Pune, the Oxford of the East, has emerged as a city of immense technological, infrastructural, and real estate growth. Within two to three decades, Pune localities have turned into urban-cosmopolitan developments from barren lands. Although the city shares close proximity to Mumbai, one of India’s largest residential markets, it has attracted multiple investors from across the country. This can be attributed to the availability of high-end properties, which, even though are located in posh areas, fit well within the budget.
With so many residential-cum-commercial regions to explore, making predictions about Pune localities and their real estate investments can become tricky. Hence, it becomes imperative to study the patterns of development in certain micro-markets that are poised to become the megaregions of Pune in the next few years.
So, if you are planning to invest in Pune but are confused between different regions, then we have compiled a list of most promising localities in Pune for you to consider.
1. Baner
Situated along the western edge of Pune, next to the Katraj-Dehu Bypass road, Baner is one of the most popular localities in Pune. Baner’s residential market has seen tremendous growth due to its close proximity to major IT and social hubs like Hinjewadi, Aundh, Kothrud, PCMC, and Talegaon. Additionally, the region offers seamless connectivity to the Mumbai-Bengaluru Highway through the Baner-Sus road.
With an average price per sq. ft at Rs. 7800, 2 & 3 BHK units are very popular amongst homebuyers in Baner. Due to the availability of ready-to-move-in apartments at affordable rates, working professionals from Hinjewadi and neighbouring regions prefer living in rented accomodations at Baner. The option, however, are not restricted to only 2 & 3 BHK. One can also explore 4, 5 BHK homes or ultra-luxurious villas that has attracted a large audience, including NRIs.
Nestled between Baner hill and the Pashan lake, the region thus offers a tranquil environment, a large network of arterial roads and highways, and residential units that cater to the needs of mid-income and high net individuals.
2. Keshav Nagar
Mundhwa-Keshav Nagar stretch is an emerging and noteworthy micro-market in Pune. The area is nestled between Magarpatta (SEZ) and Kharadi which have emerged as key business hubs among the Pune localities. With IT Hubs such as Zensar Technologies, EON Free Zone, World Trade Centre, and Weikfield IT Park in the vicinity, the Mundhwa-Keshav Nagar region has become an attractive hotspot for real estate developers.
The suburb is well-connected to other Pune localities via Magarpatta road, which joins Pune-Ahmednagar Highway in the north and Solapur-Pune HIghway in the south. Plus, it shares close proximity to high end residential areas like Kalyani Nagar and Viman Nagar. Hence, the area is easily accessible by road & expected to have a more comprehensive in-region network in the upcoming years.
3. Kharadi
Among many Pune localities, Kharadi has experienced exponential growth both, as an IT hub and residential sector. While vacant land parcels and availability of skilled workforce attracted conglomerates and tech companies, the commercial revolution, in turn, played a significant role in developing the housing sector.
Kharadi houses or is surrounded by some of the renowned commercial and/or IT spaces of Pune such as, World Trade Centre, EON Free Zone, Magarpatta Cyber City and Cerebrum IT Park. Plus, with popular educational hubs like Symbiosis Institute of Design and College of Engineering in vicinity, finding a talented workforce is easy. In addition to this, the locality shares close proximity to shopping complexes, cafes & restaurants, healthcare centres, petrol pumps and banks.
Kharadi is well-connected to Pune-Ahmednagar Highway, Mundhwa Road, Grant Road, and Fountain Road. These make it accessible and serve as important transportation means connecting Kharadi with the Pune International Airport (which can be reached within 10-15 minutes); several rail connectivity options like Pune Junction, Hadapsar, Shivaji Nagar, Khadki, and Manjari; and other prime Pune localities.
In fact, the on-going Pune metro project will further foster connectivity as it will connect Vanaz in Kothrud to Ramwadi near Kharadi.
4. Wakad
Falling under the Pimpri Chinchwad Municipal Corporation (PCMC), Wakad is a budding micro market. It is a well-planned residential area with a number of commercial developments as well. Located centrally, Wakad is passed through by the Mumbai-Pune Highway and shares close proximity to Pimple Saudagar, Thergaon, Tathawade, Balewadi and Baner.
The suburb is located just 12-15 minutes from Hinjewadi, one of the top IT hubs of Pune. Therefore, Wakad is well-connected to Rajiv Gandhi IT Park, Embassy Tech Zone, Teerth Technoscpace and Prabhavee Tech Park. This also pushed the development of residential areas, and today, renowned developers like VTP Realty, Kolte Patil, Paranjape Schemes, etc have residential projects in and around the region.
When it comes to civic facilities, the area is equipped with retail outlets, shopping complexes, educational institutes, and banks. It has a widely researched and evidently equipped infrastructure, with adequate water and electricity supply.
All these factors, especially its ease of proximity with Mumbai and Hinjewadi, make Wakad a growing market, and instil in it future potential. Hence, one cannot miss considering Wakad while thinking of investing in Pune localities.
5. Wagholi
Although it was once a distant village on the eastern outskirts of Pune, Wagholi is now one of the most popular residential areas in Pune. This can be attributed to the availability of large land parcels at lower prices and excellent connectivity to premium places like Viman Nagar, Hadapsar and Koregaon Park.
Located on the Pune-Ahmednagar Highway, Wagholi also shares close proximity to the IT hub of Kharadi, Pune Airport (11 km) and Pune Railway Station (14 km). While WTC and EON IT park are located approximately 5-6 Kms from Wagholi, Magarpatta City, Amanora Park Town and Giga Space fall within 8-11 Km radius.
The transformation, in terms of residential development, that Wagholi went through was fostered indeed by the social and physical infrastructure development as well as IT revolution. One can find a mix of affordable and high-end apartments in Wagholi that range anywhere between 30 lakhs to 3 crores.
