East Pune - A High-growth Real Estate Micro-Market
Dec 04, 2020.
Pune, the second biggest city of Maharashtra after Mumbai, is known by many names. Queen of Deccan and Oxford of the East are two of the more popular ones. In the last couple of decades Pune has gained prominence as a tech and IT hub, earning the new nickname - ‘Silicon Valley of Maharashtra’. This gave rise to further migration of talent and business to Pune and expanded its borders.
The eastern corridor of Pune which was once confined to Camp and Koregaon Park extended to Kalyani Nagar, Hadapsar, Handewadi, Kharadi, Viman Nagar, Airport Road, Phursungi, Mundhwa and Wagholi. Various commercial and residential real estate projects in these suburbs have seen East Pune emerge as a major force in the Pune realty market, pushing its borders further east. It is a preferred business hub and highly desired residential destination in Pune.
Rise of East Pune as a Business Hub
Pune's prominence as a tech and business hub first began in East Pune. During the 1990s Pune witnessed a wave of construction of IT parks in Viman Nagar, Magarpatta and Wagholi in East Pune. Over the next two decades many such commercial spaces and IT Parks were constructed in the surrounding suburbs. Eon IT Park and World Trade Center in Kharadi, SP Infocity in Fursungi, Kumar Cerebrum in Kalyani Nagar, Gigaspace and Weikfield IT Park in Viman Nagar, and Cybercity IT Park in Magarpatta City are now the major hubs where top businesses have set up their offices. These sprawling commercial parks have also been a part of the coworking wave spreading across the top cities of India.
Besides the usual IT and ITeS companies, many financial services companies have their offices in the eastern suburbs of Pune. Among the various companies with offices in East Pune are Amdocs, HCL, Accenture, Credit Suisse, Barclays, Citicorp, IBM, etc. There are many other industrial areas like Hadapsar, Wagholi, Ranjangaon, Sanaswadi, etc. The growth of East Pune as a business hub has seen it evolve from a Peripheral Business District (PBD) to one of the Central Business Districts (CBD) of Pune.
This growth has paved the way for further extension of East Pune’s border along the Pune-Solapur road. Manjari and Shewalewadi are the upcoming suburbs along this road and they are witnessing a rising tide of development. Reputed developers such as Shapoorji Pallonji, Godrej, Kalpataru, VTP, etc. are coming up with new residential developments here. Besides catering to the growing demand for quality housing, these projects offer an opportunity for the existing residents to upgrade their lifestyle from their old buildings. New, high quality residential projects by such reputed developers also serve to raise the standard of living in the nearby ecosystem.
East Pune - Well-connected Micro‑Market
The main advantage of East Pune is that its various suburbs are located along the Pune-Solapur highway which connects to the Mumbai-Pune Highway, thus placing it on a high-growth corridor. Similarly, the railway line from Pune railway station also runs through East Pune. Stations like Hadapsar and Manjari are on this line providing railway connectivity for people looking to travel to the city center and beyond. Pune-Saswad Road, Magarpatta Road, Samrat Ashok Road and Manjri Road are the other important feeder roads connecting the various suburbs of East Pune. Developments such as the Magarpatta Flyover, the Hadapsar-Kharadi bypass and Hadapsar flyover have enhanced connectivity. The Pune International Airport in Lohegaon is in close proximity to East Pune.
Several upcoming infrastructure projects are expected to boost the connectivity and growth of East Pune. The proposed Pune Ring Road (PRR)- a 128 km road that will run along the outskirts of Pune - is expected to be a major boost to Pune’s growth as a top city while also diverting inter-city traffic. Stretches of this ambitious road will pass through Manjari and Wagholi in East Pune. One of the Pune Metro lines will run from Vanaz to Ramwadi which is close to Kalyani Nagar, Kharadi and Viman Nagar. This provides an alternate transport option for residents of these suburbs. Upgrades of various BRTS routes and establishment of new ones will amplify the connectivity within East Pune and to various parts of the city.
The site of the upcoming second airport in Pune - Chatrapati Sambhaji International - is to the south east of Manjari and is thus an alternate option for residents of Manjari and Shewalewadi. In fact, these suburbs are practically equidistant from both the airport sites. The development of the new airport will further boost the growth and development of suburbs like Manjari and Shewalewadi.
Well-developed Civic and Social Infrastructure
The growth of the residential and commercial market of East Pune has driven the development of its supporting infrastructure such as schools, hospitals, stores and malls within 30 min of Manjari and Shewalewadi. Vibgyor High School, Sri Sri Academy, Pawar Public School, The Kalyani School, Lexicon International School, The Orbis School and Delhi Public School are some of the top education institutes. For quality healthcare there are hospitals such as Noble Hospital, Devgiri Hospital, Yog Multispeciality Hospital and Sahyadri Super Speciality Hospital. There are many malls such as Amanora Mall, Seasons Mall, and 93 Avenue Mall.
Pune’s many education institutions and growing job opportunities have brought many young students and professionals from across the country. As a result the city is a melting pot of cultures which is visibly seen in the food outlets and restaurants. Pune’s average age hovers around 25-35 and boosts its cultural image as a city with a thriving nightlife. In East Pune there are many well-known pubs and cafes. Thus, residents of East Pune enjoy a wholesome quality of life with all the modern conveniences expected in high-growth micro markets including Manjari and Shewalewadi.