PUNE: With affordable housing options reducing in many real estate markets of big cities, Pune is one city that is still offering homes that fit smaller budgets. According to industry players, 70 per cent demand in the segment is for affordable housing while 30 per cent is for high-end or from the upper middle-class segment in Pune. Localities such as Chakan, Moshi and Pirangut, are largely catering to this demand. As per research from MagicBricks.com, these localities offer properties within the range of Rs 20 lakhs.
Located 34 kms from Pune on national highway no 50, between Pune and Nashik, Chakan is a fast growing industrial area. In the past couple of years, this locality has picked up drastically in terms of development of residential properties. The area is easily accessible from Mumbai via the Mumbai-Pune expressway and is well-connected to the Mumbai-Nashik road. It is also located on the Bangalore-Mumbai expressway. Ranjit Naiknavare, director, Naiknavare Developers, says, “Chakan is the next big area in Pune, with over one lakh employees between Chakan, Talegaon and Maharashtra Industrial Development Corporation (MIDC) areas. There are several large developments on offer in the vicinity.”
Experts advise that this is the right time to buy in this locality, as a proposal to develop an airport in Chakan is on the anvil, which will impact property prices in the locality. Companies such as Bajaj, Mahindra, Mercedes, Volkswagen, L’Oreal, Hyundai, Suzlon, Bridgestone and Philips, are increasingly expanding their presence in Chakan. Almost all the auto Original Equipment Manufacturers (OEMs) have set up manufacturing facilities in the region, thus, pushing the demand for housing here. Sandiip Bhandari, owner of Property Port, opines that the three main reasons for Chakan to grow as a residential locality are the industry base in the locality, good connectivity and a central location.
Moshi, located in the heart of the Pimpri-Chinchwad Municipal Corporation (PCMC) area, has caught the eye of real estate investors in the city due to its affordable rates. “The current property prices in Moshi range between Rs 3,200-4,500 per sq ft,” says US Kadam of Yash Properties. In Pimpri Chinchwad and Pimpri Saudagar, the prices start from Rs 4,500-5,000 per sq ft, according to the MagicBricks.com research. This gives Moshi an edge above other areas in the PCMC, for middle-class residential buyers. Furthermore, the proposed Metro route from Chakan to Moshi, will also boost the real estate market in both the areas.
Pirangut lies on the stretch that starts from Chandani Chowk and ends at Lavasa. The road connects the area to the Mumbai Pune bypass road. The Lavasa road, at the other end, makes the locality close to the Hinjewadi area. “Social and civic infrastructure in the area is yet to be fully developed. There is a vast availability of land, which is making affordable housing possible in the locality,” shares Krishna Shah of Open Door Realtors. “However, MIDC is the biggest advantage Pirangut has as of now and that has been driving demand for housing in the locality,” explains Shah.
Where is the demand coming from?
Both, end-users and investors are interested in these areas. “Buyers with long-term plans can get good returns here as these areas will be at the peak of its development within the next four to five years,” says Dhananjay Mohite of Mangal Vastu. “Due to this trend, 60 per cent of the buyers are investors or those looking for second homes,” adds Bhagat. The rest of the demand from end-users, comes from the workforces of the industrial belts in the vicinity.