Pune residential demand firm: ASK

A report on the Pune residential property market prepared by ASK Property Investment Advisors reveals that demand for homes during 2012 will remain firm with an upward bias, contrary to the trend in several other Indian cities.

This is the first amongst seven cities where the real-estate private equity arm of ASK Group has conducted a detailed survey and compiled a report. According to the findings, the services led economy of the city is the key growth driver for investment in homes, while the earnings from the agro-driven economies in neighbouring towns such as Sangli, Satara and Kolhapur will also impact the demand positively.

“The IT sector will create one lakh jobs in 2012 leading to increased requirement of homes, and we expect this to be sustained at 50,000 units compared to 40,000-45,000 units last year,” said Mr Sunil Rohokale, CEO and MD, ASK Investment Holdings. The report covering 1,400 projects concludes that 2-BHK apartments account for over 50 per cent of the demand, followed by 3-BHK,while buyers consider Rs 45-60 lakh band as “affordable”. The rate ranges from Rs 4,000-6,000 per sq. ft and is not expected to go up in a hurry, he said.

Pointing out that the factors that contribute to affordability are income, rate (per sq. ft), size of the apartment and interest rate, Mr Rohokale said that their findings suggested that Pune is one of the most affordable places in the country. The fastest moving locations are Baner, Kharadi, Kondhwa, Hadapsar, Dhayari, Bavdhan and Sinhagad Road, while the average age of buyers seeking home loans has dropped from 47 in 1998 to 28 in 2011.

The ASK Group has invested a total of Rs 100 crore in realty projects in Pune.

Akshaya launches Metropolis Phase II

Akshaya Pvt Ltd has launched ready-to-move-in homes in the second phase of its Metropolis project, near Mahindra World City on the GST road, about 45 km to the south of Chennai.

The fully furnished, luxury segment apartments are available in a combination of 2 and 3 BHK ranging from 1,391 sq. ft to 1,799 sq. ft priced from about Rs 3,400 a sq. ft, according to a press release. Each apartment will be fitted with modern home décor, furnishings and gadgets including modular kitchen, hob, chimney, water heaters, fans, air conditioners, wardrobe in bedrooms and curtains.

Metropolis project comes with common amenities such as 24x7 securities, backup power generators, play area, service apartments, shopping area and club house. A four-acre central green adds to the beauty of the project.

The press release quoting Mr T. Chitty Babu, Chairman & CEO, Akshaya Pvt Ltd said, “Metropolis delivers the best of lifestyle and has been built to international standards with an Indian soul.” The GST road is the fastest growing suburb in Chennai with sizeable IT, Auto & EMS projects. The Phase I has been sold out and ready for occupation shortly and the project has moved on to the next level.

New HR head for Bhartiya Group

The Bhartiya Group, a diversified lifestyle group with two verticals Bhartiya Fashion and Bhartiya Urban, has announced the appointment of Mr Alok Nigam as Senior Vice President, HR.

Mr Nigam joins Bhartiya Group from Bharti Airtel where he held various positions including the latest as CHRO of the Network Services Group for India and South Asia.

In Bhartiya Group, Mr Nigam will head Human Resources function and be responsible for attracting new talent and strengthening the HR policy infrastructure in line with the rapidly growing business.

The press release from the company quoting Mr Snehdeep Aggarwal, Founder-Chairman Bhartiya Group, said, “HR plays a dominant role in people management and Mr Nigam's expertise will help us develop and implement our policies in talent and employee management across-the-board”.

Mr Alok Nigam is a Law Graduate with a PG Diploma in PM & IR. He is trained at the INSEAD, Singapore (Advanced Leadership Program) and at the Ross School at Michigan in Advanced HR Program.

Bhartiya Fashion is a listed company that manufactures leather products and furand Bhartiya Urban has interests in real estate development. Bhartiya Urban is developing Bhartiya City in Bangalore, a 125-acre integrated urban township within the municipal limit of Bangalore City. The 20 million sq. ft development will be a self-contained city with housing in various formats, retail (souks, high-street retail and shopping malls), 5 hotels, business/financial district, IT campus, convention/conference centre, trade mart, a school, a hospital and other amenities serving the community.

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