Pune, the second largest city in the state of Maharashtra, is a classic example to prove that development will be a successive product with hard work and foresight.
The city has grown from being a small town into a bustling metropolitan with large new real estate areas getting developed. Here is a quick snapshot from our expert desk on some investment goldmines in this bustling city.
Kharadi is yet another township in Pune that has blossomed by leap and bounds into a beautiful urban city from being a dismissed land in the past decade. Situated in the eastern corridor of Pune, the vast expanse of barren lands in this area has made it possible to bring in a bevy of residential as well as commercial projects in this town. Owning a Property in Kharadi has lots of perks as it is close to the airport and central areas such as Koregaon Park, Magarpatta CyberCity, Kalyani Nagar, Ranjangaon, Viman Nagar and Wagholi. With lots of IT companies such as Tata, Eaton, Reliance, Zensar, Wipro, Honeywell etc., 5 start hotels and commercial buildings, development is surging at a rapid pace. Kharadi now enjoys excellent water supply, transport facilities with the new inclusion of the proposed Kharadi-Mundhwa road and well planned infrastructure. The apartment prices in the area have grown from Rs 2750 in 2008 to Rs 5250 in the end of 2015. Properties in Kharadi today retail between Rs 5250 and Rs 7500, depending on the quality of construction and amenities provided. The development in the social and commercial infrastructure in the area has improved the property ratings and prices in the past 5 years. Some major projects like Duville Riverdale Heights, Guardian Eastern Meadows have come up in this area. Property investment in such an area will only mean that you are in the right track making the right decision.
Wagholi belongs to the Sastra district of Maharashtra, India. It is a small village located on the northern part of Koregaon region. For a small town, the activities that are going on here are pretty astounding. Wagholi is 20 km away from the Pune airport and the nearest railway station is located in Warthar, which is just 7 km from the town. The road connectivity is also in good shape, making access easier to the neighbouring cities. Wagholi, one of the promising hot locations in Pune is developing into an excellent shape with the determined efforts of the locals and Maharashtra government. The big interest in this area came around 2011 when property prices saw huge boosts of up to 30% within a 6 month period. Currently the high end constructions retail at Rs 5700 per sq ft. Residential plots are available today for Rs 10,900 per sq yard and this is against the retail price of Rs 7000 per sq yard in the beginning of 2011. Some major projects like Rohan Abhilasha, Kolte Patil Ivy Estate have come up in this area.
Hingewadi is a large IT Park located in the Pune City of India. It is on the Katraj–Dehu Road Bypass bypass on the western outskirts of Pune. It is also known as Rajiv Gandhi Infotech Park, housing many software companies. Hingewadi is a proposed hub for integrated townships in Pune. The new Special Township Policy Act of the Maharashtra government has laid down an integrated approach to development of townships to de-congest Pune Municipal Corporation areas and encourage new settlements in its periphery though higher FSI (floor space index) than what is normally allowed in the municipal limits. This is a locality that has seen a 50% jump in property prices since 2010. Currently price range of property in the area is between Rs 4,950 – Rs 6,900. Even residential plots have reached a high of Rs 10,500 in the area. With developing social infrastructure, this location has become a big consideration among investors. Some major projects like Lodha Belmondo, Kolte Patil Life Republic have come up in this area.
In terms of residential property value, Keshavnagar in Pune's Mundhwa area benefits from its advantageous proximity to Koregaon Park, of which Mundhwa is now considered an extension. It is one of the increasingly rare locations where purchasing a budget home in a strategic location in Pune is still possible. The area is located between Manjiri on the East and Ghorpadi on the West, is close to Pune Camp and only about nine kilometers from the railway station. The combination of these factors clearly makes Keshav-nagar a property investment hot-spot. Property in Keshav Nagar today retails between Rs 4,350 – Rs 6,500. The average price for multi-storied residential construction has been Rs 5,400 for the past 6 months. This area also is expected to grow because of its connectivity.
Pune is a property investment market that provides options to a wide spectrum of investment budgets, as the city has a steady supply of options in all price brackets. Even in high-ticket luxury housing, the investment potential in Pune is high and rising. The new locations are getting a lot of investor interest. Various research agencies have confirmed that Pune has prevailed as one of the best-performing residential real estate markets over the past two years. So if you are looking to buy apartments or buy flats in Pune, you have made the right decision.