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Pune luxury housing – high and rising

Luxury housing supply in Pune is rising and five localities have seen preference by developers for launching luxury housing projects.

Sanjay Bajaj
JLL India

Pune’s luxury residential property segment has been gaining significant traction, resulting in a very healthy rate of inquiries translating into sales. Developers in the city are understandably upbeat about the response that ultra-luxury housing continues to evoke in Pune, and are launching projects with the motto that luxury knows no recession. Luxury housing in Pune is, in fact, now defined by a whole new dimension when it comes to amenities and conveniences.

In industry terms, super-premium housing in a city like Pune is defined by projects which have unit sizes of 3500 square feet and above, complemented with addresses that convey status and prestige, carrying price tags of Rs. 12000/sq.ft. and above.

Pune Luxury Investment Hotspots:

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

Today, it is a hotbed of Information Technology activity and has come a long way as one of the most upmarket residential property destinations in Pune. It is home to up-market hotels and 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.  

Most reputed builders in Pune have at least one luxury residential project here, and the general infrastructure is supremely conducive to modern family life.  

· Koregaon Park:
Koregaon Park is arguably the swankiest and among the most expensive real estate destinations in Pune. Even before the Osho Commune was established there in the ’70s, it was a location of choice for bungalows. 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/ITeS hubs – has done much to maintain this demand.

· Baner:
Baner emerged at a time when residential prices in central Pune were on a new high, and potential buyers and investors were on the hunt for affordable options that did not mean a compromising on overall connectivity to the city. After Pune's IT boom began taking off in earnest, the city was expanding with the new focal point called Hinjewadi.

Aundh was the first area to gain significantly from this, but could cater to the demand for housing only to a certain extent. Baner was propitiously located to catch both the spillover demand from central Pune as well as the new IT-driven demand for homes close to Hinjewadi.

Initially, Baner was able to cater to the mid-income housing segment. However, a new profiling for this area began taking shape as it became an established address. A host of major developers such as ABIL, Pride Group, Kumar Properties, Javdekar Developers, Kalpataru, Rohan, Paranjape and Supreme began venturing into the premium segment and began luxury homes with superior designs and amenities at Baner to address the demand from the high-income IT clientele.

· Sopan Baug:
Located near the Pune Cantonment (Camp) area, Sopan Baug is a posh residential area of Central Pune. It offers premium luxury apartments and bungalows and is considered to be the next best thing to living in Koregaon Park and Kalyani Nagar. This is because of its proximity to the city center, vicinity of CBDs of Pune and the social and commercial districts of Eastern and Central Pune.

A relatively quiet neighbourhood next to a fruit orchard of the same name and a walk away from the race course, Sopan Baug offers tranquillity and greenery to the residences there. The roads of Sopan Baug are well-maintained, with relatively lower traffic burden on the BT Road and The Prince of Wales Drive which run through the area. Its proximity to the Army area – one of the most immaculately maintained areas of Pune – adds to Sopan Baug’s identity.

The residential property mix there consists of bungalows and high rise apartments. The quality of the area is reflected in the themes, designs and names of the apartment projects, which borrow from European royalty. The Sopan Baug micro-market is upheld by eminent educational institutions such as the Army Public School, Bishops and St. Vincent. It is situated near the central business district and the city center, with a full spread of shopping facilities just a few minutes’ drive away.

Notable projects in the area include Goel Ganga’s Ambience and Renaissance by Amar Builders, A Plus by Karia, Empress Gold by Devi and La Cresta by Paranjape. Sopan Baug’s residential catchment is defined by an equal mix of end user and investor purchasers. With the price tags in this area growing steadily, buying a flat there assures tranquil surroundings and heft appreciation value in equal doses.

· B.T. Kawade Road:
B.T. Kawade Road is extremely well-placed in terms of location. Being close to Pune Camp, it has benefitted from this area’s closely regulated development profile. Geographically, it falls between Mundhwa on the East and Ghorpadi on the West. BT Kawade Road enjoys extremely high enablement by virtue of being close to the the high street shopping district of MG Road, the IT hub of Kalyani Nagar, Koregaon Park, Fatima Nagar, Hadapsar and Magarpatta City.

This has made it a residential destination of choice with Pune’s upper-crust home buyers, and that does reflect in the property prices as well as the superior real estate products available at BT Kawade Road. This location features many product configurations such as multi-storey apartments with penthouse options, bungalows and rowhouses.

Notable Luxury Housing Projects In Pune:

· Trump Tower - being jointly developed by Panchshil Group and the US-based Trump Group at Kalyaninagar
· Yoo Pune - designed by Philippe Stark and being developed by Panchshil Group at Magarpatta
· Verde - being jointly developed by ABIL and Clover at Kalyaninagar
· Fountainhead - being developed by Phoenix above Phoenix Market City on Nagar Road
· Marvel Aurum - being developed by Marvel Realtors at Koregaon Park
· Marvel Ribera - being developed by Marvel Realtors on Boat Club Road
· Castle Royale - being developed by ABIL at Bhosale Nagar
· Shiloh - being developed by Kumar Properties at Model Colony
· Balmoral Estate - being developed by Kasturia Housing at Baner
· Portia - being developed by Vilas Javdekar Developers at Baner
· Sky One - being developed by Paranjape developers at Model Colony
· Sky Belvedere - being developed by Lunkad Realty near Pune Airport
· The Spires - being developed by Pride Group at Aundh
· Amar Renaissance - being developed by Amar Builders at Sopan Baug

first published: Jan 9, 2015 09:23 am

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