Demand for affordable residences in Manjri, Pune
The transformation of Manjri from a remote hamlet on the western fringe of Pune to a developing residential destination in the last couple of years has been truely phenomenal. Located about 15 km away from the heart of Pune city, it is witnessing considerable demand for residential units, particularly apartments. The rise in demand for residential property in the area has been propelled by various factors like the availability of different options of residential property at affordable prices. Besides, the connectivity as well as the infrastructure facilities have also contributed to this surge in demand to the extend where the supply is yet to meet with the demand requirements. Another aspect that is noticable is that the demand for smaller units is comparatively higher than that for larger units.
Supply:
It has been observed during the last quarter that the demand for 2 BHK residential units was about 65% while for 1 BHK units it was about 25%. On the contrary, the demand for 3 BHK units was about 5%. However, the supply for smaller units has not been able to match the demand. This revels a clear preference for smaller units, mainly due to the affordability factor.
Connectivity and infrastructure:
The area offers excellent connectivity through the NH-9 (Mumbai highway). It is also in close proximity to the Pune-Solapur highway. Besides, another important road that connects the area to the heart of Pune is the Manjri village road, which is an extension of the Mundhwa road. It has a well connected road network with many buses plying through the area. Some of the renowned area in its vicinity are Kalyani Nagar, Viman Nagar, Kharadi and Hadapsar. Manjri is about 13 km away from the Pune railway station, while the Pune International airport is about 12 km away. There are also many schools, hospitals and restaurants in the area.
Developers and Prices:
Some of the prominent completed apartment projects are Shiv Sai Complex by Shiv Builders, Nandini Spring Field by Anand Group, Manjri Green Annexe by B.K. Jhala & Associates etc. Some of the important ongoing apartment projects are Sampanna Homes by Ram India Group, Abhinandan Crystal by Abhinandan Promoters, Indus Vista Luxuria by Indus Properties, Venus Shubh Gloriya by Venus Realty, Dreams Avani by Dreams Group etc. Prices for residential apartments in the area ranges from Rs.4,000-4,400 per sq.ft.
Future Prospects:
Due to the availability of large parcels of developable residential land in the area, Manjri has the prospect of transforming into an ideal destination for residential units at affordable prices. Considering that the supply for smaller residential units is comparatively lower than the demand, it presents a lucrative opportunity for developers to bridge this gap by coming up with more smaller units at affordable prices.
