Pune has been witnessing rapid real estate development for more than a decade, and is now quickly expanding at its fringes in every direction. Increasing demand in the commercial real estate sector has opened the gateways for residential development in many outlying areas of Pune.
Localities like Chakan, Moshi and Pirangut, previously known as industrial hubs, are now emerging as some of the best destinations for affordable housing. These newly-expanded regions of the city ensure low entry points and promise higher returns on investment over the mid-to-long term, in the wake of rapidly improving infrastructure.
Pirangut has gained prominence due to its strategic location. Proximity to Paud Road and the Pune-Bengaluru Highway along with seamless connectivity with established centres like Kothrud and Hinjewadi, has made Pirangut one of the most sought after realty destinations in western Pune. It was considered a far-flung suburb about a half a decade ago, but is now emerging as a very good property destination for both investors and end-users. The natural ambience of the location has added to its popularity as a residential destination.
High demand for homes from IT professionals has given rise to projects consisting of apartments, row-houses and villas in Pirangut. Villas and luxurious housing units are preferred by top rung buyers working in the thriving IT hubs of Hinjewadi. Mont Vert, Paranjape, Sky I and K Raheja Corp are among the prominent real estate developers offering mid-level as well as high-end projects at relatively competitive prices. The property prices for residential properties at Pirangut are in the range of Rs 3,000-4,000 per sq ft, with an annualised appreciation currently to the tune of six-eight per cent.
Some factors responsible for Pirangut gaining prominence over other parts of the city are generous availability of land parcels, natural surroundings, and affordable prices. The affordable commercial property prices in Pirangut have also encouraged office real estate development in this region. Many grade B and C commercial properties can be seen emerging on Paud Road. They offer a good investment proposition to investors looking to invest in relatively affordable commercial properties around established centres.
Rapidly improving infrastructure along the corridor, proximity to IT hub Hinjewadi, and excellent connectivity with famous tourist destinations like Lavasa City have also worked as catalysts in Pirangut’s growth and development. Realising the potential of the region, the Pune civic body is taking up several infrastructure initiatives to develop this region. The internal arterial road, which connects Pirangut directly to Hinjewadi Phase-3, has enhanced the demand for homes in this region. The fruits of increasing demand for property in Pirangut are also getting reflected on adjacent areas like Bhukum and Bhugaon. Keeping in mind the rate of development there, it is just a matter of time before this region becomes one of the next big growth nodes of Western Pune.
The writer is managing director - Pune, JLL India