Pune has always been one of the steadiest and major real estate markets in the country. Experts also predict the revival of Pune’s realty market in 2018 and it will be one of the few major markets of the year with mega projects planned by leading developers in high-growth clusters. Where is major growth expected for real estate in Pune? Experts feel that areas like Wagholi, Mundhwa and Hinjewadi will continue witnessing major demand for real estate due to their commercial prospects and connectivity options alike. Nagar Road could be a major growth hub as well. Some top projects to look out for include VTP Purvanchal at Wagholi, Puravankara Silversands at Mundhwa and Paranjape Trident Towers at Hinjewadi which is the city’s largest IT hub.
Additionally, there is immense real estate growth forecasted on account of the development and expansion of the airport in Pune. There is huge air traffic generated by the city, particularly due to its flourishing, IT, manufacturing, automobile and other industries including education. The present airport is saturated and is straining to cater to the growing international and domestic traffic. While expansion plans are already being worked upon, there are proposals for development of a new airport at Rajgurunagar. This is a site that has been proposed for the New Pune International Airport which has already obtained approval from the Airport Authority of India. Quite a few more approvals are still required prior to starting of construction.
The area is located approximately 40 kilometres away from Pune city towards the north. There are several economic benefits offered by Rajgurunagar since it is well connected to major industrial zones such as Chakan, Talegaon and PCMC in addition to Dhanori and Charoli. There is access to the current airport as well. The development of the new airport will boost real estate development in the entire region along with overall economic growth. A metro line has also been proposed for linkage of the new airport to Bhosari. This metro line may be elevated and may pass via Chakan and Moshi. Once this proposal gets approval, these areas will enjoy great connectivity to this new airport. This will boost real estate prospects in Chakan and Moshi alike.
The property rates are steadily moving upwards in the Rajgurunagar belt and investors are already making enquiries about the area. There are several apartments available at reasonable price points in this zone. There will be high demand for commercial and residential property in the future and in case the new airport is built here, there will be better road connectivity as well. All nearby zones will enjoy massive benefits in terms of real estate appreciation and high demand. There will be increased employment generation which will benefit the housing market in turn.
MADC (Maharashtra Airport Development Corporation) is expected to build the new airport. The land has not been acquired as of yet since the plan is still in the nascent stages as per reports. Any new airport has always been a major godsend for the real estate markets nearby since this automatically boosts commercial and business sectors and leads to an increase in property values as well. This also helps in pushing demand for housing units in the region. This looks set to be the next big growth corridor in Pune as far as real estate is concerned.
