Pune: Prabhat Road, Erandwane Top List of City’s Costliest Areas for Land and Flats
Pune’s real estate market has witnessed a significant hike in ready reckoner (RR) rates, with Prabhat Road and Erandwane emerging as the city’s most expensive areas for land and residential properties.
As per the latest RR rates, Prabhat Road has the highest land price at ₹8,056 per sq ft, while Erandwane (west of Law College Road) leads in residential flat rates at ₹16,810 per sq ft. These revised rates came into effect on Tuesday.
The city’s average RR rate hike stands at 4.2%, but many prime areas have witnessed a sharper increase of 5% to 10%, surpassing Maharashtra’s overall 3.89% rise.
Top 5 Areas with Highest Land Rates (₹ per sq ft)
- Prabhat Road – ₹8,056
- Model Colony – ₹6,270
- Erandwane – ₹5,198
- Ghorpadi – ₹4,219
- Kothrud – ₹3,941
Top 5 Residential Areas (₹ per sq ft)
- Erandwane – ₹16,810
- Koregaon Park – ₹16,675
- Prabhat Road – ₹15,350
- Model Colony – ₹13,582
- Kothrud – ₹11,291
Sharp 10% Hike in Key Areas
Prabhat Road, Model Colony, Erandwane, and Kothrud have all recorded a 10% increase from the last RR revision in 2022-23, with only Ghorpadi maintaining stable prices.
The lowest land rates in the city are in Nandoshi (₹202 per sq ft) and Kirkatwadi (₹249 per sq ft).
For commercial properties, Deccan’s Jungli Maharaj Road-Garware Island-Balgandharva stretch has recorded the highest rate at ₹12,157 per sq ft.
Developers Voice Concerns
Real estate developers have raised concerns about the impact of the revised RR rates:
- Ranjit Naiknavare, VP of CREDAI National, stated that the hike would increase property prices and could reduce government revenue in the long run.
- Manish Jain, President of CREDAI Pune-Metro, pointed out that developers cannot sell below RR rates due to government regulations, leading to additional taxation.
- Rohit Gera, MD of Gera Developments, said the increased stamp duty will make affordable housing more difficult, further burdening homebuyers.
The RR rates were last revised in 2022-23 after remaining unchanged during 2020-22 due to the pandemic. Officials claim that the new rates have been determined based on a detailed assessment of real estate transactions.
