4 Localities In Pune That Could Make For A Good Buy
Manish Nahar, business consultant with a leading company, bagged what he calls a good deal. About his recently purchased property that cost him a little over Rs 80 lakh, he says: “I would have bought into this project even without freebies because the quality of construction was great.” However, with the 2BHK unit, he also got free wooden flooring and a discount of Rs 2 lakh on the total cost. Sounds like a deal, right?
Like Nahar, many others have been looking for properties but do not know where to find the best offer. Should the priority be location, budget, scope of appreciation or the right deal? Well, all of these could go hand in hand, too.
Here are some locations in Pune that you can consider:
Vishrantwadi
Vishrantwadi has registered a price growth lately. An area that is popular among information technology professionals employed at Viman Nagar, Kalyani Nagar and Yerwada, the locality is appealing to those who are looking at affordable costs and scope of appreciation. What stood at an average of Rs 5,337 per sq ft in April 2013, now stands at Rs 5,593 per sqft.
The Bus Rapid Transit System (BRTS) on the 7.1-km stretch between Sangamwadi and Vishrantwadi was completed for over a year now. Although, ill-equipped in terms of street lights and sign boards, the move has been beneficial for several commuters.
Average cost of a 2BHK in the locality stands at Rs 56.50 lakh while a 3BHK unit may command Rs 88.50 lakh.
Lulla Nagar
The demand for property at Lulla Nagar is quite high, too. When compared to nearby areas such as Market Yard, Salisbury Park and Gultekdi, the rental yield of this area is also high.
Of late, the Lulla Nagar flyover was a much-discussed infrastructure effort. Reportedly, the flyover, which will be constructed by the Pune Municipal Corporation (PMC) , is to start from the Manikchand Malabar hills near the CTC Hospital, and will terminate at the Salunke Vihar intersection.
Vincent D'souza, a broker who runs his company Vincent S, says: “It is a step ahead to expand and develop the civilian areas around Lohegaon airport. Such attempts boost the confidence of those looking at capital or rental markets. People are awaiting it although the delay has been huge”
At Lulla Nagar, average cost of a 2BHK unit would be close to Rs 1 crore while 3BHK units stand at Rs 1.60 crore.
Also read: 4 Pune Localities That Are Favourite Among HNIs
Sinhagad Road
If you are looking at this market, 1 or 2BHK units will cost you anywhere between Rs 30-95 lakh. Located at the northwest side of Pune, Sinhagad Road provides good connectivity to Mumbai-Bangalore highway and IT hubs such as Baner and Hinjewadi.
Prices in this market have been stable which makes it the best time to buy. Sinhagad Road is shedding its image as a fringe area. With close to five hospitals in proximity and a number of schools, engineering and management colleges in the vicinity, the area boasts of great potential for becoming a residential hub. In terms of connectivity, the area is well-linked to the IT workspaces at Baner and Hinjewadi through the Mumbai-Bangalore Highway. The Khadakwasla Dam is close to the locality and ensures that water shortage is not something that residents would need to worry about. Rental yield is also the higher when compared to nearby areas such as Karve Nagar and Dhanukar Colony.
Property values are in the price range of Rs 30 lakh-Rs 1.25 crore while rents are anywhere between Rs 5,000 - Rs 25,000 monthly.
Also read: Choose From Over 1,500 Under-Construction Homes In Pune
BT Kawade Road
Where civic and social infrastructure is robust, tenants flock. BT Kawade Road is a fine example. By virtue of being close to the high-street shopping district of MG Road, the IT hubs of Kalyani Nagar, Koregaon Park, Fatima Nagar, Hadapsar and Magarpatta City, the locality boasts considerable housing demand. One can choose among an array of product configurations such as multi-storey apartments, penthouse options, bungalows and row houses. Owing to the locality's self-sufficiency, the influx of skilled migrant population has directly increased the rental accommodation demand in the area. Hence, rental yield is better than that clocked in areas such as Sopan Bagh Society, areas along Mumbai-Pune Highway and Ghorpadi.
Properties are usually in the Rs 60 lakh and above category. Rents stand anywhere between Rs 8,500 and Rs 50,000 monthly.
What is more? The Pune market is teeming with deals and discounts. Although a cautious buyer may be averse to the idea, if everything else fits your bill, a little more on your platter in terms of goodies cannot be a bad idea.