Prashant Thakur, Head – Research, ANAROCK Property Consultants
Located in south-eastern peripheries of Pune, Undri was once a small and unremarkable village outside the Pune municipal corporation limits. After opposition from residents regarding merging of Undri into the Pune Municipal Corporation (PMC) in 1997, it was demerged in 2002.
In 2017, Undri came under the purview of the Pune administrative authority – Pune Metropolitan Region Development Authority (PMRDA). Many residents of the region, whose primary occupation was agriculture, sold their land parcels to private real estate players, thus paving the way for rapid growth of residential and commercial developments in Undri.
Surrounded by micro-markets such as Hadapsar, Pisoli, and Handewadi, Undri offers relatively serene surroundings with thick green cover. It has good social infrastructural facilities including educational institutions, healthcare facilities, and entertainment options.
Various IT-ITeS establishments including Magarpatta City in Hadapsar, Eon Free Zone in Kharadi and SP Infocity in Phursungi have created massive residential demand in and around the regions, eventually hiking property prices in these areas.
Undri caught the spill-over demand from these nearby markets with its relatively lower property values.
Peninsula Land Limited, a leading corporate real estate developer which is part of the Ashok Piramal Group, today announced its foray into the affordable housing segment with the launch of its new project `addressOne` at a press conference.
Located at Gahunje, Pune, addressOne is spread across 50 acres and is strategically located on the Mumbai-Pune expressway, next to the MCA cricket stadium.
addressOne will be exclusively marketed by ANAROCK Property Consultants, who also launched an exclusive report on Gahunje’s growth from fringe area to growth precinct.
Download the report here: https://bit.ly/2Hbyqes
addressOne‘s strategic location just off the Mumbai Pune Expressway connects the project to Hinjawadi, which is less than 10 km away. In its first phase,
Prashant Thakur, Head – Research, ANAROCK Property Consultants
Pune, known as an education hub and a prominent location for manufacturing industries, has evolved as an information technology hub during the last few decades.
Spread across 244 sq. km. and with a population of over 3 million, the city has rapidly transformed from a pensioner’s paradise to a bustling economic centre of India.
Well-connected to Mumbai – the financial capital of India – Pune is also well-networked to other major cities across the country, as well as the world.
In terms of Gross Domestic Product (GDP), Pune is ranked 6th in the top 10 wealthiest cities in India and the second-highest in Maharashtra (after Mumbai) in terms of GDP contribution.
The major sectors contributing to the city’s growing economy include manufacturing, education, tourism, and culture. The Mercer 2017 Quality of Living Rankings evaluated living conditions in more than 440 cities across the world and ranked Pune at 145 – second in India after Hyderabad, which ranked 144.
As per the same ranking, Pune featured among evolving business centres and nine emerging cities around the world,
Prashant Thakur, Head – Research, ANAROCK Property Consultants
Once an anonymous destination comprising of small villages in the peripheral areas of Pune, Hinjewadi is now a prime real estate hotspot.
With the launch of the Rajiv Gandhi Infotech Park and consequent entry of various IT-ITeS majors and multinational companies, Hinjewadi has witnessed spectacular growth in working population.
The accompanying demand for homes, backed by improving social and physical infrastructure, has made Hinjewadi one of Pune’s fastest-growing micro-markets in Pune.
During the early 2000s, the Maharashtra Government introduced its game-changing IT-ITeS Policy which offered liberal incentives to the technology-driven industries to set up operations in Hinjewadi.
Waiving off stamp duties for owned and leased properties built on MIDC land also aided the large-scale development of this region. Thus, the 2,800 acres Rajiv Gandhi Infotech Park, also known as Hinjewadi IT Park, came into existence.
The establishment of the Hinjewadi IT Park acted as a powerful magnet for IT-ITeS companies, whose arrival and expansion have been the primary growth drivers for the real estate market of Hinjewadi.