Vishrantwadi in Pune sees rise in residential prices
Vishrantwadi, located about 8 km north-east of Pune, has witnessed a steady increase in residential property prices since the last few years. Incidentally, prices of residential apartments have moved northward since Q4 2010 with a price appreciation of about 58% since then. In the past year alone, the price appreciation recorded was a whopping 13%. There are various factors that have resulted in this substantial rise in property values in the area in recent times. They include the connectivity, infrastructure as well as the proximity of the area to the IT hubs in the locality.
Connectivity
The area offers good connectivity to all the surrounding areas as well as across the city through the Mumbai-Pune highway which is just about 7 kms away. It is also well connected to all the prominent areas in the vicinity like Koregaon Park, Kalyani Nagar, Viman Nagar, Shivaji Nagar, Deccan Gymkhana, Yerawada, Sangamwadi etc. It is located about 7 km away from the Pune railway station and just about 3 km from the Pune International airport.
Infrastructure
Vishrantwadi has many social and physical infrastructure facilities that are appealing to buyers. This has also resulted in the increase in demand for residential property in the area. Some of the reputed educational institutions in the area are St. AV High School, Little Lamb Nursery School etc. Some of the renowned healthcare facilities in the area are Vinod Memorial multi-speciality hospital, Kasturba General hospital, Niramay Children’s clinic, Mamta Nursing Home, Acarya Health Care etc. Some of the important religious institutions in the area are Sai Baba Mandir, Shri Laxmi Mandir, Shankar temple, Anjuman A Talimul Kuraan mosque etc. Besides, there are many prominent banks, shopping centers, restaurants, entertainment facilities as well as companies in the area.
Proximity to IT hubs
Vishrantwadi is located in close proximity to many IT hubs like Koregaon Park, Kalyani Nagar, Viman Nagar etc. All these areas are located at a radius of about 5-6 km from Vishrantwadi. Besides, it houses many prestigious IT and non-IT companies like Vidushi Info Tech SSP Pvt Ltd India, Torux Software, JDPR SEO Solutions, Prodigy Technologies, DreamWorth Solutions, Shree Balaji Manpower Consultants, SAS Engineering, Cyclone Pharmaceuticals etc.
Prices and developers
The current average price of residential apartments in Vishrantwadi is about Rs.5330 per sq. ft., while the average rentals in the area is about Rs.14 per sq. ft. Some of the prominent completed residential apartment projects in Vishrantwadi are Kolte Dew Drops by Kolte Patil Developers, Treedom Park by Mittal Brothers, Townscape Alaknanda by Townscape Constructions, Dreams Residency by Dreams Group, Raviraj Mangalam by Raviraj Group etc. Some of the ongoing residential apartment projects in the area are Shriram La Tierra by Shriram Housing, Nandan Euphoria by Nandan Buildcon, Ganga Kalash by Goel Ganga Developments etc.
Future Prospects
The future prospect of Vishrantwadi developing into a prime residential destination is very bright due to the advantages that it offers buyers. With many IT hubs located in the vicinity, the area is a much sought-after residential destination, especially among IT professionals working in these areas. Despite the appreciation in prices in the area since the last few years, it is still quite affordable, especially to the IT folk, with high disposable incomes. Hence, there is expected to be a steady demand for residential property in the area. This presents a lucrative opportunity for developers to come up with more residential projects that can be competitively priced based on the rising trend in prices, which is expected to continue in the future as well.
