By Soniya Gaonkar on May 28, 2019 11:37:40 AM
Also termed as the ‘cultural capital of India’, the city of Pune is gradually touching its original pace of growth and progress. Where COVID-19 stalled the entire economy, Pune’s real estate market also came to an absolute pause for almost an year.
This unexpected speed breaker proved to be an unfortunate event for the real estate industry where as proved to be a very fortunate event for the wildlife. However, what businesses all across are looking forward to is - better growth by following the laid down guidelines by the government.
Recently ranked as number two in the EOL (ease of living index) 2021, the city of Pune has been redefining everyday urban living. Sprawled amidst hills, with modern civic infrastructure and limitless possibilities of growth on all the sides, this city is favourite to countless. Ever since the establishment of the Rajiv Gandhi Infotech Park on the cusp of the millennium, Pune has seen nothing but advancement.
One of the industries that immediately set into a flux state of growth since the set-up of the IT hub was the Real Estate Industry. It was fairly obvious that once the IT sector sets-up – it will create a variety of jobs in huge numbers.
Pune as a city – continued to grow – Real Estate companies majorly contributed and made sure that there was plenty of room for everybody. And, now that the whole city has absorbed an unrelenting surge of life of its own – several other earlier overlooked areas in the city are growing at a rapid pace.
Understanding real estate growth
Pune has adopted significant change since 1990. With major IT and automotive industries spreading their arms on the city's borders, Pune has gone under a complete makeover in the last three decades. And now, the merger of 23 villages, materialization of the visionary Pune Smart City project, and flagging off of Pune Metro by 2021 will cause a significant facelift.
"Property rates in Pune would move significantly up by 2021. If you can't foresee the future, then look at the last 30 years, how Pune has grown as an investment hotbed and people who invested then are now millionaires." says Sameer Desai, CMO at Kohinoor group, Pune.
As more housing projects enter the market, many locations continue to witness great traction among prospective home buyers. Several areas in Pune have witnessed a steady increase in the number of customer enquiries as developers come up with affordable as well as upper middle and high segment projects, coupled with enticing offers to lure customers.
However, choosing the right location doesn't depend on only a good project or an offer. Best place to buy home in Pune depends on your cause, choice and capability. So, in this blog, we have collated some vital information such as which is the best location to buy flat in Pune? Which is the best place to invest in Pune?
Among other information. Instead of just listing the areas we have segregated the neighbourhoods based on demographic details like best area to buy flat in Pune 2021 and more. Hence, here you can find the answer to ‘which is the best area in Pune to buy flat?’ for families, individuals, business persons and IT professionals. Take a look:
Best Areas in Pune to Buy Flats or Invest in 2021
1) For new home buyers & investors
Balewadi is a north-western suburb of Pune located in the outskirts of the city. It houses the Shiv Chhatrapati Sports Complex popularly known as the Balewadi Sports complex.
Balewadi enjoys close proximity to Baner, Wakad, Aundh, and the Mumbai- Expressway. Pearly White Dental Clinic, Apex Eye Care Clinic and Life Line Hospital are the major hospitals in Balewadi. Balewadi high street is famous for its bars, restaurants and night-life. Plus, it's easy to find plenty of greenery in the surrounding.
Average Locality Price: Rs 7,325 per Sq-ft (source: magicbricks)
Located close to Katraj, Kondhwa, and Dhanakwadi, the area of Bibwewadi holds special significance. The area has good connectivity with prime destinations of the city due to good roads and due to presence of modern civic infrastructure. Bibwewadi falls in the southern part of Pune and is a host to many residential projects.
The area is blessed with various lifestyle essentials like hospitals, schools, medical stores, supermarkets and more. This adds more value to the area and thus makes it more important from the aspect of investment or home-buying. Out of various residential projects in the region, Kohinoor Jeeva located in Mahesh Society is a premium residential project offering 2 BHK homes for elevated living.
Average Locality Price: Rs 8,443 Per Sq. ft. (source: magicbricks)
Related Post - Lifestyle in Bibwewadi, Pune
The area of Kondhwa is one of the most important area in south-eastern region of Pune. The area comprises industrial entities as well as residential projects in the area. The area maintains close proximity to IT hubs and other prime destinations of the city, adding more value to the area.
Kondhwa is surrounded by areas like Mohammedwadi, Undri and Wanowrie. The famous National Institute of Bank Management (NIBM) is also situated in Kondhwa. The area of Kondhwa also hosts wide range of modern civic amenities like schools, colleges, hospitals, medical facilities, superstores and more such essentials.
Out of various residential projects in Kondhwa, the residential project by Kohinoor group has been the centre of attraction. Kohinoor Reina is a premise of premium 2 BHK homes with ample lifestyle amenities for elevated living.
Average Locality Price: Rs 5,862 Per Sq. ft. (source: magicbricks)
Related post - Popular Areas for Residential Property Investment in Pune
2) For IT professionals
Hinjewadi is the largest IT hub of Pune as most MNCs have opened their corporate offices here like Infosys, Wipro, Cognizant, etc. The presence of these MNCs has given a significant boost to the entire area – in terms of employment, real estate, connectivity, and even social infrastructure and facilities. No wonder it has been recognised as the best place to buy a home in Pune.
