What Drives Real Estate Market Of Pune's Keshavnagar
Deepak, a 32-year-old IT professional is planning to move to his hometown Pune. Among the few localities that he's considering, Keshavnagar is his first choice as it would be close to his workplace. Situated near eastern Pune's Mundhwa region, Keshavnagar is an up and coming real estate destination. This bustling neighbourhood of Pune is witnessing many developments in the residential as well as commercial segment.
PropGuide explores the factors that are driving the property market in this neighbourhood of Pune.
Sound connectivity
Keshavnagar benefits from its proximity to real estate hub Mundhwa and popular IT hubs liKeshavnagar benefits from its proximity to real estate hub Mundhwa and popular IT hubs like Kharadi, Kalyani Nagar and Magarpatta Road.ke Kharadi, Kalyani Nagar and Magarpatta Road. Other localities in the vicinity are Koregaon Park, Chandan Nagar and Wadgaon T Khed. Nestled along Keshavnagar Road and Manjari Village Road, the locality has a robust road network with good public transportation especially bus services. Closeness to railway station and airport is another plus point for the locality. Hadapsar Railway Station lies only 15 minutes' drive away whereas Lohegaon Airport is six kilometres from the area.
Fast-developing infrastructure
The area is replete with all essential social infrastructural facilities encompassing schools, colleges, healthcare centres, bank branches, groceries, etc. There are malls and restaurants nearby which make living in Keshavnagar more convenient.
Authorities are planning to widen roads in the neighbourhood and improve civic facilities. Development of a bridge will take place that will link the locality directly to Kharadi, thus reducing commuting time between the two locations. Furthermore, a ring road will come up soon in the locality and is expected to transform the real estate market here. Pune Metropolitan Region Development Authority will undertake demolition of illegal structures in the region for the Rs 17,412-crore worth ring road project.
Ample residential options
Keshavnagar real estate market mainly caters to the middle-income group with availability of several budget homes. However, the area also offers excellent options of luxury apartments and villas for high-end buyers. The average price of a property here is Rs 6,699 per sq ft. Rental market of Keshavnagar is growing slowly but steadily and is expected to emerge as promising as those of Kharadi and Magarpatta Road in the coming years. The average rate of a rental at Keshavnagar is Rs 9,143 per month.
Well-known developers have a prominent presence in this location. They include Godrej Properties, Puravankara Projects Ltd., Oxford Properties, Gera Developments, PGD Group, Konark Group and Alcon Builders.