Why Pune's Pirangut Is Ideal For Small-Ticket Property Investments
Ajay Makhija, a 28-year-old information technology professional, was looking for an investment property to generate an additional flow of income. He was making Rs 40,000 a month, and had savings of Rs 5 lakh when he moved from Delhi to Pune a year ago. He was hesitating due to his low budget- Makhija could not have bought a property worth over Rs 20 lakh. Still, he kept his search on. After a lot of research, Makhija finally shortlisted Pirangut in Pune where he was likely to find a wide range of options from 1BHK to 2BHK apartments in varied range.
For buyers such as him, there is no lack of options.
Over 160 properties are spread out at Pirangut out of which 85 are 1BHK units and the others are 2BHK units, which are ready for possession, according to industry studies. The average capital value of 1BHK units sized 600-700 square foot (sqft) is within Rs 18 -40 lakh while the cost of 2BHK units sized 800-1050 sqft is within Rs 25-55 lakh.
Why smaller apartments?
Anil Raman, a local resident, says: “People migrating from other cities due to job opportunities in Pune are more comfortable staying in smaller apartments. Small units are easy on pocket and can be easily managed and maintained.”
Smaller units are a no trouble to lease from an investment point of view. One can expect rental returns to the tune of Rs 5,000-7,500 per month from a 1BHK apartment.On the other hand, 2BHKs can yield Rs 7,000-10,000 in rental returns. If a property owner provides furniture, air conditioner and some facilities to a tenant, he can command more rent.
Property buyers with long-term plans can get good returns as the area is predicted to witness a considerable level of development in the coming years.
It is worth mentioning here that 70 per cent property buyers in this locality are either retail investors or those who were hunting for second homes, to add more real estate to their investment portfolio. The remaining demand is generated by employers of companies present in the nearby industrial belts. They prefer to stay close to their workplace, pushing residential demand for smaller units.
Why Pirangut?
Pirangut is located along the Chandani Chowk and the Lavasa Road that connects it to the Mumbai-Pune Bypass Road, making it an ideal choice for property investors, in terms of connectivity. Through the Lavasa Road, the locality is also in proximity to Hinjewadi, the IT hub, aggrandising it as a favourable locality for professionals.
The locality enjoys good connectivity with the National Highway-48 (NH48) , which connects it to the Old Mumbai Highway as well.
Residents of this location can also access the Kamla Nehru Park, which is situated at a distance of around 20 km. Around 4 kilometre ahead, there is the sprawling Yashwantrao Chavan Garden. Lavale, Bhugaon, Nanegaon, Chhale, Rihe, Khamboli, Baner and Sunarwadi are some of the locations that surround Pirangut.
The presence of MIDC (Maharashtra Industrial Development Corporation) assures for the future development of the social and civic infrastructure in the area. In overall, the locality is apt for investment purpose.