Pune: An ideal choice for Residential Realty Investment
Pune is one of the fastest growing Tier-II cities in India, especially in terms of Real Estate growth. This is in addition to it being known as the educational capital of India as well as one of the fast growing IT hubs of the country. Some of the important features that the city can boast of are its renowned educational institutions, fast developing physical infrastructure, its rich culture and heritage, hub for business and industry, its cosmopolitan population, its excellent climate and also its proximity to Mumbai. In this context, it can be considered as an ideal residential realty destination for both young and old as well as people of all walks of life.
Infrastructure Development
The infrastructure of Pune is developing at a rapid pace with the state government is congruence with the requirements of the city. Being an industrial city, the government has opened the doors of the city to investors in different sectors, particularly in the automobile sector, with most of the major automobile makers in India, both local and foreign, having their manufacturing unit in Pune. Some of the major automobile companies having their manufacturing units in the city are Tata, Bajaj, Mahindra, Land-Rover, Mercedes-Benz, General Motors, Volkswagen and JCB, among others. Besides, there are many prominent IT companies, educational institutions, cultural centers and industrial areas across the city.
Connectivity
Pune offers excellent connectivity all across the city. Some of the major roads criss-crossing the city are the Mumbai-Pune Bypass Road (NH-4, AH-47), the Old Mumbai-Pune Highway (NH-50), the Mumbai Highway (NH-9), the Samrat Ashok Road and the Satara Road, among others. The Expressway connecting Mumbai with Pune provides easy and speedy connectivity between the two cities. The city is also connected by a wide network of roads, railways and airways. The proposed Metro rail project will further enhance the connectivity of the city in a large manner.
Realty Scenario
The realty scenario of Pune is a reflection of the overall progress that the city is undergoing in various spheres of activity. The city has witnessed tremendous growth in real estate in recent years due to the launch of numerous commercial projects, multiplexes, IT parks, as well as gated community residential projects. Still more are set to come up in the near future with many prominent developers planning to embark on many such projects soon. This also reflects the positive investor sentiment that is prevailing in the city. This is primarily due to the fact that developers have delivered projects in a timely manner taking into consideration the requirements of prospective buyers.
The Residential realty market also has shown considerable growth across the city with areas even towards the periphery being in high demand due to the affordability factor. Investors are also confident of investing in the city due to the high returns that they can expect on their investments. Compared to most of the major cities in the country the real estate prices have remained stable, by and large, with many areas, particularly the IT hubs, witnessing considerable appreciation in values. Most of these IT hubs are located on the eastern part of the city, with the Pune International Airport further enhancing the realty appeal in the locality.
Prominent Realty Areas
In realty terms, the city can be divided into five zones, namely north, south, east, west and central zones.
Some of the areas towards the north of the city that has seen considerable growth in residential realty are Chinchwad, Akurdi, Talegaon, Pradhikaran, Ravet and Chakan, among others.
Areas in the south of the city which have witnessed growth include Ambegaon, Khondhwa, Katraj, Salisbury Park, Parvati, Mohammadwadi, Sinhagad Road, Warje and NIBM, among others.
The prominent IT hubs on the eastern part of the city that have seen tremendous growth in residential realty are Koregaon Park, Kalyani Nagar, Viman Nagar, Hadapsar, Khadki, Boat Club Road, Kharadi and Wagholi, among others.
In the western part of the city, prominent areas include Aundh, Baner, Balewadi, Hinjewadi, Bavdhan, Pashan, Kothrud, Wakad and Pimple-Saudagar, among other.
Prominent areas in the central part of the city include Bhosale Nagar, Deccan, Model Colony, Shivaji Nagar and Prabhat Road, among others.
Most of these areas have witnessed appreciation in property values between 2 and 5 per cent. Some of the areas which have witnessed considerable appreciation in residential apartment values compared to the previous quarter include Sopan Baug (8 per cent), Wadgaon Budruk (15 per cent), Aundh (16 per cent), Dange Chowk (9 per cent), Dhanori (17 per cent), Karve Road (9 per cent), NIBM (18 per cent), Nigdi (13 per cent), Pimpri Chinchwad (8 per cent), Pune-Sholapur Road (12 per cent) and Satara Road (8 per cent), among others.
Future Prospects
The future augurs well for Pune in terms of realty growth. With the demand for residential realty across the city being at an all-time high, developers are expected to come up with many more residential projects in the immediate future. Due to the developments in infrastructure as well as the other advantages that the city possesses in terms of reputed educational institutions, many IT hubs, employment opportunities, cosmopolitan lifestyle and the pleasant weather, there could be considerable migration in population from other places, thereby enhancing the demand for residential realty. As a result, appreciation is property values can be expected in prominent areas, while areas towards the fringes could still remain affordable. Investors can also expect rich dividends on their investments.
