Published: August 23, 2014 3:21:38 am
By: Sanjay Bajaj
Most IT-centric hotspots in a city tend to have a modest start and catch up in the pricing steeple-chase only as the area develops. In Pune, we now have a firmly established as well as quickly growing IT-driven property locations that command the limelight among end users and investors alike.
Kalyani Nagar has emerged one of the most prominent commercial and residential real estate destinations on the eastern corridor of Pune. This area has been popular with home buyers. Priced at an average of Rs 9,000 – Rs 19,000 per sq ft, residential properties here command a premium over other localities.
Aundh’s real estate market in both the residential or commercial segments has retained the ace position among Pune’s suburbs for quite some time. With an annual appreciation of approximately 20 per cent, the property prices in Aundh are largely unachievable for the baseline consumer, being currently in the range of Rs 10,000 – Rs 12,000 per sq ft. The area has a good secondary sales market, but the available options are in old buildings that offer no extra frills. Prices on Aundh’s resale market range between Rs 7,500 – Rs 8,000 per sq ft.
Residential property prices in Wakad currently range between Rs 5,500 – Rs 6,000 per sq ft. The area has seen annualised appreciation of 15-18 per cent and continues to benefit from demand drivers such as good civic infrastructure and vast improvements in connectivity to the city’s key pockets.
Baner is still one of the most aspired-for residential locations in Pune; however, with residential property prices there currently ranging between Rs 7,000 – Rs 10,000 per sq ft, Baner is no longer an option that everyone can afford.
Located on the eastern periphery of Pune, Wagholi has evolved into one of the city’s important suburb. About half a decade ago, the area was mostly dominated by local industries along Nagar Road. Like Hadapsar, it has now successfully shed the usually resilient image of ‘industrial area’ and is gaining prominence as a residential destination of note. Currently, residential prices in Wagholi range from Rs 3,800 – Rs 4,200 per sq ft, clearly marking it as a location that still offers relative affordability when compared to neighbouring Kharadi.
Charoli is an emerging location in the northern part of Pune, which has several advantages working for it. The increasing number of professionals from the IT and manufacturing / industrial sectors in Pune has triggered escalated demand for mid-income housing in the city. To cater this demand, developers are exploring new peripheral regions in the city. With property prices currently ranging between Rs 3,200 – Rs 3,500 per sq ft, Charoli definitely holds notable growth potential and promises good returns on investment over the mid-to-long term.
Pimple Nilakh, located in the western part of Pune, is a suburb of the Pimpri Chinchwad Municipal Corporation. This area receives the spillover demand from Aundh and Baner as well as from Pimpri-Chinchwad and some of the industrial-driven demand from Talegaon. With current residential prices ranging between Rs 5,750 – Rs 7,000 per sq ft, and steady appreciation of approximately 15-20 per cent per annum, prices have effectively doubled there in half a decade — a fact that has not been lost on investors.
Pimple Saudagar and Rahatani
Pimple Saudagar is currently patronised mainly by end users and is only beginning to attract serious attention from investors. At property rates ranging from Rs 5,200 – Rs 5,700 per sq ft and annual appreciation of 13-15 per cent, this region presents very good options for home buyers who are also focused on healthy investment growth.
Rahatani, yet another emerging suburb of the PCMC, is a residential hub catering mainly to the affordable housing segment. Due to its proximity to the Mumbai-Pune Expressway and the manufacturing belt of the west, Rahatani receives a lot of demand from the IT and industrial sectors. Current prices range between Rs 4,800 -Rs 5,300 per sq ft and appreciation has been to the tune of 12-14 per cent.
The author is managing director – Pune, JLL India
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