Kharadi, Mundhwa, Keshav nagar and Wagholi in the east; and Bavdhan, Mhalunge, Balewadi and Wakad in the west are the city’s residential hotspots, as per the Jones Lang Lasalle (JLL) report, India’s Top Residential Hotspots – Pune Edition, released on Wednesday.
“These locations are likely to witness robust residential demand soon,” said Samantak Das, executive director and chief economist, research, JLL.
This report claims that Pune, along with Mumbai and Hyderabad, saw residential sales for the first nine months in 2019, that surpassed the aggregate of the same period in 2016 (pre-demonetisation).
The “decision matrix” used to generate the report, was how areas performed on 35 per cent connectivity, 30 per cent real estate sales and 35 per cent based on quality of life.
According to the report, 33% of residential complex launches in Pune were in the north-west submarket, Balewadi, Mahalunge and Wakad.
Price appreciation for residential assets remained range-bound at 3 per cent at the end of Q3 2019.
“Bavdhan road serves as the main approach road for the Mumbai-Pune Expressway. In addition to this, the development of the metro rail lines and ring road will further boost demand due to improved connectivity of the locations in future,” added Das.
{{/usCountry}}“Bavdhan road serves as the main approach road for the Mumbai-Pune Expressway. In addition to this, the development of the metro rail lines and ring road will further boost demand due to improved connectivity of the locations in future,” added Das.
{{/usCountry}}“Emerging locations in Pune such as Kondhwa and Wagoli will mature faster as they have the support of matured locations like Vimannagar and Magarpatta cyber city, respectively. Demand is expected to gradually spillover to locations like Kondhwa and Wagholi,” said Das.
Currently, 4.54 lakh residential units are delayed or stalled in the top seven cities in India. Delhi and Mumbai together hold the lion’s share at 84%, while Pune’s share is only 3.6%.