Pashan in Pune Witnesses Growth in Property Values
Pashan, a western suburb of Pune has witnessed a good growth in property values within two years. For example, a 1,000 sq. ft. apartment, which would cost Rs 45 lakh a couple of years ago is now costing about Rs 65 lakh. Proximity to the growing Hinjewadi IT SEZ is quoted as the main reason for this growth in property values. Along with that, a good infrastructure and social amenities too have contributed to this growth.
Location and connectivity
Pashan lies almost near the centre of Pune and to the west of important commercial centres such as Kharadi, Swargate and Karve Nagar. It also lies just about 15 km from Hinjewadi, which is one of the main IT SEZs in Pune. The Mumbai Pune Bypass Road, which is a part of National Highway 4 passes through the area and connects it to various other cities in Maharashtra and the country. The area also lies just off the Mumbai-Bangalore Highway. As such, Pashan enjoys very good connectivity. There are regular PMPML buses from various areas to Pashan. The nearest railway station is just 10 km away while the Pune International Airport is about 15 km away.
Infrastructure and amenities
The key driver of infrastructure around the area is the Hinjewadi SEZ. Apart from the national highways within the area’s proximity, the area has several good roads that connect it to neighbouring areas of Aundh, University Square and Bavdhan. Apart from being in close proximity to Hinjewadi, the area has a DRDO centre and a High Energy Materials Research Laboratory. The area also has other social amenities such as schools, colleges, hospitals, shopping centres, temples and ATMs within its proximity.
Some of the notable establishments within Pashan include Indian Institute of Tropical Meteorology (IITM), National Institute of Virology (NIV), Armament Research and Development Establishment (ARDE) and Indian Institute of Science Education and Research, Pune (IISER). One of the key attractions in the area is the Pashan lake and its Bird Watching Zone, where one can watch several migratory birds. A Baner-Pashan Biodiversity Park too has been proposed by the Pune Municipal Corporation.
Real estate property and trends
While the proximity to Hinjewadi is the key driver of realty in Pashan, its good connectivity and proximity to posh areas such as Aundh, Baner, Kothrud, Model Colony and Paud Road are other drivers of its realty. Pashan’s realty has grown in a rapid manner within two years. For example, a 1,000-sq-ft 2BHK apartment that would cost about Rs 45 lakh two years ago now costs about Rs 65 lakh. The last year alone witnessed a hike of up to Rs 10 lakh in property prices for the configuration. The average property value per sq. ft. was about Rs 4,700 during the last quarter of 2011 while it was about Rs 6,300 per sq. ft. during the last quarter of 2013, a hike of almost 35 per cent in two years.
One can find apartments of various configurations in Pashan. The most commonly available configurations are 1 and 2BHK apartments with sizes varying from 550-700 sq. ft. and 800-1,300 sq. ft. respectively. While a 1BHK apartment costs about Rs 30-50 lakh, the cost of a 2BHK apartment may go up to Rs 80 lakh. Some of the active developers in this area include Rujuta Developers, Garden Developers, Ashiyana Real Estate and Shree Bal Developers.
The rapidly growing property values and the increasing presence of developers are good indicators of the popularity of the area. Those who invested in the area two years are already reaping the fruits. With the constant steady growth in property values in the area, one can definitely expect further appreciation in the near future.
