Investing In Pune's Lohegaon? Here's What You Must Know
Are you a homebuyer looking for a second home in Pune's Lohegaon? Take Swathi Mohanty's case. Mohanty, along with her family, has been residing in Pune for the past 15 years and while she already has a home in the city, the couple now plans buy a second apartment near the airport area.
Here's what you can get in Lohegaon:
At an average price of Rs 4,350 per sq ft, a plenty of Lohegaon properties are up for grabs. More than 90 projects are up for sale in the locality starting at Rs 15 lakh and ranging up to Rs 1.50 crore depending upon the location of the house, developer brand and amenities provided within the housing project.
Why Lohegaon?
Besides the airport, Lohegaon also enjoys inter-city connectivity using public transport. In terms of social infrastructure, many restaurants, schools, hospitals have mushroomed in the vicinity. Therefore, developers have come up with projects pitching the location value. Within 12 kilometre, Lohegaon residents have access to some of the most prestigious universities, commercial centres and job districts in Viman Nagar, Kalyani Nagar and Kharadi.
Further ahead, in areas such as Dhanori-Lohegaon area, apartments are equipped with facilities such as amphitheatre, party lawns, piped-gas system, rainwater harvesting systems, firefighting systems, solar-water heating etc. What used to be a quiet area has now transformed into a bustling real estate market for many.
What you should know
Given the growing popularity, be careful about the developer brand you invest in. A recent case involving a developer that has forged signatures for a building plan has come to the fore. The police said prima facie, it appears that the perpetrators of the forgery wanted to show that the construction site has been sanctioned by the gram panchayat so they could submit the plan to the Pune Metropolitan Region Development Authority (PMRDA) . Hence, beware while investing and do not fail to do the due diligence. An additional step that can be taken in this regard is by visiting the Maharashtra Real Estate Regulatory Authority's (RERA) portal and verifying whether the project you are investing in is RERA registered or not.
Also note that your house is nowhere near the flight path. You may want to read this article to know more.
The good news is here
More international flights will be taking off from the Lohegaon airport. This means that besides increasing passenger traffic, there is scope for an increase in the number of tourists coming to this area. Therefore, short stay rental accommodations besides hospitality industry will witness growth.
Rental returns
Lohegaon boasts an ample number of rental properties. These could garner anywhere between Rs 8,000-20,000 per month depending on various qualitative factors. Check out rental properties in Lohegaon.
Price appreciation
What stood at Rs 3,814 per sq ft in April 2013 has escalated in value and stands at Rs 4,357 per sq ft. Projects may be valued higher or lower depending on various factors but data show a steady pick up in property values, thanks to developing social infrastructure. On an average, a 3BHK unit is priced at Rs 75 lakh.