AFFORDABLE OPTION
Handewadi in the eastern zone of Pune is seeing good residential growth coming its way, says SHILPA SACHDEV
In the eastern zone of Pune, areas like Kharadi, Hadapsar, Koregaon Park have emerged as popular residential destinations. However, areas closer to these large developed suburbs are also coming into the limelight and making their presence felt. Handewadi road, located close to Hadapsar, is one such area. The area is becoming a sought after destination, especially for those with a compact budget.
Giving a perspective on the demand in Handewadi, Ravi Marda, Eye Properties says, "Areas like Handewadi and Sasane Nagar that are located close to Hadapsar are witnessing good growth. Hadapsar is a well-developed locality with players like Magarpatta that have changed the face of the area. Both residential and commercial development has taken place in Hadapsar. As a result,the next development is flowing into Handewadi and Sasane nagar areas. People who cannot afford properties in Hadapsar are naturally looking at Handewadi as the next option."
The place is also well-connected to important locations on the east and hence offers an easy commute to the residents. With more social and retail developments slated to come up in the neighbouring areas, the place is only set to grow in the coming times. Marda adds, "Handewadi shares good connectivity with Hadapsar so even if the social infrastructure here is still developing, the nearest location for malls and multiplexes still remains to be Hadapsar which is easily approachable. A 10 lakh sqft mall with 15 screen multiplex is coming up in Magarpatta and a 7.5 lakh sqft retail development with 7 screen multiplex is going to come up at Amanora. With Hadapsar becoming the entertainment hub in the eastern zone, areas like Handewadi are going to also see action. In the next three years, about 20% growth can be expected for areas like Handewadi as Hadapsar moves closer to new developments."
Pravin Mahurkar, City Lead - Pune, Residential Services, Jones Lang LaSalle India adds, "In the early '90's, Handewadi Road in Hadapsar was one of East Pune's more popular residential destinations. NRI interest was spiked by the coming of Ganga Village at that time. However, today the area is experiencing average growth. There is a lot of highway construction happening there at the moment. Once this is complete, which should happen in the next two-three years, Handewadi should see greater growth."
Many reputed developers have established reasonably priced quality projects in Handewadi. Manish Jain, Kumar Properties shares, "The prices in Magarpatta or Amanora that are in the heart of Hadapsar are higher than the prices in Handewadi, where the current rates hover between Rs 3200 to 3500 psf. So it is an affordable option for those looking to buy a home under a defined budget. Our project Pebble Park is a 22-acre development offering 2BHK apartments with all the amenities. The response has been good as the project was launched six months back and we have already sold out the first few buildings. The Corinthian Club is located close by. The basic infrastructure like roads, drainage, water-supply is in place. The schools on the side of Corinthian Club are not very far. So it is a well-located and yet an affordable option."
For those looking for affordable projects, Handewadi is an area to consider, feels Sharad Goil, CEO, Magnus Realty. Also, the presence of IT Parks in the vicinity is a crowd puller. Goil informs, "Several large projects have come up on the Handewadi road. The project Simpli-city by BK Jhala and Associates that we are marketing has 600 units. The rates in Handewadi in the range of Rs 3000 to 3500 psf are very reasonable as compared to rates in Undri, Mohammadwadi or Magarpatta. It is a good option for those looking for affordable housing. The connectivity is in place with the easterly bypass on one side and the Pune-Solapur road on the other side. Large IT parks like SP Infocity and Magarpatta are also in the vicinity. The social infrastructure is still developing but local shops and clinics take care of daily needs. Big schools and hospitals are located in a radius of threefour kilometres. The major development will be a flyover planned over the Pune-Solapur railway track. Our project is a large township with compact 2 BHK flats where the first phase is due for possession. The response has been very encouraging as Handewadi is a good option as a destination for budget home buyers."
The affordability also brings in scope for scalability and as a return allows one a chance to earn better returns on the asset. Sanjay Runwal, MD, Runwal Housing Group who is about to launch a second project in Handewadi explains, "Handewadi is a sought after destination. Though the social infrastructure still needs to develop, affordability is the key reason drawing people to this location. It is located about 1.5 kms away from Hadapsar, which is a fully developed suburb and still offers properties in the range of Rs 3200-3500 psf. Any other parallel destination which is close to the central hub in that zone has nothing costing less than Rs 5000 psf. The software parks of Hadapsar and Kharadi are also close by so the IT crowd finds this place very reasonably priced. Our project Runwal Seagull is already booked by 95%. We are going to launch our second project called Runwal Salience by April end this year in the same vicinity. It will have 2BHk flats offering 750 to 950 sqft size flats in the range of Rs 3200 to 3400 psf. Looking at the future potential, Handewadi has the highest bandwidth for appreciation in the next three years as anything in the range of Rs 3500 offers good scalability in the market."
Source: - http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIPU/2012/03/10&PageLabel=38&EntityId=Ar03800&ViewMode=HTML
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