Bhugaon: A burgeoning realty hotspot in Pune

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In the western peripheries of Pune, Bhugaon remains one of the thriving real estate destinations on account of availability of vast land tracts, presence of several reputed realtors, affordability, proximity to commercial centres and developing infrastructure.

Earlier an anonymous precinct in the western corners of Pune, Bhugaon, has witnessed massive transformation over the years. It remains a favoured destination for realty stakeholders in the city, thanks to its proximity to the famous Kothrud and Paud Road.  According to 99acres Insite Jan-Mar 2019 , Bhugaon has emerged as one of the frontrunners in the city and recorded a five percent growth in the average weighted capital ‘asks’, QoQ. Increased supply of newly launched housing projects in the mid-income segment, particularly by reputed developers ensured a steady inflow of residential enquiries in the area. Average capital prices in Bhugaon, as in the quarter ending March, stood at Rs 5,500 per sq ft.

Real estate market

Located along the Mulshi Road, Bhugaon offers large tracts of developable land, paving the way for multiple mega townships proffering a deluge of residential opportunities across budget segments.

The investor community dominates the housing demand in Bhugaon. Close to 60 percent of the homebuyers in the area include domestic investors, and approximately 40 percent are end-users. According to Sunil Jadhav, a city-based broker, House Club Properties, “Ample availability of ready-to-move housing units elicited residential demand from investor community in Bhugaon. Around 60-70 percent of the available inventory is ready-to-occupy, and nearly 30-40 percent is under-development. Mid-sized 2 BHK and 3 BHK units remain the most-preferred housing configurations by the buyer base.”

Affordability has also been an important realty growth driver in the area. The average weighted capital prices in Bhugaon are 40-50 percent lower than the neighbouring locale of Kothrud. The average capital values in Kothrud are pegged at Rs 9,000 per sq ft, against Rs 5,500 per sq ft in Bhugaon.

Unit

Average Carpet Area

Average Capital ‘Asks’ (in lakh)

1 BHK

500-600 sq ft

Rs 30-35 lakh

2 BHK

800-1000 sq ft

Rs 45-55 lakh

3 BHK

1,300-1,350 sq ft

Rs 75-85 lakh

Source: 99acres.com

Proximity to commercial centres

Bhugaon lies in the vicinity to the noted IT hub of Hinjewadi (17 km), which is home to some of the global corporate giants such as Barclays, Mobisoft, Tata Technologies and Infosys. Baner, which is another prominent commercial centre and brimmed with a slew of IT companies, graphics firms and banks, is only 13 km from Bhugaon. The area is an abode to various fine dining options and has become immensely popular owing to its nearness to key thoroughfares such as Dehu Road-Katraj bypass and Mumbai-Pune Expressway, which offer seamless connectivity within the city as well as to Mumbai. 

Social infrastructure

Since Bhugaon is in its developing phase, only a few commercial shops and grocery stores have cropped up within the area so far. However, there are several entertainment and recreation options in the proximate locales. For instance, Westend and Ozone mall in Aundh (14 km) and Pavillion Mall in Shivaji Nagar (13.5 km) serve as the favourite spots for shopping, dining and relaxation for the residents. Some high-end hotels such as Orchid and Sayaji in Baner are also located nearby. For recreation purpose, Bhugaon provides easy access to various amusement parks and resorts.

Additionally, several banks, ATMs and healthcare centres are also easily available in Bhugaon. A few healthcare centres include Varad Hospital, Unique Multispecialty Hospital and Asian Specialty Hospital, among others.

Investment Potential

Competitively priced housing units coupled with an array of residential options in different budget ranges have made Bhugaon a realty hotspot worth considering in Pune. Besides, several infrastructure projects in the pipeline are expected to further act as a springboard for realty growth in the region. For instance, the Maharashtra State Road Transport Corporation (MSRTC) has planned an expansion of Pune-Bhugaon-Pirangut-Paud Road. The road expansion is a part of the Pune-Paud-Tamhini-Mandgaon-Dighi Port Highway Link project. The State Authority has issued Rs 450 crore for the project. Once the project is completed, it will not only ensure hassle-free travel for commuters heading towards Konkon via Tamhini Ghat and Dighi Port but will also lead to real estate growth in the area. The project is also anticipated to boost the average weighted capital values along the stretch by 20-30 percent in the long run.

 


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.


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