6. Mahalunge
Situated along the Mumbai-Pune Highway, Mahalunge is an upcoming premium residential area of Pune. The region is well-connected to Wakad, Pashan, Balewadi, Baner, and is in close proximity to Hinjewadi. Mahalunge is seamlessly connected to social hubs through the Aundh-Ravet BRTS, Dehu-Katraj Bypass, and Nande-Balewadi Road. Apart from Pune Railway Station (16 Km), Mahalunge shares proximity to highly reputed educational institutes like the Savitribai Phule Pune University and MITCON.
From multi-storey apartments and plots to mega townships and luxury projects, Mahalunge is a location that caters to the needs of various stratas of society. Godrej’s, VTP Realty, Paranjape Schemes and Kumar Properties are some of the prominent developers that have delivered properties in Mahalunge. These developments range anywhere between Rs. 32 lakhs to more Rs. 2 crores.
With the Mahalunge town planning scheme, a 300 plus hectare residential-cum-commercial hub, the region is poised to attract Rs 21,000 crore from public and private players. Under this scheme, 5,000 affordable units will be constructed and approximately 16.4 million sq.ft will be reserved for retail developments. With an infrastructural push at such a large scale, the region is bound to become one of the premium Pune localities.
7. Hadapsar
Predominantly comprising agricultural land, Hadapsar is now home to commercial and residential hubs, and one of the prominent micro markets among Pune localities. Hadapsar is in proximity to some of the leading IT hubs of Pune such as Phursungi and Kharadi.
One of the major attractions of Hadapsar is the 450 acre Magarpatta city, which is also a designated Special Economic Zone. It houses an array of companies, residential complexes, shopping zones and healthcare facilities. Considering the influx of working professionals to the city, the residential demand has consequently increased in the region.
Besides, Hadapsar is also in proximity with upbeat areas like Kalyan Nagar and Koregaon Park among other Pune localities. These regions house a number of entertainment, educational and recreational facilities that facilitate a lavish lifestyle.
Hadapsar is located approximately 10 Km from Pune International Airport. The extension of Shivajinagar-Hadapsar metro corridor till Loni Kalbhor is further going to provide seamless connectivity to the other Eastern regions of Pune.
8. Manjri
Located on the eastern side of Pune and close to the IT hub of Kharadi, Manjri is a booming micro-market and upcoming development. It stands out among the Pune localities as it offers a perfect intermediate space for people who want to enjoy a tranquil environment whilst being in the vicinity of IT offices and other cosmopolitan facilities.
The suburb is well-connected to Viman Nagar, Keshavnagar and Magarpatta. It’s close to the Mumbai-Hyderabad Highway (or Pune-Solapur Highway) or the NH9; and is seamlessly connected to the International Airport and the Pune Junction Railway Station.
Manjri enjoys proximity to IT hubs such as Koregaon Park, Fursungi IT Park, and Magarpatta city, and is 4 km from Hadapsar. The prices per sq. ft of multi-storey apartments has increased by almost 11% from 2014-2019, and are further poised to increase. Hence, the investment comes with excellent ROIs, thereby making Manjri a viable option for homebuyers.
Although the area is still undergoing infrastructural development, it is a good area to place your bet on among Pune localities.
9. Hinjewadi
Hinjewadi is one of the most inspiring stories of development. Once a remote locality comprising villages, it is now a prime real estate hotspot. And its growth seems not to decrease any time soon.
When a Special Economic Zone was set up in Hinjewadi, the Rajiv Gandhi InfoTech Park was launched. Since then, major global IT/ITeS companies started foraying into the area and Hinjewadi became a central part of the IT revolution in Pune. Currently, the IT hub is divided into three phases, and there are plans to develop 3 additional phases in the area.
Besides, it is well-connected to other Pune localities because of its excellent transport framework and vicinity to NH4, Mumbai-Pune Expressway and Pune-Bengaluru Highway. Soon, there will also be a metro line connecting Hinjewadi to Shivajinagar among other Pune localities.
Transport facilities extend to the Pune airport being only 20 kilometres from Hinjewadi and railway stations at Pimpri (11 km) and Pune Junction (21 km). This has bolstered growth in real estate, educational institutions, healthcare and recreational facilities. One can find properties ranging between affordable to high-end budget range. This, in turn, has also spiralled the demand for rental properties in the region.
Price Appreciation in Different Pune Localities
| Micro Market | Avg. Price/sq.ft in Dec 2014 (INR) | Avg. Price/sq.ft Dec 2019 (INR) | Avg. Price/sq.ft in Dec 2020 (factor volatility due to Covid-19) (INR) | Growth Rate (From 2014 to 2019) |
| Baner | 7,103 | 7,723 | 7,839 | 8.73% |
| Mundhwa-Keshav Nagar | 5,600 | 6,178 | 6,390 | 10.32% |
| Hadapsar | 5,492 | 6,545 | 6,453 | 19.17% |
| Manjri | 4,741 | 5,233 | 5,649 | 10.38% |
| Wagholi | 4,434 | 4,611 | 4,822 | 3.99% |
| Kharadi | 6,052 | 7,046 | 7,060 | 16.42% |
| Wakad | 6,034 | 6,634 | 6,641 | 9.94% |
Source: MagicBricks
Hence, Pune localities such as Baner, Kharadi, Wakad, and Keshav Nagar are developing massively. This can be attributed to the IT revolution, rapid urbanization, massive employment opportunities, and excellent connectivity with major parts of the Pune city. Moreover, an investor is exposed to a varied range of residential properties that range from luxury houses and rental accommodations to middle-income and affordable housings. With upcoming infrasternal development and planned projects like the Maan-Mahalunge Hi-Tech city, these regions are further poised to attract immense participation from the public as well as private developers.
