Strategically located off the Pune-Mumbai Expressway, Punawale has emerged as a flourishing real estate hotspot in West Pune. The locality is popular among both homebuyers as well as tenants, making it an ideal investment destination. What works in its favour are affordability and easy connectivity to key areas in PCMC and Pune City, including the infotech hotbed of Hinjewadi – which employs over 2.5 lakh software professionals and is growing at over 14% per annum – and other prominent locations like Baner, Balewadi, Wakad, Ravet, etc.
Like many other areas in Pune’s thriving PCMC, Punawale had humble beginnings but quickly turned into a major real estate hotspot when prominent developers started building housing projects here. However, the real turning point for the locality was the announcement of the luxury integrated township. This township was a crucial growth catalyst, and soon, Punawale was fully-equipped with top-of-the-line infrastructure and facilities like schools, hospitals, entertainment hubs and malls.
Proximity to employment hubs: While a prime factor catalysing real estate growth in Punawale is its proximity to Hinjewadi, it also benefits from the industrial areas of Pimpri-Chinchwad, Chakan and Talegaon. The demand from manufacturing employees gave rise to Punawale’s emergence as a top-notch affordable housing district. It is a far more affordable alternative to the nearby locality of Wakad, where average property prices are currently around Rs. 6,600 per sq. ft.
A well-planned locality: Over the last few years, several residential projects have been launched in Punawale, which are a major attraction for first-time homebuyers employed in Hinjewadi and the MIDC manufacturing belt. A blend of urban development and scenic beauty, the locality is perfect for those who want to live amidst nature and yet enjoy all city facilities.
Thanks to the watchful control enforced by PCMC and the Pimpri-Chinchwad New Town Development Authority (PCNTDA), development in Punawale remains well-planned with adequate infrastructure to support the residential areas.
Ample options: Punawale has seen several new residential project launches over the last six to seven years. As per data by a real estate consultant, more than 8,400 homes have been launched here from 2013-2020. Of this supply, almost 58% is ready-to-move-in, while another 15% are slated for completion over the next year.
Since most homebuyers currently prefer ready homes, this makes Punawale an ideal destination for them.
The USP of affordability: Most properties launched here in recent years are priced within Rs 80 Lakh. The average property prices in Punawale are currently about Rs 5,200 – 5800 per sq. ft.
In terms of BHK configurations, demand and supply for 1 BHK homes are good. One can easily find a 1BHK apartment here within Rs 45 Lakh, while 2BHK homes are selling between Rs 50-70 Lakh.
Infrastructure advantage: Punawale already enjoys good connectivity to key areas – another reason why the demand for homes remains high here. But the upcoming infrastructure projects in and around the area will make the locality even more attractive in the coming years. The ongoing Shivajinagar-Maan metro project from Hinjewadi to Shivajinagar will provide easy access to localities like Balewadi Phata and Baner, among others.
The ongoing development of the Pune Ring Road is also proving to be a gamechanger for Punawale. In the Pimpri-Chinchwad belt, the Ring Road will encompass Ravet, Hinjewadi, Punawale and Wakad. As the Ring Road and metro corridor get closer to completion, property prices in areas like Punawale will begin rising because of the increasing demand for such a well-connected locality.
This article is contributed by Akash Pharande, Managing Director, Pharand Spaces
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)