Low cost homes in East Pune
Aug 06, 2013
Source : The Times of India


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 Supply for the same housing format superseded demand at 58 per cent in the said quarter.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.

Latest Realty News

Worli-Prabhadevi-Dadar West: Best option for upper-crust homebuyers
Aug 06, 2013
MUMBAI: Worli in south Mumbai and Prabhadevi and Dadar west in central Mumbai, are the premium localities in Mumbai offering an array of property options for the well heeled buyers. Infrastructure marvels with good connectivity, are attracting end-users and investors to these areas. Let’s delve into the residential options available, with facilities and amenities in these areas and see what sets them apart:
Orbit Corporation defaults on 96 crore loans
Aug 06, 2013
MUMBAI: Mumbai-based real estate developer Orbit Corporation has defaulted on liabilities of 96 crore, including repayment of loan availed from LIC Housing FinanceBSE -5.13 % and the interest on the amount, joining the list of troubled players in the sector grappling with a severe liquidity crunch.
Pune civic body collects Rs 500 crore as property tax
Aug 05, 2013
PUNE: The civic administration has collected Rs 500 crore from property tax since the start of new financial year. Total 5.58 lakh property owners have paid their tax since April 1.
Rented your property? Steps to take if a tenant refuses to vacate
Aug 05, 2013
MUMBAI: When it comes to the relationship between a property owner and a tenant, it's best to be safe than sorry. Yet, hasty decisions, cutting corners and blindly trusting brokers are the reasons for many a legal battle waged by landowners against rogue tenants. Take the case of Mumbai-based Merlyn D'Souza.
It’s raining offers for house hunters in Mumbai
Aug 04, 2013
MUMBAI: Call it monsoon madness if you will, but Mumbai’s builders have lined up some unusual incentives to stimulate apartment sales and cope with the problem of inventory build-up.
RIL denies CAG charges, says cleared all dues to MMRDA
Aug 03, 2013
MUMBAI: Reliance IndustriesBSE 0.84 % on Friday denied CAG report that blamed Maharashtra government for not recovering lease rentals from it for its upcoming BKC project, saying the company has paid all its dues to MMRDA.
Kolte-Patil Developers forays into Mumbai, gets redevelopment project in Khar
Aug 02, 2013
MUMBAI: Pune-based realty developer Kolte-Patil Developers has forayed into Mumbai property market with a redevelopment project in western suburb of Khar. The company will be redeveloping a housing society spread over 1,594 sq meter in Khar (west), a release said.
Assotech Realty to construct 125 luxurious suites in Shirdi
Aug 02, 2013
NASHIK: Real estate firm Assotech Realty today announced a premier service residential project with an investment of Rs 100 crore in pilgrimage town of Shirdi in Maharashtra.
Real estate prices to rise after Telangana creation
Aug 01, 2013
MUMBAI: After a four-year hiatus, residential real estate prices are set to rise at a relatively faster pace in Hyderabad with the likely resolution of the Telangana issue.
Private equity in Pune’s realty segment
Jul 31, 2013
PUNE: Pune has been the fastest growing city for over a decade now, second only to the metros. It has been able to sustain this status mostly because of the well-established manufacturing sector and the thriving IT segment that has made the city its home. There is no dearth of local workers with professional qualifications as the city has numerous colleges offering courses in varied disciplines. Pune is also popular as an ideal city to reside in, not only because of the good schools and colleges

Latest Realty News Of State

Realty Talk's