Popularly known as the Oxford of the East, of late, Pune has emerged as the new real estate destination in the affordable segment in western India. The following article takes a quick look at the same with special reference to the neighbourhoods of Kondhwa and Wakad.
Once the centre of power of the Maratha Empire, Pune is the second largest and most important city in Maharashtra, after Mumbai. Later, the city served as the ‘monsoon capital’ during the British rule.
The cultural capital of Maharashtra, today Pune is known for its educational facilities. The city is home to some of the best colleges and educational institutes in the country. Gradually with India’s economic liberalization and the Information Technology (IT) revolution, the somewhat quaint and quite city almost underwent a metamorphosis. The IT as well as the automobile industry forayed into Pune thus affecting another sector—the real estate.
PUNE REALTY MARKET—A QUICK LOOK
Several IT companies as well as automobile companies, both national and multinational have set up their offices in the city. This has had a very positive impact on the city’s commercial real estate. Several technology parks comprising plush office buildings began to come up all across the city. Companies like Volkswagen, Tata Motors, General Motors and others, all have their offices in the city. Apart from that IT companies like Wipro, Cognizant Technology Solutions, Tech Mahindra and others also have their presence in Pune. Software giant Microsoft also intends to set up a project here in the near future.
Such growth and expansion in the city’s economy had an affirmative effect on the residential real estate sector of Pune. Today, the Pune residential market flourishes as the most preferred affordable housing destination in western India. Some of the best locations in the city for residential purpose are Aundh, Baner, Kondhwa, Wakad, Magerpatta and others. Some of the best flats in Pune fall under the affordable housing category. Let us take a quick look at the same.
AFFORDABLE HOUSING IN PUNE
Situated in Pimpri-Chinchwad, Wakad is a fast developing neighbourhood of Pune. Wakad is the most preferred residential locality by the young IT professional because of its vicinity to the IT Park at Hinjewadi. Flats in Wakad are available for rent as well as selling purposes. The phenomenal growth of the neighbourhood of Wakad can be attributed to IT Park that has come up in Hinjewadi. Existence as well as emergence of new social infrastructures like schools, colleges and hospitals has contributed to the growth of the residential real estate market of Wakad. Townships like Bella Vista Empress near Datta Mandir, Mahindra Woods and Whistling Palms have come up in the recent times. Some of the best residential projects in Wakad comprise the following
The retail sector has also witnessed a huge growth in the locality. Shopping malls, restaurants, eateries have mushroomed up all across Wakad. Five years ago the price of a residential property in Wakad came at a cost of Rs. 2200/- per square feet; now the average price per square feet ranges somewhere between Rs. 4500/- to Rs. 5200/-.
Another locality that is fast emerging as a favourable residential locality of Pune is Kondhwa. Located on the southern part of the city, Kondhwa is a popular educational hub and an emerging technology center of Pune. Flats in Kondhwa are available at an affordable price with basic facilities. Flats are available for sell as well as rent.
With such exponential growth, the residential real estate market of Pune is expected to boom further. In 2012, the Pune real estate market performed exceedingly well with property prices rising between 7%-9% in most residential areas. Moreover, the Maharashtra state government has not only removed the quite unpopular system of No Objection Certificate (NOC) but also notified the inclusion of 28 more villages under the Pune Municipal limits.
Going by this trend, the residential realty market of Pune is expected to reach new heights.
Author Bio: Sampurna Majumder writes on behalf of 99acres.com, which is an online portal dedicated to meet every aspect of the consumers’ needs in the real estate industry. It covers information about all Real Estate property types including Houses for buy/sell & for different Property locations like Pune Real Estate, Flats in Pune and so on.
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