Planning To Buy A Home In Pune? You Must Know This
The twin cities of Pimpri-Chinchwad are situated on the western suburbs of Pune where real estate developments have seen massive growth in recent years. An upcoming smart city governed by the Pimpri-Chinchwad Municipal Corporation (PCMC), Pimpri-Chinchwad is a homebuyer’s dream destination, owing to the affordable property prices and expanding industrial hubs. The area has contributed significantly to the new residential launches in the past one year, providing ample options for those looking for homes.
New launches: According to data available with PropTiger.com, Pimpri- Chinchwad has witnessed a high number of new launches of residential units between October 2017 and September 2018. Although, Pune has seen a decline of about 44 per cent in new launches in the second quarter of the current financial year when compared to the same quarter the previous year, about 6,900 new units were launched in Pimpri- Chinchwad between October 2017 and September 2018.
The other areas that saw a high number of new launches are Pune west (localities include Hinjewadi, Kothrud, Baner, Bavdhan and Aundh) and Pune south (localities include Undri, Bibwewadi, Kondhwa, Katraj and Dhayari).
The total number of residential projects, which are in various stages of construction, is about 76 in Pimpri and 88 in Chinchwad. On the other hand, Pune west has over 2,200 projects, with 1,693 in ready-to-move-in stage whereas Pune south has over 1,700 projects, with 965 in ready-to-move-in stage.
For buyers, if this is not reason enough, there is more to look out for. As many as 42,000 units are likely to be delivered in Pune by the end of this year which is a big relief for house hunters who are searching for ready-for-possession apartments.
Data show that nearly 70 per cent of the new launches belonged to the affordable housing category, with prices below Rs 50 lakh. Moreover, a huge portion of the unsold residential properties in Pune belonged to the budget range of Rs 25 lakh and Rs 50 lakh. The average property price of Pimpri is comparable to that of Pune west with the former having a rate of Rs 5,900 per square foot (psf) while the latter having a rate of Rs 5,500 psf. Property rate in Chinchwad is slightly higher at Rs 6,100 psf while Pune south is affordable with property rate of Rs 4,400 psf.
The average cost for houses in Pimpri-Chinchwad starts at around Rs 30 lakh for a 1BHK home which goes up to Rs 3 crore for a 5BHK residence. Starting price of properties in Pune south are much lower at Rs 23 lakh for 1 BHK home.
High sales, unsold units
The city is attracting homebuyers in large numbers owing to the growing employment opportunities as industrial zones and IT hubs are developing rapidly. The fact that sale of residential properties in Pune has increased by 50 per cent despite the drop in new unit launches is an indication of the high housing demand in Pune. Furthermore, majority of the units sold in Pune are in the price range of Rs 25 and Rs 50 lakh. This implies there have been many takers for 1BHK and 2BHK residences.
The number of units sold in the PCMC is over 12,000 while Pune south comes close with over 8,900 units. The two localities together accounted for nearly 45 per cent of the overall number of units sold during October 2017 and September 2018. Pune west follows Pune south with sales of over 8,300 units during the same period.
Also, there has been a marginal decline in the number of unsold inventory in the recent quarter of 2018 compared to the previous quarter.
The twin cities have evolved over the years into a modern industrial town and a flourishing residential real estate destination. The location has a well-developed social, physical and civic infrastructure comprising of several schools, hospitals, retail shops, shopping complexes, bank branches, BRTS transport system and a proposed Metro connectivity. The Pune International Airport is located in the vicinity at a distance of about 18 kilometres.
Arterial roads like Mumbai-Pune Expressway, Kalewadi Main Road and Spine Road provide direct link to other parts of the city. Within a radius of 15 kilometres from Pimpri, there are many technology parks such as Rajiv Gandhi InfoTech Park, DLF Akruti IT Park, Panchshil Tech Park and International Tech Park, making it an ideal location for working professionals.
Note: Liveability score is a score given to a locality on the scale of 10. It signifies the quality of life a family or an individual can enjoy living in that particular locality. This is calculated on important parameters including location, price, amenities, physical and social infrastructure, projects, developers operating, etc.