Development in Pune
Pune, the IT hub of western India is witnessing rapid infrastructural development since the last few decades. This accelerated growth has shrunk the distance between the city and the global financial hub, Mumbai and has lead to the unprecedented growth of real estate in the city.
The Mumbai -Pune Expressway, which became operational in 2002, plays a major role in bringing the two cities nearer to each other. Both the cities offer great opportunities for developers to set up their residential and office projects for potential home buyers and professionals and corporates, in an efficient manner. With enhanced connectivity between the two cities, the stretch along the Mumbai-Pune corridor is attracting more and more developers towards the area, changing the realty scene.
Many infrastructural projects are in the pipeline, which once implemented would further reduce the commuting time between Mumbai and Pune. These projects include Sion-Panvel expressway and CST – Panvel Fast Corridor. With the completion and launch of these, many areas, including Navi Mumbai are expected to experience a tremendous growth in the real estate sector.
Mumbai-Pune stretch lures developers to the region as it offers them plenty of land for development. Lying in proximity to the twin cities, investors are offered maximum value for their money. Understanding that the stretch has a potential to become one of the highly demanded areas in the state, top-notch developers have already launched their projects here. Home-buyers are provided with state-of-the-art amenities and facilities like swimming pool, playground, clubhouse, gym etc., in the townships that are coming up in along the stretch.
Lop sided development
A detailed study of the real estate growth trend in Pune reveals that development is not spread evenly and is highly concentrated in certain areas like Hinjewadi, Wakad, Baner, Bavdhan, Aundh and Kothrud, which lie along the Mumbai-Pune Expressway. Another reason behind the development of these areas is their proximity to a number of IT and ITES companies. Factors like easy transportation to Mumbai, less pollution and fast crossing at Khandala, also add to the factors that attract investors to this region.
A large number of IT professionals flow in to these regions. Thus, the demand for residential units have gone up and have lead to the growth of real estate sector here. Since the majority of the working population are singletons or with a compact family, these areas are seeing a growth of 1 and 2 BHK apartments at rates which seem affordable by a single/double-income family.
Though rental values did not see a significant rise in most of the areas, property rates have significantly gone up. Hinjewadi witnessed an appreciation of about 27% in property prices during the first quarter of 2013, when compared with the first quarter of 2012. Areas like Wakad, Baner and Kothrud saw the sale price of properties going up to about 21%, 23% and 14%respectively, during the same period.
High notch developers have come up with state-of-the-art projects along the Mumbai-Pune expressway belt. Some of the high-class projects which would be available for possession in the next couple of years include Elite Green Acres by Elite Landmarks, Anant Srishti by Dajikaka Gadgil Developers and Lodha Belmondo by Lodha Group.
