NH-4 Bypass: Pune's Upcoming Residential Micro Market
The NH-4 connects Pune to Mumbai, Bengaluru and Chennai, and bypasses Pune from Dehu road to Katraj. According to Realty Snapshot series report, Pune: Top Residential micro market 2015, areas along the NH-4 bypass have become the hottest real estate markets, primarily backed by their proximity to the IT hub of Hinjewadi and an easy access to Mumbai.
Growing IT Sector
The demand for real estate along the NH-4 bypass in Pune can be largely attributed to the growing information technology (IT) and ITeS (IT-enabled services) sector. Major IT hubs, such as Hinjewadi, are situated close to the NH-4 bypass. As many IT professionals and white-collar workers do not prefer to commute on congested roads of Pune, the demand for real estate in these areas surged northwards. This has led to a growing demand for housing along the NH-4 bypass and its surrounding areas and fuelled commercial development in the area. Some good schools, educational institutions, hospitals, shopping centers and hotels dot this area.
Infrastructure
Though the NH-4 bypass has four lanes, it is being widened to build a six- lane road from Shil Pata to Kopoli. The project will lower the commute time between Mumbai and Pune by 25 minutes. Bypassing Katraj Ghat, the NH-4 saves many commuters an hour of travel on the highway. On the NH-4 bypass, there is a flyover at the Wakad junction, which has raised the real estate prices in the area. Moreover, the Katraj-Dehu Road bypass is a part of the NH-4 highway, and connects upcoming real estate markets like Pimpri-Chinchwad, Hinjewadi and Balewadi in Pune.
Residential Market
In calendar year 2015, inventory overhang in NH-4 Bypass was 19 months. The weighted average base selling price of apartments in NH-4 Bypass as on December 2015 was Rs 6,234 per sq ft. The micro market contributed to 28 per cent of the total sales and 24 per cent of the total launches of Pune in calendar year 2015. On a scale of 100, the livability score of NH-4 Bypass is 77 where it ranks as the fourth best micro market. . In absorption of apartment units, NH-4 Bypass outperformed all the other micro markets in Pune. Year-on-year, the price of residential real estate have largely remained flat, which coupled with the inherent strength of the micro markets, is expected to propel it to growth in the coming year as well.
Read more about Pune's real estate market:
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