Apartments below 30 lac in Pune
Pune city has been witnessing rapid development of commercial as well as residential sector over the last few years. During this period, in addition to unprecedented rise in IT and ITES companies, the city also experienced an influx of over 38 million sq.ft., in the residential sector. In Pune, as per Pune Residential Real Estate overview 2012, released by ICICI, maximum numbers of residential real estate transactions was recorded to be happening in Hinjewadi and Wagholi.
West and east Pune saw the growth of residential real sector, in a higher level, when compared to other parts during the last quarter of 2012. The same was driven by the huge demand emerging from the IT hub, concentrated in the Rajiv Gandhi InfoTech Park located in Hinjewadi. In and around this area, five townships were launched in 2012. Megapolis and KUL Ecoloch are two of them, which are spread over an area of more than 100 acres.
Rajiv Gandhi Infotech Park in Hinjewadi continues to be an emblem of the city as an IT hub and the upcoming locations, in perspective of commercial real estate, are Aundh and Baner in west Pune and Kharadi, Viman Nagar and Magarpatta in east Pune.
As per Pune Commercial Real Estate Overview by ICICI 2012, the commercial segment in Pune is cheaper than the residential real estate segment by approximately 10-15%. Huge over-supply in the space reserved for IT, is considered as one of the main factors behind the same.
Affordability
Rise of IT/ITES/BPO/KPO companies like Honeywell, IBM, Mphasis, Tata consultancy, Accenture and BNY-Melon, among the rest, have created need for residential spaces in and around the city.
1 and 2 BHK apartments that cost between 15lacs to 30lacs are mostly preferred by investors in and around industrial areas. This is mainly because the working crowd is predominantly between the age bracket of 25-35 years, which mainly comprises singletons or a family of maximum 4 persons. Most of the double-income families have people who are a substantial part of the IT-BPO. The combined income of both the people make the renting or buying of such properties in the area, affordable.
Low Cost Homes
Keeping in pace with the requirements of migrants and employees of the area, developers and builders are concentrating on providing housing, in an efficient and affordable manner.
Some of the top residential areas in Pune are Wanowrie, Hinjewadi, Wagholi, Nagar Road, Pimple Nilakh, Mundhwa, Balewadi, Aundh and Pimple Saudagar. Among these places, Aundh, Warje, Haveli, Hadapsar, Ravet, Pimple Saudagar are localities which offer properties on sale and rent, at a comparatively lower rate, than the others. This is because the population density is higher in these localities, owing to the presence of IT companies.
1, 2 and 3 BHK properties are priced at Rs. 40 lacs onwards, in localities like Wakad , Baner and Balewadi. However, in Wagholi and nearby locations, in east Pune, properties which feature 1 and 2BHK apartments are available for sale, at a price between 20 – 30 Lacs. The plot area of these properties varies from 550-900 sq.ft. Being home to two SEZs: Magarpatta city and Fursungi IT Park (SP Infocity), Hadapsar is a suburb thronged by IT professionals. Areas in and around Hadapsar, like Manjari,Kolwadi and Loni Kalbhor are booming with residential projects and properties, that are suited for a compact working family.
1 and 2 BHK properties are available at similar rates, in areas in and around Undri. The size varies from 650- 1000 sq.ft. Some of the other areas where similar types of apartments are offered within 30 lacs include Vishrantwadi, Dhanori, Aundh and Kharadi. The rental values of these apartments range between Rs.8,000 to Rs.20,000 per month.
