Koregaon Park, located to the south of Pune’s Mula-Mutha River, is one of the most prestigious localities in the city. It is an upmarket area that offers the best high-end luxurious multi-storey apartments and bungalows, and is particularly appealing to the rich and the affluent.
Koregaon Park is known for having some of the classiest bungalows in the city. However, after the establishment of the Osho Commune, the locality became a great attraction for international travellers and was transformed beyond recognition. A self-sufficient, vibrant and clean city within the city, Koregaon Park is one of the costliest localities in terms of real estate investment in Pune.
The area has witnessed considerable development over a period of time. A number of high-rise apartments, residential complexes, commercial establishments and retail stores have dotted this area. Koregaon Park has people from all walks of life visiting the place for its restaurants, hotels, pubs, cafes and lounges.
Oakwood Hotel, Park Central and The Westin are some of the most popular eateries in the locality. Koregaon Park is widely acknowledged as one of the most happening places in Pune.
Koregaon Park has always boasted superior civic amenities. It also offers good educational institutions like Bishop School, Poona School, Sant Gadhge Maharaj School, Vibgyor, Home for the Blind, St. Mira’s Girls College, etc.
Also, its close proximity to Pune’s prominent IT hub, Kalyani Nagar, and its convenient location with respect to both the Pune International Airport and the Pune City railway station have been influencing factors in the increased demand for rentals and residential projects.
As compared to other residential projects in the city, real estate projects in Koregaon Park are like a dream come true for people having a penchant for the luxurious lifestyle.
Spacious flats, high ceilings, preinstalled kitchens, CCTV surveillance, intercom facilities, Italian marble/wooden flooring, integrated swimming pools, private lawns/gardens, solar heating and rainwater harvesting facility, and jacuzzis are some of the exclusive features in the luxury apartments offered at Koregaon Park. Some of the noteworthy high-end residential projects in this locality include Marvel Aurum, Marvel Simrose, Marvel Exotica and Marvel Merlot, among others.
Since this sprawling downtown area is expensive, it is only the elite who can afford to invest here.
The current property rates for a multi-storey apartment flat are ranging between Rs. 15500 per sq. ft. and Rs. 17000 per sq. ft., depending on the location and amenities offered by the developer. The current average rental for a multi-storey apartment flat is Rs. 34 per sq. ft.
Likewise, the property prices for a residential house in this locality are fluctuating between Rs. 9400 per sq. ft. to Rs. 14000 per sq. ft., whereas the current average rental is Rs. 30 per sq. ft.
This plush locality is also now a thriving commercial area. The rentals for a commercial space in this area can vary between Rs. 50 and Rs. 70 per sq. ft., again depending on the location and the kind of commercial premise.
However, on the downside, traffic congestion and insufficient parking is causing a problem in the area. Convenient location, proximity to IT/ITeS hub at Kalyani Nagar, well-developed social infrastructure and some amazing residential projects make this locality one of the most preferred real estate destinations in the city.