by akshayPune’s 7 IT-focused real estate investment hubs
Pune offers wonderful weather and IT companies that pay well. Pune is renowned for its numerous educational institutions as well. Numerous renowned IT businesses are located in the city, including Tata Consultancy Services, Infosys, Wipro, Amdocs, Cognizant, and others. All of this has increased demand in the real estate market. Nine IT-focused real estate investment areas in Pune are listed in this blog today.
The most significant foundational element for increasing and also redefining real estate demand in Indian cities has proven to be information technology. In places like Bangalore, Mumbai, Pune, Hyderabad, and Chennai which have a workforce that is properly educated and trained, the IT/ITeS sector offers a tone of well-paying employment prospects.
Locations that respond to their need eventually have housing valuations that are greater than the usual benchmark for a city due to the higher purchasing power and more sophisticated tastes of home purchasers from this sector, as well as the kind of supply that emerges to cater to these aspects. Nevertheless, the majority of IT-focused hotspots in a city have a tendency to start off modestly and only catch up in the pricing steeple-chase as the sector expands.
IT-focused real estate investment hotspots of Pune
In Pune, there are nine firmly established as well as quickly growing IT-driven locations that command the limelight among end users and investors alike.
1. Bavdhan
Bavdhan, nestled amidst three hills on its south, east and west and the scenic Pashan Lake in the north, has seen gradual growth in the form of planned development. It is strategically located on NDA Road, the centre of Aundh and Kothrud – both well-developed suburbs free from illegal development and encroachment . The area is easily accessible from Mumbai as well the main city. Hinjewadi IT Park is within ready commuting distance from Bavdhan, being just 20 minutes away via the highway.
Bavdhan was like any other extended suburb over 10 years ago, with scattered growth, no good food stores, no roads, no power, etc. However, due to its location, Bavdhan experienced a growth in residential demand, and established developers began creating home developments with contemporary requirements and facilities to fulfil client desires. The pattern persisted, and today Bavdhan is a more popular and well-known resort.
The 2008 Commonwealth Youth Games also significantly altered the appearance of the catchment and brought about a number of new infrastructure improvements, including broad roads, street lighting, environmental cleanup, regular bus service, civic facilities, etc.
2. Kalyani Nagar
On Pune’s Eastern Corridor, Kalyani Nagar has become one of the most well-known and established areas for commercial and residential real estate. It is the perfect location for IT/ITeS companies because to its advantageous location among Koregoan Park and Viman Nagar, closeness to the airport, railway station, and convenient connections to Kharadi and Hadapsar. Another significant contributing aspect is the Pune-Mumbai Expressway.
Its founder, Dr. Neelkanth Kalyani, owner of numerous illustrious businesses including Bharat Forge and Optronica, gave it a head start. It has gone a long way as one of Pune’s most upscale residential property locations and is now a hub of information technology activity. In addition to having a golf course and upscale hotels, it also has prestigious social venues.
In response to this potential, the government started work on the Kalyani Nagar-Koregoan Park connecting bridge, joining two of the city’s most innovative and active neighbourhoods. The increased industrial and retail activity as a result of the ease of transportation and commuting has greatly boosted the residential real estate market. Development is advancing quickly since Kalyani Nagar is so high on the list of priorities.
This neighbourhood is a usual treasure mine of interest for today’s property seekers. There is at least one luxury residential project here by the majority of reputable builders in Pune, and the general infrastructure is suitable for contemporary family life. The residential homes in Kalyani Nagar are more expensive than those in most other areas of Pune, with an average price of Rs 9,000–19,000 per square foot.
3. Aundh
For a long time, Aundh’s real estate market held the top spot among the Pune suburbs in both the residential and commercial divisions. When Pune’s IT boom began to pick up steam and residential prices in Central Pune started to rise quickly, leaving no opportunity for mid-income housing projects, demand for homes in both categories increased. The Hinjewadi IT Park continuously fueled demand for office and residential space for IT and ITeS-related businesses in the Western Corridor, and Aundh was the first place to reap the rewards.
As a result of its advantageous location, Aundh benefits from demand from both Central Pune and the IT-driven desire for homes adjacent to Hinjewadi. Aundh continued to be one of the most sought-after destinations for the majority of Puneites because of its excellent location in the Western Corridor, its accessibility to several other hot spots of the city, and the existence of good civic and social infrastructure.
