Hotspot: Bhugaon in Pune is 30-45% cheaper than nearby areas

Cost of apartments here ranges between Rs 30-70 lakh, which is 30-45% lower than in Bavdhan, Kothrud

Pune is now the seventh-largest metropolitan city in the country, and is seeing ever-improving vibrancy in its real estate industry. One of the main reasons behind the growth has been the rapid proliferation of its information technology (IT) sector, with innumerable large and small IT establishments operating in the city. As the demand for homes in Pune increases, the city’s boundaries have been continuously expanding into new locations. Many of these suburbs have, become the hotbeds of realty investments, and one of the most prominent among them is Bhugaon.

Just a few years ago, Bhugaon was an anonymous precinct, known for little more than chawls, wadas and peths. Over the past couple of years, it has seen the arrival of modern residential developments. Thanks to its close proximity to Kothrud, part of the city’s cultural capital. It has become a major real estate investment destination, both by the government and private builders.

Democratic demographics

Bhugaon is literally a locality which can be a home for all. The cost of apartments here ranges between Rs 30-70 lakh, which is between 30-45 per cent lower than in Bavdhan or Kothrud. Also, Kothrud – with its upmarket shopping, health care and cultural establishments — is just 2.5 km  away from Bhugaon. According to the latest statistics by Magicbricks, more than 22 per cent of the properties in Bhugaon are in the low-range housing category, meeting the requirement of most.  

Attractive affordability 

Real estate data suggests that the average pricing range for properties in Bhugaon ranges between Rs 5,100-5300 a sq ft, as compared to the average of Rs 8,500 a sq ft in Kothrud. Affordability has therefore been the prime factor that has been attracting both buyers and investors to Bhugaon.

Superlative location

Bhugaon is located on the eastern side of Pune, and offers excellent proximity to locations like Bavdhan, Kothrud and the important Paud Road. Further, Pune International Airport is just about 24 km away via both the Paud Road and the Mumbai Pune Bypass. Both of these roads offer a traffic-free drive, ensuring that it does not take too long to cover the distance. The Pune Railway Station is just 17 km away along Paud Road.

However, it’s not just accessibility that makes Bhugaon an excellent option for homebuyers. As opposed to the Pune City, Bhugaon has long and wide tracts of greenery which provide it a superlative natural ambience. This has also led to the development of parks and golf courses here, making it an excellent choice for nature lovers and outdoor enthusiasts.

Well-defined Infrastructure

By the end of 2016, Paud Road is slated to become a six-lane drive, and this will also push demand for real estate market in the neighbouring locations. In terms of social infrastructure, Bhugaon’s immediate vicinity is well-provided with prominent establishments like schools, colleges, shopping malls and hospitals.

Almost 70 per cent of the real estate buyers in Bhugaon are looking forward to capital appreciation and treat their properties as avenues for investment and profit generation through rent and lease.

The writer is CEO - ANAROCK Property Consultants