Hotspot: Here's how Pune's Undri town scores high on connectivity

Located in the southeastern periphery of Pune, Undri was once a small and unremarkable village outside the Pune municipal corporation limits. In 2017, Undri came under the purview of the Pune administrative authority - Pune Metropolitan Region Development Authority (PMRDA). 

Surrounded by micro-markets such as Hadapsar, Pisoli and Handewadi, Undri offers relatively serene surroundings with thick green cover. It has good social infrastructural facilities including educational institutions, healthcare facilities and entertainment options.

Various IT-ITeS (information technology and information technology-enabled services) establishments, including Magarpatta City in Hadapsar, Eon Free Zone in Kharadi and SP Infocity in Phursungi, have created massive residential demand in and around the region, eventually hiking property prices in these areas. Undri caught the spill-over demand from these nearby markets with its relatively lower property values. This was a primary factor behind Undri turning into a preferred residential destination for Pune-based IT-ITeS professionals.

Undri scores high on connectivity due to the presence of a good road network and easy connectivity to the railway station and the airport.

Since 2013, about 12,300 units have been launched in Undri. The highest supply of 4,000 (33 per cent) units was registered in 2014, after which the new launch supply fluctuated until 2017. Currently, nearly 5,600 units in Undri are lying unsold. Of this total unsold stock, nearly 93 per cent is under construction. 

Undri's property market is dominated by mid-segment (prices between Rs 4 million - Rs 8 million) properties accounting for 55 per cent of the total new launch supply since 2015, followed by 44 per cent  of properties priced less than Rs 4 million. 

Property prices in Undri have been on the rise since the first quarter (Q1) of 2017 till Q1 2018. With the impact of economic reforms like demonetisation, GST and RERA being gradually absorbed, residential prices in Undri have been heading steadily northward. Property prices in Undri have appreciated by around 7 per cent in the past two years, with average the price as of Q1 2018 being ·4,500 per square feet. 

Replete with affordable and mid-segment residential options, Undri will continue to see significant interest from both end-users and investors going forward.

The writer is head – research, ANAROCK Property Consultants