May 25, 2024


Mad about real estate

Best Locations in Pune To Buy Residential Property

Pune – often referred to as the ‘Queen of Deccan’ happens to be the second most sought after realty destination of Maharshtra, after Mumbai. Being an educational and IT hub, Pune attracts buyers and developers for residential properties and commercial properties as well. From residential apartments to commercial lands, individual homes, retail space (shops) and office space in Pune, all the markets are driven by these industries and educational institutions. The residential property market in Pune is burgeoning owing to the fact that the city always keeps up its infrastructure with the developments going on in the city. In addition to the economical value of the city properties, governed by aforementioned factors, the pleasant weather, city administration and a cosmopolitan feel of the city also make it popular amongst the buyers. With so many people rushing to invest in Pune real estate, there has been a continual increase in the demand for residential property in Pune and this has triggered a correction in rental and capital values both. To meet the ever rising housing requirement in the city, industry sources say that there is going to be a requirement for approximately 50,000 residential units per year. With ‘affordable housing’ being the buzz word these days, developers are into redesigning their ongoing projects and launching newer ones in compliance with the buzz. But, locality also does matter in deciding the price of a property. If you are looking for residential spaces in Pune, you might be interested in these areas as they happen to be a little posh, with good infrastructure and come with a tag that says “Affordable”: Kothrud- It is one of the fastest growing suburbs of Pune located in the south west of the city. With the rapid developments, this area has become one of the fastest growing residential localities of Pune. This place is inhabited by lots of students as many educational institutions like MIT and Cummins College of Engineering for Women are located in this area. In addition to that, it also houses various multi storied building, shopping complexes, restaurants, food joints etc. The area is well connected by Karve Road and Paud Road. It is 13.9 KM from Pune railway. Aundh- Once a princely state during the British rule, Aundh has now grown into a prime residential locality of Pune. It is well known for the Devi Yamai temple that houses paintings by well-known Indian artists including Raja Ravi Verma. Today it houses a number of townships and housing colonies. The area is well connected and accessible by roads like Baner Road, Pashan Road and the Mumbai-Pune expressway. It is easier and convenient to travel by roads as there are good quality roads from Hinjewadi and Kalewadi. Aundh lies at the centre of the city and hence is easily connected via buses from the Satara Bus Terminal Kondhwa- It is amongst one of the oldest colonies of Pune city and lies in the south eastern part of the city. Kondhwa has the National Institute of Banking and Management (NIBM). Wanowrie area, under Kondhwa, houses huge Army medical set-ups like the Armed Forces Medical College (AFMC) and the Command Hospital and the Artificial Limb Center. It is easy to travel using public conveyance here, like city buses, six-seaters and autos. There are lots of fine housing complexes in the area. Pashan- A Pune suburb, Pashan is located off the Mumbai-Bangalore highway. The Pashan road is well connected to the Mumbai-Pune expressway. It also has a man made lake called the Pashan Lake. There are lots of government organizations like the Armament Research and Development Establishment(ARDE), Defense Research and Development Organization (DRDO), Explosive Research and Development Laboratory (ERDL) and National Chemical Laboratory (NCL) in addition to various educational institutions like Abhinav College of Arts and IISER (Indian Institute of Science Education and Research). There are lots of luxurious apartments in the locality and developments are still going on. It is situated at a distance of 9.5 Km from the Pune railway station. Katraj- Another fast growing suburb of Pune is Katraj that is located in the southern part of the city. Katraj is quite well known for the campus of Bharti Vidyapeeth University, the Katraj Milk Dairy and the Katraj Snake Park. The New Katraj Tunnel here is a highway tunnel located on the NH4. The place is located at 10.2 Km from the Pune railway station. Below are the average prices/rents per square feet for residential properties in the above mentioned localities: Area // Property Type // Avg Price/Sqft(INR) // Avg Rent/Sqft(INR) Kothrud // Apartment // 4805 // 12
House //3922 //12
Aundh // Apartment// 3931 // 15
//House // 6023// 16

Kondhwa // Apartment// 2687// 11
House // 2753 // 10

Pashan 8 // Apartment // 3342 // 12
House // 4742 // 12

Pashan 21 // Apartment // 3250 // 11
// House // 3161 // 11
Katraj // Apartment // 2918// 10
// House 2814 // 9