Residential Realty growth in East Pune’s IT hubs
The IT boom that has pervaded Pune in recent years has transformed the image of the city among investors. The biggest beneficiary of this IT boom has been the city’s residential realty sector which has grown by leaps and bounds due to increased employment opportunities in the IT sector and the influx of a large proportion of migrant population who have made a beeline to the city seeking better employment opportunities. Even though the IT boom has pervaded the entire city, the eastern parts of the city have mostly benefited from this due to the presence of many IT parks and IT companies in the region. This has resulted in tremendous growth in the residential realty market in East Pune.
IT parks in East Pune:
There are several IT hubs in East Pune, which includes areas with IT parks. Two prominent IT parks in the city are located on its east. One of these is the EON Knowledge Park located at Kharadi on the eastern fringe of the city. It is also called as the EON Free Zone, which is a Special Economic Zone (SEZ) that houses many prominent IT companies. Another prominent IT park on the eastern part of the city is the Cerebrum IT Park located at Kalyani Nagar.
Some of the prominent IT companies housed in the EON Knowledge Park at Kharadi include those like Allscripts, Digicaptions, EATON Technologies, Honeywell Automation, Mphasis, Polaris, Prism Informatics, QSG Resource Management, Barclays, IBM, Vodafone, Symantec and Zensar Technologies, among others. The Cerebrum IT Park at Kalyani Nagar also houses some important IT companies such as Qualitia Software, Indieon Technologies, Egain Communications, Ezware Technologies, Verve Communications and Ubisoft Entertainment, among others.
IT hubs in East Pune:
Besides Kalyani Nagar and Kharadi, some of the other prominent IT hubs in East Pune are Koregaon Park, Viman Nagar, Khadki, Hadapsar, Mundhwa, Kharadi, Wagholi, Yerawada and Boat Club Road. All these areas have seen tremendous growth and development in terms of residential realty. On the whole, these areas together recorded a combined appreciation in property values of more than 60 per cent. This can be attributed to the expansion of major companies located in these areas. For instance the EON Knowledge Park at Kharadi saw expansion drives by major companies like IBM, Barclays and Symantac. As a result, the area recorded an appreciation in values to the tune of above five per cent since the last quarter.
Connectivity and infrastructure:
The areas in East Pune are well connected through some major roads that pass through the locality like the Pune-Solapur Highway and the Samrat Ashok Road. Another important feature of the locality is its proximity to the Pune International Airport at Lohegaon as well as to the city railway station.
Besides, there are many important infrastructure facilities in the locality like prominent educational institutions, hospitals, religious institutions, banks, restaurants, shopping centers, entertainment facilities and parks, among others.
Residential Segments:
Some of the other areas in the region which have recorded appreciation in residential apartment values in recent times are Kharadi, Phursungi, Sasane Nagar, Sopan Baug, Viman Nagar, Vishrantwadi, Wadgoan Sheri and Wagholi. The interesting aspect about areas in the east of the city is the availability of residential property in different price ranges, high, mid as well as affordable. Some of the expensive areas in the locality are Boat Club Road, Koregaon Park and Sopan Baug. Areas that come under the mid-range in terms of value are Kalyani Nagar, Kharadi, Viman Nagar, Wadgoan Sheri, Wagholi and Yerawada. Most of the other areas in East Pune come under affordable range. They include areas like Phursungi, Hadapsar, Mundhwa, Vishrantwadi and Wagholi. Many of the affordable areas are also renowned for plotted developments.
Future Prospects:
Due to the large-scale growth that East Pune has witnessed in terms of developments in the IT sector, it has the prospect of influencing the realty market of the locality to a large extend. Besides, the availability of residential property in different price ranges has also influenced end users and investors to invest in property here. It is expected that the residential realty market in East Pune will witness considerable growth in the years to come, mainly influenced by the growth in the IT sector. Hence, this would be an opportune time for buyers to purchase residential property here. Investors can also expect considerable returns on their returns in future.
