Overview: Key Localities of Pune Where You can Buy Your Dream Home
Situated in the west of Maharashtra, Pune is a well-developed city which is known for its pleasant weather all year round. Ranked as the 7th largest metropolis in India and 2nd largest in the state of Maharashtra, the expansion of alternative sectors such as automobile, manufacturing and education have contributed in making Pune the top destination for realty investments.
Moreover, the Information Technology has contributed big time in re-defining real estate demand in Pune. The property in Pune has not only carved the attention of domestic investors but investors from all across the globe.
To help you choose the neighborhood that suits you the best, here is an analysis of the key localities of Pune.
Photo Credit: Wikipedia
1. Kharadi
Located in the eastern corridor of Pune, Kharadi is one of the rapidly growing areas of the city. The development of Kharadi is due to the presence of EON Free Zone, a Special Economic Zone (SEZ) located in the eastern corridor of Pune. This area is mostly preferred by professionals working in companies operating out of EON Free Zone as well as Magarpatta City.
Currently, more than 20 new ongoing projects and around 1000 housing units are being built in Kharadi. These will be ready for possession by 2016 and nearly 500 units would be handed over to the buyers in 2014 itself. The property price in Kharadi ranges between Rs. 5,550-6,700 per sq.ft.
2. Wagholi
Known as the gem of North Koregaon, Wagholi is one of the most popular real estate hubs in Pune. It is conveniently located on the eastern belt of Pune and enjoys smooth connectivity to all major areas in and around Pune via Nagar Road and Wagholi Road.
It caters to buyers who are looking for property for end-use perspective with limited budget. According to real estate data analysis, the property which was available for Rs. 3,100 per sq.ft in Jan-Mar 2012 quarter, is now available for Rs. 4,200 per sq.ft. in Jan –Mar 2014 quarter. This data clearly indicates over 30% rise in the prices of residential property in Wagholi.
3. Hinjewadi
Once a village located on the outskirts of Pune, Hinjewadi has now developed into one of the biggest industrial areas of Pune. It is home to one of India's swiftly growing technology park, Rajeev Gandhi Infotech Park. The presence of world-class hotels, restaurants and Technology Park has made Hinjewadi a popular choice for home seekers.
If you wish to own an address in Pune and searching for ready to move in properties in next 2-3 years then it is the best time to invest in Hinjewadi projects. There are 23 projects which are under construction though most of them will be delivered in 2-3 years. Properties here are available in price range of Rs. 5,200 per sq.ft. – 6,400 per sq.ft.
Photo Credit: Wikipedia
4. Wakad
Over a period of time, Wakad has now transformed into a booming urban hub of Pune, transforming from a sleepy village to a bustling neighbourhood. Being located in the western part of Pune, it offers easy accessibility to Mumbai through Mumbai-Pune Expressway. The prodigious growth of this locality can be attributed to the Infotech and Biotechnology Park at Hinjewadi close to the Pune-Mumbai Expressway.
Currently, residential properties in Wakad are available under the price range of Rs.5,500-6,500 per sq.ft. The area has shown an annualized appreciation of 15-18% and continues to develop due to its good civic infrastructure and connectivity.
Photo Credit: Wikipedia
5. Baner
Baner is a suburb of Pune situated towards the city's west near the Baner-Pashan Biodiversity Park. Planned roads, rapid urbanization, establishment of commercial sectors and massive developments have collectively made Baner worthy of investment. In the last few years, Baner Property has seen an appreciation of 20-25% and the ongoing property rate in Baner is ranging between Rs. 7,000–10,000 per sq.ft.
If you are looking at buying properties in these localities visit
Pune real estate hotspots propguide