New Growth Corridors Open Real-estate Opportunities in Pune

By: George Gonigal

Pune is buzzing with real estate activities and the city is stretching its borders to accommodate new residential, commercial and industrial areas. Pune, known as Maharashtra's ace city, is witnessing rise in new business activities like the BPO sector, IT and ITES industry.

The prime areas of the city like Deccan Gymkhana, Hinjewadi, Model Colony and Koregaon Park command the highest real estate values in the city. Hence, property seekers have no choice but to find flats, apartments and land in new areas like the Camp, Kalyani Nagar, Shivaji Nagar, Wakdewadi, FC Road, JM Road, and Nagar Road. These areas have moderate property rates. Sample this: The capital value for apartment in Viman Nagar ranges between Rs 3,000-4,500 per sq ft as against Model Colony that has property rates in the range of Rs 4,000-8,000 per sq ft (Source: Magicbricks.com).

Hence, the areas surrounding the prime areas are driving the construction and infrastructure boom in the city. Real estate builders are trying to tap this sentiment and are trying to upgrade the transport linkages between the prime areas and the new areas. This helps them to improve the prospects of their property.

For example, a new bridge has been built to connect Koregaon Park and Kalyani Nagar. This bridge has cut down the distance between the two paces by about half an hour. So, professionals who are employed with Koregaon Park can seek affordable residential properties in Pune's Kalyani Nagar. This idea is working well. Many property builders have lined up new projects in the upcoming areas. Kumar Builders have announced a 40-acres township in Kalyani Nagar and the builder claims that about 50% flats are already booked!

A similar story is being repeated in the other parts as well. Like Kothrud which was primarily a rural area. Today local people have sold their agricultural land to builders who have build apartments, hostels, paying guest accommodations here. To service this residential demand, many builders have constructed small time retail joints as well. This area is densely populated and is abuzz with activity always.

For more details on , log on to magicbricks.com

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