Pune: As the veil lifts on 2024, property end-users and investors in and around Pune and Mumbai are firming up their New Year’s resolution to achieve home ownership this year. It’s certainly the perfect time for it. According to real estate consultants Anarock, Pune and Mumbai Metropolitan Region (MMR) were the top-selling housing markets in 2023.
In Pune, approximately 86,680 homes were sold in 2023, states Anarock, second only to the MMR’s impressive sales of 153,870 units. Pune’s high ranking in housing sales is not surprising. The city offers a lot more than just more attractive price points compared to Mumbai. But the price factor certainly matters.
Pune’s Price Advantage
In Pune, you can find a 1BHK apartment ranging from ₹35 to 45 lakhs, depending on the area. In contrast, a similar 600-700 square foot apartment in Mumbai would cost around ₹80 lakhs to 1 crore. Property prices in Mumbai are typically 30-40% higher than in other Indian cities.
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To put it in percentage terms, real estate in Mumbai is, broadly speaking, 75.21% more expensive than in Pune. This makes Pune a far more accessible market for a broader range of buyers and investors. However, there is no doubt that the affordability factor is gradually decreasing because Pune has seen steady price appreciation.
According to a recent report, 2023 saw the average housing price in Pune rise by 11% increase, reaching ₹5,208 per square foot. This rise was attributed to improved demand in the housing market. Predictions suggest this trend will continue in 2024, making Pune a magnet for investors seeking long-term value growth.
Apart from prices, Pune wins over Mumbai in several other ways.
Why Pune Succeeds Consistently?
Pune continues to deliver the perfect balance of lifestyle and investment value compared to Mumbai. The city offers superior space with more spacious residential options – a distant dream in most MMR areas except the farthest suburbs. Pune is ideal for families and individuals wanting a better quality of life through larger living spaces.
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Pune’s strategic location and improving transport infrastructure also make it highly attractive. The city’s proximity to Mumbai is a defining advantage. At the same time, Pune’s education, healthcare, and entertainment facilities contribute to a higher standard of living. Additionally, Pune’s IT parks, commercial hubs, and strong services industry continue to transform the landscape, attracting job seekers and investors.
While buyers and investors have many options in Pune, some areas stand out for important reasons. One getting considerable attention is Punawale.
Punawale-Standout Housing Hotspot
Punawale, within the Pimpri-Chinchwad Municipal Corporation (PCMC) in Pune, has seen remarkable growth, emerging as a preferred housing destination. Like Pune, Punawale has seen substantial price appreciation due to its strategic location, infrastructure development, and surging demand for quality housing.
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Unlike other locations, Punawale caters to diverse segments, from affordable housing to luxury projects.
The area has well-planned roads, efficient public transport, and easy access to schools, hospitals, and shopping. This infrastructure makes Punawale more appealing than many Pune areas.
The PCMC Edge
Overall, PCMC outperforms Pune Metropolitan Region in several aspects. PCMC implemented a rational master plan focused on sustainable, balanced development. This urban planning foresight resulted in better-managed residential and commercial spaces, efficient utilities, and less congestion, making areas like Punawale more livable.
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PCMC emphasizes green, open spaces. The area has parks and gardens, contributing to a healthier, more aesthetically pleasing environment. These green spaces provide much-needed recreation and relaxation, a rarity in many urban areas.
Punawale maximizes these advantages. It is home to West Pune’s most outstanding integrated township, which has been a game-changer for its real estate market by enhancing the overall real estate value proposition and setting new residential space standards for the region.
The transformative power of outstanding developments is well-established, and India has several examples of this phenomenon. The entire socio-economic structure of the area changes for the better.
Superior Connectivity
A standout feature of Punawale is its connectivity. Well-linked to key Pune areas and other cities via roads and highways, proximity to the Mumbai-Pune Expressway and major arterials enhances the appeal for commuters and those wanting easy access.
Quality of Life
Infrastructure, connectivity, green spaces, and a high-grade township have significantly uplifted Punawale’s quality of life. Residents enjoy a balanced lifestyle with modern amenities, nature, and community focus.
Punawale’s transformation into a real estate hotspot resulted from strategic planning, infrastructure development, and visionary projects. Growth is based on urban convenience, connectivity, and green space – the future of sustainable urban living.
The Future Beckons
Ongoing and planned infrastructure projects, coupled with demand for quality housing, strongly support Punawale’s future growth. Improved road connectivity and public transport have played a pivotal role in boosting values. Easy access to major employment hubs like Hinjewadi IT Park and MIDC industrial belt has made Punawale a hotbed for home seekers valuing easy commutes without compromising quality of life.
For end-users and investors, Punawale brings everything together. With consistent growth in values and enhancements in quality of life and connectivity, Punawale is a standout real estate destination in 2024.
- Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in West Pune and beyond
