Popularly known as the Oxford of the East, of late, Pune has emerged as the new real estate destination in the affordable segment in western India. The following article takes a quick look at the same with special reference to the neighborhood of Kothrud
Once the centre of power of the Maratha Empire, Pune is the second largest and most significant city in Maharashtra, after Mumbai.The city also served as the ‘monsoon capital’ during the British rule.
The artistic capital of Maharashtra, today Pune is known for its scholastic facilities. The city is home to some of the best educational institutes in the country. Progressively, with India’s fiscal liberalization and the Information Technology (IT) revolution, the somewhat picturesque and quite city almost experienced a transformation. The IT as well as the automobile industry forayed into Pune thus affecting another sector—the real estate.
Of late, the real estate market of the city has witnessed a huge growth. Residential as well as Commercial real estate both has witnessed an upswing in the realty souk.
PUNE REALTY MARKET—A QUICK LOOK
Numerous IT as well as motor companies, both national and international ones have set up their offices in the city. This has had a very affirmativeeffect on the city’s profit-making real estate. Numerous technology parks comprising plush office buildings began mushrooming throughout the city. Companies like Volkswagen, Tata Motors, General Motors and others, all have their offices in the city. Apart from that IT companies like Wipro, Cognizant Technology Solutions, Tech Mahindra and others also have their existence in Pune. IT Parks like MarisoftIT Park, Magarpatta CyberCity, Weikfield Park, and International Convention has redefined the city’s skyline.Software giant Microsoft also anticipates to set up a venture here in the near future.
Such development in the city’s economy had an assenting impact on the residential real estate sector of Pune. Today, the Pune residential souk flourishes as the most desiredreasonable housing location in western India. Some of the best locations in the city for residential purpose are Aundh, Baner, Kondhwa, Wakad,Kothrud, Magerpatta and others. Some of the best flats/ apartments in Pune fall under the affordable housing category. These localities have grown exponentially, and real estate investors are eyeing them as properties in these localities are expected to yield great results in the coming future. Let us take a look at one such Pune locality that has grown exponentially in terms of real estate investments.
KOTHRUD PROPERTY MARKET
Also known as Kothrud Baug during the era of the Peshwas, Kothrud is the western suburb of Pune. Since the neighbourhood is very close to the industrialized area of the city, developments have been rapid. Today, Kothrud, is one of the one of the posh localities of the city with skyrocketing real estate prices. Pune’s first flyover was constructed in Kothrud. The area has some old land marks in the city such as the Mrityunjaya temple and the Dashabhuja temple.
An upmarket locality, Kothrud has a few Information Technology companies such as Synise Technologies, Harbinger Systems and a few others. The locality also has manufacturing plants such as Cummins India.
Since Pune is termed as the Oxford of the East, there are several educational institutes concentrated in and around Kothrud.
The real estate in Kothrud has been in upswing for a long time with promising returns. The area is less populated and pollution level in the area is also less compared to other localities in the city. End-users can from the large number of residential projects that is coming up in the locality. Some of the developers dominating the area are Runwal Housing, Rohan Builders, Paranjpe Schemes, Amit Enterprises and others. Influx of people from other cities has added a cosmopolitan flavour to Kothrud. These days, not only Ganesh Chaturthi is celebrated but Holi and Navratra are celebrated with similar fervor.
Since 2000, Kothrud has recorded a shot in the price trends. If way back in 2003 a flat in Kothrud would cost Rs. 2500/- per square feet, toady the price has shot up to Rs.4000/- per square feet. According to latest reports from real estate experts, currently, (2011-2012) the price band for a residential property in Kothrud has risen to Rs.7000/- per square at an average.
One of the highly sought-after destinations in Pune, the upswing in the Kothrud real estate is here to stay for long.
Sampurna Majumder writes on behalf of 99acres.com, which is an online portal dedicated to meet every aspect of the consumers’ needs in the real estate industry. It covers information about all Real Estate property types including Houses for buy/sell & for different Property locations like Pune Real Estate, Flats in Pune and so on.
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