India’s IT, educational and automobile hub is developing at a speedy rate, with improved infrastructure and a variety of housing projects, especially affordable ones. For home buyers, Pune serves as the next best destination for investment, say experts.
Looking at the eastern side of Pune, Kharadi, Wagholi and Hadapsar are the areas that are most preferred as residential destinations, offering a range of options for buyers.
Wagholi in the East, Undri, Pisoli and Mohammedwadi in the Southeast and Dhanori, Charholi in the Northeast are the upcoming locations in Pune, says Shantanu Mazumder, Branch Head, Pune, Knight Frank (India). He adds that Wagholi and Undri are the destinations to watch out for the highest return on investment and maximum buying of residential property is happening in Wagholi and Undri.
Prathamesh Dubhashi, who recently purchased a flat around Kharadi, better known as Kalyani Nagar Annexe, says, “Since the rate in Koregaon Park is skyrocketing these are the areas that one can look into if one wants to purchase a flat in this part of the city. The flat that I bought was within my budget with all the amenities.”
Prathamesh explains, “Kharadi and Hadapsar were a few of the areas that I looked at while buying the flat. They have come up very well in the last two or three years with good residential as well as commercial projects emerging. One can expect a lot more development in the next few years. From numerous malls and excellent hotels that provide good eating options on Nagar Road to entertainment options in Koregaon Park, everything is in the vicinity. It’s close to the railway station as well as the airport.”
“For investment purposes Kharadi is the best option with a lot of upcoming projects that suits the budgets of all. Now is the time to invest in these areas as the prices are expected to escalate greatly in the coming few years.”
For Kharadi, the proximity factor plays an important role. “The upcoming locations are Kharadi and Wagholi,” says Sanjay Bajaj, Managing Director – Pune, Jones Lang LaSalle India.
Citing the reasons for these areas, Bajaj says, “Kharadi has come up because of its proximity to EON, Magarpatta, Commerzone, Gigaspace and Espace IT parks as well as its good connectivity to the airport, railway station and other places. It also has the best of Pune’s malls like Phoenix Market City, Inorbit, Jewel Square and Amanora in its neighbourhood.”
“Wagholi presents buyers with a clear affordability and value-for-money factor and also has extremely high investment potential.”
Pune west has also seen great improvement as the east and the areas responsible for this are Wakad, Kondhwa, Baner, Hinjewadi, Pirangut, Balewadi and Tathawade.
“The upcoming locations in the west are Wakad, Balewadi and Tathawade, and Wakad is one of the destinations to watch out for investment. Maximum buying is happening in Wakad and Hinjewadi,” says Mazumder.
Abhishek Rajagolkar purchased two flats in the last few years, both in the western corridor of the city, Hinjewadi and Pirangut. He says, “I needed a spacious place and the price ratio worked better in the flats available in these areas. It is the fastest developing part of the city. The IT and automobile boom has led to some very good projects in this area. Purchasing property here has been a good return on investment for me. It’s also closer to Mumbai. The upcoming industries and the proposed airport at Chakan will also foster the growth in this region. One big investment and this region will come up extremely well. Maximum buying happening in Pune as of now is Hadapsar and Kharadi in the eastern side and Baner, Wakad, Hinjewadi, Pirangut on the western side.”
Bajaj says, “Hinjewadi has two market drivers – its proximity to Mumbai and the employment opportunities that IT giants like Wipro, Infosys, Cognizant and Tech Mahindra have created in this belt.”
Shruti Sengupta purchased a flat in Kondhwa. She says, “We wanted a flat in this part of the city as its closer to my office. The rates in this area were lower than most of the surrounding regions. It is also very peaceful and full of greenery which attracted us a lot. It also offers easy accessibility to M.G Road, Koregaon Park. Also, it’s a self-sufficient area with malls and eating joints near-by and railway station and airport at vicinity.”
Ravet has also come up and has benefitted tremendously. Stating the reasons for the improvement, Shveta Jain- Director, Residential Services, Cushman & Wakefield – India, says, “The development in the area is in a much planned manner. Located in close proximity to Mumbai-Pune Expressway, it is considered to be an entry point of Pune. This area is being looked forward by the information technology (IT) professionals, as well as by the industrial work force, as it has easy accessibility to the Hinjewadi IT Hub, as well as Pimpri-Chinchwad industrial belt. The construction work on the 45-metre, grade separated, and non-signaled four lane Bus Rapid Transit System (BRTS) route joining Ravet to the up market Aundh is in full swing. This road will bring down the travel time to Aundh to less than 10 minutes. The industrial belts at Pimpri, Chinchwad, Chakan and Talegaon are now within easy reach from Ravet. With quality electric supply, as well as water supply, the precinct of Ravet holds an edge with respect to the other locations.”
Mazumder concludes saying, “With the growth of the economy in Pune, residential property rates in Wagholi, Undri, Wakad and Hinjewadi will only head northward.”