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
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