132

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

133

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PUNE
METROPOLITAN
REGION

Introduction
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1.
City overview

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Pune - Nashik Road

Dehu

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

135

NH
4

Chinchwad

Nigdi
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National Highway 5 0

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Pune City Map with Price Contours

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Saudagar

Hinjewadi

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Gurav

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Nilakh

Kalas

6,000
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Road

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Nagar

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Nagar

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Ghorpadi
Kothrud
Solapur Road
National Highway 4

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Vadgaon
Budruk

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Note: The price contours are indicated in `/sq ft

Source: Knight Frank Research
PUNE

136

Pune residential market overview

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The last ten years have seen

East Pune evolve as a preferred
residential zone due to the
presence of a large number of
IT/ITeS offices, ample physical
and social infrastructure, a
well-established retail market,
the presence of the airport and
the zones proximity to the city
centre.

Zone

Major Residential Destinations

Central

Koregaon Park, Boat Club Road, Erandwane, Deccan,

Kothrud, Model Colony

North

Pimpri, Chinchwad, Moshi, Chikhali, Chakan, Talegaon

South

Kondhwa, Ambegaon, Undri, Dhayari, Warje,

Sinhgad Road

East

Viman Nagar, Kharadi, Wagholi, Hadapsar, Dhanori

West

Aundh, Baner, Wakad, Hinjewadi, Bavdhan, Pashan

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South Pune

North Pune

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RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

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West Pune

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Affordable rents and the

availability of ample vacant land
suitable for built-to-suit offices
for captive use have attracted
many blue chip companies to
Hinjewadi. This has helped in
establishing a robust residential
market along the Mumbai-Pune
Bypass Road.

Chart 1: Zone-wise split of under-construction units

Source: Knight Frank Research

Chart 2: Demand-supply trend in Pune

Source: Knight Frank Research

PUNE

138

Major Infrastructure Projects

Chinchwad

Pimpri

Pimple
Saudagar
Dhanori

Yerwada
Sus

Baner

Kharadi
Kalyani Nagar

Bavdhan

Kothrud
Hadapsar

Katraj

Existing BRTS
Upcoming BRTS
Upcoming Metro Rail

Source: Knight Frank Research

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

139

Table 1: Existing arterial road network

Name

Connectivity

Description

Old Mumbai-Pune Highway

Starts at Shivajinagar and leads to

Mumbai via Pimpri-Chinchwad

A vital road connecting PimpriChinchwad with Central Pune

Mumbai-Pune Bypass Road (NH-4)

Connects Katraj in South Pune with the

Mumbai-Pune Expressway and
Pimpri-Chinchwad in the north

Provides seamless connectivity with

Hinjewadi in the west, the Mumbai Pune
Expressway in the north and the PuneBangalore Highway in the south

Pune Nashik Highway (NH-50)

Starts at Kasarwadi and leads to Nashik

in the north via Chakan

Connects North Pune markets, such as

Bhosari and Moshi, with the city centre

Pune Solapur Highway (NH-9)

Starts from Camp in the city centre and

heads towards Solapur in the east

Provides easy connectivity from the city

centre to Hadapsar in East Pune

Pune Nagar Road

Provides easy connectivity from the city

Connects Yerwada in the east to
centre to Viman Nagar, Kharadi and
Ahmednagar in the northeast via Wagholi
Wagholi in East Pune

Mundhwa Kharadi Road

Connects Nagar Road in the northeast

to the Pune-Solapur Highway (NH-9) in
the east

Road Network

Provides easy connectivity between

Kharadi and Hadapsar

Source: Knight Frank Research

Table 2: Upcoming arterial road network

Name

Connectivity

Description

Current status

Expected
completion

Preparation of a
detailed project
report

By 2020

Road Network

Outer Ring Road I

Theur Phata (NH9) - Wagholi - Chimbli

(NH-50)

Will provide direct connectivity between

NH-9 in East Pune and NH-50 in North
Pune

Outer Ring Road II

Chimbali Phata (NH-50) NH-4 - Pirangut

Will provide easy access between North

and West Pune

Outer Ring Road III

Pirangut - Sinhagad
- Pune - Bangalore
Highway (NH-4)

Will connect West Pune with Sinhagad

and the Pune-Bangalore Highway in
South Pune

Outer Ring Road IV

Katraj (NH-4) - Theur

Phata (NH-9)

Will connect NH-4 in the south and NH-9

in East Pune directly

Source: Knight Frank Research

PUNE

140

Table 3: Bus Rapid Transit System (BRTS) network

Length
(km)

