Affordable housing leads residential development in Pune

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affordable housing

Pune is emerging as an economical housing hub, with Rs 30-40 lakh budget range reigning over all other budget categories in terms of demand. Experts believe that localities situated in suburbs are ruling the roost in the affordable housing segment.

Being a prominent IT hub of India, Pune is preferred as a living destination by both local as well as migrant population. This has led to the emergence of the affordable housing segment, with the budget range of Rs 30-40 lakh outperforming other budget categories. Localities such as Pashan, Ambegaon, Kharadi and Vishrantwadi offer properties within the aforementioned price range, experts say.

“The average capital values in developing localities is in the range of Rs 4,500-5,500 per sq ft and these areas are mainly located in the suburbs,” says Atul Ingulkar, Proprietor, U and V Properties, Pune. New outskirts of the city like Solapur Road also have plenty of options in the affordable housing segment.

Growth drivers

So, what makes Pune a coveted affordable housing destination?

  1. Presence of industries: Pune has gradually become a manufacturing hub with a strong presence of engineering and automobile sectors. This has led to the emergence of Chakan-Ranjangaon-Talegaon belt, Pimpri Chinchwad and Bhosari among others. Most of the staff that works at these industries wants to live nearby in affordable localities, leading to the development of neighbouring areas. These include Chinchwad, Talegaon, Bhosari among others.
  2. IT and ITeS companies: IT professionals working in Pune want to live close to their offices, leading to a rise in demand and residential values in and around localities housing IT hubs. Some of them include Kharadi, Hinjewadi, Hadapsar and Magapatta among others. All these localities offer properties in the range of Rs 30-50 lakh.
  3. Ample availability: There is an ample availability of land in eastern and western peripheral locations thereby ensuring that residential localities here come up in an organized manner. Prices have remained affordable here with a consistent rise over the last two quarters. A growing demand for land has matched the supply. Localities that top the chart of land availability are Ambegaon, Vadgaon Budruk, Pashan and Bhugaon. The capital values here range between Rs 4,500 and Rs 5,500 per sq ft.
  4. Stable capital values: A major reason for Pune to perform better than its counterparts is the comparatively stable price movement the city has witnessed in the last few years. According to Ingulkar, although bookings in Pune are down by 60 per cent in the last six months, prices have remained stable and market volatility did not have a deep impact on the real estate scenario.
  5. End user driven: Another primary factor that has worked in favour of Pune’s realty is that the market is primarily driven by end users and not investors. Market prices have remained stable due to limited interest from investors, thereby controlling the volatility and negative consumer sentiments.

Below are some of the popular housing options in Rs 30-40 lakh budget in Pune:

 

Project Name

Developer

Locality

BHK

Area

Price (In INR)

Status

Sumeru Gaurang Residency

Sumeru Buildcon

Sinhagad Road

1/2 BHK

635-814 Sq ft

38-40 Lakh

Ready to move

Gloria Apartments

Amit Constructions and Rujuta Developers

Pashan-sus Road

1/2 BHK

670-1113 Sq ft

34-43 Lakh

Possession by March 2016

Pristine Pacific Phase 2

Pristine Properties

Ambegaon

1/2/3 BHK

646-1487 Sq ft

35 Lakh onwards

Possession by June 2017

Goel Ganga Constella

Goel Ganga Developments

Kharadi

1/2/3 BHK

565-1560 Sq ft

40 Lakh onwards

Ready to move

Dreams Residency

Dreams Group

Vishrantwadi

1/2/3 BHK

325-2159 Sq ft

35 Lakh onwards

Ready to move

Sachin S. Shingavi, Proprietor, Ashiyana Real Estate, Pune, points out that Sinhagad Road, Bibwewadi and Satara Road have also witnessed strong demand. “Most consumers are opting for resale properties in these localities. Consumers enjoy benefits such as better road infrastructure, planning, and no water or power shortage,” adds Shingavi. 


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