Looking For Luxury Home In Pune? These Are The Areas You Can Invest In

Pune is emerging as the new home for many multi-millionaires. According to a New World Wealth report, Pune witnessed the fastest growth in number of multi-millionaires in India. The number grew from 60 in 2004 to 250 in 2014, a jump of 317 per cent.

These numbers have also triggered the demand for luxury homes that offer best-in class amenities, style and exclusive services, in Pune. To suffice the growing demand, the real estate sector of the city is building enough supply of luxury apartments in Pune.

The need and execution

Luxury homes are not defined by the enormous size such as villa or a bungalow, anymore. To ensure safety and comfort, many millionaires now look for homes in group residential gated communities such as high-rise or townships. They opt for penthouses or villas within these communities, which promise them the advantages of private living even within a group residential set up.

Presently, it is possible for real estate developers to build and execute luxury residential projects in Pune as there is ample availability of space in and around the city.

Luxury living in Pune

The luxury homes in Pune are priced between Rs 5-15 crore depending on the locality, number of bedrooms, and build-up area across properties such as villas, apartments and penthouses.

The localities, which cater to the Pune's affluent home buyer include, Koregaon Park, Kalyani Nagar, and Boat Club Road.

Koregaon Park is one of the most premium localities of the city and is preferred by people who want to stay close to IT and ITeS companies in the vicinity. The property prices in Koregaon Park range between Rs 8,000 to Rs 15,700 per sq ft offering variety of properties. The area has also picked up in livability index with coming of shopping malls and arcades offering multiple entertainment options, catering to the young population. A 3BHK apartment in Koregaon Park can range between Rs 4-7 crore.

Kalyani Nagar along the eastern corridor is an equally popular locality for luxury homes in Pune. The area is well-connected to the airport and other industrial areas such as Hadapsar. The property prices here range between Rs 7,000 to Rs 11,000 per sq ft. A 4BHK apartment in Kalyani Nagar can cost around Rs 5-6 crore.

But, for Pune's high net-worth Indians (HNIs) who prefer an exclusive residential area, boasting of a lake close by, then Boat Club Road is the area to invest in. The costliest locality of Pune, Boat Club Road has homes that start around Rs 12,500 per sq ft and can go as high as Rs 19,500 per sq ft. It is much smaller area than Kalyani Nagar and Koregaon Park and thus has an 'exclusive' tag to it.

Re-defining luxury living

In order to offer the best-in class, the real estate developers are constantly innovating and re-defining luxury in terms of design, architecture and even amenities offered. In , developers such as One North in Magarpatta City, which has dedicated 70 per cent of the total area of the project to landscaping. It offers waterfalls, water bodies and lotus ponds, herb gardens and bamboo gardens, bringing nature home to the city's rich. 

Adimaa by Supreme Universal boasts of a theme, fantastical reality, concentrating on glamour and grandeur for its 5BHK apartments in Boat Club Road. The project aims to provide fine-living catering to the HNI buyers.

With the home to projects that offer varied luxury themes, amenities, and architecture, Pune is the new address for HNIs looking for luxury homes.

(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)