Name

Bus stops

Current status

Expected completion

Bus Rapid Transit System

Kalewadi Phata to
Dehu Alandi

10.2

19

Work in progress

2016 - 2017

Aundh to Ravet

14.5

21

Work completed

Operational since September 2015

Nashik Phata to
Wakad

8.2

15

Work completed

2015 - 2016

Nigdi to Dapodi

12.1

36

Work completed

2015 - 2016

Nagar Road

13

Work completed

2015 - 2016

Sangamwadi to
Vishrantwadi

Work completed

Operational since August 2015

Source: Knight Frank Research

Table 4: Upcoming metro rail network

Name

Connectivity

Description

Current status

Expected
completion

Pre-bidding stage

Post 2020

Rail Network

Pune Metro Rail

Corridor I

Pune Metro Rail

Corridor II

Pimpri Chinchwad Shivajinagar - Swargate

Ramwadi - Pune Station

- Vanaz

Source: Knight Frank Research

Will enhance the connectivity between

North and South Pune

Will connect the heavy traffic route

between East and West Pune

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

141

What will drive Punes residential real estate market?

2.
Top investment
destinations

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Chart 3: Office space break-up

Source: Knight Frank Research

PUNE

142

Which regions in Pune will dominate the real estate landscape?

The heavy dependence of
Punes working population
on the roads for their daily
commute, along with the
absence of an MRTS, has
resulted in homebuyers
preferring to stay in close
proximity to their workplaces.
This has helped the residential
markets of East and West Pune
develop at a much faster pace
than the rest of the city.

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Chart 4: Zone-wise split of office space

Source: Knight Frank Research

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East Pune despite strong demand from homebuyers?
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REPORT 2016

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Tathawde
(4,900 - 6,100)

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Chinchwad
Rahatani

Hinjewadi Phase II
(4,800 - 6,300)

Hinjewadi Phase III

(4,700 - 6,200)

Wakad
(5,200 - 6,500)

Hinjewadi Phase I
(5,000 - 6,700)

Pimple Saudagar
(5,500 - 7,000)
Pimple
Gurav

Balewadi
(5,800 - 7,200)

Pimple
Nilakh

Mum
ypass
une B

bai P

Sus Road
(4,500 - 6,000)

Baner
(6,200 - 8,200)

Ganeshkhind

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Pashan
(5,200 - 8,000)

Bavdhan
Note: The prices indicated are in `/sq ft
Source: Knight Frank Research
Pirangut

Sadashiv
Peth
PUNE

144

Top investment destinations: Vishrantwadi and New Airport Road in Viman

Nagar
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Top Investment Destinations

Dhanori
Pune
International
Airport

Vishranthwadi
(6,200)

New Airport Road,

Viman Nagar
(7,200)
Roa
d

Dapodi

irp

ort

Wagholi

Viman
Nagar
Yerwada
Kharadi

Agriculture
College

Kalyani Nagar
(11,500)

Koregaon
Park Annexe

Ghorpadi

Selected destination

Mundhwa

K h aradi Bypass Road

Kavadewadi

Mundhw
aR

oad

Club Road
oat

Solapur Road
Hadapsar

Benchmark destination
Employment hub
Existing BRTS Pune
Contonment
Upcoming BRTS
Upcoming Metro Rail

Parvati
Darshan
Source: Knight Frank Research

Wanowri
Sasane
Nagar
Note: The prices indicated are in `/sq ft

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

145

What will drive residential demand in these destinations?

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Airport Road are a 5-20
minute drive from all the
major employment hubs on
Nagar Road, we believe that
homebuyers would prefer to
reside in these areas.

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PUNE

146

Table 5: Connectivity from Vishrantwadi and New Airport Road

Vishrantwadi

New Airport Road in Viman Nagar

Distance (km)

Travel time by
road (min)

Distance
(km)

Travel time by road

(min)

Kalyani Nagar

5-6

15 - 20

4-5

10 - 12

Viman Nagar

5-6

10 - 15

2-3

4-5

Commerzone, Yerwarda

1-2

4-5

5-6

10 - 12

Business Bay, Airport Road

3-4

10 - 12

4-5

12 - 15

Techpark One, Airport Road

3-4

10 - 12

4-5

12 - 15

Binarius, Airport Road

3-4

10 - 12

4-5

8 - 10

Cerebrum IT Park, Kalyani Nagar

6-7

18 - 20

5-6

15 - 20

Marisof, Kalyani Nagar

6-7

18 - 20

5-6

15 - 20

Weikfield ITCiti InfoPark, Viman Nagar

5-6

12 - 15

2-3

5-8

Gigaspaces, Viman Nagar

5-6

12 - 15

2-3

5-8

E Space, Nagar Road

7-8

18 - 20

3-4

10 - 12

Pune airport

5-6

10 - 15

3-4

8 - 10

Pune railway station

7-8

20 - 25

8 - 10

25 - 30

Bechmark locations

Employment hubs

Tansportation hubs

RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

147

Table 5: Connectivity from Vishrantwadi and New Airport Road

Vishrantwadi

New Airport Road in Viman Nagar

Distance (km)

Travel time by
road (min)

Distance
(km)

Travel time by road

(min)

