Demand higher for 2 BHK apartments in Viman Nagar, Pune
Viman Nagar which is located about 9 km from the heart of Pune, along its eastern corridor is a prime residential destination in the city. Its proximity to IT hubs as well as many other important facilities has resulted in the area being appealing to both end-users as well as investors. Based on the data listed with CommonFloor, it has been observed that the demand for 2 BHK apartments is higher in Viman Nagar compared to other unit types, closely followed by 3 BHK units.
The figure given depicts the representation for different types of BHK units in Viman Nagar. Among all the apartments that have been listed for sale with CommonFloor, 42 per cent comprises 2 BHK units, closely followed by 3 BHK units with 38 per cent. 1 BHK units comprise 13 per cent of the total units while 7 per cent comprise others. This trend for increase in demand for 2 BHK apartments in Viman Nagar can be attributed to the presence of nuclear families as well as due to the prices of larger units being on the higher side. The relatively higher demand for both 2 and 3 BHK apartments can be attributed to the predominantly higher disposable incomes earned by its residents.
Advantages
Being a prominent IT hub, the demand for residential accommodation in Viman Nagar is considerably higher, particularly among IT professionals working in the area. Having derived its name from an Air force campus located in the vicinity, one of its important advantages is its proximity to the Pune International airport located just about 2 km away. It is well connected to the heart of the city and other areas along the eastern corridor through the Samrat Ashok Road. Other prominent landmarks in the area are the Air force School, the Symbiosys Center for Management Studies, the Hyatt Regency, Four Points by Sheraton, Jogger’s Park and Phoenix Market City, among others.
Realty Scenario and Developers
There are many important residential pockets in Viman Nagar that include MHADA Colony, Konark Nagar and Sakore Nagar, among others. Some of the important completed apartment projects here are Bhandari Aura by Bhandari Associates, Nandan Astra by Nandan Buildcon and Horizon Aster Trinity by Horizon Developers, among others. There are also many upcoming apartment projects like Alliance Nisarg Leela by Alliance Group, Lodha Belmondo by Lodha Group and Kasturi Eon Homes by Kasturi Housing, among others.
As per CommonFloor data, the average residential property values in Viman Nagar in Q2 2014 was about Rs 7,250 per sq.ft., with a depreciation of about 2 per cent compared to the previous quarter. Apartment values for 2 BHK units here between 1000 ans 1500 sq.ft. ranges between Rs 75 lakh and 1.2 crore. For 3 BHK units between 1500 and 300 sq.ft. the values range between Rs 90 lakh and 1.5 crore.
Future Prospects
There is expected to be a steady demand for both 2 as well as 3 BHK apartments in Viman Nagar. Even though the prices may vary slightly in the short run, there is expected to appreciation in values in the long run due to the various benefits that the area offers. Both end-users as well as investors are expected to benefit from investing in the area.
