The historical city of Pune dates back to the 6th century and owes its growth and diversity to the rise of the Maratha Empire and the rule of the Peshwas. One of the first settlements of the city was the legendary Kasba Peth, in central Pune, soon followed by the development of other prominent areas such as Somwar Peth, Ravivar Peth and Shaniwar Peth. The city’s precincts largely remained within the confines of the now ‘old city’ that comprised of its various peths or neighbourhoods. Between 1950 and 1960, Pune witnessed almost an industrial revolution of sorts that led to a surge in development, creation of jobs and expansion of the city, with the emergence of newer neighbourhoods. One such neighbourhood was Prabhat Road, named after the legendary Prabhat Studios that made movies in the 1920s and 30s, well into the 60s.
Over half a century ago, Prabhat Road was largely a traditional yet educated Maharashtrian neighbourhood. The tree-lined road and its numerous by-lanes were dotted with stone bungalows. The locale’s proximity to Deccan Gymkhana, Tilak Tank (today an Olympic size swimming pool), PYC Gymkhana, Bhandarkar Road, Karve Road, educational institutes such as Fergusson College, BMCC College, the Bhandarkar Oriental Research Institute, Gokhale Institute of Politics & Economics, and such like, made the neighbourhood immensely popular and a much sought after residential neighbourhood. Given the demographics of the residents living here, Prabhat Road inevitably assumed a feel of an up-market neighbourhood inhabited by the higher middle echelons of society.
Today, Prabhat Road continues to be a much-cherished locality and retains a privileged air about itself. In changing with times, much of the locale’s prime real estate today is being redeveloped to provide for better infrastructure and cater to growing requirements for up-market housing by new home buyers as well as the original residents of buildings that undergo redevelopment. This is being done while retaining and without compromising on the existing old-world charm of verdant Prabhat Road.
Prabhat Road has demonstrated immense market potential in terms of economy of scale. Many top builders in Pune often find it profitable to focus on redevelopment. In a real estate market that is growing devoid of fresh land parcels for new constructions, redevelopment projects make perfect sense. From a buyer’s point of view, redevelopment also turns out to be more cost effective than structural repairs (in the case of occupants of old structures). In an interview to Firstpost, Dilip Shah – Senior Counsellor and Analyst for Redevelopment of Housing Societies is reported to have said, “Structural repair is not economically feasible to take care of seepage, weak walls and foundations, leaking water pipes, etc.”.
Pune-based Venkateshwara Realty has been actively involved in bringing about a change in the city’s architectural landscape, with its redevelopment projects. Known for its luxury residential projects, which today stand tall in place of some of Prabhat Road’s old concrete structures, Venkateshwara Realty aims to deliver style backed with substance, all the while retaining the original charm and simplicity of the neighbourhood.
Venkateshwara Realty has set a precedent for developing contemporary residences that offer chic lifestyles, in place of the structures and establishments that have over the years become increasingly difficult to maintain. The construction of Aadi Residences and Aerie within the verdant precincts of Prabhat Road has marked the onset of the company’s trademark style, set amidst quaint tree-lined lanes. With a clear intent of expanding within this segment and creating landmarks in the process, Venkateshwara Realty recently also launched Hillview Residences in the 15th lane of Prabhat Road.
Redeveloped and brand-new residential projects such as Aadi Residences and Aerie reap immense returns and benefits for home buyers, just as much as they make good business sense for developers. For buyers, projects in Prabhat Road offer a bouquet of charms such as panoramic views, green surroundings and ventilation, a maximum of 2 flats per floors, proximity to daily conveniences and above all access to a host of extra lifestyle amenities. The surrounding civic infrastructure at Prabhat Road is also being upgraded, keeping in step with the variety of luxury real estate that is increasingly beginning to inhabit the area, owing to the demand.
Today, the buyer segment that typically invests in real estate at Prabhat Road comprises of Pune’s upwardly-mobile or the ancestrally rich and sometimes a spill over of investors from Mumbai who are looking to invest in luxury real estate in Pune.
From once being known as a laid-back neighbourhood that primarily comprised of retired individuals, Prabhat Road has come a long way today and transformed into one of Pune’s elite residential neighbourhoods. It’s hardly surprising then that Prabhat Road has earned a user rating of 4.8 stars on Magicbricks.com.
In conclusion, Prabhat road today clearly enjoy an upper edge, presenting to home buyers a fine blend of old-world charm combined with contemporary design and architecture. Add to this, intricate detailing and use of some of the finest of materials, such as those used by Venkateshwara Realty, and you have a beautiful home designed par excellence amidst lush environs.