Bibwewadi in Pune gives healthy returns on realty investment
Bibwewadi located about 6 km south of the heart of Pune and adjacent to the Pune-Bangalore highway (SH-114) is a prominent area in the city that has witnessed steady appreciation in property as well as rental values since the past 4-5 years. There are various factors for surge in residential demand thereby resulting in spiralling property and rental values. Besides excellent connectivity and various infrastructure facilities that the area boasts of, demand for property from IT professionals working in nearby areas like Kondhwa and Dhankawadi has also led to appreciation in property values. Moreover, the diminishing availability of developable land has also resulted in a hike in demand for existing property, with very few new developments coming up in recent times.
Appreciation
Bibwewadi has witnessed steady appreciation in both property as well as rental values since the past 4-5 years. The current average value for multi-storey apartments is about Rs 7,100 per sq. ft., with an appreciation of about 4 per cent since Q4 2013. Hence, apartments with an area ranging between 900 sq. ft. to 1,200 sq. ft. will be priced between Rs 6,500-7,000 per sq. ft. Going by these figures, a 900 sq. ft. apartment will be currently available for about Rs 60 lakh, with the average price for apartment units ranging between Rs 60-90 lakh. The average value of apartments in Q1 2008 was just about Rs 3,400 per sq. ft. while it was about Rs 4,600 in Q1 2011. On an average, this is roughly about Rs 10-15 lakh more than the value of similar sized apartments in 2011.
The average rental for multi-storey apartments is Rs 15 per sq. ft. with an appreciation of about 8 per cent since Q4 2013. Incidentally, the average rental for apartment units was Rs 9 per sq. ft. in Q3 2009. As per current rental values, the rentals for a 1 BHK apartment with an area ranging between 400-700 sq. ft. would range between Rs 5,000-10,000 per month. Rentals for a 2 BHK apartment with an area ranging between 800-1,200 sq. ft. would range between Rs 10,000-20,000 per month.
Connectivity and infrastructure development being key determinants of demand for residential property, has benefited Bibwewadi immensely in terms of capital appreciation.
Connectivity
The strategic location of Bibwewadi in the midst of some prominent roads has enhanced its appeal among buyers and investors. Some of the major roads passing through its vicinity are the Mumbai-Pune Bypass Road (NH-4), the Pune-Bangalore Highway and the Pune-Solapur Highway. Besides, there are some important roads that pass through the area like the Swami Vivekananda Road, the Sitaram Thakare Road the Hagawane Nagar Road, the KK Market Road and the Bajiroa Road. The Pune Municipal Transport (PMT) buses ply through the area, mostly along its fringes, with many bus stops dotting the area. The road network in the area is so well organised such that there are very few traffic snarls among the area, with pollution levels being low as well. The Pune railway station is about 6 km away from Bibwewadi while the Pune International Airport is about 18 km away.
Infrastructure
The infrastructure in the area has been a decisive factor in propelling the demand for residential property in the area. Some of the reputed educational institutions in the area are Vishwakarma Institute of Technology, Vishwakarma Vidyalaya, Mickey’s High School and Chintamanrao Dheshmukh Primary School, among others. There are also many prominent hospitals in the area like Chintamani Hospital, Sangam Hospital and Suraj Hospital, among others. The area is also renowned for its religious institutions with many temples like Sai Baba Mandir, Datta Mandir and Shri Datt Mandir located here. Besides, there are many other facilities like the branches of many important banks, shopping malls, multiplexes, restaurants and parks, among others.
Realty Scenario and Developers
Bibwewadi is renowned for different types of residential units. However, the most commonly seen type of residential units are 1 and 2 BHK units. Some of the completed apartment projects in the area are Vardhaman Pura by Jain Ashapuri Group, Calyx Savera by Calyx Constructions and Suyog Vardhamanpura by Suyog Development Corporation, among others. Some of the upcoming apartment projects in the area are Suvidha Vrindavan by Suvidha Realcon, Suyash Prakruthi by Suyash Developers and Solitaire Five by Chordia Group.
Future Prospects
At the rate at which the demand for residential property is increasing in Bibwewadi, there would be a severe crunch with regards to the availability of property in future. With the availability of developable land reaching a saturation point, there would be an upsurge in demand for available residential units for purchase as well as for rent. Going by the steady appreciation in capital as well as rental values in the area, investors who had bought property at lower prices stand to benefit immensely in future. With the area already being well connected, the development in infrastructure is expected to give a further fillip with regards to realty development in the area.
