Pune - Rachna and Pankaj Makhija needed to move to the US barely seven months after buying a 2BHK in Pune's Koregaon Park.While putting their house on lease seemed the most obvious choice, there were buyers who were looking for a similar kind of property and in fact, ready to pay more! At a time when the real estate market is reportedly picking up, the choicest of properties do have takers! Are you an investor sitting on a pile of cash? Pune's Koregaon Park has always been a lucrative investment destination. Depending on the size of the flat, you may have to put anywhere between Rs 40 lakh to crores but investors are happy because of the money they might be making.
Koregaon Park is not just about housing, it caters to the more sociable crowd, with its pubs, hangouts and leading commercial outlets. It is a popular location among residents as well as the youngsters who frequent it for the buzz. However, even a popular place has its own set of problems. Manik Das of Charmvillas Dealers says, “With better connectivity to Mundhwa, Kharadi and Kalyani Nagar, Koregaon Park has traffic issues.While there is respite during noon, mornings and late nights witness extreme traffic.“
As per sources, local residents have demanded designated parking areas, stricter patrolling at night, road-widening and streetlights as basic infrastructural requirements. KV John, a resident and a regular reader of Magicbricks reports says, “Way back in the 80s, Koregaon was a serene locality and the abode of the affluent.Grand bungalows were built on large land parcels. The scenario is different today. The corporation and the police should together plan and implement some projects that will limit the menace caused by excess traffic.“
With average property values in the range of Rs 9,500Rs 12,700 per sq ft, Koregaon Park joins the league of areas such as Erandwane, Boat Club Road and Prabhat Road where some of the heavy-weight, branded projects have been unveiled. More so, the skyline boasts of high rises and unlike old times, independent houses and bungalows may be fewer. However, the area takes a front seat in terms of its popularity among expats, international travelers or NRIs who may be looking for temporary accommodation or property investment. Superior social infrastructure when compared to most other Pune localities is one of the prime reasons for the popularity of the area.
Besides the havoc that traffic plays here, the socio-physical fabric in the area is conducive which is why you can look forward to high rental returns.From Rs 15,000 per month for a 1BHK unit to lakhs for penthouses, bungalows and flats with spacious layouts, Koregaon Park or KP as it is fondly abbreviated, is a location buyerstenants aspire to live in.Some of this tenant crowd comprises senior management of the nearby ITITeS hubs of Kalyani Nagar and elsewhere.
Source - Magicbricks
No comments:
Post a Comment