Pune - Pune's topography and scope for expansion are proving conducive to the growth of realty market. Pune's evolving peripheral locations provide a great opportunity for the realty buyers to explore properties with attractive price and excellent supporting infrastructure.
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“Pune's overall topography and scope for expansion in the peripheral areas are conducive to the growth of realty market. Consequently, city's skyline has changed for better. Since there are no longer open spaces available in the city areas, peripheral locations are the only ones available for development. The vast vacant spaces available are conducive to the growth of town ships and for creating infrastructure“, says Amol Tavildar, CEO of Dajikaka Gadgil Developers Pvt Ltd.
According to experts, with global majors having set up base here, Pune is home to several major IT parks.
This demand has seen the city's off CBD locations of Magarpatta, Viman Nagar, Nagar Road, SB Road, Aundh, Baner, Shankar Seth Road, as well as the peripheral business districts of several business districts of Kharadi, Hadapsar, Hinjewadi, and Talawade be coming established as the hotspots for commercial offices. With skyrocketing property values in the main city, the development is seen to be moving towards peripheries. According to industry statistics, the maximum absorption of units launched in 2014 was seen towards the peripheral areas as against those within city limits.
Attractive peripheral locations: According to the company spokesperson of Kalpataru Ltd, most attractive evolving peripheral locations for buying homes in Pune are as follows.
Wakad: Located on the fringes of east Pune, Wakad has grown considerably in the last half-a-decade. Housing demand here has essentially been triggered due to its proximity to Hinjewadi, InfoTech and BioTech Parks. Young professionals largely prefer this location in a developed Pimpri-Chinchwad Municipal Corporation (PCMC) and its comparative affordability to neighbouring areas.
Baner: Baner is known for its impeccable infrastructural development and excellent connectivity to Mumbai and other cities. The area offers good connectivity to arterial roads such as the Pune-Mumbai expressway and Mumbai-Bengaluru highway.
Manjri: It is located near premium areas, such as Viman Nagar, Magarpatta, Hadapsar and Kharadi, which are all within eight kms, making it popular among ITITeS employees. Bachelors or small families prefer the area with small units as they are easy to maintain.
Things to keep in mind: Expert suggests that the most important factor that needs to be considered before buying a property in Pune's evolving peripheries is its location. The area must be accessible from city's major employment centres. It must essentially be an area which is likely to see growth, and not a place that has already peaked, in terms of appreciation potential. The locations, which are close to the city's IT, manufacturing and retail hubs, have the highest rental income generation and capital appreciation power. The best areas for investment, should be those in line for significant connectivity upgrades via enhanced road networks, and should have the benefit of being within the corporation limits.
While judging the locality of a residential investment property, the existence of proper community infrastructure should be ascertained “With a good amount of quality supply, property buyers in Pune have a good spread of options from reputed developers, who adhere to standardised construction parameters and offer superior amenities and locations. Buyers should beware of the opportunistic supply of housing that is hitting the market on some of the city's peripheral areas. In these locations, many fly-by-night developers have been actively churning out sub-standard projects which do not comply with standard construction norms and often lack all the required legal approvals. Buyers should check the track record of the developer with regards to the legal compliance of his projects, timely completion and quality of construction,“ says Kishor Pate, CMD Amit Enterprises Housing Ltd.
While judging the locality of a residential investment property, the existence of proper community infrastructure should be ascertained “With a good amount of quality supply, property buyers in Pune have a good spread of options from reputed developers, who adhere to standardised construction parameters and offer superior amenities and locations. Buyers should beware of the opportunistic supply of housing that is hitting the market on some of the city's peripheral areas. In these locations, many fly-by-night developers have been actively churning out sub-standard projects which do not comply with standard construction norms and often lack all the required legal approvals. Buyers should check the track record of the developer with regards to the legal compliance of his projects, timely completion and quality of construction,“ says Kishor Pate, CMD Amit Enterprises Housing Ltd.
Source - TOI
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