Soaring property prices registers in East Pune
For key property investors, the real estate scenario in East Pune has something to cheer about. Localities in East Pune (especially Kharadi, Wagholi and Hadapsar) have witnessed a lot of industrial activity and caught the attention of the IT/ITes companies and professionals, resulting in a spurt in demand for residential properties in Viman Nagar and Kalyani Nagar.
An in-depth analysis of the market reports suggests that property prices in East Pune have shot up by a considerable degree, thanks to proximity of the localities (like Kharadi) to the IT/ITes hubs and residential destinations, promoting the ‘walk to work’ culture. For instance, a 1000 sq ft 2 BHK apartment that was priced at Rs 49-Rs 50 lakh in areas such as Kalyani Nagar and Hadapsar (till June 2013), now sell at a whopping range of Rs 52-54 lakh. Such prime localities in East Pune have encountered a steep rise in property prices by 5-8% in Q3 2013.
What sustains growth in such localities?
According to market experts, there are numerous reasons why the localities in East Pune have been able to keep up the pace and support growth, even when the real estate sector of the nation is witnessing a challenging situation.
On account of proximity to Kalyani Nagar and Koregaon Park, Mundhwa has witnessed huge development in the last few years. With an expected conversion of land parcels into non-agricultural plots, experts are of the notion that the area will experience major developments in real estate.
Capital values have also made a significant contribution in keeping the localities high on growth track. In Kalyani Nagar it is slightly above the edge and hover around Rs 12000- Rs 1400 per sq ft. while in Koregaon Park, the average capital values for 3Q 2013 range between Rs 14000-Rs 17000 per sq ft.
Connectivity holds the key
Connectivity is one of the traditional reasons for the growth of any area and East Pune localities tags along with it. The Mumbai Pune highway helps commuters reach the localities in east Pune with ease. Reaching the airport or railway station from the localities in east Pune is a matter of few minutes.
Proximity to the airport and improved connectivity have helped Viman Nagar to become one of the preferred locations for investors and end-users. in addition to it, Camp with close proximity to good infrastructure, public bus stand and commercial offices have proved to be one of the most sought after locations in the Eastern Corridor.
Widening of the Nagar Road played a key role in improving connectivity and resulted in higher office space demand in East Pune. In addition to it, the proposed metro rail station in Hadapsar will further shoot up the connectivity in east Pune and carve it as the region with long-term prospects for property investors.