The housing costs in Aundh are mostly out of reach for the average consumer, increasing by about 20% annually. The costs currently vary from Rs 10,000 to Rs 12,000 per square foot. Although there is a healthy secondary sales market in the neighbourhood, the possibilities are in outdated structures without any extra frills or contemporary conveniences. The cost per square foot on the resale market in Aundh is between Rs. 7,500 and 8,000. This demonstrates how valuable Aundh’s “address” and ongoing whereabouts are.
Although it has numerous rivals in the shape of neighbouring communities like Wakad, Aundh has cemented itself as a top destination for many of Pune’s wealthy IT professionals. They like the abundance of retail centres, fine dining options, closeness to the University of Pune, and expressway access to Central Pune and Mumbai. For individuals who frequently travel for work, getting to the financial centre is made easier thanks to the presence of various private bus operators in Aundh.
4. Wakad
While Aundh was the first region in Pune to benefit considerably from the IT boom, its economic potential was quickly stifled by an endless stream of projects. Price growth in this sector also achieved a certain level of stasis due to limited development. The focus soon switched, and Wakad on the western edge of the city was chosen as the next investment destination for mid-income housing.
Wakad’s real estate market is kept thriving by a number of favourable market factors thanks to its location in the highly developed PCMC area. Wakad presently draws a large number of young end users in the age range of 30 to 40 because to its closeness to the Mumbai-Pune Expressway, the flourishing IT centre of Hinjewadi, as well as accessibility from the PCMC industrial region. For this reason, it has also taken on new importance for real estate investors.
In Wakad, residential property costs now vary from Rs 5,500 to 6,000 per square foot. With a yearly appreciation of 15–18%, Wakad has benefited from demand-increasing factors including solid public infrastructure and significant advancements in connectivity to the city’s strategic areas.
5. Baner
Baner was developed at a period when Central Pune’s home costs were at an all-time high and prospective buyers and investors were looking for inexpensive solutions without sacrificing overall connectivity. After Pune’s IT boom really got going, Hinjewadi became a new centre of activity as the city grew.
The first place to benefit considerably from this was Aundh, however it could only partially meet the need for homes. The location of Baner made it ideal for capturing both the influx of demand from Central Pune and the rising, IT-driven need for housing adjacent to Hinjewadi.
Initially, Baner was able to cater to the mid-income housing segment. However, a new profiling for this area began taking shape as it became an established address.
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. However, with residential property prices currently ranging between Rs 7,000–10,000 per sq ft, Baner is no longer an option that everyone can afford.
6. Wagholi
Wagholi, a neighbourhood in Pune’s eastern outskirts, has grown to be a significant suburb. The Nagar Road-based local industry predominated the region for almost half a decade. It has now effectively lost the often tough label of “industrial district” and is acquiring notoriety as a noteworthy residential location, much like Hadapsar.
The business establishments in Kharadi, Hadapsar, and Bund Garden may be easily reached from Wagholi’s advantageous location on the Nagar Road. It also gains from market factors including its accessibility to the developing eastern IT centres of Kharadi and Magarpatta as well as the Shikrapur-Chakan industrial belt. It is also close to the Pune Airport.
The city’s IT and industrial professionals are the main sources of demand for properties in Wagholi.
A four-lane flyover connecting Wagholi to Shikrapur, a projected Ring Road, many more roads and bridges that will improve connectivity to Kharadi and other important places in Pune are just a few of the infrastructure projects that will benefit Wagholi in the near future.
Depending on the specific positioning and project type, Wagholi has experienced a continuous rise in property values of about 15-20%. When compared to the nearby Kharadi, where residential costs currently range from Rs 3,800 to Rs 4,200 per sq ft, Wagholi is obviously still an affordable place.
Long-term real estate investors are taking seriously the significant growth potential that Wagholi has over the next five to ten years given the fast development that is occurring in Pune’s eastern belt.
7. Rahatani
Rahatani is a residential centre that primarily serves the inexpensive housing sector and is another rising suburb of the PCMCP. Rahatani is in high demand from the industrial and information technology sectors because of its closeness to the Mumbai-Pune Expressway and the western manufacturing region. The current price per square foot is between Rs 4,800 and Rs 5,300, and it has appreciated by 12 to 14%.
Both areas have experienced significant growth and influx, and they are now well-established markets within their respective sectors. They take advantage of the excellent urban infrastructure and nearby educational facilities. Social infrastructure is currently lacking in the area, however, there are forthcoming malls that will increase the area’s convenience.
Conclusion:
Pune is one of the safest cities in India, in conclusion. Additionally, the city offers amenities for everyone, including seniors, workers, and students. If you work in the IT industry and desire a luxurious lifestyle, you may purchase or rent a home in any of the Pune neighbourhoods mentioned above.
