In the western corner of Pune city, lies Punawale, an erstwhile village which has been transforming into a cosmopolitan locality of the city. Administrated by PCMC (Pimpri Chinchwad Municipality Corporation), Punawale is well appointed with basic civic amenities. The people of the area are also catching up to the commercial expansion owing to the burgeoning IT industry and other industrialization. Both professionals and real estate developers have shown interest in this part of the city.
Many projects of reputed real estate developers have already completed, and some are in under construction phase. Proximity to Mumbai- Pune express highway and IT parks of Tathawade and Hinjewadi are the key driving force behind the growth and development of the region. Moreover, competitive property price of the real estate industry is added to the charm of Punawale.
Here is a sneak peek into potentiality and real estate prospects of the area.
One of the critical reasons behind Punawale's tremendous growth prospect is that it lies in the vicinity of much-developed areas such as Wakad, Hinjewadi, Baner, Balewadi and Aundh. Also, Pune-Mumbai express highway is just 5 minutes drive away. Punawale is well connected with the other part of the city. PMPML buses shuttle daily from Punawale to other areas of the city. Other public transport such as autorickshaw, private taxies also enables easy access for the localities.
Affordable Property Rates
The property rates of Punawale is comparatively lower than other developing parts of Pune. Currently, the average property values of Punawale is around Rs 5465 per Sq.ft. A 1BHK unit in Punawale may range between Rs35 lakh to 40 lakh, and 2 BHK unit may cost around Rs 50 to 70 lakh. This is relatively competitive in contrast to the average weighted property rates in neighbouring areas such as Hinjewadi, Wakad and Baner are pegged at the costs of per Square feet are Rs 5702, Rs 6575 and Rs 7445 respectively.
Connectivity- Future Prospects
The upcoming metro route no 3 from Hinjewadi to Shivajinagar would further boost the area's connectivity. Moreover, the forthcoming ring road will encircle Theur Phata (NH 9), Chimbli (BH 50) and Khed Shivapur. Real estate pundits have anticipated that these developments in connectivity will further boost the real estate prospects of the area.
The residents of Punawale enjoys an excellent social life owing to the presence of markets, hospitals, schools, colleges, bus stops is in close vicinity. Entertainment hubs such as E-Square theatre and City Pride are there in neighbouring areas such as Hinjewadi and Wakad. Upcoming Phoenix mall of Wakad will attribute to its leisure options. Xion mall, Westend Mall and Spot 18 malls are a few minutes drive away from Rahatani.
The property market has immense appreciation value, and thus, it is worth to invest in a property in Punawale. As per the experts of the industry, average weighted property rates in Punawale are touted to increase by 15-20 percent in coming 4 to 5 years. So what are you waiting for? Get connected with a reliable property consultant like Foresight Properties and take the final plunge of buying your dream home in Pune.