6/27/2014 Pune' s best neighbourhoods-Koregaon Park & Kalyani Nagar - Moneycontrol.

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Sep 20, 2013, 03.50 PM IST | Source: Jones Lang LaSalle
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Koregaon Park
Koregaon Park is arguably the swankiest and among the
most expensive real estate destinations in Pune. Even
before the arrival of 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. Koregaon Park's up-market
profile reflects in the property rates - commercial properties lease out from anywhere
between Rs. 50-70/sq.ft. while residential properties sell between Rs. 8000-15000/sq.ft and
above, depending on exact location and building typology. Supply on both the commercial
and residential real estate fronts is extremely limited, and traffic congestion is an increasing
problem in this area.
Kal yani Nagar
Kalyani Nagar has emerged one of the most prominent and established commercial and
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.
It was was given a head-start by Dr. Neelkanth Kalyani - owner of various notable companies
Pune's best neighbourhoods-Koregaon
Park & Kalyani Nagar
Koregaon Park is arguably the swankiest and among the most expensive real estate
destinations in Pune.
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6/27/2014 Pune' s best neighbourhoods-Koregaon Park & Kalyani Nagar - Moneycontrol.com
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like Bharat Forge and Optronica - after whom it is named. 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. Judging solely on the basis of property market potential, the Estate
Agents Association of Pune voted Kalyani Nagar to be one of the most promising localities in
2005.
The Government responded to this potential by beginning construction of the Kalyani
Nagar-Koregaon Park connecting bridge, thereby linking two of the most progressive and
vibrant localities. The ease of transport and commuting that this has resulted in is has
resulted in even higher industrial and retail activity, and has given a major boost to the
residential property sector, as well. With Kalyani Nagar firmly on the high-priority list,
development is going on at an accelerated rate.
For today's home seeker, this area is a regular treasure-trove of attractions. Most reputed
builders in Pune have at least one luxury residential project here, and the general
infrastructure is supremely conducive to modern family life. Priced at an average of Rs.
9000-14000/sq.ft, residential properties at Kalyani Nagar definitely command a premium
over most of the other localities in Pune City.
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