By Kishor Pate
Real estate prices in Pune’s various micro-markets witnessed a decent increase throughout 2014 and 2015. Despite a general slowdown across the country, Pune properties remained very resilient. The growing IT/ITeS sector and accompanying infrastructure kept the demand for residential properties fairly high. In fact, the demand for property in Pune is now highlighting locations that were not even heard of ten years ago.
According to the Annual Realty Report by Commonfloor.com, more than 230 residential projects were launched in Pune across 2014, and 22% of these were in the southern region of the city, which includes Undri. Data further indicates that most of these (almost 90%) projects were small and medium-sized residential units, aiming to create supply of ready-to-move-in homes for buyers by the end of 2015.
Investors are especially putting in their faith in localities like Undri. In fact, this location now has a very healthy trend of buyers and is no longer just a blue-collar haven – most of the current buyers for property in Undri are white-collared professionals who are either moving in to the area, looking to upgrade to larger homes or =scouting around for their second home in the same location.
- Proximity To Pune’s IT and Corporate Nerve Centers
Undri is in close proximity to the IT and corporate hubs in Hadapsar, Phursungi and Magarpatta. With several professional being relocating to these hubs from across the country, Undri seems to be the closest and most viable location in terms of daily commute and raising a family. As a result, real estate in Undri is mostly patronized by well-paid IT and corporate professionals.
Further, the Pune-Sholapur Highway (NH 9) and the Mumbai Bangalore Highway (NH4) connect Undri to other IT hubs nearby.
- Affordable Property Prices
As already mentioned, most of the residential real estate projects in Undri comprise of small and medium-sized homes that are also affordably priced along or just above the baseline. Even for people who have been serving a couple of years in their IT/ITeS careers, homes in Undri are quite affordable. Because of its affordability, Undri is also perfect for people looking to buy a second home for investment.
Growing connectivity has been playing a huge role in the development of Undri’s real estate sector. Apart from being connected to the two most important highways of this region, Undri’s all-round accessibility is improving rapidly with various road-widening initiatives and creation of new access roads. The local roads in this area are also increasing in size and capacity with every passing quarter..
- Perfect Lifestyle Equation
Living in Pune city is becoming increasingly uncomfortable for families trying to raise kids. Pollution and noisy traffic are becoming the bane of inner-city living in cities like Mumbai and Pune. Moreover, new home buyers have to adjust in poorly-built properties or pay hefty prices for average homes in the central areas.
A location like Undri comes as a godsend for families who are fed up with the constraints of the core city and are looking for better alternatives – well-planned homes which are close to all necessities like hospitals, schools, markets, and recreational centers and yet away from the chaos.
No wonder more and more home buyers are flocking to Undri, where the lifestyle equation has not been compromised yet and the options are plentiful and affordable.
Kishor Pate, CMD – Amit Enterprises Housing Ltd.