Peninsula Land Limited, a part of the Ashok Piramal Group, on May 7, 2019, announced that it has sold over 1,200 apartments at its affordable luxury project, ‘addressOne’, in Gahunje, Pune. The value of the apartments sold is close to Rs 300 crores. In its first four phases, the company launched approximately 900 units for sale, of which it sold 800 apartments.
Commenting on the success of the project, Nandan Piramal, director – sales and marketing, Peninsula Land Ltd, said, “We are thrilled with the customer response received for our project addressOne in Gahunje, Pune. The project saw an 18% rise in prices, since its project launch. Gahunje as a destination is fast emerging as the next big realty hotspot for Pimpri-Chinchwad Municipal Corporation’s (PCMC’s) residential needs, thereby, making it the next growth precinct of Pune. The Pune market overall holds great promise, given its proximity to Mumbai and the thriving IT/ITeS industry in Pune. The saturated regions of the city have pushed spillover residential demand to more affordable areas like Gahunje in Pune, which is witnessing rapid infrastructure upgrades.”
To provide financial assistance to home buyers, Peninsula Land has tied up with Home Capital, to provide interest-free loans on stamp duty and registration. “Around 350 home buyers have availed of the benefits of this offer,” Piramal added.
Peninsula Land forays into affordable housing, with project in Pune
Peninsula Land, a part of the Ashok Piramal Group, has announced its maiden affordable housing project, ‘addressOne’, in Gahunje, Pune, which will offer 1-3BHK units priced from Rs 18 lakhs onwards
April 6, 2018: Peninsula Land Limited, which is part of the Ashok Piramal Group, on April 5, 2018, announced its foray into the affordable housing segment, with the launch of its new project ‘addressOne’ located at Gahunje, Pune. Spread across 50 acres, addressOne is located off the Mumbai-Pune Expressway on the Pune side, next to the MCA cricket stadium. The project will offer five types of apartments (1BHK to 3BHK), with prices starting from Rs 18 lakhs (inclusive of stamp duty, registration and other taxes).
Rajeev Piramal, vice-chairman and managing director, Peninsula Land Ltd, said, “I am very excited about the launch of addressOne, as we have been keen to apply our 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 unveiled several initiatives, to give a fillip to affordable housing. With addressOne, we will provide genuine luxury homes, at affordable rates to our customers.”
In its first phase, the company will be launching approximately 1,000 units that will comprise of 51 four-storeyed buildings, with just four apartments per floor. The project is designed by renowned architect Hafeez Contractor and is PMAY (Pradhan Mantri Awas Yojana) approved. This is Peninsula Land’s first affordable luxury project in Pune, after their completed project, Ashok Meadows in Hinjewadi. Peninsula Land Ltd has tied up with ANAROCK Property Consultants, as their strategic partner.
Commenting on the partnership, Anuj Puri, chairman of 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 from Mumbai and other parts of Maharashtra.”