Mundhwa in Pune sees appreciation in residential property values
Mundhwa, a little known area in suburban Pune is suddenly seeing a frenzy of real estate activity. Located about 9 km from the heart of the city along its eastern fringe, the area is slowly gaining prominence as a residential destination. Testimony of this can be seen from the rise in demand for residential accommodation here. Consequently, property values here have appreciated considerably since the last couple of years. Besides its proximity to important IT hubs on the eastern part of the city, connectivity as well as the fast improving infrastructure facilities have enhanced its appeal among both end users as well as investors.
Connectivity
Mundhwa is well connected to other areas across the city as well as areas outside through some major roads that pass through its vicinity. The area is located in the proximity of the SH-27, which joins the NH-9 (Mumbai Highway) about 5 km away. The Ghorpadi Road is another important road that passes through the area. The nearest railway station from Mundhwa is the Hadapsar railway station located about 1 km away, while the Pune city railway station is located about 6 km away. The Pune International Airport is located about 7 km north of Mundhwa, along the Patil Vasti Road.
Infrastructure
The infrastructure in Mundhwa is in a growth phase due to which new developments are coming up in the area. Some of the reputed educational institutions in the area are Orbis School, Sarthi Vidya Mandir and Rajashree Shahu Maharaj Vidyalay, among others. The area also has many prominent hospitals in the vicinity like the Columbia Asia Hospital, Sakharam Kundlik Kodre Kutir Hospital and Sai Hospital, among others. Besides, there are some important religious institutions in the area like the Renuka Mata Mandir, the Hanuman Mandir and the Zakaria Masjid, among others. Moreover, there are many other important facilities like banks, shopping centers and restaurants, among others in the area. The Mula-Mutha River flows through the vicinity of Mundhwa.
Realty Scenario and Developers
Mundhwa is renowned for its large parcels of vacant developable land many of which have already been acquired by prominent developers for developing future residential projects. There are many residential pockets in Mundhwa that include Sharad Nagar, Keshav Nagar, Mayureshwar Colony, Shankar Nagar, Jadhav Nagar and Fatima Nagar, among others. The most commonly seen residential units in Mundhwa are 2 and 3 BHK apartments. As per data listed with CommonFloor, Rohan Ishita by Rohan Builders India is a prominent completed apartment projects in Mundhwa. Gauree Space Atlantica East by Gauree Space Creator is an important upcoming apartment project here.
Price Trends
The average price per sq. ft. of residential apartments in Mundhwa is approximately Rs 5,675. The appreciation in capital values recorded in Q2 2014 compared to the one before than is about 9 per cent. The average rental price per sq. ft. in the area is about Rs 17, which has been more or less steady for a while.
Future Prospects
Due to the availability of large parcels of developable land in Mundhwa, it presents a lucrative prospect for developers who are planning to purchase land to develop residential projects in future. Considering that the land prices are appreciating in the area, it is the opportune time for developers as well as investors to purchase land here immediately. Developers and investors who have already purchased land can consider themselves lucky to have availed of lower land prices. However, the future appreciation in residential property prices will depend on the rate of development of infrastructure facilities here. Investors who have rented out their property as well as those who have bought property to resell it in future can expect healthy returns on their investments.
