How Prices of 2 BHK flats in Pune vary with different areas
As is the case with any business or commodity, the price of Real Estate in India has taken a hit particularly after implementation of new Real Estate Regulatory Act (RERA) and Demonetization in November 2016. However, its been over a year now and the real estate market is stabilizing gradually. While prices of real estate are sky high in places like Mumbai, one location which offers a great deal of investment is Pune.
Pune as an Investment Destination for Real Estate
Because of RERA, many builders might not be able to launch projects easily in Pune and reputed builders will get the benefit of brand recall and effective pricing. Other factors which could impact the price of properties in Pune are:
• Under supply
• Growing urbanization
• Rising migration of IT professionals and students
• Lot of commercial projects are coming
• Multi-nationals opening their branch offices
Thus, it is likely that the prices will shoot up and it would be thus a good time to buy properties depending on the strategic location. These factors collectively make Pune one of the most sought-after investment destinations in terms of real estate.
Source: HDFC Red
Lucrative Investment Areas and Properties in Pune
Currently, while investment in Pune is undoubtedly lucrative option, an individual should ideally do proper research before investing given the huge parity in prices offered by different builders for different areas.
Growing yet Prime location – Baner, Sus, Pashan, Bavdhan
Areas such as Baner, Sus, Pashan, Bavdhan are some of the rapidly developing areas of Pune where the property prices have moved up rapidly from as low as Rs 1500 per sqft to currently around Rs 7000 per sqft. One of the semi-luxurious projects in Baner is offered by Sancheti – Prachi Residency where the prices went up to Rs 9000 per sqft depending on the demand, quality and strategic location.
Developing Area – Wakad
For an investor looking to invest currently, areas such as Wakad is more suitable within the Pimpri Chinchwad Municipal Corporation. In Wakad, while the price is hovering at around Rs 5000-6000 per sqft, one of the luxurious properties offered by Sancheti is Dream Castle within a similar range.
East Pune – Kharadi, Mundhwa, Wagholi
Moving to the east of Pune, there are several projects in Kharadi and Mundhwa where the demand is rising due to rising manufacturing set-up being established. While the price varies in the range of Rs 3500-22000 per sqft in Kharadi, Mundhwa is valued at Rs 3250-24000 per sqft. Sancheti offers projects like Prospero, Mount and Glory in the region.
Another location which is worth looking at is Wagholi where the price is in the range of Rs 2400-42000 per sqft. The higher end prices are particularly for the villas and luxury bungalows but the average is well within the limits. Some of the projects offered by Sancheti in the area are – Bel Castle, Eves Garden, Mount Castle.
Thus, while different areas in Pune offer properties in a different price range, each of the locations offers different strategic importance which suits the varying needs of individuals. Thus, it is important that the individual assesses the requirements and weighs them with them the pros and cons of a location and accordingly take a decision. Further, it is a wise decision to invest in properties developed by reputed builders such as Sancheti Builders as it ensures a high degree of professionalism and transparency when it comes to a high-value deal.