Other than Baner- Balewadi, the report identified areas such as Mundhwa, Kharadi, Wagholi and Keshav Nagar as other thriving residential markets in the city.
A recent report by property consultant JLL has indicated that Pune was one of the better-performing cities in terms of residential sales in the first nine months of 2019. The report, which was released on Wednesday, also stated that Pune had surpassed the aggregate residential sales of the same period in 2016.
The report says about 33 per cent of the residential launches in Pune were in locations such as Balewadi, Mahalunge and Wakad. “Strong growth in office real estate in Baner-Balewadi has been driving residential demand and launches in its vicinity,” the report said. Price appreciation has remained at about 3 per cent on a year-on-year basis at the end of September this year.
Other than Baner- Balewadi, the report identified areas such as Mundhwa, Kharadi, Wagholi and Keshav Nagar as other thriving residential markets in the city. Micro markets in the vicinity of Balewadi, Mahalunge and Wakad are likely to witness robust residential demand soon, it further stated.
Proximity to key office hubs Magarpatta and Kharadi has propelled the growth of residential markets in Maundhwa and Keshav Nagar. This corridor, the report stated, has about 35 million square feet of built stock, and current vacancy levels are below 5 per cent. “In addition, the future stock is approximately 28 million sq ft which is predominantly being planned within Nagar Road, Mundhwa and Kharadi. All the above is likely to fuel residential demand in a big way,” the report read.
Similarly, the western corridor near Bavdhan and Wakad has about 31 million sq ft of built stock and vacancy levels are below 2 per cent. “In addition, the future stock is approximately 25 million sq ft, which is predominantly being planned within the Mumbai-Bangalore Highway, Hinjewadi, Baner, Balewadiand Nanded (Pune),” it stated.
Connectivity and the development of the Metro as well as the ring road will further help these markets grow, as per the report. Currently, 4.54 lakh residential units are delayed or stalled in the top seven cities in India. Delhi and Mumbai together hold a lion’s share of 84 per cent.
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