by Akash Pharande, Managing Director – Pharande Spaces

Before urbanization took off earnestly in India, humans and nature coexisted admirably. Unfortunately, rampant real estate development has steadily reduced Indians’ access to nature. From the increasing demand for integrated townships with abundant greenery, we can see that urban dwellers today are looking to reconnect with nature.

 

The Cost of Urbanization

Our cities’ development agendas have taken a huge toll. Parks and forested regions have been replaced with high-rise skyscrapers. It’s tempting to blame municipal authorities and real estate developers for this loss, but there is no denying that our cities, which have limited space, must adapt to the constantly rising demand for housing, office buildings and the other real estate manifestations of modern-day life.

Supply follows demand, and developers cater to an ever-increasing demand. But there is a price to pay for this demand-supply interplay – nature has been relegated to the sidelines and, in some cities, wiped out altogether. There is a common belief today that greenery has become a luxury that only the rich can afford.

Pune’s Development Trajectory

Let’s take Pune as an example. This city’s geographic limits were previously much narrower, and there was little motivation to expand them. Pune was the quintessential retirement city and was even called Pensioner’s Paradise. Another claim to fame was its educational institutions, earning it the additional tag of ‘Oxford of the East’. The city and its economic activity coexisted amicably with farming activities, even in the core areas.

Going back a little further, the British viewed Pune (then Poona) as a region of political turmoil and resistance to their rule. Pune did not begin to expand geographically or demographically till India gained independence in 1947.

Then the technological revolution in Pune started. It grew from a tiny city to a full-fledged metropolis because of its rapidly expanding employment opportunities, first in manufacturing, then in software technology and information technology-enabled services (ITeS), attracting a massive influx of people.

The city’s population began to rise significantly in the 1990s because of the country’s economic liberalization, which allowed for foreign investment and boosted industrial expansion. Pune’s salubrious climate, along with its robust education infrastructure, began to draw more and more skilled workforce. Infosys and Wipro established bases here, resulting in the creation of the Hinjewadi IT Park.

This resulted in a cascade effect, attracting other tech enterprises and MNCs. Its proximity to Mumbai, India’s financial capital, added to its appeal to firms looking to cut costs. Rapid urbanization resulted in massive infrastructure development, including upgraded road networks, residential complexes, and commercial malls.

As Pune evolved into an IT powerhouse, more and more real estate development was required to accommodate people and the businesses they work in. As of 2024, the estimated population of Pune is 4.44 million within the city limits and 7.35 million in the metropolitan area.

There was minimal impact on Pune’s once-famous natural wealth when it was still relatively small and unspoiled by the rampant urbanization we see today. It is painfully obvious how much of its originally bountiful supply of green open spaces has been depleted by low and high-rise housing constructions, landfills, commercial structures, and shopping malls.

A Steady Disconnect From Nature

This development approach creates a disconnect between city dwellers and the natural environment. The desire to restore a healthy environment and healthier cities is once again staging a resurgence, but most real estate development today revolves around amenities and facilities. The little vegetation available is mostly ornamental.

Our cities are increasingly turning gray rather than green. Any attempts to reconnect people with the environment must be cross-disciplinary and integrated.

A city needs structures, deforestation is inescapable, and buildings will last as long as humanity. But can we restore nature to our cities?

An attempt in Singapore to reintroduce a natural ecosystem into the urban fabric is yielding incredible benefits. What such a vision of urbanization in the future may accomplish is fascinating. Concrete CAN coexist with a large amount of greenery, and one should not rule out the other.

However, it requires an extremely progressive town-planning vision, strong political resolve, and unwavering backing from the city’s population.

To conclude

Let’s face it – most of the housing demand in India in recent years is mostly for concrete structures with modern amenities, with a little bit of token vegetation. However, we are seeing a resurgence in demand for nature-rich housing in our cities.

Today’s young homebuyers come from a place of increased environmental conscience, and also concerns about their own and their children’s health and wellness. The rise in demand for homes in integrated townships, which guarantee abundant green, open spaces which will not be violated by further development, is testimony to this fact.

It takes time for a city to lose its ‘green’ reputation; for Bangalore and Pune, it took decades. It will take a few more decades to restore it, but it is achievable if all parties, from town planners and municipal officials to real estate developers and buyers, agree it is worthwhile and must be done.

Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience

NCR’s two urban expressways, namely Noida-Greater Noida Expressway and Dwarka Expressway, have been leading the realty boom in the region. The weighted average price of newly launched projects has risen by upto 165% along the two expressways between July 2021 and July 2024.

According to the NSE-listed real estate data analytics firm PropEquity, the weighted average price of newly launched projects along Dwarka Expressway rose to Rs 17,357 psf in July 2024 from Rs 8630 psf in July 2021, a rise of 101%. Similarly, the weighted average price of newly launched projects along Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024 from Rs 6568 psf in July 2021, a rise of 165%.

Among the many micro markets in Gurugram, Dwarka Expressway has seen a rise of 30% in the weighted average price of new launches between July 2023 and July 2024 alone. The supply has increased from 4329 to 5012 units during this period. This rise can be attributed to the inauguration of the expressway in March 2024.

Mr. Sanjoo, MD, 4S Developers said, “Dwarka Expressway has emerged as a prominent micro market in NCR. With its operationalisation, a major shift in population is being witnessed especially from the South-west part of Delhi owing to its new-age amenities and world-class infrastructure which includes connectivity to the International Airport, Delhi-Mumbai expressway and to the industrial and employment hubs in Gurugram. We look forward to this micro market for our future expansion in view of its excellent connectivity and liveability.”

Real estate brokers in south-west Delhi say that apartments in this part of the city have outlived their usefulness as today’s youth working in multi-national companies in Gurugram desire of a lifestyle that is free of chaos and daily hassles.

Vijay Harsh Jha, Founder and CEO of property brokerage firm VS Realtors, says, “The availability of open and green spaces, low-density living, safety, club with indoor games and swimming pool are among the amenities that today’s youth want, and these are important factors for rise in demand, price and habitation in Dwarka Expressway.”

The Noida and Dwarka Expressway was inaugurated and conceptualised respectively in the early 2000s. Both these expressways have made commuting from Delhi breezy. The world-class condominiums with new-age amenities, malls and offices, social infrastructure like schools and hospitals, connectivity etc. have added to the liveability quotient along these expressways.

Shiwang Suraj, Founder & Director of Gurugram-based property consulting firm InfraMantra said, “The Dwarka and Noida Expressways have become the lifeline for commuters. The sharp jump in realty prices point to the rising demand along these expressways. Owing to their strategic importance in terms of their access to the international airports, Delhi-Mumbai expressway and a comprehensive development of social infrastructure, residential projects here are undergoing premiumization. The elevated price points of new launches and their quick sale paint a very positive outlook for the real estate sector in NCR.”

Noida expressway provides easy connectivity to Agra, Lucknow and Eastern UP via Yamuna Expressway, Agra-Lucknow expressway and Purvanchal expressway. It also connects with Delhi-Mumbai expressway and to the upcoming Noida International Airport in Jewar.

Between 2020 and 2023, 10 million sqft office space has been leased out in Noida. Currently, the office rentals range between Rs 40-80 psft which in the near future will rise further. Share of leasing along the Noida expressway has increased.