AREA WATCH - NEW AVENUES FOR INVESTMENT IN PUNE

Oct 22 2016 : The Times of India (Pune)

--Magicbricks Bureau





Pune city is still under the web of infrastructural development. North, West and South East Pune are witnessing different phases of construction activities. These developmental corridors will bring in the anticipated growth and expand the limits of Pune. Certain corridors fall under the jurisdiction of specific government authorities and, therefore, already have their growth chalked out under their development plans. Localities alongside these corridors are experiencing advancement and pose as a potential investment destination to buyers.Wakad and Hinjewadi have the potential to experience a slight increase in property prices in the coming years. The residential inventory of these localities mostly consists of premium residences.The dominant budget segment in the Wakad-Hinjewadi corridor is `60-80 lakh and contributes to 41 per cent share of the housing supply. The `40-60 lakh budget segment is a close second, followed by the `80 `1 crore budget segments.
About 60 per cent consumer demand is for 2-BHK units, while 29 per cent demand is for 3-BHK units.
The Undri-Pisoli corridor offers good residential options in different formats, price ranges and builder project preferences. It is an ideal destination for buyers looking for relatively affordable options which are not very far from the CBD of Pune. It is close to ITITeS office clusters such as Magarpatta City and Phursungi. Undri is the most preferred locality by tenants followed by Pisoli.
The housing stock mostly comprises of `40-60 lakh segment. Most of the available properties have a 2-BHK configuration. The size of most of these 2 BHK options vary from 1,000-1,200 sq ft. One can also find 3-BHK residences in the `60-80 lakh price segment.
Moshi-Chakan corridor represents the affordable housing market of Pune. Dominant property prices would be the `20-40 lakh followed by a much smaller share of `40-60 lakh price bracket.
One can find ready-to move-in properties here easily and the area is preferred by tenants for rental purpose. It is a price sensitive market. Research says buyers opt for 2-BHK formats which are relatively smaller in size and, therefore, the overall purchase cost is on the lower side.
Kharadi and Wagholi rank amongst the top five localities in Pune in terms of supply and demand for residential options. Wagholi is at the third place, followed by Kharadi at the fifth spot. Most of the supply is in the `40-60 lakh budget in the corridor while, 90 per cent of `20-40 lakh options can be found in Wagholi. The `60-80 lakh segment dominates in Kharadi.
More than 50 per cent consumers prefer 2-BHK units for rent or purchase purpose.
Localities along the Baner-Pimple Saudagar are popular among buyers looking for options in established areas with good connectivity to both, the City Centre as well as ITITeS offices in Hinjewadi.
Houses in these localities fall in the `60 lakh-1 crore price brackets. The `60-80 lakh and `80 lakh 1 crore brackets have 34 and 22 per cent share of the supply. Buyers in the corridor prefer 2-BHK formats which costs `60-80 lakh. People looking to rent here opt for 3-BHK units.
All five corridors of growth are investment destinations for potential buyers.These areas will witness development in the future, therefore buying here makes sense. Before purchasing a property, it is advisable to check the background of the builder. This is essential to check whether there has been delay in project delivery or issues regarding poor quality construction. A little caution and in depth research on buyer's end goes hand-in-hand in buying a hassle-free property.
BANER BALEWADI
Improved infrastructure, a pronounced job market, good connectivity to business and commercial districts, ample stock determines the popularity of this corridor which consists of Baner, Balewadi, Pimple Nilakh and Pimple Saudagar. On account of this, the pricing is on the higher side and should remain stable for the time being. The amenities and availability of property also ensures that these areas act as back-ups for each other. For example, Pimple Nilakh largely receives the spill-over demand from Aundh and Baner and some industrial-driven demand from Talegaon.
KHARADI WAGHOLI
Popular among the new and somewhat career-settled buyers of Pune, the Kharadi-Wagholi corridor will maintain its pace for some time now. Land availability and proximity to ITITes offices ensures that the belt has further room to expand. Owing to its price, Kharadi and Wagholi may be targeted at a handful of buyer base.
However, the pull factor is dominant.
New launches, choice in stock, different formats, amenities and scope of appreciation will keep the belt moving.
WAKAD HINJEWADI
Considerable development and properties priced almost equally and at a premium, that is, Wakad and Hinjewadi for you. This belt that consists of Hinjewadi, Wakad and Marun still has considerable land bank for further development towards the west. Expect a marginal increase in values over time. At the moment, prices are in the range of `5,900-6,100 per sq ft. If Hinjewadi merges with PCMC, additional focus on infrastructure and new development would work favourably for local realty. This with the existing wealth of the ITITeS centres in the two localities will help maintain the charm of realty here.
UNDRI PISOLI
Varied formats available in a broad price range, that's Undri-Pisoli belt for you.Due to the supply, consumers get to choose and, perhaps, also negotiate. Well connected with respect to other strategic locations as well as linkage with major highways such as the Pune-Mumbai Highway, Pune-Bangalore Highway, PuneSolapur Highway and the IT clusters of Hadapsar, Magarpatta City and Phursungi lend the area some weight in the preference meter. Although not as fully fledged in terms of conveniences, the merger, when it happens, with PMC would be a strategic one. This belt makes for a good bet for those looking for a pocketfriendly housing option.
MOSHI CHAKAN
Moshi and Chakan may not have sprung up in the wish list of the high-heeled, but given the development activities in the belt and the existing stock, it may be a good time to skim through and shortlist a property of your choice. However, expect good returns only in the long run because it largely remains a price sensitive market. What may work for this belt is the possibility of an upcoming international airport. When a reality, it will change the dynamics of realty here. However, it is at an embryonic stage and given the infrastructure lags, may be a gainful enterprise in the long run only.