Here is all you need to know about the housing market that falls under the PCMC.
The Maharashtra government had to focus on developing several suburban areas to accommodate more people amid a dramatic increase in the population numbers of Pune, an educational hub in the country that also goes by the moniker, the Detroit of India. The glorious rise of the Pimpri Chinchwad region, which has emerged as one of the leading housing markets in Maharashtra in the past decade, is a result of that endeavor.
All thanks to the concerted efforts made by the Pimpri Chinchwad Municipal Corporation (PCMC), the area, which once had the label of being a ‘C-class’ area has now been upgraded to an ‘A-class location.
Pimpri Chinchwad region: Location
Located 150 km away from India’s financial capital Mumbai and over 15 km from the Pune city center, the Pimpri Chinchwad region is spread over 181 sq km of area.
Situated towards the northwest side of the Pune city, the region is governed by the Pimpri Chinchwad Municipal Corporation, which was established on October 11, 1982, to ensure the planned development of this region.
Billed as one of the biggest industrial hubs in Asia, the PCMC region is basically a cluster of several small towns, including Pimpri, Chakan, Chinchwad, Nigdi, Hinjewadi, Akurdi, Rawat, Bhosari, Punawale, and Sangav.
Already housing over 20 lakh of population, the PCMC housing market is predicted to become much bigger by 2025, when completion of many infrastructure projects would likely boost the connectivity net in the area.
Pimpri Chinchwad: Connectivity
Road: Connectivity to the Pune city via the old Mumbai-Pune highway, the PCMC region could be approached from here within a matter of half-hour. While the Panvel-Chakan state highway will improve the connectivity between the two nodes, the proposed Pune Outer Ring Road is expected to solve the traffic woes between Pune and the Pimpri-Chinchwad region.
Railway: The area enjoys railway connectivity through the Pimpri railway station, the Chinchwad railway station, and the Akurdi railway station. The Pune-Lonavala suburban train also passes through the Pimpri-Chinchwad area.
Air: While the PCMC area is currently served by the Pune Airport, air travel from here will become more accessible when the upcoming airport at Chakan becomes operational.
Metro: Work is also underway to provide the PCMC area with metro connectivity. Metro lines between Pimpri Chinchwad to Swargate and Vanaz to Ramwadi are currently under construction and might see completion by 2022.
Pimpri Chinchwad housing market
While the PCMC region grew to prominence on account of being an industrial hub, it soon became a popular real estate destination because of the affordability it offered to homebuyers.
The fact that the area was much less crowded than the dense mainstream localities in Pune also encouraged specific segments of homebuyers to invest in property in the PCMC region in order to enjoy the peace and quiet and large living spaces.
In effect, the PCMC story has been a commercial as well as a residential success story, primarily on account of the planned development, something that the neighboring Mumbai and Pune lack.
PCMC housing demand drivers
The presence of industrial areas like the Pimpri MIDC and the Chakan MIDC and several IT parks has been highly instrumental in boosting the demand for housing in the PCMC localities—note that the PCMC region has 2,969 industrial units operating from here as of date. This trend is further boosted by the presence of many educational institutes here.
As it stands today, PCMC localities are abuzz with real estate activity, with demand for housing being driven by the large number of people employed in the IT and automobile hubs of the area. Various township projects have consistently been announced in the many areas of the PCMC to accommodate more and more people into its fold. The demand for property in the PCMC region is primarily driven by the affordable housing segment.
Its location advantage and land availability, coupled with newer infrastructural developments and affordability continue to push growth prospects of the PCMC region, arguably the fastest-growing node along with Pune.
The ever-improving social infrastructure is also seen furthering the growth prospects of the PCMC region- the area is home to various reputed educational institutes, hospitals, shopping malls, and nightclubs, whose number has been rising consistently.
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