Great Living Engineered
Less than two decades ago, a visit to a newly opened restaurant on Nagar Road belt was like a trip out of the city, it was only a highway connecting Pune to Ahmednagar. Over the past decade, the area has witnessed significant development with wider roads and better connectivity to other parts of the city. Today, this eastern belt of Pune is bustling with sprawling residential complexes, five-star hotels, malls, educational institutions and restaurants.
Viman Nagar and the Nagar road belt owe this evolution into a much sought after destination to primarily two things:
With the establishment of these large IT/ITeS suburbs, the demand for housing from the mid-income population working there increased drastically. Viman Nagar itself became home to more and more BPO, KPO and software development firms, Koregaon Park, known for its multitude of restaurants and vibrant night life, is less than 15 mins away from Viman Nagar. As demand from the younger population increased, the social infrastructure started to grow rapidly in the area with educational institutions and premium malls coming up in the area. Being close to Pune’s only international airport and with the increased economic activity across Pune, prominent hotel chains established their presence on Nagar road.
Today, the region is a hotbed of Information Technology activity and has come a long way as one of the most upmarket residential property destinations in Pune.
It has been seen across India that the IT/ITeS sector provides a large number of well-paying jobs in cities where an educated and well-trained labor force is available. Because of their higher purchasing power and more evolved tastes of home buyers from this segment – and the kind of supply that crops up to cater to these factors – locations that cater to their demand eventually end up with property valuations that are higher than the average benchmark for a city. The Viman Nagar – Nagar road belt is fast turning into one such area.
Viman Nagar and Nagar road submarket has served as an alternate location to the prime IT/ITeS destinations like Magarpatta and Hadapsar. The submarket holds almost 20% of the total office stock of the Pune city, with proximity to reputed and large IT parks such as EON, Zensar, Giga Space, Panchsheel and Commerzone, amongst others. This, along with the multiple shopping and entertainment options availability, has helped in creating a good demand for residential properties. Social infrastructure is also healthy with the presence of various quality education institutes, hospitality and healthcare facilities.
The proximity to Pune’s only airport and being just 30mins from Pune’s main railway station is also an advantage.
With affordable property prices, good road connectivity, established social infrastructure and proximity to IT/ITeS office space, the recipe for this location’s success is already in place and it will continue to attract good demand from both end users and investors.
The Nagar road belt has emerged as one of the most sought after property destinations in Pune being well–connected to the city, and in close proximity to various civic utilities. It has Pune’s best malls, shopping and entertainment centres, education institutions, hospitals. Nagar Road also has the highest concentration of five star and business hotels.
Social infrastructure has grown rapidly in the area with educational institutions and premium malls such as Phoenix Market City, Ishanya and Inorbit coming up in the area. It is also in close proximity to some of the other popular shopping and entertainment options such as Amanora Town Centre, Season’s Mall and Koregaon Park. Being located close to the airport, Nagar Road is also home to a bunch of star hotels such as Hyatt, Four Points, Novotel, amongst others. Healthcare facilities such as Apollo Clinics and Jeevan Jyot Hospitals are located in Viman Nagar.
The 170-cm ring road that will encircle Pune and Pimpri-Chinchwad to connect the fringe area of Pune and Pimpri-Chinchwad will benefit the Nagar road belt due to its proximity. The BRTS will also help in improving the connectivity to various parts of the city.
Also, with the Air Force and Army camps closeby, Viman Nagar is one of the safest residential and commercial localities in Pune.
The fundamentals of the Indian economy are strong and the realty sector is poised for growth after languishing for almost half a decade. Pune will continue to remain amongst the best performing markets due to its robust demand drivers. Overall, the general infrastructure and amenities makes the Viman Nagar – Nagar road belt conducive to modern family life. This makes it an extremely attractive destination for property investment.
However, it goes without saying that any buyer must conduct thorough due diligence–legal, project and developer – before investing in any property. Also, speak to your banker and get yourself educated about the EMIs and the impact due to changes in interest rates. If any financial schemes are on offer, understand the exact monetary impact of the same and analyze it looking at the whole picture.
When you are looking at a specific project, it is also important to look into aspects of interiors of a home such as light, ventilation, open-ness, appropriateness of room dimensions, ease in circulation, privacy, actual utilizable area vs wastage of area in corners, passages, etc. It is equally important to look at the amenities provided in the project and the actual utility of these amenities.
Also, when you are investing in a home for personal use, apart from the above factors, look for proximity to workplace and civic utilities. If you are investing purely for better financial returns, you may also think of projects that are in early construction stages, which are offering a good pricing.
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