Balewadi- A booming residential suburb located in the western part of the Pune city has seen exponential growth in almost all the sectors in last few decades. Located alongside national Highway 4, along the Mumbai-Bengaluru route, Balewadi is famous for the Shree Shiv Chhatrapati Sports Complex which has hosted the National Games in 1994 and Commonwealth Youth Games in 2008 respectively. Proximity to the Rajiv Gandhi Information Technology Park has made Balewadi a top choice among many prospective home buyers looking to buy their dream home.
So, let’s take a look at various thriving factors which is making Balewadi an emerging residential destination in Pune:
Transport and Connectivity
Balewadi is neighbour to Pimpri Chinchwad, Hinjewadi and the Mula River in the north, and Baner and Baner gaon in the south. Towards its east is Aundh and Pune city and the west is dominated by the National Highway 4.
Balewadi is well-connected to all the parts of Pune by Pune Mahanagar Parivahan Mahamandal Limited (PMPML) buses. From Airport, a rapid bus transit system also connects Balewadi to Pune Municipal Corporation.
In the present time, Balewadi has seen rapid infrastructure development which is a key growth propeller for both residential and commercial units. Because of the hosting of 2008 Commonwealth Youth Games, the government has put in ample amount of money for infrastructural developments here. Apart from this, the area is also planned for development under the smart cities mission by Government of India.
The area is also home to many renowned educational institutions like National Institute of Construction Management and Research (NICMAR), National Insurance Academy (NIA), Bharati Vidyapeeth Primary and Secondary School, MTB secondary and higher secondary school and VIBGYOR High School.
Real estate market
Due to various planned developments, Balewadi has emerged as a favorite real estate investment destination among many home buyers as well as those looking for rental homes. It’s proximity to the Rajiv Gandhi Information Technology Park, has also attracted IT professionals and their families to own their home. Noted builders like Kool Homes, Builders, Groups and Mittal Brothers, Nahar group have their presence in Balewadi with some of their affordable yet modern projects like Kool Homes Arena, Smile Housing Kaizen, Builders F Residences and Mont Vert Lumiere.
Property rates and trends
With the availability of ample affordable rental and luxurious properties, as compared to other neighbouring locations, Balewadi is attracting heavy investments in current times which will increase in the future too. Balewadi offers ample choices of spacious residential units in every price bracket.
According to a real estate broker, among all housing options available, 2 and 3BHK units are the most preferred among homebuyers. Unit size of apartments in Balewadi range from 921 sq. ft. to 3,282 sq. ft. Average property prices here range between Rs 5,738 and Rs 6,290 per sq ft. One can avail a rental accommodation here in various price brackets ranging from Rs 9500 to Rs 21000 for 1, 2 and 3 BHK respectively.
With surplus planned and proposed infrastructural developments, Balewadi holds a healthy investment potential.