With increasing working population and influx of IT professionals to Pune, many new areas have emerged in the city that is attracting developers as well as end users to invest in these areas. One such area that is being termed as one of the fastest developing suburbs in the city is Punawale that has emerged as a new residential hub.
Located in the north-west part of Pune and situated at a distance of just 5 minutes from Pune Mumbai expressway, Punawale is a suburb in Pimpri-Chinchwad district. It is well connected with all the other surrounded areas of Pune and IT hubs like Hinjewadi, Wakad etc. The locality enjoys smooth connectivity via PMPML shuttle buses, private autorickshaw etc.
One can also easily access the industrial belt of Pimpri-Chinchwad from here which is just 11.2 km away.
Also, Punawale is located amidst green surrounding and large open landscapes that make this locality favourable among those who are looking to enjoy a lifestyle in a serene surrounding.
Punawale is just 20 minutes away from the IT hub of Pune-Hinjewadi which is home to leading IT companies and MNCs. Some of them include TCS, Barclays, e-zest etc. Also, proximity to the industrial belt makes this place favourable among home buyers.
The locality is also home to many renowned schools, educational institutions, hospitals, malls, and recreation centres. Some of them include Colours Preschool, International School of Management Studies, PCMC Primary school, Life Care Hospital, Gagangiri Hospital, Xion Mall, Cantt.Shopping Centre etc.
Pune International Airport is 26.7km from Punawale and the nearest railway station is 3 km from the locality.
Apart from this, many planned and proposed infrastructure developments like metro connectivity to Hinjewadi, Pune Ring Road will also add a fillip to the real estate market of the area.
Real Estate Market
Due to its proximity to the IT hub and industrial belt, homebuyers, as well as developers, have flocked towards this area boosting the overall real estate market. Many leading developers have developed their projects here with others in the list to develop more.
One can easily get 1, 2 and 3 BHK apartments apart from studio apartments in various size and configuration.
Due to the presence of IT companies, Punawale is also a popular rental locality among working professionals. There are many affordable rental apartments located here for the tenant community.
Property Price and Trend
At present, the average property price of a residential unit in Punawale is 5,452 per sqft. One can get a 1 BHK apartment at a price of 40 lakh while the rate of 2 and 3 BHK falls between 55-75 lakh.
One can easily earn good rentals if they own a property here. The rent of a 2 BHK flat starts from 13, 000.
Punawale has seen a price appreciation of approximately 15% in the last 5 years. Being near to Hinjewadi, the locality has gained traction among many prospective homebuyers who are looking to buy their dream home here. Expert suggests that this hike in property price will continue in coming 4-5 years, as many infrastructural developments are underway.