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Affordability and connectivity have been driving Ravet's real estate market. Ravet, one of the western suburbs of Pune, is an affordable residential destination. Though the area has seen a significant real estate development over the years, it still offers several affordable properties in comparison to the neighbouring areas such as Baner, Wakad, Balewadi, Pimple Nilakh and Hinjewadi.
Located on the NorthWest in Pimpri Chinchwad, Ravet from being a fast emerging residential location in the outskirts of Pune, is today, one of the most in demand localities of the city.
Properties with lower price points and good connectivity to nearby IT hubs such as Hinjewadi, have made Ravet a preferred choice for end-users, especially first-time homebuyers. "The major drivers for residential demand here are the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt, both located at a distance of three to five kms from Ravet," says Sanjay Bhandari, a broker working in the area.
According to the data with Magicbricks, property price are in the range of Rs 4,500-Rs 6,400 per sq ft. The price has seen a slump of two percent in the Jan-Mar 2017 quarter.
In the present market, to buy a 1BHK flat in size range of 551 858 sq ft one needs to shell out Rs 19.71 lakh Rs 46 lakh. A 2BHK flat in size of 592-1373 sq ft is available within Rs 31 lakhRs 72 lakh. A spacious 3BHK flat in size of 1,057-1,700 sq ft is available for Rs 45.31 lakh -Rs 1.05 crore.
There are over 700 multistorey flats available on Magicbricks, out of which a majority of them are ready-to-move-in. You can also go for under-construction apartments which are slated to come for possession by the end of 2018 and 2019.
Connectivity and social infra
Located strategically on the Mumbai-Pune Highway, Ravet is maintained by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA).Since it lies at the intersection of three major roads, NH-4, Katraj-Dehu Road and Mumbai-Pune Highway, reaching here is very convenient.
Further the BRT (Bus Rapid Transport) road offers easy access to localities such as Aundh and its nearby areas. Pimpri-Chinchwad Municipal Corporation (PCMC) is working on a two kms long road in Ravet to link the Sangvi-Kiwale Bus Rapid Transit System (BRTS) route and the Bhakti Shakti Chowk Kiwale Road.
PCMC will construct the road from near the Ravet Punawale bridge on the Sangvi-Kiwale BRTS Road till the railway over-bridge in Ravet. For the rail way over bridge, the contractor has started construction and the dead line for completion is March 2018.
PCMC has claimed that for people in Ravet, Punawale and other nearby areas, the accessibility to Bhakti Shakti Chowk at Nigdi on the Pune Mumbai Highway will improve with the construction of the new road.
Apart from offering reasonably priced properties and good connectivity, the social and commercial infrastructure in Ravet adds to its worth as a residential location. There are good educational institutes and hospitals such as Indira Institute of Business Management, DY Patil College, Aditya Birla Hospital, Gokhale Hospital etc in the area.
Developed by the Pradhikaran-Pimpri Chinchwad New Township Development Authority (PCNTDA), Ravet is strategically placed on latter-day Pune’s map. By virtue of the fact that it is the first town one encounters after leaving the Mumbai-Pune Expressway, it is now known as the Gateway to Pune.
Ravet is, in fact, a confluence point of the old NH4, the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway. Moreover, it is located equidistantly from two major real estate market drivers – the Hinjewadi IT hub and Pimpri-Chinchwad industrial belt. At this strategic point, JNNURM has now launched a 45-metre, grade-separated, non-signaled four-lane BRT (Bus Rapid Transport) road that provides access to the key area of Aundh in under ten minutes. Pimpri, Chinchwad, Chakan and Talegaon are now quite easily accessible from Ravet.
Since the current property rates in Pune tend to be unrealistically high, the highest demand is currently for affordable housing. Keeping this in mind, the first phase targets the middle-income group with 2BHK and 3BHK flats ranging in size from 800 to 1,200 sq ft.
RAVET’S MARKET DRIVERS
Apart from its accessibility, which by itself spells gold in real estate terms, there are other important establishments close to Ravet that add to its value as a residential location.
These include the Aditya Birla Hospital, the Bajaj Auto manufacturing plant, SKF, Telco and major educational establishments such as the Indira Institute of Business Management, DY Patil College as well as the Mercedes Benz School. Its proximity to the Hinjewadi IT hub is of strategic importance, since this fact makes it a new and affordable residential location for software employees there. It is also a location of high value to employees from the Talegaon MIDC and Chakan MIDC. It is a binding location for these hubs.
Compared to the now staggering Pune property prices, rates are welcomingly low in Ravet, and the appreciation potential is undoubtedly high. It is therefore not surprising that some major names from PCMC’s developer community have taken an active interest in this lodestone location. Ravet will reach a high level of investment and end-user potential in less than four years, after which rates should show significant and steady upward movement.