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.
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)