WEST CALLING
Good connectivity and robust demand from the IT sector has strengthened the real estate market in western Pune, says SHILPA SACHDEV
The western corridor of Pune is home to some very attractive and popular destinations for residential housing. Areas like Hinjewadi, Aundh, Baner, Balewadi, Pashan, Wakad, Kothrud and a large area of the Pimpri Chinchwad Municipal Corporation constitute the bulk of the western region. The demand drivers
for west Pune range from its flawless connectivity, strategic location and presence of Information Technology that makes it a desirable address.
Sanjay Bajaj, Managing Director - Pune, Jones Lang LaSalle India says, "The western side of the city is advantageously connected to the Expressway, which allows easy and speedy access to Mumbai. It has major IT Parks of Hinjewadi, Baner and Aundh in the neighbourhood, while also offering great connectivity to the industrial pockets of Chakan, PCMC and Talegaon. Besides, Pune's western side is high on serenity and natural beauty, which contributes to its popularity among home buyers. The western side has a very healthy demand for housing. This demand is driven both by the local industries and investors from Mumbai who are purchasing residential housing in this corridor."
According to Bajaj, currently, the locations that are attracting the highest demand for residential properties are Aundh, Baner, Wakad and Pashan. Talking about the area, he says, "The key industries which have witnessed consistent and accelerating growth in the western parts of Pune are Information Technology, education and manufacturing. Retail is also beginning to take off convincingly on the western side, with three large malls being planned there. A new road is planned along Baner which will improve access to Hinjewadi. This will drastically reduce the travel time and also encourage IT companies to continue their expansion plans within Hinjewadi. The growth of the IT and manufacturing industries is extremely robust in the western region, and demand for housing will continue to be very healthy there."
Top city developers have launched an array of inviting projects in the western part of Pune. Every project is conceptualised
differently giving the buyer a variety to choose from. Shyamkant Kotkar, MD and Chairman, Nandan Buildcon Pvt. Ltd. says, "The western region has a good mix of IT, education, hospitality and industry. The interesting part is that earlier, people would have to go to Koregaon Park if they wanted a high-end apartment but today even in the western region, quality residential real estate is readily available. For example, in Aundh, we have projects like Nandan Festiva and Nandan Aspira where the flat size is huge, 4600 sqft and 3600 sqft respectively. Innovating it further, we are just providing a bare shell; the customer can decide how many rooms and walls he wants. This comes with a lush 5000 sqft terrace. We launched the project a month ago and have received good response from the buyers."
Baner and Wakad are other growing locations in the western belt of Pune. Kotkar adds, “In fact, the response to our project Nandan Inspera at Wakad has been phenomenal. The entire project is booked; we have a waiting list of buyers wanting to buy at Wakad. We will also be launching a new project in Baner next year, which has been planned taking into consideration the inputs from our existing customers; this helps us plan
the project better. The western region is very resident-friendly as it enjoys good connectivity and social infrastructure. However, the government needs to spruce up the infrastructure with better roads, flyovers and possibly a Metro to provide good transport facilities to the people residing in the area."
Backed by a strong IT demand, the western region enjoys consistent demand leading to better returns on investment. Ravi Marda of Eye Properties says, "Luxurious and premium projects are coming up in the Aundh-Baner-Pashan belt. The western part of Pune is wellconnected to the IT hub of Hinjewadi. It is centrally located as it is not too far even from the city centre so balancing a lifestyle is easier if you are living here. The demand is made up of essentially the IT segment working here or people who want to expand and buy bigger homes. The region is also well-connected to the Mumbai-Pune Expressway and the Pune-Bangalore by pass. Small township projects have come up in this area offering holistic lifestyle to the residents. The Balewadi Sports Complex is open to the public. In a range of Rs 4000 to Rs 8000 per sq. ft, one can find homes in the western region of Pune, giving a wide choice to the home seeker. What is better is the rate of appreciation it offers could be easily 20-25% in the next three years."
Ranjit Naiknavare, Director, Naiknavare Developers adds, "The growth began with residential development but today a lot of commercial development in the region is driving its potential. The Hinjewadi IT Park has become a focal IT zone in the region that houses a number of leading companies. A host of shopping centres and multiplexes have come up on the Baner road. Many hotels have come up in the western side of Pune. The Bhugaon-Ambegaon belt is also developing. Some of the key reasons for the growth of western Pune are the huge automobile industry at Chakan, the education institutions, the IT growth, the proximity to Mumbai-Pune Expressway and the safe environment it offers."
Educational institutes like Sinhagad college, Indira college, MIT to even a part of Pune University begins from the west. Five-star hotels like Seasons, Holiday Inn, Marriott Courtyard are already present in the western region. Hospitals like Lata Mangeshkar Hospital, Aundh Chest Hospital, Sahyadri Hospital, Medipoint are some wellestablished medical centres here. Naiknavare states that the demand on the western side of Pune is much better than anywhere in the city making it the most favoured destination. It results from a combination of factors like the comfort level, the job opportunities, presence of relatives around. "It was a populous area and people have continued to come in. The demand always works on a social principle. Pune is no longer a tier II city; it is turning out to be a metro as the population has exceeded 50 lakh," he shares.
In the last one year, maximum launches of new projects have happened in the western belt of Pune points out Shantanu Mazumder, Branch Head - Pune, Knight Frank. He says, "Areas in west Pune like Aundh, Baner, Balewadi, Bavdhan, Pashan and north west Pune like Pimple Saudagar, Wakad, Ravet, Hinjewadi, Tathawade are seeing good demand. The connectivity to the Expressway is a strong advantage. Also, major IT players are operating in this region, which add to the demand. Over the last few years, the accessibility has improved, making the western region easily accessible also to the industrial corridor around the PCMC area.”
He continues, “The western region is home to many good colleges making it an educational hub that has opened up a lot of opportunity. Demand is also coming in from the industrial areas of PCMC, Pirangut-Bhosari. A development has been proposed to connect PCMC area to the highway. The Wakad road is under wide-laning; this will facilitate travel to Hinjewadi is flat 20 minutes. There is no end to the potential of this region. Earlier development was restricted to just Wakad but now it is going beyond to areas like Ravet and Tathawade as well. Also, the price point ranges from Rs 3000 to even Rs 8000-9000 per sqft, hence one gets to choose from a wide variety based on the ticket size."
As demand continues to pour in, the western side of Pune is all set to reach new heights in the coming time.
QUICK BYTES THE WESTERN REGION HAS A GOOD MIX OF IT, EDUCATION, HOSPITALITY AND INDUSTRY A NEW ROAD IS PLANNED ALONG BANER WHICH WILL IMPROVE ACCESS TO HINJEWADI
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