New Projects in Pune
A few decades back real estate demand in Pune was driven by people working in laid back service industry, with a small fixed amount of savings to purchase a house fitting in that budget. The growth of IT sector, the massive spread of organized retail and the city’s changing demographics have no longer left Pune as just a Pensioner’s paradise.
The emergence of IT industry in the 1990’s has given a much needed boost to the real estate business in Pune. This, coupled with factors like the rise in per capita income, the desire of home ownership, ready availability of home loans and with several big projects like metro rail project and proposed Pune International Airport has changed the entire game of real estate business in Pune.
The demand has now changed to large flats with ultra modern facilities and locations which offered faster access to the city’s IT hub. The localities around the IT hub have recorded maximum demand both for owned and rented flats like Hinjewadi and Wadgaon Sheri. Magarpatta is another option in that respect. Other areas in close proximity to IT hub are Marunji Road and Kharadi; these places are witnessing a number of new projects in Pune.
The excellent placement of Aundh in the western corridor, with close proximity to Hinjewadi IT Park and presence of good social and civic infrastructure makes it another hot favorite of the city. Wakkad has become the next investment desire for mid income housing on the western periphery as it is located on the highly developed PCMC area with close proximity to Pune Expressway and IT hub of Hinjewadi. The other sub-urban areas have also recorded a remarkable growth like Pashan which has witnessed growth at a rate of 18%, Model Colony at 13% and Pimpri at a rate of 12%. Areas like Loni Kalbhor, Dighi, Lohegaon, and Chakan are other investment hubs.
Kalyani Nagar is a hot real estate investment option on the Eastern corridor in Pune. Its strategic location between Koregaon Park and Viman Nagar and its close proximity to the airport and railway station makes it another attractive option. The Pune-Mumbai Expressway is another major contributing factor.
Pune is still considered a safe option for investment residential realty. Those who want to avoid high risk investments, Pune is a great option. There is an abundance of new projects in Pune, which are witnessing a great demand. Areas like Chinchwad, Baner and Magarpatta City have seen a great rise in residential buildings and mini-townships.
Some of the new projects in Pune are by Godrej in Keshav Nagar, Pure Silver Sands in Keshav Nagar, Godrej in Undri and Oasis in Undri.
Real estate in Pune is growing as quickly as the city itself. Parts of the city which once were known as outskirts have turned into booming neighborhood. While the older parts of Pune are swanked with beautiful family homes, the students, young professionals and families favor the new projects in Pune which are cheaper, have the latest infrastructure and promise better return on investments.
