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Prices for apartments in Balewadi go up by 10%

Balewadi which is located in the north western Pune is one of the oldest parts of the city. The area gained prominence after the construction of the Shree Shiv Chhatrapati Sports Complex where the National Games took place in 1994 and the Commonwealth Youth Games in 2004. Balewadi is surrounded by Pimple Nilakh in the east, Hinjewadi in the west, Wakad in the north and Baner in the south. Some of the important sub localities here are Balewadi Gaon, Patil Nagar, Laxmi Nagar, Vishal Nagar and National Games Park. The River Mula passes through this micro market and this ensures that there is no water scarcity here.

Connectivity

  • The major roads which pass through this area are National Highway 4 (Mumbai Pune Bypass Road), Balewadi Road, Balewadi – Baner Road, Madhuban Society Road and the Balewadi Village Road
  • Some of the major connectors in Pune which are located in close proximity to this micro market are Wakad Road, Baner Road and Aundh Ravet Road
  • Connectivity here improved remarkably because of the Commonwealth Youth Games
  • The Balewadi-Baner Road took up the connectivity here by several notches
  • The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) operates buses from Balewadi to many other areas in Pune
  • The nearest railway station from Balewadi is located in Dapodi at a distance of 12 km
  • The proposed Bus Rapid Transit System and phase 2 of the Pune Metro will further enhance the connectivity of this area

 

Budget Preference of Buyers – Balewadi


Infrastructure

  • The proposed Bus Rapid Transit System (BRTS) will serve this locality through the Airport – Baner – Balewadi line. The project is currently on hold
  • Line 4 of the proposed Phase 2 of the Pune metro rail project will connect ASI to Hinjewadi via Pimple Nilakh which is 4 km away from Balewadi
  • There is a good presence of educational institutions and health care facilities here
  • The locality’s proximity to the Hinjewadi IT Park, Aundh and Baner adds to the social infrastructure here
  • Due to the traffic snarls between Hinjewadi and Balewadi, the Corporation is planning a new road which will connect the Sports Complex and the Infotech Park in Hinjewadi
  • The Maharashtra Industrial Development Corporation is also planning to widen the small road which connects the Sports Complex to Nande Village
  • Except for the absence of street lights in some areas, civic amenities such as roads, water supply and electricity are present here

 

Unit Size Preference of Buyers – Balewadi


Real estate

  • IT professionals working in Hinjewadi are looking to buy properties for sale in Balewadi as these are located close to their offices
  • There is high demand for properties here because the prices for properties in neighbouring areas of Aundh and Baner are high
  • Plots in Balewadi are priced between INR 3000 and 5500 psft
  • Plots have appreciated by about 6 percent over the last year
  • Apartments in Balewadi cost anywhere between INR 6000 and 8000 psft
  • Prices for apartments have appreciated by 10% over the last year
  • Villas here are priced between INR 7400 and 16000 psft
  • 93% of the residential properties in this micro market are apartments, 4% are independent homes, 1.5% are villas and 1% are plots
  • The rental market here is robust due to the areas proximity to IT parks and educational institutions. The rent for apartments here stands at INR 15 psft per month

Download the Solid Grounds Micro Market Report on Balewadi here.

You can also track the price trends of micro markets in Pune by clicking here.

Image: “A football match in progress in the Athletics stadium” by Rdglobetrekker – Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:A_football_match_in_progress_in_the_Athletics_stadium.jpg#mediaviewer/File:A_football_match_in_progress_in_the_Athletics_stadium.jpg

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