Pune's Ambegaon on the rise

HOT SPOT: AMBEGAON

Ambegaon is going to be one of Pune's most vibrant real estate boom areas over the next 10 years. Today, more and more buyers are looking for locations that still offer the uncluttered beauty and bracing environment that once defined most of Pune. For such people, Ambegaon is among the most obvious solutions. It offers hilly surroundings and generous greenery, and the availability of land still permits construction of large township projects.

Amit Enterprises Housing Ltd is a major residential developer in Ambegaon. The company has achieved considerable success with its luxury project Bloomfield and Astonia Royale in the affordable category. Pune’s real estate market responds well to diversified luxury projects that offer buyers multiple options of bungalows, villas and flats. Ambegaon has proved to be a perfect setting for such projects, because the location’s natural ambience and freedom from congestion provide a feeling of exclusiveness. Other companies such as Reelicon, Sai Shree Developers and some local developers, too, are active with smaller projects.

Ambegaon does not have a very long history in terms of real estate development. Therefore, historic prices as compared to today’s rates would show too large a disparity to provide sufficient perspective. Development at Ambegaon has been taking place on land parcels, which have been held by land owners for a number of years before they were put on the market for development. In terms of real estate potential, Ambegaon stands at par with areas such as Bavdhan, Bhugaon, Wagholi, Kondhwa, Undri and Katraj — all of which are fast upcoming residential property development precincts. Thanks to its proximity to Katraj, Ambegaon has great hill views and retains a lot of Pune’s previous natural splendour. This makes it a good location for buyers who are looking for a break from the chaos of the central city areas.

Also, it is well connected to the inner city by road. It has the advantage of proximity to the Mumbai-Bangalore Bypass and the presence of NBN Sinhgad Technical Institute, schools, and hospitals.

Appreciation at Ambegaon has been rather significant at 20-25 per cent over the past two years. With the rapid development of Sinhagad Road, Ambegaon is going to witness a lot of growth potential in the next few years. We expect healthy mid-to-long term appreciation in this area. The current residential rates at Ambegaon range from Rs 4,500 to 5,000 a sq ft.

In other growth areas of Pune such as Baner, Wakad and Hinjewadi, most of the investor interest comes from Mumbai. However, because of its unique location, Ambegaon also draws a lot of investors from cities such as Satara, Sangli, Kolhapur and Shirval.

The writer is Managing Director - Pune, Jones Lang LaSalle India