East and West Pune to witness real estate growth in 2013
Pune real estate has been witnessing many ups and downs in the recent past due to many factors. The real estate development in the city can be attributed to the presence of software developers and hardware experts which has kept the city’s pace along with a spurt in demand.
Based on local demand and supply and the quality of growing infrastructure, Pune is likely to see a 10-15 % price appreciation.
As per experts, currently eastern and western parts of the city are witnessing maximum real estate activity. Some of the areas which are seeing fast developing infrastructure and luring investors are Nagar Road, Wagholi, Kharadi, Hadapsar, Viman Nagar and Kalyani Nagar in East Pune and Hinjewadi, Wakad, Baner Road in West.
The eastern areas are witnessing significant rise because of the presence of large IT establishments along with a strong industrial and retail belt. Also, due to long overdue infrastructure finally falling into place.
On the other hand, western side areas are emerging as growth corridors. New supply is being noticed in these areas, especially in mid segment housing. This is backed by demand from IT hubs in Hinjewadi and industrial pockets located on the Chakan-Talegaon belt.
Anyways, Pune real estate as a whole is growing at a fast pace in recent times. This is because of pleasant climate, peaceful atmosphere, education, career openings and great accessibility to businesses communities worldwide. Also, its proximity to the finance capital of the country has given it an edge from other cities.
As per research, the increase in construction in Pune has been massive, however, there is still scope for more. There has been so much of construction in the last two decades that most of the unoccupied plots have been occupied. An exponential growth in real estate in Pune has been witnessed. Due to this massive construction phase, a well planned civic infrastructure can be witnessed.
There has been a need for the redevelopment of the old houses in Pune. Due to emerging trends and lifestyle, many old structures are either vacant or not safe for living. Many of these structures have started collapsing and pose as danger during monsoon. Also, many of these properties in Pune lack amenities and facilities like lifts, security arrangements, modular kitchens, dedicated parking and so on.
Fast growing Pune is still culturally stable. This is the main reason people are well connected to the main city, especially the Peth areas and central areas. The areas need to grow vertically to avail enough space for parking. There is hardly any space left for public parking causing complications right from traffic chaos, accidents, damage to vehicle and property to civic administration. So, there is a need for cluster housing redevelopment in Pune.
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