By Shailesh Puranik, Managing Director, Puranik Builders Ltd.
In just over a decade, Pune has witnessed major transformation in infrastructure, employment opportunities and real estate. In the next decade, another leap is expected with major infrastructure projects in the pipeline such as the Metro rail network, Ring Road Smart City Mission and proposed international airport.Research reports suggest that the city saw a whopping 103% growth in launches of residential projects and a 28% jump in sales in the fiscal ended 2019 over the previous year.
One of the greenest citiesin Indiawhich has been performing well on the air quality-front too, Pune has since long been a preferred choice for homebuyers. These make Pune an alluring option for homebuyers and investors alike.
So here are some of the attractive options that look promising and are likely to give good returns.
Bavdhan
One of the oldest localities in Pune, it is increasingly gaining attention as a residential hub. Green, well-connected and with all infrastructure in place, it boasts of reputed educational institutes such as St. Joseph High School, St. Vincent’s High School, Ryan International as well as reputed medical facilities including Opel, Chellaram, Tirupati and Sahyadri Hospitals.
In and around Bavdhan, for entertainment and shopping there are multiple landmarks including Aditya Shagun Mall, City Pride Kothrud and Oxford Golf Resort.
The average current rate for residential units in this location is in 5,469-7,985 per square feet, makingit an affordable choice for the millennials.
Besides, it is well connected to various localities including Pimpri-Chinchwad thanks to the frequent and reliable bus services operated by Pune MahanagarParivahanMahamandal Ltd. The decision to extend the metro line from Vanaz to Chandni Chowk is a big plus as well. Also, execution has commenced for 170-km Pune Ring Road project, which will reduce inter-city vehicular traffic between Mumbai/ Nashik/ Aurangabad – Hyderabad/ Bengaluru/ Kolhapur.
Bavdhan is strategically located too, which is a boon for travelling to cities and states including Mumbai, Gujarat and Bengaluru and beyond.
Mahalunge
Adjacent to Balewadi and Baner, it is one of the upcoming residential hubswith good connectivity to both. Mahalungeis witnessing a transformation and in the years to come it is likely to see several project launches. With a plethora of both housing and commercial projects at affordable price points, Mahalunge is grabbing the attention of millennial homebuyers and investors alike.
In the vicinity ofMahalungeare several important institutes and facilities such as Mitcon Institute of Management, Balewadi High Street, National Games Park and Orchid Hotel.
The upcoming metro stations and Ring Road may help elevate the property prices in this micro market and usher in another phase of development.
Kalyani Nagar
Located in the eastern part of the metropolis, Kalyani Nagar is one of the residential-cum-business zones that provides most amenities within 2-3 kmsradius. Kalyani Nagar is a posh locality that serves individuals who prefer to live near Koregaon Park and those on the lookout for popular eateries such as German Bakery. However, this area of Pune commands a premium price as the supply of apartments is very low.
Kalyani Nagar is just 5 kms from Pune Junction Railway Station and 4 kmsfrom Pune International Airport. The Pune Metro, currently under construction at the East Avenue near Pune-Ahmednagar Highway, is planned to pass through the locality. Though Kalyani Nagar was purely a residential area, rapid development and improved accessibility over the years have resulted in the many new apartment blocks, shopping malls, hospitality chains and commercial spaces with MNCs cropping up.
Kharadi
A rapidly-emerging a residential hub on the eastern side of Pune, Kharadi is in the midst of an infrastructure upgrade that will also improve connectivity with different parts of the city. The emergence of commercial spaces such as MIDC Knowledge Park and EON IT Park in addition to affordable residential options make Kharadi a popular choice for the young. Kharadi also boasts of World Trade Centre, Barclays Global Services, XDBS Private and Eco Free Zone business parks as well as places such as Global Highstreet, City Hub Mall and various popular food joints.
The Pune International Airport is about 10kms from here. The area is also well-connected to the rest of the city through roads and has seen a consistent value appreciation in the last few years.
Wagholi
Located on the Pune-Nagar (Ahmednagar) highway, it is another suburban area that has witnessed great improvements in real estate andhas, therefore, recently caught the homebuyers’ fancy.
Wagholi has attracted the attention from developers and investors due to its strategic location, which provides quick route to the Pune Airport, Solapur Highway and the Shikrapur-ChakanRoad. New four-lane flyover connecting Wagholi to Shikrapur is another big boost too. It is also close to the IT hubs and is very affordable, which makes Wagholian attractive investment option. In the last five years, various shopping centres, hotels and multiplexes have been constructed here, drastically improving availability of goods and services.
Corporate Comm India (CCI Newswire)
