Balewadi in Pune sprints ahead in real estate market

Pune

Earlier considered as a small village near Baner, Balewadi has suddenly been revamped with several new properties coming up here. The major reason for the growth can be attributed to the Commonwealth Youth Games in 2008. The games, hosted at Shri Shiv Chhatrapati Sports Complex at Balewadi, brought the place into the limelight.

Looking at the geography of Balewadi, on the eastern side is Baner, on the western side, the Expressway, and a river flows in the North.

The infrastructure has been uplifted in Balewadi after the Commonwealth Games, with good roads. Pune Mahanagar Parivahan Mahamandal Limited (PMPML) has their bus services from Katraj to Balewadi making Balewadi accessible to other parts of Pune. Katraj-Dehu Road bypass is a part of NH4 highway that connects places like Pimpri-Chinchwad, Hinjewadi and Balewadi. Katraj-Dehu bypass is also part of proposed ring road project in Pune. Balewadi enjoys close proximity to the Mumbai-Pune expressway. The road connecting from Balewadi stadium to Baner has been instrumental in enhancing the connectivity and real estate market of Balewadi.

Akshay Kulkarni, Executive Director-Residential Services, India, Cushman & Wakefield says, “Balewadi is located close to Baner and Aundh that are already exhausted in terms of good plots for residential projects, but provide for the necessary social infrastructure to the area. It has good accessibility through road network to other locations of Pune. The infrastructure has been beefed up and maintained well since the Commonwealth Games. The connectivity is good to various parts of Pune through road network. Balewadi is approximately 20 km from the Pune airport and 10 km from the railway station. After options like Aundh and Baner, Balewadi is the natural choice of expansion for developers as the area has some inherent advantages. There are now some high-end projects in the area by developers. The current rates for Balewadi are around Rs 4,500 per sq ft for high-end projects.”

The availability of land and good connectivity are also the contributors to its growth while urging developers to come up with projects here. Gandhakosh by D. S. Kulkarni Developers Ltd, Eiffel Greens by Eiffel Developers & Realtors Ltd, Sapphire Park by Amit Enterprises are some of the projects in the area.

Sanjeevani Developers have their projects Sadafulee and Sahayog in Balewadi. Sanjay Deshpande, Director, Sanjeevani Developers says, “Four years ago, Balewadi was a barren land. The road from Balewadi stadium to Baner benefited Balewadi. As Baner was costly, Balewadi became the logical extension for property hunters. Due to its proximity Aundh and Baner, Balewadi became a developed suburb. The road network is good in Balewadi, however the development pace is slow. The authorities should look to speed up the process. The connectivity is pretty good to places like Pashan through Mumbai-Pune bypass and Pimpri-Chinchwad Industrial area. As Balewadi is an entry point from Mumbai through the expressway, Balewadi can be a good location for Mumbaikars buying property in Pune.”

Supreme Universal has completed their project Supreme Palms on Baner-Balewadi Road that was started in 2007. Jayant Gehi, AVP, Business Development & Sales, Supreme Universal says, “We have our current projects in the vicinity that include our luxury offering Supreme Pallacio and Supreme Estado. We are also planning a few more projects in the area.”

Talking about the location, Mr Gehi says, “Balewadi is a very well connected location with easy access to all areas including Shivajinagar, Pimpri-Chinchwad and others with wide roads. The economic activity and employment generated in the IT hub of Hinjewadi and the industrial areas in PCMC are the key drivers. The profile of the area has changed over the years with many projects coming. Currently, we have seen demand for luxury apartments in larger sizes in this area. The profile of buyers purchasing in this area include majority of IT professionals and professionals from auto companies, and other ancillary industries.”

With the CYG coming here, Balewadi became world famous and the sports city became a strong selling point for developers. Balewadi has attracted foreign delegates and NRIs as well. The hospitality sector is also developing hand in hand with the presence of five-star hotels in nearby areas. Balewadi was considered as one of the fringe areas in Pune and was included in the DP plan. Once the DP plan comes up it will boost the property by ensuring planned development.

Apart from infrastructure, the other facilities like schools, colleges and hospitals are also in place. Balewadi has educational institutes like Moze’s Engineering College, National Insurance Academy, MITCON Institute of Management and National Institute of Construction Management and Research (NICMAR), among others in its vicinity. The presence of hospitals in Aundh and Baner complement the medical needs of residents in Balewadi.

Looking at the advantages the area offers, several developers are coming with good projects that will highlight Balewadi in the real estate arena of Pune.

http://content.magicbricks.com/balewadi-sprints-ahead-in-real-estate-mkt

Visit www.7bigha.com to get best in Real Estate