“With IT sweeping in Pune, the property rates in the city have increased. Read more to know how the outskirts of Pune can give you the home of your dreams at lesser costs.”
Pune is not only known for its educational institutions, but over the last few years, especially since 2005, it has also established its worth as a commercial real estate sector. With more than hundreds of MNCs and Software companies setting up their facilities here, the city has become an IT hub. Consequently, the property rates in this region have also increased, because most of the migrants and people working in these industries wish to stay permanently in Pune. The real estate prices, whether in the commercial or residential sector have skyrocketed over the past few years.
Buying a house in Pune can be difficult, especially because the property rates for independent houses are higher. But it is a more intelligent option to invest in the flats in Pimple Saudagar, an upcoming IT hub or buying a flat in Kharadi, Pune as it is sure to fetch you higher returns while taking care of your needs. These two suburbs of Pune have the capacity of accommodating growing populations while providing more spaces for comfortable and chic living.
Property in Pimple Saudagar: The Growth Story
Since the year 2000, Pimple Saudagar has revamped itself. Once only a small district in the vicinity of Pune, it is now a suburb with hundreds of residential accommodations to choose from. Societies like Kunal Residency, Rose Icon, Roseland Residency, Alcove Residency are quite popular among the masses. As the place is located close to the Hinjewadi IT Park, hence several employees from a number of software companies have shifted in these residential complexes with their families. These high-rise and mid-rise residential building provide ample security along with overhead parking facilities with special provisions of parks, swings, clubs and games for children. Since these residential colonies have been developed towards the suburbs of the city; flats in Pimple Saudagar are more spacious.
Houses in Pune on the other hand are now costlier. The property prices have shot up in the recent years, particularly because of the construction of an expressway between Mumbai and Pune and because of the proposed construction of an international airport in Pune. Areas like Kalyani Park and Koregaon have seen a remarkable increase in property rates, with an average price of property shooting up to INR 20000 per square feet. The average price in other localities is nothing less than INR 3000 per square feet.
Property Prices Shooting up in Kharadi
Kharadi is again a popular suburb in Pune as the area has been designed as a Special Economic Zone. Since this SEZ targets infrastructural and commercial real estate development, the need for residential complexes with higher standards of living also rises. Private developers and builders have taken up this region and they have built several flats in Kharadi, Pune along with independent houses for those who wish for more. The prices of property are lower than most of the areas in Pune, but still, one has to shed an average of INR 4000 per square feet for a 3BHK semi-furnished or unfurnished flat in Kharadi, Pune. In this region, a number of villas and farmhouses have also cropped up. But since they only target a particular set of population, hence they are still not popular.
Even now, the flats in these areas are more popular, not only because they are cheaper than the main city, but also because they are more comfortable and secure.