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Rapid urbanisation, IT parks, proximity to Mumbai, make Mulshi a favourite destination for land purchase in rural Pune
Between April 1, 2021 and February 2022, a total of 23,000 registrations worth ₹257 crore revenue have taken place
PUNE Real estate is considered to be a safe bet for investment and future returns. With changing times and the market ready for a revival, potential buyers, who were fence sitting for long, are now looking forward to buying a property for investment. Of the many tehsils in Pune, Mulshi is among the favourite locations for property investment.
Records from the department of inspector general of registration shows that maximum number of shops, land and residential property in rural parts of Pune district has been bought in Mulshi tehsil. Haveli tehsil which covers large part of the city besides some rural areas has not been included in this.
Between April 1, 2021 and February 2022, a total of 23,000 registrations worth ₹257 crore revenue have taken place, as per the statistics shared by According to the Inspector General of Registration and Stamps (IGR) office.
The data shows, as many as 1,31,232 documents were registered in 12 talukas of the district, which has fetched an aggregate revenue of ₹851 crore for the state government. Mulshi is closely followed by Maval at the second spot, Daund at the third position with Khed at the fourth position in terms of revenues.
According to Confederation of Real Estate Developers Associations of India(Credai), the apex body for private real estate developers, factors like rapid urbanisation, industrialisation, growth of Information Technology (IT) parks, proximity to Mumbai and proposed ring road project have led to a spurt in buyers scouting for commercial properties, residential houses like flats and bungalows including land parcels as investment especially Mulshi.
Government officials said the importance of Rajiv Gandhi Information Technology Park and the rapid growth of all the villages located in the neighbourhood has contributed to the overall boom in the property market.
The data revealed by the IGR office proves the investment being made in particular urban agglomerations emerging in different tehsils of the district which has changed its rural character into a completely urban and cosmopolitan area preferred by a large number of investors, real estate industry experts said.
According the land record officials, the twelve tehsils are witnessing unprecedented growth in terms of investment by national and international companies which has increased job employment opportunities for the youth and skilled IT professionals.
According to real estate expert Suhas Merchant, managing committee member Credai, Maval and Mulshi have been blessed with natural beauties and bounties like rivers, mountains, hill stations and nature conservancy hot spots where investors prefer the areas that are ideal for a second home investment. “The investor confidence has increased in the market and at the same time the talukas are drawing large scale investment and gainful employment opportunities which is bringing about a change in the once rural landscape of these talukas of the district . There is more growth potential in these areas in the near future,” he said.
Despite fewer property registrations, revenue during the festive season in 2021 has been higher than the corresponding 2020 period . During September and October last year, as many as 521,844 properties were registered in Maharashtra, bringing ₹3,552 crore in revenue. However, from September to October 17 , 2021 , ₹4,229 crore revenue was generated even though only 268,825 properties were registered. According to property market experts, revenue generation has jumped this festive season without stamp duty incentive support.
“Maximum contribution is from Hinjewadi. A certain portion of Wakad also comes under Mulshi and it is also under PCMC jurisdiction, thus giving a rise in property buys,” added Merchant.