Phoenix Market City, Nagar Road

6-7

18 - 20

3-4

8 - 10

Inorbit Mall, Nagar Road

6-7

18 - 20

3-4

8 - 10

Mariplex Mall, Kalyani Nagar

6-7

18 - 20

4-5

12 - 15

Nitesh HUB, Koregaon Park

6-7

18 - 20

5-6

15 - 20

Retail hubs

Hospitals and educational institutes

Jehangir Hospital

6-7

20 - 25

8-9

20 - 25

Ruby Hall Clinic

6-7

20 - 25

8-9

20 - 25

Shree Hospital and Diagnostic Centre

4-5

10 - 12

5-6

10 - 12

Sahyadri Speciality Hospital

3-4

10 - 12

4-5

10 - 12

Don Bosco High School

4-5

10 - 12

5-6

10 - 12

The Bishop's School

6-7

18 - 20

3-4

10 - 12

St. Felix High School

5-6

12 - 15

6-7

15 - 20

Symbiosis Centre for Management Studies

4-5

10 - 12

1-2

2-3

Source: Knight Frank Research

PUNE

148

Why will prices appreciate in these destinations?

Over the next two years, the
employment hubs of Yerwada
and Airport Road will witness
an incremental supply of nearly
1 mn sq ft of office space. This
will create a latent demand
for housing in the residential
localities that are in close
proximity to these employment
hubs.

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RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

149

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Table 6: Price movement in the benchmark location and investment destinations

2015
(Price in `/sq ft)

2020E
(Price in `/sq ft)

Price growth

Min

Max

Avg.

Min

Max

Avg.

20152020E

Avg.
annual

Kalyani Nagar
(benchmark location)

9,000

14,000

11,500

11,250

17,500

14,500

26%

4.7%

Vishrantwadi

5,600

6,800

6,200

8,800

10,600

9,700

56%

New Airport Road in Viman

Nagar

6,500

8,000

7,250

10,500

13,000

11,800

63%

Price discount

2015

2020E

9.4%

46%

34%

10.2%

37%

19%

Note: The price growth and discount from 2015 to 2020 is calculated on the average price of that location
Source: Knight Frank Research

Chart 5: Price movement in Vishrantwadi

Note: The prices indicated in this chart are the average prices of those locations
Source: Knight Frank Research

PUNE

150

Chart 6: Price movement on New Airport Road in Viman Nagar

Note: The prices indicated in this chart are the average prices of those locations
Source: Knight Frank Research

Is there any precedence to such a trend?

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RESIDENTIAL INVESTMENT ADVISORY

REPORT 2016

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Table 7: Review of the previously recommended investment destinations (`/sq ft)

Average price ( /sq ft)
Recommended
at

Current

2012

2015

Hinjewadi

4,000

Wakad

Projected
during
2012

Realised
till 2015

Revised estimate

2017

20122017

20122015

20152017

Average
annual

20122017

6,000

6,800

100%

50%

13%

6.5%

70%

Hold

4,500

5,800

6,500

91%

29%

12%

5.9%

44%

Hold

Tathawade 4,300

5,500

6,200

98%

28%

13%

6.2%

44%

Hold

Ravet

5,100

5,600

97%

29%

10%

4.8%

42%

Hold

3,950

New
estimate

Price growth
New
estimate

Recommended
action

Source: Knight Frank Research

PUNE

152

Disclaimer
The statements made and information and opinions expressed or provided in this publication are intended only as a
guide to some of the important considerations that relate to the real estate sector in India. This report is published for
general information only and does not contain or purport to contain all the information that any potential investor, looking
to make any investments in India may require. Neither this report nor any other information supplied in connection with
the report is intended to provide the basis of any evaluation and any recipient of this report should not consider such
receipt a recommendation to make investments into the matter of this report. Although high standards have been used in
the preparation of the information, analysis, views and projections presented in this report, neither Knight Frank nor any
persons involved, including but not limited to their employees, representatives, advisors or agents in the preparation of this
publication give or undertake any warranties (whether express or implied) as to the contents nor accept any contractual,
tortuous, legal responsibility or other form of liability for any consequences, loss or damage which may arise as a result of
any person acting upon or using the statements. Information or opinions in the publication cannot be accepted for any loss
or damage resultant from the contents of this document. No decision should be made based on this report and potential
investors should consult their own financial, legal, tax and other professional advisors as to the risks and investment
considerations arising from an investment in real estate sector in India and should possess the appropriate resources
to analyze such investment and the suitability of such investment to such an investors particular circumstances and the
recipients should independently undertake their own diligence and satisfy themselves before making any [investment]
decisions. Any decision/ action of the recipient in relation to the subject matter of the report shall be the sole responsibility
of the recipient. As a general report, this material does not necessarily represent the view of Knight Frank in relation to any
investment by any person in the real estate sector in India.
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Factual Data/ Industry and Market Data

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research, publicly available information and industry publications which have been appropriately referenced, the veracity
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