Pune may have carved out an identity of its own separate from that of Mumbai, yet it still doesn’t mean that property in Pune is in the same league as property in Mumbai. Far from it, as a matter of fact flats in Pune at some locations are priced to be within the reach of lower middle income households. No matter where you look in Mumbai, most likely you will have a very difficult time finding flats priced as low as some are in parts of Pune.
A prime example is the locality of Uruli Kanchan in Pune, here homebuyers can purchase a flat for the same price as that of mid segment car. At some developments a 1 BHK flat in Pune at Uruli Kanchan can be yours for less than 7 lakhs, the locality is becoming popular as a residential destination due to its proximity to several Information Technology parks. The price for property at Uruli Kanchan has risen over 25% in the past 3 years due to the new found attractiveness of the locality among budget home buyers.
Another factor contributing to the availability of affordable housing in at Uruli Kanchan is the low cost of land in the locality. However as prices have appreciated over the past few months the cost per square foot for an apartment stands at 2800 rupees per square foot. This is still quite a low rate and hence appreciation is bound to happen over time as the civic services in the region improve leading to higher quality developments constructed in the area. As things currently stand, Uruli Kanchan may be a great destination for a lower middle class home buyer who wants to purchase his or her own home or as an investment destination for investors who are keen to sell the property once it appreciates. There is a high probability that properties at Uruli Kanchan would appreciate over time as the real estate is starting from such a low base and with greater development in the region raising the attractiveness of the locality, prices are bound to eventually rise upward.
If you are keen to look for affordable housing in Pune, then almost certainly Uruli Kanchan would be among the top of the localities you would first seek out. To put things in perspective a 900 square foot 2 BHK flat in Uruli Kanchan would cost you a little more than 25 lakhs, considering that this is only 30 kilometers from Pune the location is ripe for some serious appreciation and would make for an excellent investment by speculators with money to spend who are keen to see the value of their portfolio grow.
However investing in this region is certainly not for everyone; Uruli Kanchan is some distance from Pune and though technically a part of Pune it does need to catch up on the quality of civic services provided to its residents. If you are of an adventurous heart and want to own property in Pune which could very well appreciate significantly higher albeit in longer time duration then Investing in Uruli Kanchan may just be for you.