India, Jan. 13 -- The rapid development of areas such as Wagholi and Narhe has led to a dramatic increase in traffic congestion and road accidents, prompting residents to sell their flats and move out to safer, less congested areas while slowing down the sales of real estate as new residential projects struggle to find buyers.

Kushal Das, a working professional, said, "We bought a 2-BHK flat in Wagholi seven years ago, but the last couple of years have been terrifying. Almost every week, there is an accident on the Pune-Ahmednagar Road. Travelling along this stretch feels like we are risking our lives. We are now planning to sell our flat and move to Vimannagar or Wadgaonsheri, which is closer to the city."

Wagholi has grown exponential...