Koregaon Park property market: An overview

Koregaon Park is one of the posh localities of Pune and is located very close to the industrial zones and IT hubs of Pune. The area has good civic amenities and is very well- connected to other parts of the greater city of Pune

 

Koregaon Park is a premier residential area located in the south of Pune and is one of the city’s oldest areas. The locality is one of the most prestigious localities in the state of Maharashtra and many celebrities have their farmhouses here. Many Europeans also reside here. Nearby Koregaon park localities include many famous areas of the city of Pune such as Kalyani Nagar, Yerwada, Ghorpadi and Magarpatta. The varieties of the projects available here are many and they range from affordable to luxurious. There are a lot of reputed builders like the Kolte-Patil, Marvel Realtors and Kumar Group who are working on their different projects in Koregaon Park. Some of the premier projects in Koregaon Park include Kumar Presidency, Kolte Patil Lapis Lazuli and Marvel Aurum.

 

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 Koregaon Park, with it being one of the noted suburbs of Pune.

 

The area has a cosmopolitan population and many neighboring areas are being developed by the government. This in turn has led to the development of many commercial zones here. The civic amenities have also improved. The industrial growth and the growth of the IT sector have led to the development of retail and hospitality sectors in this area. Koregaon Park still has the highest number of bungalows in the state of Maharashtra.

 

Connectivity with nearby Koregaon park localities

• There are a few major roads which run through the area, namely, the Koregaon Road, the Prince of Wales Drive and Deccan College Road.
• The area has extensive bus services with the Pingle Wasti Bus Stand and the Pune Bus Stand lying in close vicinity.
• There is a railway station at Shivaji Nagar from where the railway services can be availed. The Pune Junction railway station is approximately 4 kilometres away from Koregaon Park.
• It takes about 15 minutes from Koregaon Park to reach the airport in Pune.

  Employment hubs near Koregaon Park

• Nyati Tiara is located at about 4 kilometres from the locality of Koregaon Park.
• Manikchand Ikon, Connaught Place and Cerebrum IT Park is located at a distance of approximately 3 kilometres.
• Tech Park OneYerwada is approximately 4 kilometres
• Weikfield IT Citi Info Park is located approximately 6 kilometres away from the locality.

 

Schools in Koregaon Park and other social amenities

Koregaon Park offers very good social infrastructure to its residents. Some of the reputed schools in Koregaon Park include The Lexicon International School, Billabong High International School and Symbiosis International School. Some of the leading hospitals in Koregaon Park include the Jehangir Hospital, Columbia Asia Hospital and Sahyadri Speciality Hospital. The shopping needs of the residents are catered by malls in Koregaon Park such as the Koregaon Park Plaza, Ashoka Mall and Pulse Mall.

 

Price trends in Koregaon Park

• Price appreciation- Around 20% in the last one year.
• Current property rates- Rs 8,271 – Rs 13,743 per sq ft.

 

Reasons to invest in Koregaon Park

Considering the price trends in Koregaon Park and the rising demand, the locality would prove to be a good investment option. There is excellent appreciation of property rates here, with a number of projects being developed. Moreover, the area is also located at a very close proximity to the IT/ITeS hubs and industrial zones of Pune. The Maharashtra government is developing the nearby locations and so, the scope of development of infrastructure facilities is also there. Considering all these factors Koregaon Park is an excellent place for investment.

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