Realty strong in Pune

While demand for real estate shows signs of dipping, sales are as strong as ever in the city of Pune. There are several indications of this trend.

Magarpatta Township Development and Construction Company has announced a new housing project on Sinhagad Road. The first phase of 5,800 apartments, of 20,000 planned, has been sold out. Blue Ridge Township at Hinjewadi from Paranjape Schemes has also been showing robust sales.

The sales seem to remain consistent as major demand comes from the IT and engineering industry. However, Pune does not seem to have investors indulging in speculation. 70 per cent of customers are first time buyers, 25 per cent are buying their second home while the remaining rent it out or buy it as an investment.

Presently, the fastest developing and increasingly highly priced areas are Kalyani Nagar and Baner, the areas close to the two major IT hubs in the city. Yet another developing area is Chakan, an emerging auto hub.

According to media reports, the prices for new apartments in the city are:

Koregaon Park and Boat Club Road -Rs. 9, 000-Rs. 10, 000 per sq/ft

Prabhat Road-Rs.10,000-Rs.15,000

Deccan Gym/JM Road-Rs.10,000-Rs.12,000

Khotrud-Rs.3,500-Rs. 7,500

Kalyani Nagar-Rs.5,000-Rs.8,000

Aundh-Rs.6,000-Rs.7,000

Baner-Rs.2,700-Rs.5,000

Wakad/Chakan-Rs.2,000-Rs.3,000