Hadapsar To Witness High Residential Demand This Year
Hadapsar, an eastern suburb of Pune, is primarily known for its two SEZs – SP Infocity (Fursungi IT Park) and Magarpatta city. This micro market has grown over the years providing employment opportunities to people in Pune as well as contributing to the city’s real estate market. There has been an increasing demand for residential real estate in recent times owing to multiple reasons. This trend is likely to continue this year as well.
Location and connectivity
Hadapsar was once an industrial town outside Pune. But now, it has become an integral part of the city. The area falls under the jurisdiction of Pune Municipal Corporation (PMC). Hadapsar has excellent accessibility from Pune, Mumbai and other cities in India. The Mumbai-Hyderabad National Highway (NH-9), also called Pune-Solapur Road, passes through Hadapsar and connecting it to both Mumbai and Hyderabad.
The nearest access points to the area are Pune Junction Railway Station and Pune Lohegaon Airport. A good frequency of regular and AC buses, run by PMPL, connect the area to different locations of the city. Many state run buses also have a stopover at Hadapsar. There are two flyovers constructed to ease the traffic during peak hours. There is work going on to connect one of the existing flyovers to Saswad Road.
Infrastructure and amenities
Hadapsar has very good social infrastructure including hospitals such as H.V Desai Eye Hospital. The educational institutions include P.D.E.A’s College of Engineering, Sadhana Vidyalaya and Jr. College, Euro school-Undri, College of Engineering Hadapsar, Sane Guruji Vidyalaya and ISMR. Some old temples such as Kanifnath Temple and Chintamani Ganapati Temple are also a major attraction.
Recreational facilities include the Gliding Centre (GCP), an undertaking of the Directorate General of Civil Aviation, which offers paragliding facilities. Amanora Town Centre is a shopping mall and gated community with all amenities.
The two main SEZs – Magarpatta city and SP Infocity include several IT/ITeS, BPO and KPO firms. Some of these include IBM, Tata Consultancy, Honeywell, Emphasis, Sybase, ADP, Avaya, Aviva, BNY Melon and Accenture. Thus, besides Hinjawadi, Hadapsar also provides huge employment opportunity to Pune’s population.
Real estate
The presence of SEZs in the locality is one of the most important reasons for the real estate growth of the area. With IT firms coming in the area, demand for residential projects has gone up significantly. There are many big real estate projects such as Amanora and Magarpatta City that have come up in the vicinity. Some of the builders in the vicinity include Pragati Constructions, Gawade Buildcon, Nilesh Construction, Panchshil Realty and Chaitanya Developers.
The most common building configurations in the area are 2 BHK apartments. There are also 1 and 3 BHK apartments available. The size of a 1 BHK apartment varies between 550-750 sq.ft, whereas the size of a 2 BHK apartment varies between 850-1,150 sq.ft. A typical 3 BHK apartment will have a covered area of about 1,300 sq.ft or more.
Price trends
Current property prices in the area are approximately Rs. 4,900-5,370 per sq.ft. One can buy a 1 BHK apartment, of size 650 sq.ft., in a budget of Rs. 20-35 lakhs and a 2 BHK apartment of size 1,000sq.ft for a budget of Rs. 35-55 lakhs. Cost of a 3 BHK apartment usually goes beyond Rs. 50 lakhs. Rental values of 1 BHK flats vary between Rs. 5,000-8,500 per month and for 2 BHK flats it varies between Rs. 8,000-13,000 per month. Rental values of 3 BHK apartments vary between Rs. 12,000-18,000 per month.
Looking ahead, the increase in employment opportunities in this locality is going to substantially impact the residential demand in the area. While property prices have been continuously increasing over the last few quarters, the trend is expected to continue through the year.
