First 100 plus acre township launched in the last 2 years of recession in Pune real estate market!
In the first week of October 2007, after the sub-prime crises in U.S., Deepak Parekh, Chairman of HDFC, announced that Indian economy and real estate in particular is badly hit and slowing down.
However, in the last week of the same month, on October 27, 2007, Paranjape Schemes, in which HFDC has a stake, launched Blue Ridge Hinjewadi, first integrated township of 100 plus acres in Pune real estate market which had foreign direct investment.
Though most of the experts were rejecting the real estate slow down as a "short term phenomenon", or "not as serious as 1996" , Kumar Properties and Avinash Bhosale Group launched their 100 plus acre integrated township with foreign direct investment Megapolis in the third phase of Hinjewadi without any fanfare in the last week of April 2008.
Sensing the impeding danger, on the first day of June 2008, Mr. Satish Magar not only opened the mega-shop Nanded City Pune without any merchandise but pre-sold the future stock too! However, since Nanded City Pune has Magapatta City and Amanora Park Town at Hadapsar type farmers ownership and business model, it is not in the league of Blue Ridge and Magapolis.
Point is, launch of PRA Reallty's The Lake District ( www.thelakedistrict.co.in ) , 100 acres plus township with foreign direct investment, nearly two years after the launch of Blue Ridge Hinjewadi, proves that every patient admitted in the Intensive Care Unit (ICU) doesn't die. The patient can survive and enjoy few happy moments in the process of recovery!
Related Stories:1) Sunday, June 29, 2008
PRA Realty, Pune real estate developer, to launch residential integrated townships in Pune, Nashik and Nagpur
2) Ravi Karandeekar's Pune Real Estate Market News Blog - most popular blogs - August 2009
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