PCMC region in Pune attracts residential investors
Pimpri Chinchwad Municipal Corporation (PCMC), a region located about 17 km along the north-western periphery of Pune, is making rapid strides in terms of real estate development. Due to its strategic location along the Mumbai-Pune highway, it has attracted the attention of many investors looking at investing in residential property along the suburbs of the city. Some of the factors that have influenced this decision of investors include the connectivity of the region, its upcoming infrastructure, the presence of various industries, the wide range of residential properties available as well as the affordability of the region.
Connectivity
The area offers excellent connectivity to all neighbouring areas as well as across the city due to its strategic location along the Mumbai-Pune highway. Moreover, the Pune-Nashik highway also passes along this region. PCMC has an excellent road network connecting all the areas in the vicinity like Aundh, Bhosari, Dighi, Yerawada, Thergoan, Nigdi etc. Besides, the road connecting Aundh to the heart of the city is also progressing. The Chinchwad railway station is located just about 3 km away, while the Pune International airport is located about 21 km away, along the Mumbai-Pune highway.
Current and proposed Infrastructure
PCMC offers many social and infrastructure facilities which many experts believe are even better than those in the heart of Pune. Some of the reputed schools in the region are GG International School, Abhinav Public School, Kai Madhukarrao Pawale High School etc. Some of the prestigious colleges in the region are the Indira Institute of Management, SB Patil Institute of Management, DY Patil Center for Management and Research etc. Some of the important hospitals in the region are Sainath hospital, Yashoda hospital etc. Some of the prominent religious institutions in the region are Ganpati temple, Mahalaxmi temple etc. Besides, there are many shopping centers, banks, restaurants, gardens and water bodies here.
Besides existing infrastructure facilities, there are many proposed physical infrastructure facilities that are expected to enhance the appeal of the region. The PCMC has already given administrative approval for five infrastructure projects at an estimated cost of about Rs.460 crore. These projects are proposed to be developed under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). These projects include the water supply scheme for Tathawade village with an estimated expenditure of about Rs. 65.3 crore, Intelligent Transport Management System (ITMS) for the Bus Rapid Transit System at an estimated expenditure of about Rs.49.7 crore, BRTS bus stations at an estimated expenditure of about Rs.33.7 crore, sewage systems for area that have been newly merged into the PCMC at an estimate expenditure of about Rs.97.4 crore and uninterrupted water supply for Pimpri Chinchwad at an estimated expenditure of about Rs.210 crore.
Proximity to industries
PCMC is located in close proximity to the IT hub Hinjawadi, being just about 11 km away. Besides, it is also a hub for the manufacture and assembly of commercial vehicles. Other industries based in the area are electronic consumer durables, locomotives, pharmaceuticals as well as various other intermediate goods.
Range of residential options
The PCMC region is renowned for its wide range of residential options with many developers offering many residential projects that are either completed or in the process of getting completed. Some of the important projects that have already been completed are Vardhaman Heights by Vardhaman Developers, Siddhivinayak Ginger by Siddhivinayak Group, Kohinoor S3 Lifestyle by Kohinoor Group, Vasant Avenue by Vasant Developers, Silver Mist by Rama Group etc. Some of the ongoing residential projects in the region are Mahindra Lifespaces’ Antheia, Kohinoor Shangrila by Kohinoor Group, Sukhwani Niketan by Sukhwani Constructions, Wisdom Park by Chandrarang Developers, Jhamtani Impressions by Jhamtani Group etc.
Prices and appreciation
Most of the residential units in the area are either 2 or 3 BHK apartments or villas. The current average price for residential apartments in the area is about Rs.4,560 per sq. ft., with an appreciation of about 2% compared to the previous quarter. The current average rentals for residential apartments in the area is about Rs.12 per sq. ft.
Future Prospects
There is considerable demand for residential property in the PCMC region due to its proximity to the IT hub at Hinjawadi as well as to other industries based here. Besides, the existing as well as proposed infrastructure facilities are likely to push demand for residential property higher. As a result, it presents a lucrative opportunity for developers to come up with residential projects in the region to cater to the increasing demand for residential property. Investors are also expected to benefit in the long term.
