Homebuyers in Pune are fast moving towards the city fringes to cash on the opportunity of owning affordable homes at prime destinations. Some of the locations, which are the most preferred by homebuyers in the city include Wakad, Baner, Hadapsar, and Kharadi.
According to the 99acres.com Insite Report for Jan-Mar 2019, Pune's residential market managed to maintain its momentum from the last quarter due to ample supply of affordable housing, the most preferred category in the city, and the rise of strategically located micro-markets. Suburban locations such as Hadapsar, Kiwale and Mundhwa emerged as highly lucrative due to their competitive property prices and burgeoning residential development. While homebuyer’s shifted their focus towards peripheral areas in search of low-cost homes, proximity to IT hubs and connectivity nodes remained the prime drivers. Locations offering a mix of these factors scored high on buyer’s preference chart. Some of these locations, which are the most preferred by Pune homebuyers, include Wakad, Baner, Hadapsar, Viman Nagar and Kharadi.
Historically an agricultural area, Wakad, has emerged as a preferred residential destination post the emergence of IT Parks in Hinjewadi and Talawade in its vicinity. Over the years, the civic infrastructure of the area got a state of the art facelift and this invited builders to turn it into a residential goldmine. Today, it is one of the most popular locations amongst homebuyers and tenants. Its seamless connectivity to the IT hubs and the presence of an ample number of residential options make it a sought-after locale in West Pune.
In the future, technological innovations such as the Hyperloop project, which would connect Wakad with Bandra Kurla Complex (BKC) in Mumbai, are expected to propel housing demand further in the area. The development would also give the capital values a shot in the arm. Currently, the average capital values in Wakad stand at Rs 6,400 per sq ft, up from Rs 5,200 per sq ft in Jan-Mar 2018. The rental 'asks' in the area hover around Rs 17,000 to Rs 20,000 per month.
Scoring high on the liveability quotient owing to well-developed social and physical infrastructure, Baner is one of the most sought-after locales in Pune. Its proximity to the IT hub of Hinjewadi and industrial areas of Pirangut, Talegaon and PCMC is the prime factor fuelling housing demand here. The area also attracts buyers and tenants from the small-scale companies located in Aundh and Kothrud nearby. Its inclusion under the Smart City Mission is set to improve transport, water, road systems and integrated solar power systems. Baner has witnessed robust development of residential real estate, resulting in a demand-supply mismatch. Despite healthy demand, an oversupply of housing units has kept average capital prices under check since the last two quarters. The price points may, however, witness an upsurge in the ensuing quarters as more companies mushroom in neighbouring IT squares like the Rajiv Gandhi Technopark and Nanospace IT Park.
Currently, the average weighted capital prices in Baner range between Rs 6,300 per sq ft and Rs 7,000 per sq ft. The rental market too commands a premium at Rs 20,000 per month for a 2BHK apartment.
Located along the Mumbai-Hyderabad National Highway, Hadapsar is now one of the most densely populated residential areas of Pune. The commercial sector consists of three major industrial zones - Eon Free Zone, Magarpatta City and the Amanora Parktown. This locality has seen a six percent increase in the rental ‘asks’ in the last one year, and a three percent increase in average capital prices between Oct-Dec 2018 and Jan-Mar 2019.
The growing demand from the workforce of the IT parks has maintained an upward pressure on the capital and rental values in Hadapsar. The locality also boasts of sound social infrastructure - international schools like City International School, Delhi Public School, and Amanora School and multispecialty hospitals like Columbia Asia Hospital and Sahyadri Speciality Hospital. With all these factors in place, Hadapsar has emerged as one of the most favoured realty destinations in Pune. The average capital values have, thus, reported an appreciation from Rs 5,900 per sq ft in Jan-Mar 2018 to Rs 6,200 per sq ft in Jan-Mar 2019.
This locality is a well-established business district and is chock-a-block with luxury apartment societies, some offering 3BHK and 4BHK configurations, exclusively. "In the next five years, Kharadi and its neighbouring areas will see a host of development projects take shape. There are new IT Parks in Koregaon Park, educational institutions and commercial circles like the Gera Commerzone springing up here," offers Ankit Choudhary, Senior Sales Manager, Kolte Patil Developers.
Choudhary further adds, "Small sized 1 BHK apartments with 500-550 sq ft of carpet space are rented in Kharadi at Rs 14,000-17,000 per month, and are the favourite of the tenant community.” The average capital values in the region have grown from Rs 6,550 per sq ft in Jan-Mar 2018 to Rs 7,050 per sq ft in Jan Mar 2019 (Source: 99acres.com).
In addition to these, Viman Nagar is another locale which scores high on popularity charts of homebuyers and tenants in Pune. If you, too, are looking for a home in Pune, whether to buy or rent, all these locations could be worth considering. Moreover, with the Pune Smart City project underway, the city is prepared for the future infrastructural expansion of commercial and residential real estate, which would open more avenues of growth.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.