Backed by improved connectivity and infrastructure development in Pune, new areas were seen to be emerging as major realty hotspots in the city in 2015. As per CommonFloor yearly report titled “Pune Real Estate in 2015,” Moshi, Chakan, Talegaon, Chikhali and Sinhagad Road were the new entrants in the list of the top 10 markets that saw maximum new apartment launches in 2015.
So, what was the reason that led to the realty growth of newer areas in Pune?
One major factor that attributed to the spurt in real estate activity was the attractive price tags of properties in most of these areas. Additionally, these markets are seeing demand from the nearby IT/ITeS hubs or the industrial belts situated in and around these areas. For instance, Moshi in Pimpri-Chinchwad region is strategically located and is in close proximity to Bhosari and Chakan industrial belt.
Maximum Launches in Affordable and Mid Segments
According to CommonFloor Real Insights, these five areas together witnessed more than 28 per cent of the overall new supply in Pune this year. Moreover, maximum launches were seen in the affordable and the mid segments. The profile of the property seekers in these localities mainly comprised of IT/ITeS professionals and those working in the industrial belts in and around these areas.
The average launch price of properties in Moshi, Chakan, Talegaon, Chikhali and Sinhagad Road ranged anywhere between Rs 3,600 to Rs 5,700 per sq. ft. Most of the available properties in these areas are 1 and 2BHK apartments, with a few 3BHK apartments. Moshi, Talegaon and Chikali also offer a few residential plots and independent houses.
In terms of rentals, the average rental prices in these areas are Rs 9 to 12 per sq. ft. The most units available for rentals here are 1 and 2BHK apartments.