Pune Sees a Surge in Mixed-Use Developments

Pune’s real estate market is shifting towards mixed-use developments, where residential housing, retail spaces, and recreational areas are combined into a single community. These projects are gaining popularity, particularly in areas like Hinjewadi, Kharadi, Magarpatta, and Baner, which have become hotspots for such developments.

Experts say the number of mixed-use projects has increased by 20-30% in the last five years, as people look for convenience in their living spaces. These developments allow residents to live, work, and shop in one place, reducing the need for long commutes.

Why Are Mixed-Use Developments in Demand?

The demand for such projects is being driven by several factors:

1. Convenience & Accessibility

Many homebuyers now prefer properties where essential services like grocery stores, restaurants, and entertainment options are within walking distance. IT professionals, in particular, find these developments attractive since they often include offices nearby.

2. Growth in Investments

In 2022, mixed-use developments accounted for 25% of India's $7.8 billion real estate investment, according to CBRE’s India Market Monitor. Investors see them as profitable due to the high demand for properties that offer both residential and commercial benefits.

3. Walk-to-Work Trend

Developers are prioritizing locations with better connectivity to IT hubs, shopping malls, and offices. Areas like Baner, Balewadi, Mahalunge, Kharadi, and Wagholi are witnessing road expansions to support the increasing number of such developments.

An IT engineer who recently moved to a mixed-use property in Hadapsar, shared her experience:

"Having shops nearby is a big advantage. I can walk down and buy anything I need. I specifically wanted to live in such a complex because my office is just 10 minutes away."

Real estate developers are also recognizing the potential of these projects. Kapil Gandhi, MD of Sigma One Universal, mentioned that mixed-use developments cater to a large number of people, ensuring high footfall in commercial spaces. He is currently working on two projects in Mahalunge and Nande, which will include residential areas, medical stores, and shopping hubs.

Manish Jain, VP of Credai Pune, added that if a project has over 500 housing units, it must include commercial spaces to support residents’ daily needs.

Buying vs. Renting – What’s More Popular?

According to Ritesh Mehta from JLL, more buyers are investing in these properties rather than renting because the cost of a home loan (EMI) is almost equal to rent.

1. Rental Costs:

• A 2 BHK typically rents for ₹45,000–₹60,000 per month.
• A 3 BHK rents for ₹60,000–₹90,000 per month.

2. The higher rents are due to the proximity to IT parks, malls, and metro connectivity.

Future of Mixed-Use Developments in Pune

Tejraj Patil, founder of Tejraj Group, believes these projects are a lucrative investment. His company is currently developing mixed-use spaces in Baner, Shankarsheth Road, Model Colony, and Shivajinagar.

However, he emphasizes that a clear separation between residential and commercial areas is essential to maintain functionality. If planned well, these developments offer a better lifestyle and convenience, making them attractive to both buyers and tenants.

With rising demand and increasing investment, Pune’s real estate landscape is set to see even more mixed-use developments in the coming years.