These Are The Emerging Real Estate Hotspots In Pune

The IT sector has powered many real estate hotspots in Pune, the latest ones being Magarpatta and Kharadi, located towards the eastern side of the city. Planned and built strategically to cater to the young professionals in the IT sector with luxury apartments in Magarpatta and high-end residential property in Kharadi. This has spurred a range of residential properties like apartments, bungalows and villas in Magarpatta and Kharadi.These areas are unique as they have retained the beauty of Pune with a view of hills. Luxury projects in Kharadi and Magarpatta turn premium in the value due to the scenic beauty of the area.The commercial value of the area has gone up since the EON IT SEZ projected was completed. Now these areas are competing with Hinjewadi in terms of the number of the IT parks that it has.

Connectivity: The areas are close to the IT parks at Koregaon, Kharadi, Kalyani Nagar, and Industrial Estate, which attracts non-IT residents as well. These also have proximity to the Pune airport, which is a mere eight kilometers away. These areas also boast of swanky new roads and civic infrastructure, which was built when the villages were converted into a hotspot. Additionally, ensuring connectivity through public transport, the proposed Metro project is now under planning stage, which will connect both these areas.

Educational hub: These localities, like many other areas of Pune, also have of many educational institutions including NIIT, PDEA, and others, thereby increasing the rental value of Magarpatta and Kharadi.

Recreation: Keeping in mind the growing population of young working professionals, the areas have developed many entertainment hubs. Club Libre, Club 09, and other draw crowds from around the city. There are many bars too, like Aqua Lounge, Blue Frog, and Kue Bar. Magarpatta City also boasts of Go Karting clubs to cater to Pune's trek-friendly and adventurous young crowd. Moreover, there are retail malls as well, like Seasons Mall, Town Centre, Phoenix Market City, and SGS Mall.

Hospitals & Banks: The areas already have many hospitals with Columbia Asia Hospital being the largest. Some of the others are Medipoint Hospital, Noble Hospital, Express Clinics, Eye Care and others. It also has branches of large banks like HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, Bank of India, and Bank of Maharashtra amongst others.

Real estate developmentThe property prices in this area cater to different classes. The existing residential properties here range between Rs 4,000 - Rs 6,500 per sq ft, while the newly launched residential apartments in Kharadi and Magarpatta cost around Rs 7,000 to Rs 8,000 per sq ft. Moreover, these areas will soon have more high-rise properties which include Royal Enrich, Panchshil One North, and Amanora Aspire Towers.The prices are much higher for villas and other high-end homes in Kharadi and Magarpatta. 2BHK apartments in Magarpatta area can range between Rs 40 lakhs to Rs 65 lakhs, while 2BHK apartments in Kharadi can be as costly as Rs 50 lakhs. Many developers look at affordable housing in Karadi and Magarpatta, which might change the dynamics of the occupation in the future.

(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)