened from outside, rounded corners and high guard rails and lower sensors on lifts. The initial phase of Emerald City will consist of 160 apartments spread over two towers.

In addition Gera also offers a five year warranty on all its developments. The warranty covers three areas: Preventive maintenance for woodwork, electrical, plumbing and bathroom tiles; repairs resulting from improper installation; and repainting of building exteriors.

Said Kumar Gera, Managing Director, Gera Developments, “The idea to keep the value of the building from sliding down. Normally, once a building is handed over to the residents, its value slowly creeps downwards as maintenance suffers. But with a professional company looking after the maintenance, the property will retain its value.”

He added the company was planning to spin services off as a profit centre. “Once the five year warranty is over, we will continue to offer the same services on a contractual basis. This will be a completely separate line of business and later we may even offer it to developments other than ours.”

Gera agree that developers will have to start offering services in order to sustain their businesses. “With everyone looking for differentiators, you have to offer something extra and services are something that both young and older couples today are looking for, given their changing lifestyle. And they like products, if you don’t sell it someone else will and steal your customer,” said Gera.