The real estate market in most cities seems to be going through a sluggish phase, but Pune continues to show stable and sustained growth. Thanks to the increasing demand for homes and commercial spaces owing to growth of IT sector in the city. With Pune finding its name included among 20 smart cities, this will go a long way in giving a huge boost to the image of this bustling city. And in times to come it is best to keep a watch on the real estate development in the East and South regions – as this is where the next phase of buzz and development is slated to take place.
With the announcement of Pune International Airport, passenger train to Daund and construction of outer ring road – the eastern and southern regions of the city are going to be in focus. What makes Pune an edge over other cities is its proximity to the financial capital of the country – Mumbai. Another contributing factor is its thriving educational, engineering and automobile scene. With the popular Mumbai-Pune Expressway things have become all the more lucrative for those looking to invest in tier two cities like Pune.
Pune today stands as one of the most sought after destination for homebuyers as well as those looking for commercial set-up. Those looking for land at affordable rates can invest in east or south location as prices will be less comparative to other areas.
The key growth driver for East and South Regions are as follows:
Pune International airport: The existing Lohegaon airport could only handle limited traffic currently. With announcement of a new international airport by CM Devendra Fadnavis which is to be developed 15 kms south of Pune in Purandar will help in serving the purpose. Located near historic fort Purandar – the proposed airport would named as “Chhatrapati Sambhaji Raje International Airport”
Located on the south of the city, the proposed airport will be connected with six different routes including national highways 4 and 17. There will be a special ring-road connecting major industrial establishments with the proposed airport from Hadapsar & Loni Kalbhor. The new airport is expected to serve the Pune Metropolitan Area and will be the gateway of Pune and western Maharashtra to the rest of the world.
Outer ring road – It was in 2007 that the proposal to develop Pune Ring Road was taken by the late chief minister of Maharashtra Vilasrao Deshmukh. The idea is to help in diverting the passing-by-traffic from the outskirts. Vehicular traffic from highways such as Mumbai-Pune-Solapur highway pass through the city, will be diverted on to ring road. This would ensure that they don’t enter the city and cause traffic chaos.
This ring road will also offer better connectivity to the important areas in the city & to the new Pune International Airport for residents of Hadapsar via Loni Kalbhor. It will act as an encouraging factor for those looking to invest in south or eastern regions of the Pune.
Pune- Daundh passenger train & Metro: The passenger train connecting Daund with Pune which travels via Hadapsar & Loni Kalbhor will reduce the travel time for people living in Loni Kalbhor and Urli to reach Pune. With the phase 2 of metro which is supposed to connect Katraj/Ambegaon and Hadapsar is most likely to be extended up to the new airport in Purandar. This two rail projects will make eastern & southern regions most sought after for IT & manufacturing investments.
So, for all those eyeing to buy a new house or property they should consider the South-East region of the city. It is one of the fastest growing and developing areas. With excellent connectivity to major areas and well-known locations, the prices here are lesser than compared to other areas.