[ecis2016.org] Balewadi is one of the rapidly developing suburban areas of Pune and is located near the industrial zones and the IT hubs of Pune. The area has good civic amenities and is very well-connected to the other parts of the greater city of Pune
Balewadi is a premier residential area located in the western suburbs of Pune. It is also one of the oldest localities of Pune. Agriculture was once predominant in Balewadi but it was lost due to urbanisation and growth of residential and commercial zones.
You are reading: Balewadi property market: An overview
The area has the famous Shree Shiv Chhatrapati Sports Complex and hosted the National Games of India in 1994 and Commonwealth Youth Games in 2008. Nearby Balewadi localities include many famous areas of the city of Pune such as Pashan, Baner, Wakad and Aundh. A variety of projects are available in Balewadi and range from affordable to luxury. There are a lot of reputed builders like the Marvel Group, Gini Group and Bhujbal Group who are working on their different projects in Balewadi. Some of the premier projects in Balewadi include Bhujbal Vatika Homes and Marvel Cascada.
Due to advent of various IT majors and other multinational companies (MNCs), the city of Pune has been witnessing a rapid growth in influx of working population from outside the city. As a result, there has been a surge in the demand for residential apartments in Balewadi, with it being one of the noted suburbs of Pune. Even though the prices of the flats in Balewadi are going up at a rapid pace but affordable housing to suit the needs of the mid and the junior-level executives of the various companies can still be found here.
The civic amenities have also improved. The industrial growth and the growth of the IT sector have also led to the development of retail and hospitality sectors in the area.
Connectivity with nearby Balewadi localities
- There are a few major roads which run through the area namely The Pune Bypass Road, The Mumbai-Bangalore Highway, The Gopal Hari Deshmukh Marg and the Mumbai-Pune Expressway.
- The area has an extensive bus service and the Baner Bus Stand and the Shivaji Nagar Bus Stand lie in close vicinity.
- There is a railway station at Shivaji Nagar from which the railway services can be availed. The railway station is approximately about 10 kilometres away from Balewadi.
- It takes about 45 minutes from Balewadi to reach the Pune airport.
Employment hubs near Balewadi
- Prabhavee Tech Park is located approximately 3 kilometres from the locality of Balewadi.
- The Panchshil Tech Park is located at a distance of approximately 6 kilometres.
- RMZ Westend is approximately 7 kilometres away.
- Nanospace IT Park is located around 6-7 kilometres from the locality.
Balewadi offers very good social infrastructure to its residents. Some of the reputed schools in Balewadi include the Sinhgad Spring Dale School, St. Joseph High School and Vibgyor High School Balewadi. Some of the leading hospitals in Balewadi include the Seth Ramdas Shah Memorial Hospital, Oyster and Pearl Hospital and Ratna Memorial Hospital. The shopping needs of the residents are catered to by malls in Balewadi such as the Juna Bazaar or Old Market, SGS Mall and Ozone Mall.
Price trends in Balewadi
- Price appreciation- Around 20% in the last one year.
- Current property rates- Rs 5,713 –Rs 7,919 per sq ft.
Reasons to invest in Balewadi
Considering the price trends in Balewadi and the rising demand, the locality would prove to be a good investment. There is excellent appreciation of property rates here, with a number of projects being developed. Moreover, the area is also very close to the IT/ITeS hub and industrial zones of Pune. Balewadi has a beautiful landscape and with the government planning to develop it further, the scope of development of infrastructure facilities is also there. Considering all these factors, Balewadi is an excellent place for investment.
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