While real estate is a constantly changing and evolving concept, some parameters remain constant – the three success mantras are still Location, Location and Location. In this respect, Western Pune is an important new chapter in the annals of Pune real estate’s success story. Pune’s burgeoning western corridor is today the most preferred destination for home buyers and real estate investors not only from Pune, but also from Mumbai and various other parts of Maharashtra.
Because of the rapidly increasing demand for residential and commercial properties, West Pune has in the past delivered some of the most attractive real estate locations. One of the most exciting new locations in this corridor is Punawale.
To a large extent, Punawale owes its fast rise to fame to the fact that it is located very close to the thriving Information Technology parks in Hinjewadi and Tathawade, as well as to the Pune-Mumbai Expressway. At the same time, Punawale offers quick access to Wakad and has a number of good schools, hospitals and shopping malls close at hand. With the arrival of superlative residential projects by reputed developers at Punawale, this area is now the location of choice for IT/ITeS professionals working in Hinjewadi and Tathawade, as well as from buyers from the MIDC manufacturing hub who are attracted by the better lifestyle options now available there.
This combination of factors has had a big impact on demand for properties in Punawale, and has led to the launch of many new residential projects. Puneville, a luxury township recently launched by leading developers Pharande Spaces, is one of the most notable examples of Punawale’s massive image makeover on the Pune real estate map.
“Like Moshi, Ravet, Spine Road, Wakad and many other highly successful real estate locations in PCMC, Punawale has the added advantage of being located at the fulcrum of various major road development projects,” says Anil Pharande, CMD – Pharande Spaces. “In fact, Punawale is now seeing the fastest development after Aundh, Baner and Wakad have become almost fully exploited and come close to complete saturation. Moreover, the development of this region is firmly supported by the unlimited cash reserves of the PCMC, which is Asia’s wealthiest Municipal Corporation.”
Backed by a diverse and vibrant economy which provides a convincing complement to that of Pune, real estate growth in Western Pune is driven by its prolific manufacturing sector, which is represented by a number of national and global industry giants. This region is seeing a steady and growing pipeline of employment opportunities generated by its manufacturing and Information Technology industries.
These inherent advantages have ensured that areas like Punawale see instant absorption of housing projects across budget brackets. Employment-driven real estate locations like Punawale also receive the maximum attention from property investors.
“Employment generation is by far the most important catalyst driving real estate demand and supply in Pune,” says Sanjay Bajaj, Managing Director – Pune, JLL India. “Home buyers in a city with such a vibrant economy will at all times seek to find options as close as possible to their places of work. This helps them rationalize their daily commutes and thereby gain more time with the family, cut down on their monthly fuel expenses and also preserve their health and mental wellbeing. In a rapidly growing market like PCMC, proximity to workplace is therefore a very critical criterion that home buyers focus on. In this respect, Punawale has become one of the most desirable locations in PCMC.”
While the initial demand profile in this region was first geared towards mid-income housing, it now draws demand for luxury homes as well. The Punawale micro-market is especially suited for large integrated township projects, which offer one-stop solutions in terms of self-sufficient infrastructure, superior amenities and quick access to schools, healthcare, shopping and public transport.
In Punawale, Western Pune has received yet its most iconic real estate destination to date – a location that is eminently placed to take this prosperous, infrastructure-driven region’s real estate story to the next level.