JLL's tour of India's best residential areas: Pune edition
Mundhwa and Bavdhan are Pune’s two best residential areas. These locations are driven by good infrastructure development of that drives residential demand in the city.
The third edition of this series covers Pune where Mundhwa and Bavdhan have emerged as the top two residential hotspots. These locations are driven by good infrastructure development of office space that drives residential demand in the city.
Home-buying in India is a complex and emotional decision. This report aims to facilitate the process by identifying residential hotspots in India’s top cities through a multiple-criteria-decision-analysis. Some of the common drivers that make these locations prime include:
Let’s take a look at the number of residential units launched and sold in these micro-markets in the last four years. Both locations have seen stronger sales than launches in last two years.
Source: JLL Research
Both the Mundhwa and Bavdhan are strategically placed. On one hand, Mundhwa is located between two office hubs, Magarpatta and Kharadi which are key office hubs in Pune, and on the other, Bavdhan is located in between Baner-Balewadi which is a fast emerging business hub. In addition to this, both these locations are important access nodes of Pune. Mundhwa is well connected by Magarpatta Road, which joins Pune-Ahmednagar Highway in the north and Solapur-Pune Highway in the south. Bavdhan Road passing through Bavdhan serves as the main approach road for the Mumbai-Pune Expressway to Pune from Mumbai.
While the proximity from business hubs and major roads serve as the key drivers of residential demand in both the locations, they also have well developed social infrastructure with presence of good schools, hospitals and shopping. Airport accessibility is very important for the millennial population of Pune who are one of the key homebuyers in the city and these hotspots are well connected to the airport. Supply of office space in the future is expected in next 3 to 5 years in these locations. This indicates that the demand for residential is likely to remain strong during this period.
There are many good projects from reputed developers in these locations giving the homebuyer a variety to choose from. All these parameters are likely to lead to property price appreciation in these locations.
Two locations which have the potential to be future hotspots in the city are Kondhwa and Wagholi.
Kondhwa is located close to Magarpatta Cyber City and a prominent educational hub of the city. It enjoys good road connectivity which is the key driver of residential supply and demand in the micro-market. The announcement of development of Chhatrapati Sambhaji Raje Airport in south Pune has attracted real estate demand in Kondhwa. This development has also led to an increase in the price of land and residential units in the location.
Similarly, Wagoli has a low travel time to business hubs like Kharadi and Viman Nagar due to which this location is likely to witness good demand. The proposed metro line, which ends near Wagholi at Ramwad, is also likely to improve the connectivity in future. Another important infrastructure, Pune’s first ring road that is proposed, will pass through Wagholi. This is expected to make it one of the prime residential locations in future.
We’ve analyzed Pune’s top 15 residential micro-markets to arrive at the top 2. Click on Connectivity, Quality of life or Real estate parameters to view results.