Balewadi is a rapidly emerging area on the western corridor of Pune with steady growth over three to four years. This locations has seen tremendous growth from a rural area to one of the most preferred residential areas. It has become a hot area for residential projects, mainly targeting the software professionals working in the nearby Hinjewadi Software Park and other nearby information technology parks/companies.The rates there have seen an annual increase of 20 per cent over the past two years
Balewadi is close to Baner and Aundh, which provide the necessary social infrastructure. It has good accessibility through a road network to other locations of Pune. The infrastructure has been strengthened and maintained well since the Commonwealth Games. Balewadi is approximately 20 km from the airport and 10 km from the railway station. Its proximity to Hinjewadi IT park and the Mumbai-Pune expressway is a major reason for steady growth. After Aundh and Baner, Balewadi is a natural choice for the buyers.
The Pune Mahanagar Parivahan Mahamandal has bus services from Katraj to Balewadi, making this area accessible to other parts of Pune. The Katraj-Dehu Road bypass is part of NH-4 highway that connects places like Pimpri-Chinchwad, Hinjewadi and Balewadi. The connecting road from Balewadi stadium to Baner has been instrumental in enhancing the connectivity and real estate market of this area.
Apart from infrastructure, other facilities like schools, colleges and hospitals are 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, among others, in its vicinity. The presence of hospitals in Aundh and Baner takes care of the medical needs of residents in Balewadi.
The imminent launch of Panchseel's KP IT Park will add an additional market driver in terms of commercial real estate impetus. With proper planning of the area by the authorities, Balewadi has emerged as an upmarket residential location. Strategic location and well developed infrastructure are factors fostering the ongoing growth of the area and establishing it as a preferred destination for property buyers.
The prevailing residential property rates are in the range of Rs 6,000-6,500 per sq ft for projects by reputed builders and between 5,000 and 5,500 per sq ft for projects by smaller players. The appreciation has been to the tune of 14-16 per cent per annum, depending on project and exact location.
The writer is managing director - Pune, Jones Lang LaSalle India
