Check Out Pune’s Most Affordable Property Picks
Pune’s outskirts have evolved over time and today are among the hot-selling housing destinations. As per data with PropTiger.com, Wagholi, Hinjewadi and Alandi, are among areas that saw the highest launches and sales of affordable homes priced within Rs 45 lakh. The analysis was on the basis of a study conducted in the July-September quarter of 2019. We dig deeper to understand what a prospective homebuyer can get in this market.
Wagholi property market
With over 210 ready-to-move-in projects, Wagholi is on every buyer’s mind. Given Pune’s stature as an active market, the average per sq ft value in this locality is Rs 4,100 as against Rs 3,680 per sqft in April 2013. On an average, a 2BHK will cost you about Rs 35 lakh.
Falling under a gram panchayat, Wagholi residents recently raised issues with respect to garbage disposal and infrastructure paralysis in and around the area. The authorities have promised action. Nevertheless, the area has received a lot of buyer as well as builder demand.
Hinjewadi property market
Pune’s IT nerve, the average property value in this area is Rs 5,570 per sq ft. Currently, there are over 80 ready possession units. A cursory glance of the listings on PropTiger.com will tell you that on an average, a 2BHK unit will cost you Rs 45 lakh. However, prices do vary depending upon aspects like quality of amenities, connectivity in the area, etc.
While Puneiites drive for work, the traffic in this belt irks everyone. Authorities have taken note and said that road repair and drainage issues need to be addressed quickly.
Alandi property market
With over 60 projects currently ready for possession, Alandi is moderately priced with an average property value of Rs 3,600 per sqft. A 2BHK unit will cost you close to Rs 30 lakh. While the area is developing, water supply and traffic can be big problems. Infrastructure also awaits a facelift with basic facilities such as bus shelters missing at crucial junctures.
Other affordable areas in Pune
While the above have scored well in the sales meter, localities in east Pune have been demanded, too. For example, despite being in the nascent stage of its development cycle, Shikrapur's growth potential cannot be ignored. It is promising both, in terms of its location as well as pricing. Data with PropTiger suggests that over the last 45 months, prices have seen an upward swing. Although the increase so far is marginal, this could translate to buyers' advantage. Plotted developments anywhere in the size range of 1,000-15,000 sqft commands as much as Rs 2.5-38 lakh.
V Jalan, broker, Satyam Grih, says, "The eastern belt in Pune has scored fairly well over the years. It makes sense to invest here if you are looking at affordable homes or an investment that would prove to be worthwhile over a longer time horizon. Blue collar workers have already made Shikrapur and areas along the Nagar Road their home because it is at a quick distance from the manufacturing hub of Chakan. Kharadi too isn't far." Areas up to Wagholi in east Pune have written their success story already. Areas beyond this region will come up in no time especially because of the availability of land bank and homes within Rs 10-45 lakh depending upon the configuration, exact location and amenities.
Have Rs 40 lakh? You could boast a 3BHK unit in Shikrapur. Perhaps one of the major reasons why industry insiders bank on this locality is its proximity to the Maharashtra Industrial Development Corporation (MIDC) in Ranjangoan. As per estimates in 2015, about 72,000 workers work here and the housing demand herein is majorly because of them besides a few others who have invested solely for gains in the long run. Another MIDC unit in Sanaswadi is also a vantage point, says Sanjay Choudaha, realtor, The Options Real Estate. We asked Choudaha the price history. He says what started off as Rs 1,500 per sq ft has touched Rs 2,000 per sq ft already. PropTiger data confirms that while average capital values in 2013 stood at Rs 2,500 per sqft, by January 2017, the numbers reached Rs 2,800 per sqft. The pickup has been slow but certain and assuring.
The district administration has been focusing along this belt. Being a popular thoroughfare, commuters complain about traffic snarls. Post-2015, the administration has vested its energy into shifting local markets along Wagholi and Shikrapur to more convenient locations. Police personnel will also be deployed at intersection points.
The roads too may get a facelift, especially those leading up to the MIDC. District Collector, Saurabh Rao assured that the administration would be working closely with the gram panchayats.
About 91 industrial units are in Ranjangaon alone. Next, Hindustan Petroleum Corp Ltd is reportedly raising funds through a bond issue to the tune of $500 million to expand its refineries in Vishakapatnam as well as its pipeline projects, one of which is in Shikrapur. This means that areas along the stretch offer its best in terms of low prices to industrial giants making jobs and housing in its vicinity popular.
Be it the IT workforce employed in Kharadi or those employed in the retail hubs along Nagar Road, Shikrapur makes for a good buy especially when a proposed ring road and a four-lane flyover linking Shikrapur to Wagholi. All these would add to the livability score of Shikrapur. Other locations with a similar price advantage include Urali Kanchan, Shivapur, Satara and localities along Nagar Road.