Pune is a rapidly growing city and has been crowned the best property market to invest in, apart from Bangalore. The city has several upcoming localities, Balewadi being one of them. It is a well-connected and strategically positioned neighbourhood. However, the area has seen stagnant rental values since the beginning of 2014. For 2BHK apartments for rent in Balewadi, Pune that measure between 1100 and 1200 sq ft, the monthly rent payable is Rs 15000 to 17000.
The social fabric of the area is well-stitched as there are several higher educational institutions, hospitals and malls. The values for apartments for rent in Balewadi, Pune have remained steady at Rs 13 to 14 per sq ft. Market watchers and experts have offered several explanations for such a happenstance. One of the main reasons behind the steadying of rental rates in the area is the development of neighbourhoods that surround it. Some of the areas that have developed around Balewadi are Bujbal Vasti, Kaspati Vasti and Ram Nagar. Several properties have been launched in the area in the past one year.
Balewadi is located adjacent to the Baner Road and had seen a rise in prices during the later part of 2013. Thereafter, several areas near Balewadi witnessed rapid development. More options were made available to tenants and at lower prices and people preferred them despite the developing social infrastructure. The rental rate for a 2BHK apartment in the area is Rs 10000 to 13000 per month. These units measure between 800 and 1000 sq ft. Similar 2BHK apartments of 1000 sq ft for rent in Bujbal Basti are available for Rs 10000 to 12000 per month. In comparison, apartments for rent in Balewadi, Pune are more expensive.
Balewadi became popular among investors mainly because of two causes. The area is close to the IT hubs and is well connected to different parts of Pune. It is known as an upscale neighbourhood where reputed politicians and businessmen own properties. The area is close to the Dehu-Katraj Road and Pune Mumbai Expressway. The Pune Railway Station is only 10 kilometres from here while the Pune International Airport is 20 kilometres away. All these factors cumulated into propelling the area’s property market and infrastructural development.
Balewadi is now mainly for the elite who own cars and do not have to rely on public transport. However those who must, buses under the PMPML are operated here till Baner. The area is well planned, which has made it fit for the elites.
If you are looking to invest in the area, then you should do so only if you want to live here. The rental and price differentials would hardly be narrowed, especially since other neighbourhoods are located close to it. Other areas where you could consider investing for less are Pimple Saudagar, Wakad, Undri, Pimple Gurav and Magarpatta. These areas still have affordable properties and have good prospects of rental and capital appreciation. Both apartments and villas are available in these areas for investments.
No comments:
Post a Comment