PUNE: Pune’s residential real estate market has evolved in formats. From huts to wadas; from independent houses to skyscrapers, the realty market in the city has seen it all. However, with the rising skyline in Pune, the bungalow culture, which once defined Pune, is now slowly getting reduced with only a few locations offering independent homes. “None of the residential formats available now and in the past, have had such an enduring appeal as bungalows. Pune is a city with a unique blend of individualism and solidarity. The bungalow is the only format of housing that captures and caters to this spirit in every respect.
This sociological ethos is evident everywhere in Pune’s social setup but is most evident in the properties being maintained by the city’s more prominent families – private and beautiful, they provide a safe haven for the inhabiting families while sending out a clear message of their social status,” explains Kishor Pate, CMD – Amit Enterprises Housing Ltd. The traditional areas for bungalows in Pune were Prabhat Road, Bhosale Nagar, Model Colony and Koregaon Park. Many bungalows in these areas are now being demolished to give way to apartment projects, since these projects offer greater market potential in terms of the economy of scale. In areas like Baner and Wagholi, some developers offer bungalows and row houses as part of their mixed-product projects.
Apart from these, most of the options in bungalows are now on Pune’s further outskirts such as the stretch from Chandni Chowk to Lavasa Road and the Khadakwasla area. “Ticket sizes for these bungalows depend on size and location, and range from Rs 50-60 lakh for smaller configurations in remote locations, to Rs 4-6 crore for larger units in locations with better access to key parts of the city,” says Sanjay Bajaj, managing director – Pune, JLL India.
According to Arvind Jain, managing director – Pride Group, “Today, availability and affordability of individual plots for bungalow development within the city have reduced drastically. Also, the demand for flats is much higher as this demand is driven by the middle-class. However, more independent options such as row houses and bungalows are still in vogue among the discerning few.”
Pune today is undergoing a transition. “The latest development in Pune is demand for luxurious living with towering structures. The rising interest of NRIs, in the city is also leading to a huge facelift – from the old buildings to high-end skyscrapers and villas,” concludes Dhaval Ajmera, director, Ajmera Realty & Infra India.