Peninsula Land Announces Affordable Luxury Project
Peninsula Land Limited, a leading corporate real estate developer which is part of the Ashok Piramal Group, today announced its foray into the affordable housing segment with the launch of its new project `addressOne` at a press conference. Located at Gahunje, Pune, addressOne is spread across 50 acres and is strategically located on the Mumbai-Pune expressway, next to the MCA cricket stadium.
addressOne will be exclusively marketed by ANAROCK Property Consultants, who also launched an exclusive report on Gahunje’s growth from fringe area to growth precinct. Download the report here https://bit.ly/2Hbyqes
addressOne’s strategic location just off the Mumbai Pune Expressway connects the project to Hinjawadi, which is less than 10 km away. In its first phase, the company will launch approximately 1000 units comprising of 51 four-storeyed buildings with just four apartments per floor. This is Peninsula Land`s first affordable luxury project in Pune, after their completed and highly successful project Ashok Meadows in Hinjawadi.
Rajeev Piramal, Vice Chairman & Managing Director, Peninsula Land Ltd. said, “Personally, I am very excited about the launch of addressOne as we’ve been keen to apply our deep knowledge and experience in the luxury housing space to the affordable segment. Affordable housing is clearly the most vibrant opportunity for the Indian real estate sector today, with ever-increasing demand emanating from this segment.
“The Government has unleashed several initiatives to give a fillip to affordable housing,” he added. “We at Peninsula Land are firm believers in the ‘Housing for All’ mission and have identified the scope for expanding this to ‘Luxury for All’ as well. With addressOne, we will provide genuine luxury homes at affordable rates to our customers.”
Commenting on the partnership, Anuj Puri, Chairman, ANAROCK Property Consultants Pvt. Ltd. said, “We are pleased to partner with Peninsula Land, a group known for their luxury landmark projects. We are particularly enthusiastic about this project, which gives affordable housing a compelling twist of added luxury elements. Even our initial strategic research reveals tremendous buyer interest for the unique concept of affordably-priced ‘Luxury for All’.”
Thanks to the rapid infrastructure development in this region of Pune, Gahunje has good potential for price appreciation over the next few years. Moreover, the inherent demand for this offering comes not just from Pune but also Mumbai and other parts of Maharashtra.”
Pune’s real estate market has benefited not only from its proximity to Mumbai but also its own dynamic market drivers in the IT/ITeS, manufacturing and services industries. However, the tremendous construction activity and price growth in rapidly saturating regions of the city has pushed spillover residential demand to more affordable areas like Gahunje, which are simultaneously seeing rapid infrastructure upgrades. Real estate is a price-sensitive business, and the demand for affordable housing is now at an all-time high.