As the new year unfolds, property buyers and investors in and around Pune are setting their sights on homeownership. Pune, along with the Mumbai Metropolitan Region (MMR), emerged as a leading housing market in 2023, as reported by Anarock, with approximately 86,680 homes sold, second only to MMR’s 153,870 units.
Pune’s property market offers attractive price points compared to Mumbai, making it highly sought after. A 1BHK apartment in Pune ranges between Rs. 35 to 45 lakhs, significantly lower than Mumbai’s Rs. 80 lakhs to 1 crore for a similar-sized unit. Mumbai’s real estate is generally 30-40% pricier than other Indian cities, with a staggering 75.21% difference compared to Pune.
Despite the affordability factor, Pune has witnessed a steady 11% increase in average housing prices in 2023, reaching Rs 5,208 per square foot, owing to heightened demand. Experts forecast this trend to continue, making Pune an attractive destination for long-term value growth.
Beyond affordability, Pune offers a superior lifestyle compared to Mumbai, providing more spacious residential options ideal for families and individuals seeking quality living spaces. The city’s strategic location, improved transport infrastructure, educational and healthcare facilities, and entertainment options contribute to a higher standard of living.
Punawale, nestled within the Pimpri-Chinchwad Municipal Corporation (PCMC), has emerged as a prime housing destination, boasting remarkable growth due to its strategic location and infrastructure development. Unlike other areas, Punawale caters to diverse segments, offering affordable housing to luxury projects.
The PCMC outperforms Pune Metropolitan Region in several aspects, focusing on sustainable, balanced development. This urban planning foresight has resulted in better-managed spaces, efficient utilities, and less congestion, making Punawale highly livable. The area also prioritizes green spaces, providing residents with much-needed recreation and a healthier environment.
Punawale stands out for its exceptional connectivity to key Pune areas, Mumbai-Pune Expressway, and major arterials, making it convenient for commuters. With ongoing infrastructure projects and improved connectivity, Punawale remains a hotspot for home seekers valuing a balanced lifestyle and investment potential.
In 2024, Punawale beckons with consistent growth in property values, quality living, and enhanced connectivity, solidifying its position as a premier real estate destination.
Author – Akash Pharande (MD – Pharande Spaces)