Koregaon emerges as real estate hotspot
In recent times, Koregaon park has emerged as one of the most sought after residential real estate destinations in Pune. The commercial real estate sector is also in a growing trend in this locality.
This is due to the presence of wide range of offices, malls, hospitals, schools, colleges, entertainment facilities, among many others in Koregaon Park, Mundhwa and Magarpatta.
As per infrastructural development, a new DP Road is being constructed from Koregaon Park and Mundhwa to Solapur Road. This road had been planned in the past but the initial work has been started only now.
With this road from Mundhwa to Magarpatta City and bridge in the middle that is close to the railway track (in developing phase) in place, traffic congestion can be minimal and it would help the residents to commute easily.
Also, the new road would bring the localities closer to neighbouring areas and also Magarpatta.
Furthermore, along with infrastructure development, one can witness development of Hadapsar and adjoining areas. Connectivity will also have a great impact on housing development.
The developers in the city share the same thoughts when it comes to real estate in Pune. With such roads being developed in the city, it would bring areas closer together, reduce traffic woes and help in the growth of the city as well.
Pune real estate is growing at a fast pace in recent times. This is because of pleasant climate, peaceful atmosphere, education, career openings and great accessibility to businesses communities worldwide. Also, its proximity to the finance capital of the country has given it an edge from other cities.
As per research, the increase in construction in Pune has been massive, however, there is still scope for more. There has been so much of construction in the last two decades that most of the unoccupied plots have been occupied. An exponential growth in real estate in Pune has been witnessed. Due to this massive construction phase, a well planned civic infrastructure can be witnessed.
Also, there have been forecasts that Pune residential real estate is going to boom in 2013. This may be due to high demand of properties from IT/ITeS and manufacturing sector employees.
According to property consultancy firm, Jones Lang LaSalle India, investors based in Mumbai and NRIs are looking to invest in a market which has been stable round the year.
Also, the price appreciation of properties in Pune is going to be slightly high compared to last year. An average appreciation of 12-15% is forecasted for 2013. In 2012, average price rise for residential properties in Pune was 12%.
Furthermore, the mid segment and the luxury budget sector witnessed hike in supply of properties. The same trend will also continue in 2013. It has also been reported that even super luxury segment (Rs 4 crore and above) saw more supply in units in 2012, especially in the Eastern corridor including Koregaon Park, Kalyaninagar, Vimannagar and Boat Club Road.
Related Real Estate News:
Real estate in Pune on a development spree
Pune real estate in 2012
Demand for Pune real estate to go high in 2013
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