Karve Nagar property market: An overview

Karve Nagar is a premier residential area located in the western suburbs of Pune. It is also one of the oldest localities of Pune. The locality lies very close to the Kothrud area. The first flyover of Pune – the Svatantryaveer Savarkar Flyover was built in Kothrud. Nearby Karve Nagar localities include many famous areas of the city of Pune such as Kothrud, Bavdhan, Dhayari, Pirangut and Narhe. The varieties of the projects available in the area are many and they range from affordable to luxurious. There are a lot of reputed builders like the Alliance Group, Goel Ganga Group and Safal Homes who are working on their different projects in Karve Nagar. Some of the premier projects in Karve Nagar include Goel Ganga Surya Ganga, Safal Homes Radhika Royale and Alliance Bel Heaven.

 

Due to the advent of various IT majors and other multi-national companies (MNCs), the city of Pune has been witnessing a rapid growth in influx of working population from outside the city. As a result, there has been a surge in the demand for residential apartments in Karve Nagar, with it being one of the noted suburbs of Pune. Although the prices of the flats in Karve Nagar are going up at a rapid pace, affordable housing to suit the needs of the mid and the junior-level executives of the various companies can still be found here.

 

Karve Nagar has some of the premier educational institutes of Pune. As a result there is a considerable influx of students from outside as well. The civic amenities are excellent. The industrial growth and the growth of the IT sector have also led to the development of retail and hospitality sectors in the area.

 

Connectivity with nearby Karve Nagar localities

• There are a few major roads which run through the area, namely The Satara Road, the Mumbai-Bengaluru Highway, The Paud Road and the Karve Road.
• The area has extensive bus services and the Kothrud Bus Stand and the Kothrud Bus Depot lie in close vicinity.
• There is a railway station at Shivaji Nagar from where the railway services can be availed. The railway station is approximately about 7-8 kilometres away from Karve Nagar.
• It takes about 45 minutes from Karve Nagar to reach the Pune Airport.

 

Employment hubs near Karve Nagar

• Sharda Centre is located within 7-8 kilometres from the locality of Karve Nagar.
• The ICC towers and the Mahratta Chamber Of Commerce Industries & Agriculture Pune are located at a distance of approximately 11 kilometres.
• RMZ Westend is approximately 10 kilometres away.
• Nanospace IT Park is located approximately 16 kilometres away from the locality.

 

Schools in Karve Nagar and other social amenities

Karve Nagar offers very good social infrastructure to its residents. Some of the reputed schools in Karve Nagar include the Millennium National School, Tree House High School and Rosary School. Some of the leading hospitals in Karve Nagar include the Shashwat Hospital, Khenat Hospital and Sahawas Hospital. The shopping needs of the residents are catered by malls in Karve Nagar such as the Park Plaza, Big Bazaar and Megamart.

 

Price trends in Karve Nagar

• Price appreciation- Around 20% in the last one year.
• Current property rates- Rs 6,789 – Rs 11,136 per sq ft.

 

Reasons to invest in Karve Nagar

Considering the price trends in Karve Nagar and the rising demand, the locality would prove to be a good investment destination. There is excellent appreciation of property rates with a number of projects being developed here. Moreover, the area is located at a very close proximity to the IT/ITES hub and industrial zones of Pune. Karve Nagar is already an upmarket locality in Pune and the government is planning to develop it further. Hence, the scope of development of infrastructure facilities is there. Considering all these factors Karve Nagar is an excellent place for investment.

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