Pimpri-Chinchwad Municipal Corporation Emerges As Pune's Hottest Realty Micro Market
Pimpri-Chinchwad Municipal Corporation (PCMC) is the second best residential real estate micro market in Pune, says the Realty Snapshot report, Pune: Top Residential Micro Market 2015 published by PropTiger.com's Datalabs division.
The report states that in a twelve month period from January-December 2015, residential real estate prices in PCMC rose by 10 per cent driven by the high demand for real estate from the industrial sector.
Pimpri-Chinchwad, known as the gateway to Pune, is one of the high income municipal corporations in Maharashtra. What differentiates PCMC from many comparable localities in Pune is its seamless transportation network and infrastructure. Economic growth of PCMC has much to do with best urban planning practices. PCMC has many integrated residential projects, which residents of Pune were not familiar with, not very long ago. Well-developed civic infrastructure and amenities is a major reason why real estate in PCMC is in great demand.
PCMC is accessible to many major IT and IT-enabled services firms. The automobile clusters in the area, too, led to great demand for residential and commercial real estate in PCMC. Many of India's major automobile companies have offices in PCMC. It is also home to many manufacturing firms and auto-ancillary firms. The Hinjewadi IT Park is in close proximity from here. According to the latest census, the population of Pimpri-Chinchwad is growing at a rate of six per cent annually. The area poses good job opportunities across various business sectors of IT and manufacturing. Automobile companies including Tata Motors, Bajaj motors, Mercedez Benz and Volkswagen have offices in the area.
In the calendar year 2015, inventory overhang in PCMC was 20 months. The PCMC accounted for 26 per cent of the total sales and 27 per cent of the total launches in Pune during CY15. On a scale of 100, the livability score of PCMC Bypass is 72.
In December 2014, the weighted average base selling price of apartment units in PCMC was Rs 4,914 per sq ft but, in December 2015, it rose to Rs 5,381 per sq ft. This means that year-on-year, the price of residential real estate rose by 10 per cent in PCMC. This is the second highest price appreciation among the top eight residential micro markets in Pune.
In absorption of apartment units, PCMC was next only to NH-4 bypass, among micro markets in Pune. However, on livability, it is the fourth best micro market, and on price change, it is the sixth best micro market.