With the unprecedented growth in the property sector, the prices have been steadily climbing up. In the past two years, they have grown by over 30 percent. In the overall scenario of the real estate market in the country, the prices have been on the down side currently for many reasons. With the economic condition not inspiring much confidence in the government, there has been much debate about the futility of investing in the realty market.
Braving all these problems, the property rates in the locality of Balewadi seem to have appreciated in value. It is a positive sign for those who had invested in the sector two years past. While the prices had been Rs.4775 per sq ft for the period of Jan – Mar 2012, they have touched almost Rs.6300 per sq ft now. This would indicate that the price of the flat of 1000 sq ft, which had been bought for 48 lakh rupees two years ago, can be sold off at 63 lakhs of rupees.
The reasons why the value appreciated so high can be defined due to many factors. The first reason was that Balewadi gained prominence due to the organizing of the Commonwealth Youth games in 2008, thereby pushing infrastructure growth and development. There was a lot of land available which attracted many developers to set up projects here. There are reportedly 50 new projects coming up in the area. The growth of the IT hubs near the locality is also contributing a lot to the increase in the demand of the place. It’s proximity to Baner Road with 10 percent higher prices than Balewadi. So people with lower budgets are converging here. The most commonly seen investors among them are those working in the IT companies at the Hinjewadi Park. There is scope for both capital investment and also the rental businesses.
Mumbai – Pune Expressway is also very close to the locality which helps the commuters get around very easily and quickly. The Katraj – Dehu Road also goes through Balewadi as does the Mumbai – Bangalore Highway, which grants the area with good accessibility and connectivity to other locations across Pune. The town is also just about 20 km from the Pune International Airport and a mere 10 km from the railway station. With so many connections, to the commercial capital, Software capital and among its own towns, this locality in Pune is commanding better prices for its land and properties.
Even though the social set up of the locality may not be up to par with fewer modes of entertainment and socializing, there are ample facilities which have more than made up for the lack that has been experienced by the people. They can at any time make their way to the city lights because of the excellent connectivity options that have been provided by the administration.
Though the prices are on the rise, it remains to be seen whether they will hold against the barrage of the government change and change in the state policies which affect the prices most dearly.