PUNE: If you have a budget of Rs 20-40 lakhs and you are looking to invest in the eastern suburbs of Pune, then Tingre Nagar could provide you with a number of options. Tingre Nagar, which has a large number of properties available within this budget, is ideal for home buyers who cannot afford nearby locations such as Viman Nagar, Koregaon Park and Kalyani Nagar, where the property prices are relatively higher.
A 1,000 sq ft apartment in a multi-storeyed building is generally available in the range of Rs 46-51 lakhs in Tingre Nagar. However, Viman Nagar offers same size properties in Rs 60-73 lakhs category and Kalyani Nagar and Koregaon Park are priced much higher, with values starting from Rs 70 lakhs. Sagar Kumar of SP Properties says, “Tingre Nagar has gained its share of residential demand because of its proximity to some of the most premium areas of Pune, such as Viman Nagar, Kalyani Nagar and Koregaon Park. Majority of the buyers are spilling over to Tingre Nagar, in search of affordable housing options that fit their budget.” Kumar further informs, “Tingre Nagar not only offers ample options for purchasing properties but also leasing them. Even rental values here are comparatively lower than nearby areas.”
For instance, a typical 2-BHK apartment that would be available for leasing within Rs 16,000-25,000 per sq ft in Kalyani Nagar would be easily rented at a budget of Rs 10,000-16,000 in Tingre Nagar. In Koregaon Park, one may have to shell out minimum Rs 20,000 to rent a similarly sized space.
Other than being affordable, the fact that Tingre Nagar is well connected to various parts of Pune through road, rail and air, is another factor that is driving the residential demand here. Shruti Kulkarni of V K Properties says, “Tingre Nagar is directly connected to areas such as Camp and Koregaon Park through the Airport Road. This road also leads it to the Pune railway station at a distance of six kms. The airport too, is just at a distance of two kms. Having such approachability, developers are tapping into this location.”
Several developers, such as Aditya Constructions, Fortune Developers & Builders, S K Developers and Defence Housing, are coming up with their projects in Tingre Nagar. As per data with MagicBricks.com, multi-storeyed apartments are in high demand in the locality and these are largely configured between 1 and 2-BHK units. The sizes of these units range approximately between 500-650 sq ft for a 1-BHK and 900-1200 sq ft for a 2-BHK.
Having a well-built social and physical infrastructure, Tingre Nagar is eyed by both, end-users and investors. Reiterating, Khatri Mohan of Khatri Estate, shares that “While end-users have sufficient infrastructure to support their living, the investors may have to wait for a couple of years to get maximum benefits. A long term horizon could help in making the most of the investment.”