It is named after late Neelkanth Kalyani, one of the city's foremost industrialists who pioneered the Kalyani Forging company in the early 1960s. Though prominently a residential area, rapid development and improved accessibility over the years has seen the emergence of many new buildings, shopping malls and IT parks with big name companies like HSBC, Capgemini and Cybage setting up their offices here. It is situated near about 5 km away from Pune railway station and 4 km from pune airport. Kalyani Nagar is popular for its restaurants, pubs and most notably Gold Big Cinemas multiplex which is in the Mariplex Mall. Now the gold big cinemas has been replaced with carnival cinemas, kalyaninagar.The Mall also consists of outlets such as McDonald's and Domino's.