In addition, Hinjewadi is a well-developed suburb, which holds an upper hand over most of the top residential areas of Pune. If you are genuinely interested in investing in 3 or 2 BHK flats in Hinjewadi, then you should definitely check out Tinsel Town by the renowned Kohinoor Group.
Average Locality Price: Rs 8,142 per Sq-ft (source: magicbricks)
Related post - Checklist for Buying a Home in Hinjewadi
Located close to Hinjewadi, the area of Tathawade is a prime destination for investment and everyday living. Due to lush green environs, social infrastructure and other attributes, the area of Tathawade is popular amongst home buyers.
By each passing day, unique projects are coming up in this suburb to offer elevated urban living. The area maintains proximity to Hinjewadi, Pimpri-Chinchwad, Pimple-Saudagar, Wakad and Ravet. Due to Tathawade’s stellar locational strengths, the area is also seeing unmatched capital appreciation. Hence, buying a home or investing in Tathawade can be a best choice for homebuying and investment. Explore more about Kohinoor Sapphire 2 Tathawade
Average Locality Price: Rs 5,979 per Sq-ft (source: magicbricks)
Related post - How Is Tathawade Area - A Brief Overview
Located in the north-western region of the city – Ravet – a much less spoken suburb in the past - has been steadily growing into a prime location for both living and investments. Ravet has seen a lot more growth in recent years because of its extremely ideal and well-suited location.
Its close proximity to the industrial zones in Chakan and Moshi, PCMC and then the Rajiv Gandhi Infotech Park in Hinjewadi has hugely contributed to the inclusion of a lot of builders and developers to grab the opportunity and make investments in terms of real estate development. It is also very well-connected to several parts of Pune, Pimpri-Chinchwad and Talegaon.
Today, the civic amenities along with the infrastructural and hospitality industry have well-grown to provide for the increasing inclusion of people moving into the place. The current residential projects that are available at Ravet range from affordable to luxurious. Under the current state of affairs – there is a lot more room for further advancement and growth in and around the area.
Average Locality Price: Rs 5,671 per Sq-ft (source: magicbricks)
Wakad is an ideal example of a rural area undergoing a transformation. Top notch infrastructure, continuous water and power supply have been key contributing factors in making Wakad a sought after place of residence by many individuals and listed it in the list of one of the best areas for property investment in Pune.
Modern amenities, utilities and close proximity to Mumbai Banglore highway and Rajiv Gandhi Infotech park have made Wakad the most sought after residential place in Pune. Every day new projects are coming in Pune Wakad.
Average Locality Price: Rs 6,641 per Sq-ft (source: magicbricks)
Katraj - Kondhwa road
The area surrounded by Katraj and Kondhwa is one of the fastest developing IT hubs in the city, apart from being an industrial zone. The civic amenities in the area are well-developed, and people residing here can quickly get across to the business hubs in Pune in no time.
The proximity to Hadapsar has significantly increased the value of the area. The Amanora Park Town, Magarpatta City and Phursungi IT Park are located close to the residential zone, making it perfect for buyers and investors. It has been a favourite, best location to buy flat in Pune.
Average Locality Price: Rs 5,609 per Sq-ft (source: magicbricks)
3) For Second Home Buyers or Investors
Each location offers a distinct surrounding and lifestyle. If you are a Maharashtrian and prefer to stay connected to the core areas of the city, Bavdhan can be your next favourite residential location in Pune. This region is located near Chandni Chowk and Kothrud is just 5 mins away from here. Hinjewadi IT park is a 30 min drive via the Pune-Bengaluru Highway.
While a large number of projects are sprouting here, natural beauty is in abundance in this area. Infrastructure, transportation, amenities and cleanliness are all on point.
Average Locality Price: Rs 6,617 per Sq-ft (source: magicbricks)
Located just off the Mumbai-Pune Expressway – Shirgaon is massively developing in several life prospects all throughout. It is another best area to invest in Pune 2021.
Right from real estate, to civic amenities, to roadways, to infrastructure and quite a bit more – this place is now largely becoming as one of the best places to invest in Pune if one needs easy returns and good accessibility to the two biggest cities in the western region of the country.
Realising this potential – a lot of builders and developers have already started developing projects in the area. The civic amenities are also increasing in both quantity and quality. Shirgaon is also well-connected with the MIDC and Chakan industrial areas and isn’t too far away from the Hinjewadi IT park either. Have a look at Abhimaan Homes Shirgaon.
Average Locality Price: Rs 4,000 per Sq-ft (source: olx)
These are some of the locations for your property investment in Pune that have seen quite a massive up-scale development in recent times. And, judging by the potential that Pune has and the number of industries and people who are moving-in everyday in-to the Oxford of the east – the rate and range of development is only going to rise.
This doesn’t only include a single industry because when a city such as Pune aspires to grow further – all of the industries must grow simultaneously. Therefore – for anyone connected with the city in any way – good news will almost always be just around the corner.
Buying a home in Pune can be a tedious task, but choosing the right location is the most important step on which many other decisions are dependent. So choose wisely!
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