- Mohammed Aslam
Pune’s growth and development have coincided with the boom of the IT industry, resulting in the city’s transition a pensioners’ destination to a vibrant metropolitan city. A lot of this change has been witnessed over the last 8-10 years. The skyline of the city is now defined by apartment development – the majority of which are about 7 to 11 storeys high. Most of the projects developed at prominent locations in the city in the last three to four years are apartment projects equipped with necessary amenities and facilities for comfortable living.
The latest development is vertical growth, and the change in the skyline has already become visible in Pune’s suburban locations. The central locations still have a mélange of both high and lower rise typologies, with a trend of redevelopment that leads to old structures and vacant lands being transformed into apartment blocks and other real estate asset classes.
In the last two years, several residential projects in Pune have capitalized on the permission granted for the development of high-rise towers. Currently, City Group is about to complete the final two of ten high-rise towers at their Amanora Township. These towers are 20-21 storeys high, and the second phase will introduce ten more towers. The Avinash Bhosale Group has come up with the 23-storeyed Castle Royale at University Circle and the 25-storeyed God’s Blessings at high-profiled Koregaon Park. Kolte Patil and Clover are also planning high-rise residential towers at Viman Nagar.
All of these projects fall in the premium housing category, and buyers can expect to pay a 20% premium surcharge for properties there over and above the prevailing market rates. There is also an additional floor rise cost of Rs. 100/sq.ft. involved.
I’d like to clarify here that there have been no changes in the FSI parameters for high-rise buildings in Pune. The normal FSI regulations prevail, but plots of a certain size that are adjacent to roads having a certain width are permitted to go higher. Thankfully, land availability is not a major issue for such high-rise residential projects in Pune – and demand is certainly picking up for high-rise towers, with every likelihood of improving further in the future.
Many developers are now planning landmark high-rises within their project. A few of such schemes are under construction, with towers up to 21 storeys high. The skyscraper format requires different construction technology from the kinds used in more commonplace projects. Recently, a number of Pune’s developers have shifted from regular to alternative construction technology – for instance, Alu-Form technology. The intention is to improve construction speed and quality, thereby also improving the cost efficiency.
The high-rises that will soon begin dotting Pune’s skyline are helping developers to forge distinct identities, separating them from the competition. However, the more important advantage is that such towers free up more of the available ground space, allowing more green areas to be developed. If infrastructure is planned adequately and efficiently, such projects could help provide better living standards for the residents.
Apart from the benefit of increased ground space, such projects help in making better air, light and overall environment available to the residents. Other factors are improved safety and security, which – along with services, common facilities and amenities – have always been a major concern for bungalow developments. Apartments offer the benefit of sharing the cost of common services, security and amenities cost, thereby reducing the overall cost burden and increasing efficiency for the end users. Finally, there is considerable aspirational value attached to living in a high-rise project – especially in a city that has not exactly been overrun with such projects so far.
Nevertheless, skyscrapers also bring their own set of concerns with them. A key factor to be considered in high-rise towers is the provision and maintenance of fire safety standards – fire escape staircases, refuge areas and fire fighting systems and equipments. Also, the location’s infrastructure has to be beefed up in order to support the larger requirements that such projects bring.
The author is the City Head – Pune for Jones Lang LaSalle India
