Due to the rise of the IT sector in the city there has been an influx of young population in the city who eventually prefers to settle down owing to the peaceful climate and the relaxed attitude of the city. That has created a lot of demand for homes of varied sizes. There’s something available for every budget-from compact studios to row houses, starting from Rs.15 lakh.
Below is an excerpt from Business Today’s article on Pune’s real estate development.
A number of budget projects are mushrooming on the city’s periphery. The once-open fields in areas such as Sinhagad Road, Chakan and Hinjewadi have got a concrete makeover, with people buying homes as investment options or for own use. A leading developer, with several projects in Hinjewadi and Sinhagad Road, attributes the demand to better facilities offered by the Pimpri-Chinchwad Municipal Corporation, compared to the Pune Municipal Corporation. A sales executive for Vastushodh, a big name in affordable housing, explains that a young professionals moving to Pune in the growing automobile or IT industry seek to invest in their own home. Its Urbangram projects stand within 15 km of the city center and cost Rs.15 lakh-Rs.30 lakh. Proximity to Khed-Shivapur’s industrial park and the Mumbai-Bangalore highway makes Ambegaon another affordable hub.
A new affordable housing feature is the 1.5 or 2.5 BHK unit. “It offers extra space-a study-for a nuclear family that doesn’t have to pay a higher price,” says Amit Jinralkar, senior executive, sales, Paranjape Schemes. Most affordable projects offer facilities such as a swimming pool and clubhouse. At Blue Ridge, Hinjewadi, there’s a golf drive, luxury villas, service flats, a sports zone, boat club and a butterfly garden. “The defining factor for home prices is the cost of land. The further one goes to the fringes, the cheaper it is,” says Rohit Gera, MD, Gera Developments. There are some negatives though- the outskirts too are quickly getting overcrowded, and the drive to downtown Pune is long.
Sinhagad Road and Hinjewadi are popular as they are close to IT hubs Baner and Hinjewadi and the Mumbai-Bangalore highway. “They’re the outskirts only for now. With expanding city limits, newer outskirts will become the new affordable areas,” says Gera.