Pune: Few real estate micro-markets in Pune have been able to match the outstanding success of Viman Nagar and Nagar Road in the Eastern part of the city. Nor is this success limited to this region alone. As a direct result of the relentless demand for properties in this belt, nearby locations such as Dhanori, Charoli and Wagholi have become the new watchwords on the city's real estate market. Their proximity of the Pune Airport adds a decisive ingredient to the overall growth recipe that drives this region.
Viman Nagar is one of the pioneering real estate boom areas in Pune to emerge following the city's emergence as an IT / ITeS hub. This is where many of the first call centres and medical transcription units opened up shop in Pune. Viman Nagar and Nagar Road became the venues of more and more BPO, KPO and software development firms, entrenching this belt's value to the city's economy.
Though Magarpatta and Kharadi are now among Pune's prime IT / ITeS hotpots, they are in fact the offspring of this initial boost. At a vital juncture of the city's economic evolution, Viman Nagar and Nagar Road offered these firms affordable properties to establish themselves. At the same time, they have sufficient land parcels available for the development of residential projects to house their employees.
While Viman Nagar has gone on to become one of the most sought-after residential locations in the city, the larger market of Nagar Road went on to become a prime hub for commercial spaces. Already established as an IT / ITeS magnet, it also attracted massive interest from top-notch hospitality and retail developers. Today, Nagar Road has the highest concentration of five star and business hotels as well as high-visibility malls in Pune.
With this perfect blend of real estate segments continually cross-pollinating demand across residential, commercial and retail segments, the rapid depletion of developable space in this region was inevitable. With demand being driven into the adjoining areas, Dhanori and Wagholi quickly rose to prominence and saw a significant influx of projects by Pune's leading developers.
Charoli, the next location to receive the spill-over demand from Nagar Road, is now poised to receive Pune's largest integrated township. The arrival of this massive project coincides with the approval for the proposed 170-kilometre Ring Road which encompasses Pune and Pimpri Chinchwad. The fact that Charoli lies squarely along this major infrastructure project will result in massive major investments into the area over the next five years.
In short, Viman and Nagar and Nagar Road have provided an extremely high level of real estate growth to the Eastern part of Pune in a relatively short period. With further infrastructure initiatives already underway and in the pipeline, the long-term viability of the real estate market in this region and its adjoining areas is assured.
Arvind Jain is MD of Pride Group