Get Your Foot in the Door: Pune’s Investment Destinations for First-Time Buyers!
Pune has remained relatively steady in the face of the speculative character of the real estate industry, making it a suitable location for end-users. A large portion of property purchasers in the city are seeking for their first residences, owing to the IT industry. According to research, most purchasers in the city picked residences under Rs 50 lakh in the recent six months. With the administration focusing on upgrading infrastructure and extending public transportation links, substantial residential and commercial real estate development has migrated to the city’s outskirts, notably West Pune. Mamurdi, Manjri, and Balewadi have been popular among first-time homeowners searching for affordable alternatives in strategic areas. While searching for your first house in Pune, Kruti Jain, Director of Kumar Urban Development Ltd (KUL), recommends, “You must consider buying in the job centres situated towards the periphery, such as Kharadi, Mamurdi, Manjri, Balewadi and Hinjewadi, among others. In contrast to inexpensive houses, these areas can provide a good return on investment.”
Pune’s most popular residential areas
- Mamurdi
Mamurdi, nestled along Dehu Road in West Pune, is a burgeoning mid-segment residential development. It is flanked by communities such as Gahunje and Kiwale, and is only 15 kilometres from the popular centres of Wakad and Baner.
Mamurdi is well-known for its wide-open spaces, high-rise societies built by notable developers like as Godrej Properties Ltd, and affordability in comparison to other popular neighbourhoods in West Pune. With its incorporation into the PCMC boundaries, a spate of infrastructural improvements have been planned for the region. The most significant is planned access through Pune Metro’s Purple Line at Nigdi Station, which is about 7 kilometres away.
- Balewadi
Balewadi, around eight kilometres from Hinjewadi and across the Mumbai-Pune Bypass Road, is also a sanctuary for first-time home purchasers in Pune. The area is ideal for people working in the IT businesses in the West, as well as the workers of the manufacturing industry in Pimpri Chinchwad.
Balewadi provides houses at a premium price, i.e. Rs 8,600 per sq ft, due to better developed social and physical facilities. In the Rs 60 lakh-1 crore bracket, home buyers may get a decent 2 BHK property with all necessary facilities.
“Investments in West Pune are an asset due to the quiet surroundings, reduced traffic congestion, and closeness to the Mumbai-Pune Bypass Road,” says Kruti Jain, Director, Kumar Urban Development Ltd (KUL).
- Hinjewadi
Hinjewadi, which is located to the west, is a significant Technology hub. While the area is still expanding in terms of physical and social infrastructure, it is one of the most desirable residential areas due to increasing work prospects.
Hinjewadi property prices are approximately Rs 7,300 per sq ft and have increased by more than 20% in the previous five years. “A regular 2 BHK property in Hinjewadi can be purchased for Rs 60-70 lakh,” says Kishan Agarwal, a city-based entrepreneur from Prociti. A comparable home is available in nearby locations such as Baner and Wakad for roughly Rs 80-90 lakh.”
- Kharadi
East Pune’s IT centre is located in this neighbourhood. Because of its proximity to Magarpatta City, the majority of housing demand in Kharadi comes from IT professionals who work in either of these areas. For individuals seeking for their first house in this part of town, Kharadi has the highest potential for both substantial returns and a high standard of living.
Property prices in Kharadi are now hovering at Rs 8,500 per sq ft, following a roughly 20% increase in the previous three years. A two-bedroom condo in Kharadi may be acquired for between Rs 50 lakh and Rs 1 crore.
- Manjri
Manjri, around eight kilometres from Kharadi, has houses at affordable costs. It is an industrial-cum-residential area with a combination of ready-to-move-in flats, builder floors, and plots. Manjri’s current property costs are Rs 6,200 per sq ft, with a 2 BHK configuration costing between Rs 50 and 60 lakh. As the area struggles with civic challenges, a merger under the jurisdiction of the Pune Municipal Corporation (PMC) will boost infrastructure amenities.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
