Real Estate in Pune is growing as quickly as the city itself! Parts of the city that were considered as the ‘outskirts’ a few years ago are now thriving localities with new options for dining and shopping cropping up very frequently. While the older parts of the city boasts of beautiful old family homes, the newer areas are perfect for students, young professionals and families looking for flats in Pune.
In Pune, there are some firmly established as well as quickly growing IT-driven locations that command the limelight among end users and investors alike.
Kalyani Nagar has emerged as one of the most prominent and established commercial and residential real estate destinations on the Eastern Corridor of Pune. Its strategic location between Koregaon Park and Viman Nagar and its proximity to the airport, railway station and close connection to Kharadi and Hadapsar makes it an ideal destination for IT/ITeS companies. The Pune-Mumbai Expressway has been another major contributing factor.
It was given a head start by Dr Neelkanth Kalyani – owner of various notable companies like Bharat Forge and Optronica – after whom it is named. Today, it is a hotbed of Information Technology activity and has come a long way as one of the most upmarket residential property destinations in Pune. It is home to up-market hotels and boasts of a golf course as well as prestigious social establishments.
For today’s home seeker, this area is a regular treasure-trove of attraction. Most reputed builders in Pune have at least one luxury residential project here and the general infrastructure is conducive to modern family life.
While Aundh was the first area to gain significantly from the IT boom in Pune, its development potential diminished rapidly under the onslaught of a relentless spate of projects. With reduced development, price appreciation also reached a certain level of stagnation in this market. Soon, the limelight shifted and Wakad became the next investment location for mid-income housing on the city's Western periphery.
Located in the highly-developed PCMC area, Wakad has a host of positive market drivers to keep its real estate market vibrant. With proximity to the Mumbai-Pune Expressway and the thriving IT hub of Hinjewadi, as well as accessibility from the PCMC industrial area, Wakad now attracts a lot of young end users in the age group of 30-40. For this reason, it has become a new focus for property investors as well.
Shree Shiva Chhatrapati Market Yard, locally called as Market Yard is one of the popular market places in Pune city. It is located near Gultekdi in Maharshi Nagar area. It is near to Swargate, which is an important commercial area in Pune.
Baner has seen historical appreciation of 20-25 per cent and continues to benefit from multiple demand drivers such as serenity of location, presence of good social infrastructure, proximity to the Pune-Mumbai Expressway and the thriving IT hub at Hinjewadi and accessibility to Central Pune. It is still one of the most aspired-for residential locations in Pune. Of late, residential pricing in Baner has begun showing early signs of saturation in the face of considerable supply and the fact that the area has priced itself out of the larger consumer segment. Benefiting from the spillover demand from Baner, adjoining areas such as Baner Extension and Balewadi are gaining momentum because of more attractive pricing ranging between Rs 6,000-6,500 per sq ft and are all set to become part of the next investment hub in Pune's burgeoning Western corridor.
Located on the eastern periphery of Pune, Wagholi has evolved into one of the city's important suburbs. About half a decade ago, the area was mostly dominated by local industries along the Nagar Road. Like Hadapsar, it has now successfully shed the usually resilient image of 'industrial area' and is gaining prominence as a residential destination of note.
Thanks to its strategic location on the Nagar Road, Wagholi provides good access to the existing and upcoming commercial establishments in Kharadi, Hadapsar and Bund Garden. It further benefits from market drivers such as its proximity to Pune Airport, accessibility to the thriving eastern IT hubs of Magarpatta and Kharadi as well as the Shikrapur-Chakan industrial belt. Demand for homes in Wagholi is primarily driven by professionals from the city's IT and industrial professionals.
Aundh enjoys a propitious location which catches the demand from Central Pune as well as the IT-driven demand for homes close to Hinjewadi. Due to its advantageous placement in the Western corridor, its accessibility to various other hot pockets of the city and the presence of good civic and social infrastructure, Aundh continues to be one of the most sought-after locations for a majority of Pune ites.
Aundh is by now a very well-established market. The supply of new projects is very low, with just a few developers active with premium segment offerings. This market has seen a high level of residential real estate development and consumption across categories. The options that remain in terms of new projects are scarce and largely focused on the high-end segment. Whatever is available tends to be snapped up quickly by end users and investors focused on the rental income that a residential property in Aundh can fetch.
They value its generous availability of shopping outlets, high-grade restaurants, and proximity to Pune University and connectivity to Central Pune as well as Mumbai via the Expressway. With many private bus operators having operation bases in Aundh, connecting to the financial capital is a matter of advantageous ease for those who need to travel often for business.
Charoli is strategically located near Pune’s Lohegaon Airport and is all set to capture a significant share of the demand for affordable housing in this region. Charoli is advantageously placed to catch the spillover demand emanating from Vishrantwadi as well as the new IT and corporate-driven demand for budget homes close to Yerwada, Viman Nagar and Kalyani Nagar.
The real estate boom continues to unfold on Nagar Road, a region for which proximity to the Pune Airport has always been a major growth catalyst. Charoli enjoys various other location pluses such as fast access to the railway station (11-km) and the fact that the IT hub at Kalyani Nagar is only 9-km away.
With prices reaching saturation point in areas such as Viman Nagar, Kalyani Nagar and Vishrantwadi, buyers with modest budgets are looking for affordable options in the surrounding region. Neighbouring Dhanori has already seen a significant amount of development over the past couple of years. Now, with the proposed Ring Road running alongside Charoli, this fast-paced development trend is going to extend into this upcoming suburb of Pune. Charoli will be one of the first regions to receive the benefits of the Ring Road as well as other proposed infrastructure projects.
Pimple Saudagar and Rahatani
Pimple Saudagar enjoys all the primary market drivers that lend vibrancy to the entire western region of Pune. It is currently patronized mainly by end users and is beginning to attract serious attention from investors.
Both the areas have seen considerable development and absorption, and are by now established markets within their own segments. They enjoy good civic infrastructure and benefit from educational institutions are available in close vicinity. The region currently lacks in terms of social infrastructure, but there are upcoming malls scheduled within the region that provide a convenience upgrade. All in all, Pimple Saudagar and Rahatani show promising potential over the mid-to-long term.
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