Published On: Mon, Jan 4th, 2010

Ravet – a Residential Destination comes of age in Pune

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By Mohammed Aslam, Head – Pune, Jones Lang LaSalle Meghraj

By Mohammed Aslam, Head – Pune, Jones Lang LaSalle Meghraj

Developed by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA) Ravet is extremely strategically placed on latter-day Pune’s map. By virtue of the fact that it is the first town one encounters after leaving the Mumbai-Pune Expressway, it is now known as the Gateway to Pune. Ravet is, in fact, a confluence point of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway. Moreover, it is located equidistantly from two major real estate market drivers – the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt.

In a rapidly developing city like Pune, it takes a lot to make a new destination stand out from the rest. Pune has been spreading steadily outward, embracing most of the rural areas around it and bestowing the benefits of urbanization on them. Areas like Aundh, Baner, Wakad, Pimple Nilakh and Pimple Saudagar have all had their heyday. Each of these areas has their own ultimate selling propositions.

Thanks to the ongoing haphazardness of the city’s development profile, we have witnessed lopsided growth patterns in almost all emerging residential locations. This growth pattern has been typified by extremely fast development of new areas with potential, leading to fast saturation, speculative investment activity extreme spiking of property prices and eventual correction.

It is now the turn of the hitherto obscure area of Ravet, located on the North-West side of PCMC and Pune, to receive a wave of the real estate magic wand. By a combination of various advantageous factors, Ravet is now certainly among the most promising of Pune’s new and upcoming residential locations. It also appears that, thanks to the foresight of the PCNTDA, the trend of unplanned development seen in other emerging residential locations in Pune may be circumvented in Ravet.

Accessibility
Developed by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA) Ravet is extremely strategically placed on latter-day Pune’s map. By virtue of the fact that it is the first town one encounters after leaving the Mumbai-Pune Expressway, it is now known as the Gateway to Pune. Ravet is, in fact, a confluence point of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway. Moreover, it is located equidistantly from two major real estate market drivers – the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt.

At this strategic point, JNNURM has now launched a 45-metre, grade-separated, non-signaled four-lane BRT (Bus Rapid Transport) road that provides access to they key area of Aundh in under ten minutes. 40% of the work on this vital conduit is already completed. Pimpri, Chinchwad, Chakan and Talegaon are now within easy reach from Ravet.

Other factors such as existing electricity supply and abundant ground water add value to this area, which has now got the attention of the developer community.

Developer Activity in Ravet
Pharande Spaces and the Rama Group have joined hands at Ravet in launching an integrated residential township called Celestial City. Located in the focal centre of Ravet, this project is spread over 2.5 million square feet and will be developed over three phases.

Since the highest demand in Pune is currently for affordable housing, the first phase targets the middle-income group with 2/3BHK flats ranging in size from 800-1200 square feet. These flats are currently priced between Rs. 22-24 lakh at the initial offering phase.

Taking a cue from this pioneering project, other developers such as the Empire Group, Aditya Shagun Builders, GK Developers and Sukhwani Developers have acquired land in Ravet, although their projects are yet to be announced.

Vital Market Drivers
Apart from its accessibility, which by itself spells gold in real estate terms, there are other important establishments close to Ravet that add to its value as a residential location. These include the Aditya Birla Hospital, the Bajaj Auto manufacturing plant, SKF, Telco and major educational establishments such as the Indira Institute of Business Management, D.Y. Patil College and Mercedes Benz School.

Its proximity to the Hinjewadi IT hub is of strategic importance, since this fact makes it a new and affordable residential location for software employees there. It is also a location of high value to employees from the Talegaon MIDC and Chakan MIDC. It is, in fact, a binding location for these very important hubs.

Rates are welcomingly low in Ravet, and the appreciation potential is undoubtedly high. It is therefore not surprising that some major names from PCMC’s developer community have taken an active interest in this lodestone location. We expect it to reach a high level of investment and end-user potential in less than four years, after which rates should show significant and steady upward movement.

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  1. chetan lohia says:

    Looking for 2 BHK flat

  2. Devang says:

    Looking for 1 BHK.

  3. bhushan patil says:

    Hello i m lookin for 1 bhk flat with my budget is around 18 lak. communiting should be viable from that area.. to major cities area.

  4. Rithin says:

    looking for the upcoming project of 2bhk

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