Bhugaon, Pune redefines the word ‘affordability’
The growth of the real estate market on the eastern suburbs of Pune has fuelled the property prices soar high, and go beyond the range of middle income buyers. Bhugaon, situated in east Pune, is a new entrant in the affordable residential market of the city that has emerged as breath of relief for mid-income buyers.
Situated in close proximity to major residential hubs like Kothrud and Bavdhan, Bhugaon falls at the Paud road. Certain key developers in the city such as Marvel Group, Paranjape Schemes, Mount Wert Group and Rohan Group have made their presence in the locality.
What makes Bhugaon special?
Offering properties at rates 30-50% less than Bavdhan and Kothrud, has been the game changer for Bhugaon. By meeting the growing aspirations of buyers, the locality has pulled the demand for residential units from Kothrud and Bavdhan. At 2.5 km from Bhugaon, reaching Kothrud from the locality is easy as a pie.
The price per sqft for a property in Kothrud ranges between Rs 8000- Rs 9000, while Bavdhan, which is 2km from Bhugaon, offers residential properties within the price bracket Rs 5500-Rs 6000 per sq ft. In comparison to these two localities, Bhugaon has caught the attention of property investors, since the average price of residential units in the area falls between Rs 4000- Rs 5000 per sq ft.
Buyers get benefited
Maximum buyers willing to buy a property in Bhugaon are the working professionals from the commercial joints of Pune- Pirangut and Hinjewadi. Via the Paud road, such commercial locations can easily be accessed from Bhugaon. This has triggered the demand for residential units in the locality from workers and professionals. According to market reports, more than 70% of the investors in the locality are end-users seeking for capital appreciation.
As per property developers, a 2BHK (measuring between 900-1100 sqft) is available within the price range Rs 45-Rs 50 lakh, while a 3 BHK and 4BHK will range between Rs 60 lakh-Rs 1.5 crore. However, 2-3 BHK apartments have witnessed the maximum demand in the locality. With numerous projects on the verge of completion and the expansion of the Paud Road from 2 to 6 lanes by the end of 2016, demand for residential units in the city is likely to climb up by 40%.
