Aundh's real estate market in both the residential and commercial segments has retained the ace position among Pune's suburbs for quite some time.
Demand for properties in both categories witnessed an upsurge when Pune's IT (information technology) boom began taking off in all earnestness and residential prices in central Pune began increasing rapidly, leaving no scope for mid-income housing projects. The demand from IT and ITeS-related office and residential spaces in the western corridor was being fuelled constantly by the Hinjewadi IT Park, and Aundh was the first area to benefit from it.
Aundh enjoys a propitious location, which catches the demand from central Pune and the IT-driven demand for homes close to Hinjewadi. Due to its advantageous placement in the western corridor, its accessibility to various other key areas of the city and the presence of good civic and social infrastructure, Aundh continues to be one of the most sought-after locations for a majority of Puneites.
Aundh is now a very well-established market. The supply of new projects is very low, with only a few developers active with premium segment offerings, among these Pride Group, Pristine and Nandan. This market has seen a high level of residential real estate development and consumption across categories, and the options that remain in terms of new projects are scarce and largely focused on the high-end segment. Whatever is available tends to be consumed quickly by end-users and investors focused on the considerable rental income that a residential property in Aundh can fetch.
With an annual appreciation of approximately 20 per cent, the property prices in Aundh are largely unachievable for the baseline consumer, being currently in the range of Rs 10,000 to 12,000 per sq ft. The area has a good secondary sales market, but the available options are in old buildings that offer no extra frills or modern amenities. Prices on Aundh's resale market range between Rs 7,500 and 8,000 per sq ft. This underscores Aundh has considerable location value.
While it has many contenders in the form of nearby areas such as Wakad, Aundh has established itself as a priority port of call for many of Pune's well-heeled IT professionals, who value its generous availability of shopping outlets, high-grade restaurants, proximity of Pune University and excellent connectivity to central Pune, as well as Mumbai via the Expressway. With many private bus operators having operation bases in Aundh, connecting to the financial capital is a matter of advantageous ease for those who need to travel there often for business.
The writer is managing director, Aundh, Pune, JLL India
