subject: Pune Commercial Growth Boosts Residential Development [print this page] Being the classic example of Real Estate Market Pune's commercial activities lead to development of residential property in Pune. Rajiv Gandhi IT Park and Hinjewadi are the peripheral development started with there construction of residential property. In fact the success of residential projects was one of the early milestones in Pune's journey to become the most sought-after location for IT companies.
Ample job opportunities have turned Pune into a favorable residential destination. Here at Pune the walk-to-work concept has become a norm however demand of residential property in Pune is not only due to increasing working population, but also brought about by many of the older generation who have retired from the middle management cadre in Mumbai and who find this place attractive due to its affordability.
The new residential development have been concentrated in the peripheral areas of the city alongside commercial developments. Also, students who are compelled to come to Pune because of the availability of quality education the expressway has prompted many Mumbai residents to invest in Pune as an investment or as a second home concept which had made the pricing go up in Pune.
Though prices have increased in many areas of Pune a fair amount of supply in the pipeline has made it affordable. Pune's central part traditionally being the commercial and institutional hub,houses various government and corporate offices. Deccan Gymkhana, Senapati Bapat Road, Koregaon Park and the Boat Club Road are the key localities which have witnessed tremendous growth in terms of capital and rental values. The new development in these areas are limited due to non availability of land.
Development of Residential property in the peripheral areas can be divided into the Eastern, Western, Northern and Southern Zones where airport connectivity and the concentration of IT companies has led to an increase in demand for residential properties in the eastern areas. Locations like Kalyani Nagar, Viman Nagar and Kharadi in the northeast are premium residential markets where capital values for high end properties are reaching to sky.
Western area is becoming a favorite destination due to proximity to Mumbai and the Hinjewadi phased development. In the north west there are locations like Anudh, Baner, Pashan, Hinjewadi, Wakad and Balewadi have developed to become prime suburban residential location as these locality serves as an ideal residential location for people working in the peripheries of Hinjewadi. In the South-west, with the completion of Pune-Bangalore Highway, the locations alongside the Highway and Warje are emerging as mid-income housing locations catering to the accommodation need of the students studying in various nearby universities and employees of various industrial establishments.
A large share of the upcoming premium residential space is in the form of township developments, the majority of which are concentrated in and around the IT and industrial hubs. In the past the city has seen considerable appreciation in property values. In addition, factors like good civic infrastructure, schools, recreational zones and parks and other such factors, coupled with affordable prices are always a driving factor for robust home sales.
