Pune has emerged as one of the most favourable cities for investing in residential real estate and the trend is set to continue. The city, famed for its educational institutions and quaint localities, is now a buzzing metropolis with great localities to live in, and several options for entertainment and dining.
If you are a new buyer looking at investing or buying a new property in Pune, here are some areas you should consider before buying/investing:
Keshav Nagar is an upcoming area in Eastern zone of Pune. It is a rapidly developing location and has gained prominence in the recent past. It boasts of its proximity and easy accessibility to established areas in Pune like Koregaon Park, Viman Nagar and Hadapsar. Thus, if you are looking for a location that has the advantage of affordability, ambient greenery and peaceful city life then Keshavnagar in east Pune would be the best bet. Rates vary from Rs. 4500 to 5000 per sq. ft. depending on the builder. East Pune boasts of great employment opportunities in Kharadi that house a great many IT parks, the biggest being EON IT Park. Koregaon Park is another plush area in East Pune which has great social options and is also the heart of the city.
Undri, NIBM, Kondwa in the Southern side has a good mix of affordable homes and gated communities along with proximity to developed social infrastructure. Undri has recently emerged as one of the most viable residential property destination in Pune. It enjoys proximity to residential areas such as NIBM Annex, Pune Camp, Wanowrie, Fatima Nagar and Lulla Nagar. It is a destination for mid-segment IT professionals. In Apr-Jun 2016 quarter, property prices fell by 1% within the range of Rs. 3900- Rs. 5580 per sq.ft. For other established areas in the Southern side like Wanowrie, the average rate is Rs. 5500 – Rs. 8800 per sq. Ft.
Thus, the Southern side has multiple options in the premium and affordable housing space. Its proximity to IT and ITES hubs of Magarpatta and SP Infocity is attracting many home buyers to this side of the city.
Destinations such as Wakad and Baner in the Western side have a sound investment potential. Many branded developers have their presence in these locations and certainly are great options to stay because of their proximity to Hinjewadi IT park. If you are looking for a more affluent locality in the Western side, then Aundh is your best bet. It has significantly developed as a residential area. It is well connected to IT hub and boasts of a developed social infrastructure. There are many colleges and hospitals in close proximity. Property prices range within Rs. 6800- Rs.10960 per sq.ft. On the other hand Baner is mostly a residential and commercial hub with large portions being occupied by various IT companies. Within five km radius of this area, you can find facilities such as bus stop, shopping malls, hospitals and grocery stores. Property values range within Rs. 5800- Rs. 8700 per sq ft. here.
This area is also likely to benefit from the Smart City initiative as the Baner – Balewadi corridor has been chosen under the Smart City programme. PMC will develop the 1000 acres spread across these localities. This will help improve the transport facilities, more open space, better water distribution and increasing employment opportunities. This development will have a positive impact in terms of development in the Western belt of Pune.
LOCATION IN NORTH PUNE The Northern side of Pune stretches to Pimpri Chinchwad, Akurdi, Chakan and Talegaon. The areas of PCMC are not only well planned but also have sound infrastructure facilities. Many colleges for Engineering, Medicine, Arts and Commerce are located in this area and it boasts of reputed developers like Sukhwani Developers, Akshar etc. Prices are low as compared to Pune. Talegaon is another upcoming area in the North that is well connected to Pune and also at a feasible distance from Hinjewadi IT Park. Talegaon also has great employment opportunities for auto professionals as many auto majors have set manufacturing facilities, thus inviting many people to invest and stay there.
Chakan also provides great option for residential housing and employment. Moreover, the prices per sq ft in Talegaon and Chakan are Rs. 3500 – Rs. 5000 per sq. Ft. allowing buyers a great price option.