The area emerging as one of the most promising real estate destinations in the western part of Pune is Mahalunge. Well known for its strategic location, rapidly developing social and civic infrastructure, and proximity to IT hubs like Hinjewadi, Mahalunge has become a preferred address for homebuyers and renters alike. So, let us explore and understand the general property prices, details and real estate trends in Mahalunge.
Mahalunge – a rapidly growing infrastructure hub
- Mahalunge is witnessing a fast growth in social and civic infrastructure being propelled by its proximity to business hubs like Baner, Aundh & Wakad and IT hubs like Hinjewadi.
- The area boasts excellent connectivity through the Mumbai-Pune Expressway and Nande-Balewadi road that ensures a smooth connectivity to many other parts of Pune city.
- The public transport of Mahalunge has improved over the years, yet the main mode of transport for many is still personal vehicles. However, the proposed metro line and metro stations in nearby areas hold great promise for the future.
- Despite it being only a few years since Mahalunge started developing, the area has seen swift development of civic amenities like schools, parks and hospitals.
- Due to the seamless accessibility, developers have launched and proposed many well planned and luxurious residential projects in Mahalunge.
Inventory Supply and Demand Trends in Mahalunge
Having witnessed a significant transformation in the real estate market, Mahalunge Pune has seen a significant increase in inventory supply over the past few years as developers have been quick to capitalize on the increased demand.
The surge in new project launches has been primarily concentrated in the mid-segment that caters to the needs of small families and young professionals. According to the quarterly Pune Residential Report of Apr-June 2024 by PropEquity, 98% of this inventory consists of apartments, while only 2% are row houses/ villas.
The same report also states that the supply has gone up from 229 units in 2019 to 6126 units in 2024 with absorption being at par with the supply rate. However, the data also shows that the supply will go down from 2025 to only 492 units in 2028, which suggests an opportunity for property appreciation as prices usually rise when the supply is less.
Recently a gradual shift has been noted towards larger, more spacious apartments for growing families.
Property Price Trends in Mahalunge
According to the quarterly Pune Residential Report of Apr-June 2024 by PropEquity, the average price trends of the available properties in Mahalunge, Pune have shown a gradual increase in every quarter. From Wt.Avg.Price 8464 INR/Sq.ft in Q3 of 2022 to 9817 INR/Sq.ft in Q3 of 2023, then a sharp increase in Q4 of 2023 to 11,336 INR/Sq.ft and now 12,156 INR/Sq.ft in Q2 of 2024.
The Wt.Avg.Prices of absorbed units, resale units as well as new launches show similar trends as shown in the chart below.
Top Real Estate Projects in Mahalunge, Pune
According to the quarterly Pune Residential Report of Apr-June 2024 by PropEquity, following are the top residential projects of Mahalunge based on absorption in the last 6 months:
- VTP BlueWaters (Earth One)
- Godrej Hillside III
- Godrej River Royale
- Kohinoor Satori Mahalunge
- Godrej Hill Retreat II
- Downtown by Samarttha Buildcon
Why is it a wise decision to invest in real estate in Mahalunge, Pune
Above trends are a good indicator that investing in Mahalunge properties in Pune would be a smart decision with promising returns in the long term. Here are some more reasons why:
- Strategic location – located close to business hubs of Baner & IT hub of Hinjewadi housing over 200 companies, Mahalunge is a great residential address from a strategic view point.
- Rapid infrastructure development – Being a part of Pune Metropolitan Region Development Authority (PMRDA), it is in the focus of the Government suggesting future infrastructure development and growth potential.
- Affordable property prices – With many affordable properties within the range of 7000 – 8500 INR/Sq.ft, Mahalunge is a budget friendly address especially for first time home buyers.
- Rental yields – With the IT workforce preferring to live near workplaces, Mahalunge offers promising rental prices for investors.
- Capital appreciation potential – Mahalunge has shown a significant increase in property prices over the years.
- Scenic views and green spaces – With views of the Mula-Mutha river and lush green hills, Mahalunge offers a peaceful living environment.
Investing in Mahalunge is a smart move, as its real estate market is poised for continuous growth. While the market may show a slow rise in the short term, the long term outlook remains optimistic.