Baner and Wakad, the western suburbs of Pune were considered far out of reach from the main city. If you owned a home there, you had to travel through forest land and many barren spaces before you could even reach home.
But today, Baner and Wakad have become the most popular real estate destinations in Pune city. In the past year, over 45% of demand for new home purchases and rentals was focused in West Pune. Due to the cosmopolitan crowd and the upcoming avenues for entertainment, food and culture, West Pune has become the preferred destination for property buyers.
With the emergence of new IT parks, social and civic infrastructure and many educational institutions, builders have set out to make West Pune the ideal location for a good standard of living. The easy accessibility of the Mumbai-Pune Expressway is also a major factor that goes in favor of West Pune. This highway makes connectivity to peripheral areas around Pune such as Chakan, Bhosari, Talegaon etc a breeze.
These positive drivers have led to the development of increased interest of home seekers. There are plenty of options for buyers to choose from – luxurious high rises, elaborate townships, independent bungalow plots and even mid-sized affordable homes.
One of the reasons many new home buyers are seeking flats in West Pune is quality living. The area is well maintained with a lot of upcoming industrial and commercial development. Surrounding areas such as Aundh and Shivajinagar are very easily accessible and there are plenty of options for shopping centers, multiplexes, hotels and restaurants and even excellent schools. More importantly West Pune boasts of property rates that are affordable to even the common man. The price factor, combined with large and spacious properties makes the western region the most desired market for real estate in Pune.
The average value of homes in Baner starts from Rs. 6500 per square foot whereas Wakad is priced even lower at Rs. 5700. There is a spike in demand for flats in Baner not just from home seekers, but also from investors looking for property gain. Those who are investing in a home for the future also have a lot to look forward to in Baner. The high quality educational institutes, supermarkets, banks and overall development of infrastructure make it an ideal place for comfortable living.
Wakad is primarily the newly developing industrial region of Pune. Close to the IT hub of Hinjewadi, many techies opt for homes here. There has been consistent development in the automobile, manufacturing and IT sector which has boosted real estate in Wakad in the last couple of years.
For those looking for new property, rentals of real estate for investment, West Pune comprising of Baner and Wakad are the ideal locations for investment and have a large potential for future returns.