Bustling Property Market in Eastern Pune - By: Deepika B

Pune, the ‘Tech City’ is one of the fastest developing cities of India as well as one of the most preferred realty destinations of the country. Second largest city of the state of Maharashtra, Pune is located on its peripheral areas and has been witnessing humungous developments in its realty segment from quite some time.

Real estate in Pune is flourishing pleasantly in wake of the large-scale realty projects launched by some of the leading property developers of India. After the development of the other parts of the city, property in eastern Pune is gaining long due attention finally. This land of rivers (Mula, Mutha & Bhima)and lakes (Warvard, Kasudi & Matuba) makes an important part of the city of Pune and houses regions like Daund, Shihir, Nagar Road, Kalyani Nagar, Vimana Nagar and Kharadi.

Eastern Pune is popular for Daund being the Chemical Zone of Maharashtra and Shirur for housing Mayeshwari Wildlife Sanctuary visited by numerous foreign tourists every year. Maharashtra Government is shifting various important industries to Eastern part of the city. Also, property in Eastern Pune especially in Kharadi has been developing rapidly across all segments-residential, commercial and mixed.
The regions like that of Kalyani Nagar, Viman Nagar and Kharadi have been attracting investors in both commercial and residential segments over the past few years.

-The fast-paced development in Kalyani Nagar began almost 8 years back with about 1.2 million sq. ft. was taken up by HSBC for its operations and was soon followed by Marigold, a residential retreat. It is a well developed multi-user locality. The property rates, here, range from Rs 4,000 to Rs 9,000 per sq. ft. for residential and from Rs. 10,000 to Rs 15,000 for commercial settings.

-Viman Nagar is also expected to catch up in the next couple of years and is seen following the development pattern of Kalyani Nagar. The property costs in the area varies between Rs 2,200-3,300 per sq. ft. for residential and Rs 6,000-12,000 for commercial spaces.

-Once a sleepy village, Kharadi is emerging as a commercial destination dotted with IT developments and other upcoming industries. Growth on residential front is also apparent with various builders buying land in Kharadi for construction of housing spaces. This place will take around five years to develop like its other counterparts though basic developments of roads, electricity and water supply has already begun.

Kharadi was a small town with 50-60 houses, thus, offering huge scope for growth and expansion. The first expansion plan in Kharadi real estate started with Chandan Nagar. The residential property values here start from Rs 2,200-3,000 though one could buy a bungalow even for a crore.
The development in Eastern Pune real estate is happening both in commercial and residential sectors along with plans for construction of few malls as well. According to the industry experts, Kharadi is a promising area for realty development with access to places like Hadapsar, Koregaon Park and Mundhwa. It is, in fact, becoming a central location of the east zone of Pune. IT companies, special economic zones and availability of land at affordable prices are some of the major factors attracting property builders towards Kharadi.

Pune well known for its education institutions, a highly educated work force, excellent climate and proximity to the financial capital of the country, Mumbai, has always attracted corporates and multinationals. There is property development (residential and commercial) all around and across the city of Pune like never before. Places like Kharadi, Wakad, Bhugaon, Hinjewadi, Balewadi, etc. are emerging as hot new real estate hubs shooting up Pune property rates further.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers & brokers can exchange information. At 99 acres, you can advertise a property in India , search, browse through Pune property & other Properties.

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