Pune
Maximum absorption of units launched in Pune in 2014 was seen towards the peripheral areas as against those within the city limits.
Pune's property market has always performed well in comparison to the other realty market. Amid slowdown in the realty sector, the Pune's realty market has still performed well and shown signs of growth. Pune's off city locations have supported to its growth with excellent infrastructure support.
According to the spokesperson of Kalpataru Ltd, "A rapidly increasing automobile ancillary industry and the growth of ITITeS sectors have been major growth indicators for Pune leading to a massive transformation of the city. Over the past few years, the city's IT sector has seen significant growth, leading to sustained demand for office spaces. With global majors having set up bases here, Pune is home to several major IT parks. This demand has seen the city's off-CBD locations of Magarpatta, Viman Nagar, Nagar Road, SB Road, Aundh, Baner, Shankar Seth Road, as well as the secondary business districts of Kharadi, Hadapsar, Hinjewadi, and Talawade becoming established as the hotspots for commercial offices".
Experts point out that with skyrocketing property values in the main city, development in Pune is seen to be moving towards peripheries. According to industry statistics, the maximum absorption of units launched in 2014 was seen towards the peripheral areas as against those within city limits.
Attractive off-city locations
"Pune has expanded along with its infrastructure and has demonstrated growth towards the western quadrant, due to the higher octane development of the IT and manufacturing hub of Hinjewadi and the adjoining areas. The new Ring Road and Metro Rail work well to complement an upward trend, and are poised to change the valuations for this market in the coming times", suggests Vinod Rohira, managing director, Commercial Real Estate & REIT, K Raheja Corp.
Experts suggest that Hadapsar is one such area which has undergone immense transformation. A locality with solely farms at one point in time, Hadapsar has seen a drastic makeover. Corporate biggies such as IBM, Accenture, TCS and SAS, to name a few, have their offices here located in the south-west region of Pune. Located on the fringes of east Pune, Wakad has grown considerably in the last half a decade. Young professionals largely prefer Wakad for its location in the developed Pimpri-Chinchwad Municipal Corporation (PCMC) and its comparative affordability to the neighbouring areas. Another important location is Baner. It is known for its impeccable infrastructural development and its excellent connectivity to Mumbai and other cities. The area offers good connectivity to arterial roads such as the Pune-Mumbai expressway and Pune-Bengaluru highway.
Social and physical infrastructure support
"Pune used to be accepted as a cultural capital. It is still likely to recall this title. The city is opening up new zones for real estate growth with the support of the city's road system. The infrastructure around the highway along with the service road on the sides and institutes like Symbiosis, works as additional features to attract the home seekers. For today's home seeker, this area is a regular treasure of attraction", opines Sandeep Ahuja, CEO & director of Richa Realtors. Experts explain that considering the growth in IT sector, lots of people are moving towards Pune and people are looking for multi-storey apartments. Markets like Kharadi and Wagholi in east Pune and Pimple Nilakh, Pimple Saudagar and Wakad in West Pune are seeing a lot of residential projects and it provides a good connectivity with the key centres of the city along with the presence of good social arrangement like schools, hospitals, malls and entertainment centres. Investors are always eager to invest with the rapid connectivity improvements and successful social and civic infrastructure at these locations.
Source - TOI
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