Wagholi is located in the south of Pune and has developed rapidly mainly because of its proximity to the Information Technology (IT) hub in Kharadi, on the Pune-Nagar Highway. Many special economic zones for sectors such as automobile, manufacturing and pharmacy are likely to come up in the nearby areas. The Mumbai Bengaluru Infrastructure Corridor is another major boost to real estate in the area.
All the development which is witnessed in Wagholi is just a decade old. Earlier this suburb was just an extension of Pune on its eastern corridor. However, the rapid growth which Pune has seen in the last 10 years mainly because of industrialization and IT has resulted in the heart of the city getting crowded. This has lead to an exodus to the peripheral areas.
Wagholi is well connected to the airport, Bund Garden, Sholapur Highway and the Shikrapur-Chakan Road. The suburb is also connected to the Khandala Loni Road, while a flyover is on the cards to connect Wagholi to Shikrapur in the other direction. The Nagar road has been widened to a six lane highway and the suburb is to be tangent to the proposed ring road.
Residents of Wagholi face some issues with electricity and water mainly because Wagholi does not come under the Pune Municipal Corporation.
It is apparent that the real estate market is a bit of mixed bag. However, there is no doubt that it is an investor driven market at this point. Real estate gurus feel that the market is at a point of revival. IT continues to be the main driver of the market; however, the general feeling is that new economy drivers are likely to emerge in due course. All this bodes well for the residential real estate in Pune as job opportunities continue to grow.
In the first quarter of this year, on the commercial side, the city saw a lot of demand from the IT and ITeS sectors which were about 16% lower than the previous quarter. Experts say that it is a good time to invest in Pune real estate as there is a drop in prices. The prices now are lower than they were at their prime some time back; builders also seem willing to lower their expectations. But this drop in prices is not likely to last because the fundamentals of this city are strong and any investment in Pune will appreciate in the future.
There are many factors which contribute to Pune’s growth as a real estate market. It is a combination of employment opportunities, good living condition and its proximity to the country’s financial hub- Mumbai. Since Pune offers so many job openings, the people who come to the city in search of jobs also need accommodation. This leads to investment in residential property.
However, there is a dampener for home buyers in Pune as the ready-reckoner (RR) rates in the city will be increased by 6% effective April 1 this year. Though this is a small enough hike, the home buyers will pay more as the increase in RR rates will cause an upward revision of stamp duty and registration charges.
Nina Varghese for IndiaProperty.com