Innovation Keeps Pune’s Property Market Vibrant

– Kishor Pate, CMD – Amit Enterprises Housing Ltd.

Innovation is a crucial business concept today, and a major differentia for real estate developers as well. Without implementing new ideas and concepts in building homes, developers cannot set their offerings apart from the competition. Just as fresh concepts and designs attract shoppers in the retail world, residential projects with attractively innovative features draw home buyers looking for something new.

The need for innovation on Pune’s residential real estate market has not gone unheard. The definition of ‘quality homes’ is constantly changing, and developers cannot afford to adopt a cookie-cutter approach to project development. In today’s market environment, there is always enough supply on the market to force them to remain competitive by offering fresh designs and project features.

In the premium segment, developers have been roping in reputed Indian and foreign architects to introduce designs and features that are immediate attention-grabbers. Most of Pune’s luxury home buyers travel the world constantly, and are constantly exposed to new residential concepts in the more developed countries. As a result, they seek a global feel to their homes, and imaginative new designs in residential projects are therefore very popular in the luxury segment.

Sustainability has been another major agent of change and innovation on Pune’s property market. Today, the popularity of ‘green’ homes has transcended the luxury label, and become an operative watchword even in mid-segment housing. Apart from offering green features at the unit level, many of Pune’s progressive developers have also begun using new methods of eco-friendly, high-grade construction methods in their projects.

Given the increasing awareness about environmental issues among Pune’s citizens today, the use of new construction technologies that replace wasteful and environmentally harmful processes has become an important differentiation for developers. More and more home buyers are now choosing properties that are aligned with the ethos of environmental sustainability.

Interestingly, innovation does not always mean introducing something new. It can also mean retaining desirable aspects that are vanishing elsewhere in the markets. For instance, we have not seen balconies and open spaces vanishing from new projects in Pune, even as such features are becoming extinct in neighbouring Mumbai. To be able to deliver such features despite the escalating costs of land and construction, Pune’s developers are constantly experimenting with new project designs that use available space more optimally.

 (Kishor Pate, Chairman & Managing Director of Amit Enterprises Housing Ltd. is the driving force behind one of the most successful real estate development firms in Pune and beyond.)

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