Real estate prices and rentals rise considerably in Pimpri-Chinchwad
PIMPRI-CHINCHWAD: As areas under PCMC witness marked improvement in infrastructure, real estate prices across all sectors in the region have risen considerably. In the same league, the number of properties going on rent have also seen a considerable appreciation.
Industry observers in the realty sector say that on an average, properties on rent increased 50 percent in the past five years, while rentals are still appreciating. Moreover, availability of affordable properties when compared to neighbourhood localities is another key contributor to the boom in Pimpri-Chinchwad residential property sector.
THE PERFECT DESTINATION
As per a recent study conducted by 99acres.com, a real estate website, Pimpri-Chinchwad's advantage is being a prominent automobile hub in western India. This — along with a strong presence of IT companies in Hinjewadi — make areas like Wakad, Pimple Nilakh and Pimple Saudagar a perfect option for senior management professionals. On the other hand, Ravet, Talegaon, Moshi and Akurdi offer affordable and low cost housing for all categories of people.
Vineet Singh, business head of 99acres.com said, "Areas like Wakad, Pimple Saudagar, Spine Road and Pradhikaran have witnessed the highest rental appreciation in Pimpri-Chinchwad. People working in the nearby auto and IT hubs prefer to stay close by. The picture five years back was totally different. Most infrastructure projects were still taking shape."
PROPERTY BOOM
Singh also maintains that on an average the property values has seen a hike of 10-12 percent this year. "The convenient location near the emerging Mumbai-Pune growth corridors has come into the limelight and attracted buyers and investors not only from Pune, but from Mumbai and other cities as well," he said.
Anil Pharande, chairman of real estate developers, Pharande Spaces also agreed with rising rentals. He said that most areas that are well connected to Hinjewadi IT Park, the MIDC manufacturing belt and the upcoming International Convention Centre are witnessing rental appreciation.
Pharande added, "The highest demand for rental properties is for studio apartments and 1 and 2 BHK flats. These demands stem from a migrant workers."
He added further, "Three and 4 BHK flats are in demand by a smaller a section of people comprising top-management employees. Property prices and rentals are dictated by demand and infrastructure development, both of which are quite high in this region. Many investors are purchasing flats in order to rent them out because of the increasing demand for rental properties," he said.
