Nearly a decade ago, IT companies from both India and abroad began to explore options beyond Bangalore and the southern Indian cities for establishing their operations. This pivotal moment propelled Pune, famously known as the city of the Peshwas, into the IT/ITeS spotlight. Since then, Pune has consistently moved forward, welcoming fresh opportunities. While the IT sector is expanding at a remarkable pace, the presence of major automobile players like Tatas and General Motors further fuels the city's growth momentum.
Growth Corridors
The significant growth is largely concentrated on the eastern and western sides of the city. Following the establishment of the IT zone in 1998, Hinjewadi emerged as the premier site along the western corridor. Today, the IT Parks in Hinjewadi, Baner, and Aundh, in tandem with industrial hotspots such as Talegaon, Chakan, and the Pimpri-Chinchwad Municipal Corporation (PCMC), significantly contribute to the region's development.
Demand for Housing
Consequently, the demand for housing in West Pune has surged, primarily driven by IT professionals and industrial workers. At present, the capital values in sought-after locales like Aundh, Baner, and Hinjewadi range impressively from Rs 6,500 to Rs 9,590 per square foot.
Shift Towards the East
Having experienced success in the western corridor, attention has now shifted eastward. Recent surveys indicate that eastern localities saw an impressive 69 percent increase in capital values over the past year, primarily influenced by the expansion of IT companies in that direction, leading to heightened housing demand.
Emerging Neighborhoods
Once recognized primarily for its vegetable market, Hadapsar has transformed into a bustling real estate hub within the city. The establishment of the expansive 400-acre Magarpatta City, exemplifying a revolutionary walk-to-work model, further enhances East Pune's attractiveness.
Investment Opportunities
From an investment standpoint, the eastern localities are emerging as promising options, thanks to their proximity to the airport and railway station. A typical 1,000-square-foot apartment in areas like Kharadi, Viman Nagar, and Kalyani Nagar is currently priced between Rs 65 to 95 lakh.
Developer Interest
The thriving eastern corridor has caught the attention of numerous well-known developers, including Kolte Patil, Marvel Realtors, Rohan Builders, and Karia Developers, among others.