About a decade ago, IT majors started to look beyond Bangalore and Hyderabad for expanding their base in India. It was then that Pune jumped on to the IT/ITeS bandwagon. And the rest, as they say, is history.
From the cultural capital of Maharashtra to an automobile and manufacturing hub to IT – the transformation of Pune and its economy has been commendable. Though the IT sector developed at an astonishing rate, it has been the presence of the automobile and manufacturing industries that added the required momentum to Pune’s real estate market.
Interestingly, the growth corridors in Pune are skewed towards the eastern and western side of the city.
It all began in the year 1998 when the foundation for the IT zone was laid in Hinjewadi. This resulted in massive real estate activity on the western corridor. Further, the Maharashtra government’s IT/ITeS policy in early 2000 strengthened the base of information technology in the city. The much-hailed policy offered incentives to technology-driven industries to set up operations in Hinjewadi. As a result, the 2,800 acres Rajiv Gandhi Infotech Park, also known as Hinjewadi IT Park, came into existence.
The development of Hinjewadi resulted in real estate growth of areas like Baner, Aundh, Chakan, Talegaon and Pimpri Chinchwad Municipal Corporation (PCMC) on the western part of the city. Today, the capital values in Hinjewadi has reached as high as Rs 6,000-9,000 per sq ft.
Shift in focus
As property values soared in the western part of the city, the real estate focus in Pune shifted towards the eastern side. Interestingly, it did not take long for East Pune to become the hotspot for the real estate activity. Wondering why?
Well, the location advantage! East Pune is close to the city-centre. Moreover, localities in this region also enjoy proximity to the airport as well the railway station. Kharadi, Hadapsar, Viman Nagar, Magarpatta City and Kalyani Nagar are a few popular investment destinations in the region.
“The Eastern areas are now well-established. For instance, areas like Wagholi and Kesnand saw hardly any realty growth previously. Emergent IT Parks are the main reason why there has been a sudden increase in construction activity in Wagholi and nearby areas,” added Bhandari.
He further explained that eastern areas boast of great connectivity to Sholapur Highway, Koregaon Park, MIDC Ranjan Gaon, EON IT Park, and World Trade Centre.
Pune has witnessed invariable growth over the last decade due to several factors. Not just residential, the commercial sector has witnessed decent growth resulting in increased demand for housing. Further, the inclusion of Pune in the Smart City list is also expected to catalyse growth in the times to come. In terms of infrastructure, Pune is already well-established.
There are also several projects in the pipeline that are further expected to up the ante of the city. These include the Metro Rail, bus rapid transit system (BRTS), and a second airport.
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