Real estate Pune

The eastern section of Pune has been slow to develop compared with the west, but in terms of potential, this section is coming into its own, say developers.

The Mula Mutha river cuts Pune into two equal halves, with the western part comprising Aundh, Baner, Pashan, Balewadi and Bhavdhan, and the eastern belt, Kalyani Nagar, Vimana Nagar, Nagar Road and Kharadi.

Residential demand


With the creation of IT corridors, the western quadrant has emerged as an IT hub. This, in turn, has been driving the residential demand in the past few years, and the trend is expected to continue.

With the development of the World Bank-funded Nagar Road, residential demand is expected to grow further.

However, the eastern section too is making its mark. According to Mr Ravi Varma, President, National Association of Realtors, India, the eastern corridor of Pune has been witnessing gradual development over the years.

The locations such as Kalyani Nagar, Viman Nagar, Kharadi have been attracting investors, both in the commercial and residential segments, over the past few years. “The fast-paced development in Kalyani Nagar began in 2001 when about 1.2 million sq.ft was taken up by HSBC for its operations.

“This was soon followed by Marigold, a residential retreat,” he said.

Kalyani Nagar is a well developed multi-user locality. Viman Nagar will catch up in the next couple of years and is following the development pattern of Kalyani Nagar.

The development is happening both in the commercial and residential space and a few malls are also coming up.

“Kharadi will take another five years to develop like its other counterparts,” he noted. Kharadi was a small town with 50-60 houses.

First expansion plan on this side of town started with Chandan Nagar.

Upcoming area


Key developments in Kharadi started about five years ago. Basic developments such as roads, electricity and water supply is happening, though more needs to be done. Most of the land in Kharadi has been purchased by builders and hardly 20 per cent is currently available with local farmers.

According to the industry, Kharadi is an upcoming and promising area in Pune as it is the access to Hadapsar, Koregaon Park and Mundhwa. In short, Kharadi is becoming a central location of the east zone. IT companies, special economic zones and availability of plots are some of the factors that are attracting builders towards Kharadi.

Most of the builders have already built up their land banks and as soon as the demand for buildings arises, the builders will begin construction, they said.

Mixed development


Mr Atul Goel, Managing Director, Goel Ganga Group, pointed out that the development in the eastern belt of Pune is a mix of commercial and residential complexes.

Looking at the current rates in these locations, Mr Ravi noted that in Kalyani Nagar, the rates range from Rs 4,000 to Rs 9,000 per sq.ft for residential, and from Rs 10,000 to Rs 15,000 for commercial.

In Viman Nagar, it is Rs 2,200-3,300 per sq.ft for residential and Rs 6,000-12,000 for commercial.

In Kharadi, the residential rates are Rs 2,200-3,000, but one could also buy a bungalow for Rs 1 crore.