Pune's infrastructure holds potential for significant development

Luxury apartments in the city are in demand, as families move into modern complexes, notes Rachana Lifestyle

Western Pune is one of the fastest growing localities in the city. Besides the sprawling IT park at Hinjewadi, there are huge investments flowing into the automobile and manufacturing sectors in Pimpri, Chinchwad and Chakan.
"While there has been a slowdown in the rest of Pune for quite a while, the western parts are witnessing continued growth," remarks Vinay Kalbhor, Director, Rachana Lifestyle. "Many educational institutions are also coming up here including Bharati Vidyapeeth, Symbiosis and Flame."
Rahul Awasthi, HOD, Sales and Marketing, points out that the area has excellent civic infrastructure and wide roads, besides office space, retail, banking facilities and other social amenities. "Now with the government setting up the Pune Metropolitan Region Development Authority, the infrastructure in this area will improve significantly," he adds.
Rachana Lifestyle, which was set up in 1989, initially launched projects in the heart of Pune. Gradually, it extended to the suburbs including Aundh, Baner and Sus Road. "We have delivered about 35 commercial and residential projects. This includes about 1,500 apartments," says Kalbhor.
NRIs from the Gulf constitute an important segment of its clientele. Rachana Lifestyle participates in most of the property exhibitions in Dubai, and receives good response from users and investors.
The company takes up middle and upper segment apartment projects in Pune. It recently developed a luxury project in the heart of Pune at Prabhat road called Polaris. "There are only 15 apartments in this lifestyle project. Apartments are being sold at Rs120 million," says Awasthi.
The company also has a full-fledged maintenance division, which ensures that the flats are taken care of on a regular basis. "We have also started offering interior designing services to our clients, especially NRIs and IT professionals. We have become a 360-degree service provider," explains Kalbhor.
Demand for luxury apartments in Pune is growing, as business families are moving out of old inherited bungalows into the modern complexes. Similarly, many business families from Mumbai, who cannot stay in large apartments because of space constraints, are buying second homes in Pune for weekends and holidays.

• India