Pune has come a long way since the pre-revolutionary times, and now it has grown and modernised to its apex and will go even further.
Since the advent of information technology in the country, the country has grown and rebuilt itself. The IT sector has given jobs and livelihood to a large percentage of the people, and it has increased the lifestyle of people. With the emergence of the IT hub in Pune, it has expanded to other industries such as education, warehousing, real estate, manufacturing, etc.
The living standard and quality of life have improved. The per capita income of the city of Pune is Rs. 46000, which is a massive amount for a small city, and differences in income between rich and poor are the least. The average salary of a person living in Pune is Rs. 5,30,000. Some areas have emerged as IT hubs and are the developing areas of Pune.
Now let us look at a few parts that are promising developing areas in Pune.
Top 7 developing areas in Pune
1. Hinjewadi
Hinjewadi is one of the best areas in Pune for investment as it has the most prominent IT hub. It has both residential areas and working places. The IT park in Hinjewadi employs more than 7000 people worldwide. It has MNCs such as Satyam, TCS, Infosys, Wipro, and IBM Global. These companies hire a lot of people and promote employment opportunities. It has grown tremendously over the years, and metro works have also been approved.
2. Aundh
Aundh is a suburb of Pune and has all kinds of properties demanded. The demand for this area increased when the IT sector expanded, and now it has both commercial and residential properties with affordable rates. Being close to the centre of Pune, it is a fine choice for the people of Pune. The area has grown to have malls and famous colleges, making it a home for students. The residential real estate of this place has blasted over the years, and it has grown unrealistically. Due to its location on the western corridor, investing here is quite advantageous.
3. Wakad
Again being on the western periphery of Pune, it has grown, and soon the limelight from Aundh shifted to Wakad. Also, being close to the Mumbai-Pune expressway and adjacent to Hinjewadi, it has been an overflowing residential property area and later added commercial real estate. It is an optimal place for action, offering connectivity and convenience benefits, with homes that many can easily afford.
Wakad is one of the leading hot spots for investment in Asia. It is one of the most growing because of its plush and famous neighbours- Aundh & Baner, connectivity to Mumbai and other businesses, and the city’s growth engines.
4. Wagholi
The suburbs of Pune slowly change into hubs of attraction, one of which is Wagholi—located on the eastern periphery of Pune and in proximity to the Pune Airport, which makes people interested in it. Wagholi was an industrial area earlier and was populated with workers and industries, but now a lot of change has been seen since Pune became an IT hub. Wagholi provides a good destination for homes as the adjacent places like Kharadi, Hadapsar, and Bund Garden have impending commercial establishments.
5. Undri
From the barely existing neighbourhood of Katraj-Kondhwa to the forthcoming town of South Pune, Undri has aced itself. Now it has all that a well-developed town needs ranging from industrial and IT stations to greenspaces. One of the best advantages of Undri is its connectivity to SP Infocity Phursungi, Eon IT Park Kharadi, Magarpatta City, and Amanora Park Town, which are situated within a 9-10 km radius of Undri, making it one of them. The fast development of social infrastructure has made the Undri one of Pune’s hottest emerging home markets.
6. Baner
Being in central Pune and adjacent to Aundh and Hinjewadi led to the spill-over and expansion in this locality. Baner is famous for its middle and affordable housing rates, so the residential real estate of Baner is the next significant investment in the Western Corridor. Baner has expanded and thrived and has all amenities one requires. The proximity to Rajiv Gandhi Infotech Park in Hinjewadi is a key demand driver.
7. Kalyani Nagar
Kalyani Nagar is located on the Eastern Corridor of Pune and has one of the most established residential and commercial real estate destinations. Being near the railway station and airport, Kalyani Nagar has become a home for IT and IT sector companies. The ease in commuting and transport has made it a hub for all. Being averagely rated, it is an easy investment for returns in the future. Kalyani Nagar was exclusively a residential area, but rapid development and improvements in accessibility over the years have resulted in significant growth. The numerous new apartment buildings, shopping centres, and commercial spaces with MNCs reflect this progress.
Conclusion
After the financial crisis in 2008, people were looking for affordable housing in Pune, which is when Pune started growing and looked like a promising city to settle in, where the lifestyle was slow but expanded by the day. The city has seen growth over the years, and it offers homes at the best price-quality ratio and an exceptional environment for growth and durability. With the lush green spaces, well-connected roads, working life, entertainment, and nightlife, Pune is balanced. The history of Pune and its culture are just the add-ons; tourist destinations here are incredible. The city offers everything you desire, so investing in Pune is the best decision for future returns.
FAQs
What was Pune called initially?
Pune was known as Punya, which means the confluence of two rivers.
Which is the central Prison located in Pune?
Land of Yerwada prison is the name of that Prison.
Why is Pune called the Oxford of the East?
It is an educational centre of the country as the number of educational institutions in Pune has also grown dramatically; this is why it is called the Oxford of the East.
What has Pune emerged as?
Pune has emerged as the smartest city in India in the past ten years.
