Pune is among the largest cities in Maharashtra, with a massive population of over 70 Lakh. The continuously growing population is pushing the demand for real estate in the region, where Pune is an emerging market after Mumbai.
The city has earned the title’ Oxford of the East’ because of the establishment of notable universities, colleges and management schools in the region. Pune is also referred to as the “Queen of the Deccan” as it boasts a pleasant climate, amazing work culture and a wide range of tourist attractions. It has become an attractive place to reside because of the top qualities it offers to the residents.
Being one of the fastest-growing metropolises in India, Pune’s burgeoning economy has taken a high flight in the real estate market. This has given a push to the establishment of massive real estate investments. Let’s briefly look at Pune’s evolving real estate market.
Pune’s Real Estate Growth
The city of Pune has changed significantly since 1990. It has transformed completely in the last thirty years due to IT and automobile companies established in the region.
Numerous areas in Pune show robust real estate demand among potential house buyers as more housing projects have marked their presence in the market. The developers have continued to develop projects in the lower, middle and high price ranges, coupled with attractive offers that attract buyers. Some locations in Pune have seen a continuous rise in client inquiries.
However, selecting the right destination to buy property in Pune is more than just a strong project or offer. Your motivation, preference, and capacity determine the best place to acquire a house in the city.
Top Affordable Locations To Invest In Pune
Located in the east of Pune, Hadapsar is an emerging destination suited for residing and raising a family. The locality’s two largest special economic zones include Fursungi IT Park and Magarpatta City. Hadapsar is also connected to major destinations such as Nagpur and Mumbai through highways 9 and 27.
The distance between Hadapsar and the railway station is 4.5 kilometres, while the airport is about 15 kilometres away from the city. It is connected to the rest of the city by bus service. Hadapsar, which used to be only fields, is now the information technology hub of the city. Real estate growth in the area is witnessing enormous potential.
Thus, the region is an ideal location for families to buy a house. The average capital prices in this region are approximately Rs 6,600 per square foot, and the median rent for one-bedroom apartments is around Rs 9,600 per month compared to two-bedrooms that cost Rs. 16,000 per month.
Housing demand is primarily fuelled by IT/ITeS in Viman Nagar, Kalyani Nagar, Nagar Road/Off Nagar Road and Kharadi in Pune’s northeast submarket. Some major companies in International IT and Business Process Outsourcing (BPO) from Kalyani Nagar are Giga Space, EON Weikfield IT Park and Tech Park One.
The establishment of IT/ITES offices creates employment opportunities, hence demand for housing real estate. Wagholi submarket also benefits from major physical and social infrastructure, such as proximity to the Hadapsar Airport and Railway Station, retail projects, well-known hotels and reputed educational institutions.
Within a relatively short period, Wagholi has become one of the most prominent travel destinations in the past five years. Compared to locations such as Nagar Road, Viman Nagar, Kharadi and Kalyani Nagar, real estate prices are less expensive in this area.
Land rates in Wagholi are more budget-friendly than in nearby areas, making this place the abode of affordable real estate. However, the average capital value in Wagholi is Rs 5200 per sqft, which is between Rs 3,500 and Rs 4500 per sqft in the Bakori area. Moreover, the rent for 1 BHK and 2 BHK houses in Wagoli and Bakori ranges from Rs 5000 to Rs 6975 per month and between Rs 8000 and Rs 13000, respectively.
Mahalunge has transformed itself into a world-class real estate micro-market in Pune. The region has shown incredible potential for sky-high real estate projects thanks to its brisk development and close proximity to the neighbouring housing and economic hotspots, such as Baner, Wakad, and Hinjewadi.
The city is developing under the Mahalunge Hi-tech City model project, where it will emerge as a sophisticated and upscale society to live in, with a top-class social and civic infrastructure.
The establishment of top residential properties, such as Godrej Hill Retreat, VTP Earth One, and VTP Blue Waters in Pune, offers new investment opportunities. The locality is becoming a major residential hub because of its hi-tech social infrastructure, seamless connectivity to major cities and facilities, and proximity to corporate and IT hubs.
Wakad Suburb is located on the northwestern side of Pune. You’ll find a good number of colleges and apartments in this area. Whether you are searching for a home to buy or lease, Wakad has emerged as one of the classy locales in Pune’s real estate marketplace.
Its surrounding areas are crowded with industrial infrastructures and famous factories, including Bajaj, Tata Motors and Thermax. The industrial belt of this zone includes key centres such as Talegaon and Chakan, which are top manufacturing hubs in Pune. The locality has seen rapid growth in both commercial and IT sectors in recent times.
Wakad is easily accessible from the Mumbai Expressway and the Pune Expressway. Even though the Pune International Airport is around 20 kilometres away from Wakad, the Pune Junction railway station is only about 12 kilometres away and is reachable in a short time. Properties in Wakad, on average, cost around Rs. 6,230 per sqft.
Hinjewadi boasts charming streets and excellent public transport. The residential market in this part of Pune is flourishing exponentially as several top corporations are looking forward to investing in the region. The infrastructure in Hinjewadi is exceptionally strong and continues to improve over time.
The pedestrian-oriented infrastructure and best connectivity by the buses are available with regular routes. In case you’re looking for a 1 BHK flat in Pune to buy, Hinjewadi is a good choice as it encompasses a number of schools, colleges, hospitals, entertainment venues, malls and restaurants.
Moreover, Hinjewadi has three important Phases in the IT sector, with a provision to construct a fourth Phase. The IT sector of Hinjewadi is also a better choice for investment, where you can rent or buy a home. The sector is growing rapidly and is expected to offer additional jobs, migration, and housing demands. On average, properties in Hinjewadi cost Rs. 5000 sqft.
Pune has become a world-class destination with top infrastructure, a strong economy and a rapidly growing real estate market. These factors are enough to let you decide whether you want to invest in the region. The city has many best opportunities that can make your investment a worthy decision.