ibnlive » Business

Jul 19, 2008 at 12:07am IST

Pune builders' success mantra: build townships

Pune: Builder Lalit Kumar Jain has got an idea to lift his business: building a township, not just homes or offices. He is putting in Rs 18,000 crore in three townships in Pune.

“The need is there, people may want to postpone decisions on buying property but they can’t do it for long,” says Jain, managing director of Kumar Builders.

A township needs to have at least 100 acres of land, thus giving builders an option to accommodate houses for different budgets. The success of Magarpatta, one of the first integrated townships in Pune, is what inspired Satish Magar to launch another township of 700 acres.

"If you create a 850 sq ft vis-à-vis a 1000 sq ft, you are saving on 150 sq ft of land, so at a common rate of Rs 3000/ sq ft, you will save Rs3lakh Rs-4 lakhs and at these interest rates, it can easily fit in one's budget," says Satish Magar, chairman and Managing Director of Magarpatta Township Development & Construction Company Limited.

The integrated township idea is catching everyone in Pune. Builders will put in over Rs 40,000 crore in such projects by the end of this year.

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