Pune’s Koregaon Park & Kalyani Nagar : Rs. 8,000 to 15,000 per square feet.!

By Mr. Sanjay Bajaj, MD, JLL India

Koregaon Park is arguably the swankiest & among the most expensive real estate destinations in Pune.

Even before the Osho Commune was established there in the 1970s, it was a location of choice for bungalows.

Koregaon Park .!

After the arrival of the Commune, it became one of the primary congregation hubs for multinational travelers. The existence of the Osho Commune has transformed Koregaon Park – some say beyond recognition. Probably the best way to describe it is ‘a location somewhere on the border of California and Tibet.’ It has its own identity, which is very separate from that of any other area in Pune.

Koregaon Park has become a prime location for residential property seekers as well as retail outlets and commercial establishments. The proximity to Kalyani Nagar  - one of Pune’s primary IT (Information Technology) and ITeS hubs - has done much to maintain this demand. Koregaon Park’s up-market profile reflects in the property rates – commercial properties lease out from anywhere between Rs. 50 to 70 per square feet. while residential properties sell between Rs. 8,000  to Rs. 15,000 square feet & above, depending on exact location & building typology. Supply on both the commercial and residential real estate fronts is extremely limited, and traffic congestion is an increasing problem in this area.

Kalyani Nagar..!

Kalyani Nagar has emerged one of the most prominent & established commercial and residential real estate destinations on the Eastern Corridor of Pune. Its strategic location between Koregaon Park & Viman Nagar and its proximity to the airport, railway station & close connection to Kharadi & Hadapsar makes it an ideal destination for IT / ITES companies. The Pune - Mumbai Expressway has been another major contributing factor.

It was was given a head start by Dr. Neelkanth Kalyani – owner of various notable companies like Bharat Forge and Optronica – after whom it is named. Today, it is a hotbed of IT activity and has come a long way as one of the most upmarket residential property destinations in Pune. It is house to up market hotels & boasts of a golf course as well as prestigious social establishments.

The unstoppable tide of the IT and ITES-BPO segments has completely reinvented the property landscape at Kalyani Nagar. High grade residential property options have sprung up all over. Amongst all the above mentioned localities, Kalyani Nagar’s rate of development is by far the fastest. Judging solely on the basis of property market potential, the Estate Agents Association of Pune voted Kalyani Nagar to be one of the most promising localities in 2005.

The Government responded to this potential by beginning construction of the Kalyani Nagar-Koregaon Park connecting bridge, thereby linking 2 of the most progressive &  vibrant localities. The ease of transport & commuting that this has resulted in is has resulted in even higher industrial and retail activity, and has given a major boost to the residential property sector, as well. With Kalyani Nagar firmly on the high-priority list, development is going on at an accelerated rate.

Rs. 9,000 to 14,000 per square feet.!

For today’s house seeker, this area is a regular treasure - trove of attractions. Most reputed builders in Pune have at least one luxury residential project here, and the general infrastructure is supremely conducive to modern family life. Priced at an average of Rs. 9,000 to 14,000 square feet, residential properties at Kalyani Nagar definitely command a premium over most of the other localities in Pune City.

About Author:

Mr. Sanjay Bajaj is Managing Director - Pune, JLL (Jones Lang LaSalle) India.

He is responsible for all transactions business in Pune such as office, industrial and warehousing, retail, residential, capital markets. Also, responsible for the City P and L of the transactions business.

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