Pune has transformed into a thriving city equipped with quality social and civic infrastructure. Owing to the commercial influx, the fringes of Pune have started witnessing significant residential development with rising demand from professionals. To add to this, Pune emerged at the top in the Ease of Living Index 2018 survey, the first ever by the government of India.
Pirangut which was once an industrial hub is now an attractive avenue for developers and homebuyers alike. The growth of the IT industry and nearby business districts in Hinjewadi and Baner has led to the increase for demand for premium and luxury homes. Moreover, with commercial hubs moving away from the traditional CBDs towards Peripheral Business Districts (PBDs), the demand for residential homes is also moving along with it as professionals wish to stay close to their workspaces. Knight Frank’s research report states that Pune has witnessed a strong growth in launches during H1 2018 after many years of subdued launches.
Considering the fact that the residential growth has been backed by the commercial activity in the city, the primary demand comes from working professionals from mid to senior level for premium and luxury homes. The working professionals generally opt for 1-2 BHK homes as they are easy to maintain. The secondary demand is largely for second homes which come from senior citizens and growing families for investment or personal consumption.
With its strategic location and proximity to Chandni Chowk and the Pune-Bengaluru Highway along with seamless connectivity with established centres like Kothrud, Hinjewadi, Shivaji Nagar, Deccan, Aundh and Baner it is one of the most sought-after real estate destinations in western Pune. It is also a few minutes’ drives from the proposed ring road and several management institutes. The infrastructure development along the western corridor is in proximity to the IT hub and provides excellent connectivity to tourist destinations like Lavasa. They have also worked as incentives in Pirangut’s growth and development. The internal arterial road that seamlessly connects Pirangut to Hinjewadi Phase-3, has further enhanced the demand for homes in this area. These have also worked as incentives in Pirangut’s growth and development.
The several benefits of Pirangut such as green environs, huge land parcels and affordability have made it a hotbed of residential and commercial activity. In fact, according to a recent report, Pune has recorded a YoY rental growth at 7% in PBD East and SBD West and 9% in SBD East.
Pirangut is emerging as an attractive property destination for both investors and home buyers. It promises higher returns on investment over the mid-to-long term, with rapidly improving infrastructure in the city. The natural environment of the location along with the generous availability of land parcels has added to its popularity as a residential destination.