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Why Wagholi near Pune is becoming a prime residential hub

Affordability, social infrastructure development and proximity to IT hubs are the other influencing factors are causing developers, investors and home buyers to flock to this region.

Wagholi, located on the Pune-Nagar Highway close to the Kharadi IT hub, has been enjoying rapid development in terms of real estate, social infrastructure and education sectors. The area, once a predominantly industrial region, is now a sought-after residential destination among both investors and buyers.

A decade ago, Wagholi was just an extension of Pune in the eastern corridor, with no real estate or infrastructure developments. However, with the heart of Pune reaching saturation point, people are looking to the peripheral areas for investment.

This is one of the reasons why construction activity in Wagholi has gained momentum over the past five years. In addition to this, its strategic location on Nagar Road and great connectivity with the airport, Sholapur Highway, Bund Garden and the Shikrapur-Chakan Road make it easily accessible.

Affordability, social infrastructure development and proximity to IT hubs are the other influencing factors are causing developers, investors and home buyers to flock to this region.

Wagholi has witnessed considerable social infrastructure development in the last five to six years. Its proximity to the Kharadi IT hub has led to the development of a number of malls, shopping centres, hotels and multiplexes in its vicinity.

In addition to this, the residents of Wagholi have the advantage of the presence of several good educational institutions like Sharad Pawar International School, Netaji Subhash Chandra Boys Military School, Jyotirmay International School, Lexicon International School, Dhole Patil College of Engineering, GH Raisoni College of Engineering and Technology, Moze College of Engineering, JSPM Imperial College of Engineering and Research, etc.

Proximity to good clinics and hospitals, banks and ATMs, also make this locality a great place for living.

For people wanting to invest, several well-known developers like Karia Developers, Eiffel Developers, Belvelkar Housing, Kolte Patil, Raviraj and Goel Ganga Developments, among others, have made their presence felt. With a number of developing residential projects in both the affordable and premium categories, buyers are spoilt for choice.

In addition, relatively affordable property prices when compared to neighbouring area like Kharadi and a steady price appreciation of over 5% annually make this place all the more lucrative to invest in.

Irregular water and power supply are two main concerns of this locality as the area is still not under the limits of the Pune Municipal Corporation. However, considering the immense prospect that this region holds, infrastructure activities have already commenced in Wagholi.

Recently, Nagar Road was upgraded to a six-lane road and a road directly linking Wagholi to EON IT Park is under-construction.

Likewise, an infrastructure plan keeping Wagholi tangential to the ring road surrounding Pune, and another plan for a brand new four-lane flyover linking Wagholi to Shikrapur, have been proposed.

With so many upcoming developments, Wagholi has very good scope for developing into a prominent residential and commercial hub.

For people interested in investing in the locality, there are over 65 projects that have either been launched, under-construction, nearing completion or recently developed.

Out of these some of the noted projects include Chrysalis, Konark Exotica, Solacia, Umang Homes Phase I and II, Umang Pride, Mantra Park and Palms Phase II.

The residential property rates in this fast developing locality are varying between Rs. 2400 per sq. ft. and Rs. 4550 per sq. ft., depending on the precise location and features/amenities offered by the builder.

With the area only showing a steady price appreciation since the last two years, Wagholi is definitely the ideal location in Pune for developers, investors and home buyers.

first published: Oct 14, 2013 03:08 pm

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