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There are many areas in Pune that have witnessed tremendous growth over the years, especially in terms of infrastructure and connectivity. This development has changed the look of several areas altogether. The NIBM Road-Undri belt has affordable and profitable options closer to the city. This four-kilometre stretch is accessible and convenient and offers opportunities within a few minutes drive from Pune.
NIBM Road's only claim to fame until recently, was its proximity to the city centre. Today, it has become one of the most sought-after areas for homebuyers. NIBM Road offers a developed social infrastructure, making it an ideal place to live in. There are several schools, hospitals and clubs such as the Corinthian Club in the area. Also, due to the presence of the army cantonment, the number of green areas are high.
In comparison to other areas such as Kharadi and Wakad, NIBM Road is closer to the city. Rohit Kakkar, a property consultant says, "NIBM Road does not have turns or diversions. The straight road gives space for more construction. Several housing societies and projects by builders such as Marvel Realtors and Sobha Developers are coming up along the stretch. The property prices range between Rs 5,500-7,000 per sq ft in the area."
The newly-developed mall, Bizzbay and upcoming mall Dorabjee Paradise, have given a boost to both, retail and residential real estate in the area. Banks such as Bank of Maharashtra and ICICI Bank are also present in the area. The post office branch, adjacent to the NIBM Road branch, caters to the needs of postal services.
However, with NIBM Road becoming increasingly saturated, Undri has become the next option. It is approximately fourkilometres from NIBM Road. Many reputed developers including Amit Enterprises, Marvel Group, Kumar Urban Development Limited, Goel Ganga Developers, Tata Housing Development Company and Kolte Patil Developers, among others, have their projects in Undri.
The average price range for apartments in Undri is Rs 3,300-4,500 per sq ft, although certain projects from known developers are priced even higher. One, two and three-BHK apartments are available within the size range of 500-850 sq ft, 900-1200 sq ft and 1500-2500 sq ft, respectively.
The proximity to office locations in Hadapsar and IT Park in Phursungi and developed places like NIBM Road, Wanowrie and MG Road, makes Undri a preferred choice for employees working in these locations. It has well-developed educational infrastructure too. The area is home to some good schools like Delhi Public School (DPS) and Bishop School. The location offers good connectivity to all key areas in Pune such as MG Road, the Mumbai-Bangalore Highway (NH4) and the Pune-Solapur Highway (NH9). "With the Ring Road construction in progress, Undri is likely to attract property buyers in the future, as in the case of Kharadi," informs Sumeet Bhatia, office head, Pune, Cushman & Wakefield.
The NIBM Road-Undri corridor is well-connected to the airport, bus depot and railway station. NIBM Road is about 14 kms from the Pune Airport, while Undri is about 16 kms. Pune railway station is also within a distance of 7-10 kms from NIBM Road and Undri.
Who is buying?
Majority of buyers in this corridor are the end-users. "Most of these end-users are well-educated and belong to the upwardly mobile families. However, there is also substantial investor interest in a micro-market such as Undri, as it is an upcoming peripheral market," states Bhatia. "NIBM Road is preferred for end-use whereas, Undri, being affordable compared to NIBM Road, is preferred by those looking for second home investments," adds James Paul, owner, Homeland Real Estate, a city based realtor.
Affordable rates, combined with proximity to central locations and the rest of Pune Cantonment, makes Undri, a location in demand. The upcoming projects both, in the residential and commercial sector and its stone's throw away connectivity to all major areas of Pune, makes NIBM Road at par with other developed areas of Pune. Thus, with good connectivity, renowned colleges and seamless infrastructure, the NIBM Road-Undri belt is a location for home buyers and investors to watch out for.
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