Here’s why you should be investing in Pune’s Hadapsar
Hadapsar, an eastern suburb of Pune, is all set to become a realty hotspot. Currently, rental values in this locality are on the rise, as the Information Technology (IT) sector which has a strong presence in the neigbhourhood has been recruiting. Hadapsar is in the process of metamorphosing from an industrial area to a residential one.
The locality is home to two Special Economic Zones (SEZs) namely, Magarpatta city and the Fursungi IT Park. There are a number of IT majors who have their offices here, such as TCS, ADP, IBM, Sybase, Mphasis, SAS, Amdocs, John Deere, Option One, Accenture, Exi, Zs, Avaya, Honeywell, BNY Mellon, Aruman and Patni to name a few. Other than IT, the other major industries in this area are Serum Institute and Kirloskar Pneumatics. Hadapsar is also where the Sanmitra Sahakari Bank is located.
The locality is just 8.5 km from Pune’s city centre and is part of the Pune Municipal Corporation. The Mumbai Hyderabad National Highway cuts through the area. This road is also known as the Pune- Solapur road. However, since the area is comparatively new to residential real estate market, the infrastructure is still being developed.
One of the main issues that the current residents of Hadapsar face is the traffic congestion during peak hours. This is mainly caused because the railway line has to be crossed to reach Hadapsar. Another problem is that most of the locality gets water logged during the rainy season. The roads in the interior are still narrow and not conducive to heavy vehicular traffic. Despite the fact that many roads cut through the locality, connectivity is an issue in this area. The only public transportation is by bus, so most residents in the area have their own transport.
Apartments in Hadapsar are priced between INR 4800 to INR 5300 psqft. Meanwhile, the Pune real estate market is going through a slow down with over 2.8 lakh units lying unsold across various localities in the city. The value of the unsold housing units has been estimated to be in the region of over INR 48,500 crore. The interesting thing is that though there is a drop in the sale of homes, there has been no major correction in prices. The main reason why the prices have not dropped is because the developers are optimistic that the economy will improve and also because there is an increase in the number of housing units coming into the market. Since there is also no rise in home prices, experts say that this could be the ideal time to invest in an apartment in Pune.
Investing in Pune is a very sound decision that one can take. Pune is also the only non capital metro which has seen so much development in the last two decades. Pune is also the best performing residential market in the country. Real estate in Pune will get you a steady return on investment for a few years to come. This is despite the slowing in the growth of appreciation in most localities. Real estate investment in this city has shown growth year on year. Purely as investment, buying real estate in Pune is low risk compared to cities such as Mumbai or Delhi. Pune has a good social infrastructure network of schools, colleges and hospitals. In addition to the old well known schools and colleges, the city also boasts of international institutions of repute.
Pune continues to be a well connected city for commerce and industry. The IT industry in particular employs a large number of young professionals who have large disposal incomes. New companies keep opening their doors in this city.
Source: Indiaproperty.com, Moneycontrol