In the City Profile series that evaluates the real estate markets of different cities across India, ET Wealth and Magicbricks take a look at Pune.For mid-income homes , most new launches are now in western Pune in locations like Hinjewadi, Wakad, Pimple Nilakh, Pimple Saudagar, Aundh and Balewadi. The increase in supply has also kept prices in these locations affordable.Buying options (Average property rates in Rs per sq ft)
Locations in demand
Aundh: High rental demand from software professionals from Hinjewadi IT Park; good infrastructure and central location.
Baner: Proximity to the Mumbai-Pune expressway, good connectivity to city centre and lower rental and capital values compared to Aundh make it an attractive destination.
Kharadi: Location on Pune-Nagpur Road and proximity to international airport have sustained demand.
Price appreciation compared to cities in the region
There was a minor correction in property prices at some locations in Pune in 2008. However, an abundance of residential property has resulted in a slow pickup in prices compared to most cities in the region.
Growth drivers
Some big infrastructure projects under way that could influence real estate prices in nearby locations
Road transport
The Pune Municipal Corporation recently approved a proposal to implement the Bus Rapid Transit System (BRTS) on 27 more roads in the city. Prominent among the selected roads are Tilak Road, Bajirao Road, Shivaji Road, Fergusson College and Jungali Maharaj. The total length of the BRTS will be about 101 km. In the first phase, it will be implemented on roads which have already been widened to 36 metres.
