PUNE: East Pune localities such as Kharadi, Wagholi and Hadapsar, which offer one and 2-BHK properties in the Rs 20-40 lakh price range, are witnessing large scale consumption of residential spaces. Old residents of the city reminisce how these areas grew with the boom in real estate witnessed a decade ago. Wing Commander Atul Chandra, who has made this city his home since the late 1990s, remembers his weekly rounds to the Hadapsar sabzi mandi.
“Today, the congested roads and bylanes are witnessing large-scale construction activity. Old buildings and houses have been razed to build new multi-storeyed apartments in gated communities. Though development in the area is haphazard, affordable housing rates and proximity to the nerve centres of the city, especially Magarpatta City, takes precedence over the absence of well-laid out roads.”
Hadapsar saw the highest demand for 2-BHK units (53 per cent) in the April-June 2013 quarter. Supply for the same housing format superseded demand at 58 per cent in the said quarter. Demand for 1-BHK units in the same quarter was 34 per cent whereas supply was way below demand, at 23 per cent. Demand for 1-BHK units here is mostly fuelled by migrant singletons, who work in the IT companies nearby. Almost 20 new projects in the area are listed on MagicBricks.com, most offering 1, 2 and 3-BHK housing units in the Rs 3,000-4,500 per sq ft price range.
Wagholi is another place where mixed development is taking place. Situated on Nagar Road, proximity to the airport (about 10 kms) and railway station (about 16 kms), are factors that are attracting investors to purchase property in the area. Prices in Wagholi are less as compared to Kharadi. Even here, 2-BHK units are most sought-after but unlike Hadapsar, data from MagicBricks.com shows that supply for 2-BHK units is less (47 per cent) than demand (51 per cent). A number of upcoming projects are planned along the area, with developers building mostly one and 2-BHK apartments, priced anywhere between Rs 20 to 40 lakhs. The demand for 3 and 4-BHK units is low in both, Hadapsar and Wagholi.
“Wagholi is an upcoming locality with projects by reputed builders, giving you a wide choice to choose your dream home from. This area has the advantage of being home to educational institutes and proximity to Eon IT Park, Kharadi, Viman Nagar, Magarpatta and Ranjangaon MIDC,” says Dev Agarwal of Dev Estates.
Priced a notch above properties in Hadapsar and Wagholi, Kharadi offers a few projects for as low as Rs 30 lakhs but the size of these apartments would be less, compared to those available in the other two areas. Kharadi, which connects Nagar Road and Sholapur Road, was mostly dotted with industrial land till the inauguration of Magarpatta City. “Today, these industrial lands have been converted into bustling housing societies, mega malls, shopping and business complexes, star hotels and entertainment zones,” adds Chandra.
“There is a huge amount of infrastructure development already underway and that adds to the attractiveness of the area,” says Vineet Ahluwalia, head-marketing, Life Group. Kharadi also has the best of Pune’s malls in its vicinity. All of these factors make it the third-most preferred residential destination in the city, after Wakad and Pimple Saudagar (as per data from MagicBricks.com).
Kharadi is today, witnessing a spurt of one to 4-BHK units, owing to its proximity to IT hubs. Also, the airport is located five kms and the railway station 12 kms away from the area. Property values here are between Rs 5,000-8,000 per sq ft. MagicBricks.com listings show that a number of projects are underway in Kharadi and 60 per cent of them are near completion. As demand for housing rises, Hadapsar, Wagholi and Kharadi continue to grow. Once known as fringe areas, now residential, commercial projects and sprawling townships, define these areas in Pune east.