Transforming Pune: The rise of modern townships like Pride World City

In the last ten years, the story of real estate in Pune has taken new meaning as it morphs from a mere retirement place to a vibrant urban landscape. Once known for its widely sprawling low-rise structures, the city skyline today consists of many high-rise structures owing to urbanization and economic development. This article delves into the transformation of the real estate industry of Pune, with particular emphasis on Pride World City, a notable integrated township which exemplifies the modern living space.

Evolution of Pune’s real estate market

For a long time, Pune was known for its breathtaking landscape which attracted many elderly people. However, within the last decade, there has been a shift towards a bustling property market, fueled by economic development and urbanization. The implementation of the Real Estate Regulatory Authority (RERA) Act in 2017 has brought about a certain level of transparency which has made buyers more comfortable and confident. Pune recorded a 30% increase in residential property registration in 2023 compared to the previous year milestones after the pandemic slump.

Pride World City: A model of integrated living

Pride World City, developed by Pride Group, spans 400 acres in Charholi, Pune, and is a prime example of modern township living.  It offers a range of housing from 1 Bhk to 4 Bhk apartments, accommodating diverse family needs, with prices ranging from Rs 56 lakh to Rs 1.5 crore. This integrated community features a mix of residential units, schools, shopping malls, hospitals, and IT parks, catering to over 5000 families. The township provides a holistic living experience, emphasizing open spaces and community amenities, which are essential for a balanced lifestyle.

Key amenities at Pride World City

Pride World City is a sprawling 400-acre township that emphasizes an active and engaging lifestyle through its extensive amenities. The landscaped parks cover 15 acres, offering tranquil spaces for relaxation and leisure. Residents can enjoy jogging tracks that promote fitness while immersing themselves in nature. The fitness centers are equipped with modern facilities to support health and wellness goals.

Community halls serve as venues for social gatherings and events, fostering a sense of community. The central park encourages outdoor activities and picnics, enhancing community engagement. Additional amenities include a swimming pool, kids’ play areas, and a clubhouse that acts as a social hub.

With multipurpose sports facilities, an organic waste converter, and solar power initiatives, Pride World City aims to combine luxury living with sustainability.

Location advantages of Pride World City

• 7 km from Pune International Airport: This close proximity makes it convenient for frequent travelers.
• 14 km from Koregaon Park: A well-known area in Pune, enhancing accessibility to urban amenities.
• 13 km from Kharadi IT Park: Ideal for professionals working in the IT sector, reducing commute times.
• 1 km from D.Y. Patil School and University: Ensures educational facilities are within easy reach for families.

The township houses international school and daycare centers, ensuring quality education is accessible within the community. On-site clinics and proximity to multispecialty hospitals like K. K. CARE Hospital, Shree Multispeciality Hospital, Ruby Hall Clinic and Deenanath Mangeshkar Hospital ensure residents have access to quality healthcare.

Charholi, the project’s location, has seen a 10% increase in property prices over the last three years, attributed to rising demand and upcoming infrastructure projects like the proposed Ring Road. The area has seen maximum residential sales in Pune East, driven by the influx of professionals and families seeking affordable housing options close to their workplaces and educational institutions. Charholi is becoming a hotspot for real estate investment.

Drivers of growth

1. Economic stability: Pune’s economy is bolstered by its IT, manufacturing, and education sectors, attracting job seekers and investors alike.
2. Infrastructure development: Projects like the Pune Metro and expansions to the Pune International Airport improve accessibility, making previously underserved areas more attractive for investment.
3. Demographic shifts: A growing influx of professionals seeking housing near IT parks and educational institutions has spurred demand for residential properties. The population of Pune is expected to grow by 15% in the next five years, intensifying the need for housing.
4. Rental market: The rental market in Pune is particularly strong in areas near major employment hubs, making them appealing for investors. Regions like Hinjewadi, Kharadi, and Viman Nagar are experiencing high rental yields, ranging from 5% to 8%. This robust rental market is part of Pune’s overall real estate growth, which saw a landmark 113,277 property registrations in the first seven months of 2024, reflecting a 45% increase over the same period in 2023. Additionally, the state government collected over Rs. 4,127 crores in stamp duty during this timeframe, marking a 47% year-on-year growth. In July 2024 alone, Pune registered 13,314 properties, a 25% increase year-on-year, with stamp duty collections reaching Rs. 504 crores. These statistics highlight the strong investor interest in Pune’s real estate market, particularly in rental properties located near major employment centers.

Pride World City’s impact on Pune’s skyline

Pride World City stands out as a benchmark in Pune’s real estate landscape. The integrated township on 400 acres includes among other facilities: residential units, schools, shopping malls, hospitals and IT parks. Besides being strategically positioned close to the upcoming Ring Road and Pune Airport, it also accommodates a population of more than 5000 families making it a world-class setup. Its eco-friendly design and modern amenities set a new standard for township living. The project has seen property prices appreciate significantly, with a 25% increase over the past year, reflecting its desirability and investment potential. The township’s ongoing projects, including Montreal and Wellington, continue to attract buyers seeking quality living spaces.

Conclusion

Pune’s real estate market has undergone significant transformations, driven by economic growth, infrastructural advancements, and changing buyer preferences. Pride World City exemplifies this evolution, offering a comprehensive living experience that prioritizes community, sustainability, and modern conveniences. As Pune continues to grow, it remains a key player in India’s real estate landscape, presenting ample opportunities for investment and residence.