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Pune real estate gets personal
By Punekar, Section Real Estate
Pune realty is moving, slowly but surely, towards a service orientation: City builders are gearing up to provide services hitherto unheard of in the realty sector.
From a residential complex dedicated to the city's growing senior citizen population to another serving the needs of young families with children. Add to that, apartments that come with 5-year warranties, services seem all set to change Pune's booming residential sector. Vascon Engineers and Manisha Constructions have launched a residential complex for senior citizens, Golden Nest, with facilities such as a 24 hour stand by ambulance, stretcher lifts in place of normal lifts, anti-skid tiles and sliding doors wide enough to wheel chairs. And if someone is sick there is even a nursing station in the basement with IV drips and sick beds. Said M H Dalal, CEO of Golden Nest, "The idea was to service the physical and lifestyle needs of the city growing senior citizens whose children are away." The Rs 33 cr (Rs 330 million) complex built on a 2.5 acres will be run by a trust in which the promoters will have a substantial say. Housing finance major HDFC also has some nominees on the trust. Gera Developments is servicing the other end of the spectrum: The needs of young families with children. Gera's Emerald City residential complex offers a range of facilities such as a common tuition's area for the entire complex, called the Gurukul area and separate play areas for toddlers and older children, in addition to child safe locks that can be opened from outside, rounded corners and high guard rails and lower sensors on lifts. The initial phase of Emerald City will consist of 160 apartments spread over two towers.
In addition Gera also offers a five warranty on all its developments. The warranty covers three areas: Preventive maintenance for woodwork, electrical, plumbing and bathroom tiles; repairs resulting from improper installation; and repainting building exteriors.
Said Kumar Gera, managing director, Gera Developments, "The idea to keep the value of the building from sliding down. Normally, once a building is handed over to the residents, its value slowly creeps downwards as maintenance suffers. But with a professional company looking after the maintenance, this will to happen and the property will retain its value." He added the company was planning to spin services off as a profit centre. "Once the five year warranty is over, we will continue to offer the same services on a contractual basis. This will be a completely separate line of business and later we may even offer it to developments other than ours." Both Dalal and Gera agree that developers will have to start offering services in order to sustain their businesses.
"With everyone looking for differentiators, you have to offer something extra. And services are something that both young and older couples today are looking for, given their changing lifestyle. And they like products, if you don't sell it someone else will and steal your customer," said Gera.
"Offering such critical services helps the promoter to establish a brand equity and brings customers back over and over," Dalal added.
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