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Gera in News

Koregaon Park and Boat Club Road sees supply of large apartments - 28 August, 2013

While the real estate market across India is going through a slow phase, Pune’s residential market continues to show resilience amidst all negatives. As per the Gera Report, Pune’s real estate market is on an expansion mode with more premium homes being launched. On analysing the price points across the market, there is a clear trend of larger apartments selling at higher prices. Two localities that are showcasing the same trend are Koregaon Park and Boat Club Road. As per data, Boat Club Road has registered a supply of 72 per cent for 4-BHK units followed by the supply of 3-BHK units which stands at 20 per cent in May-July 2013. Displaying the same movement, the supply for 3-BHK units in Koregaon, stands at 44 per cent in the May-July 2013 quarter. Koregaon Park and Boat Club Road are situated at two kms distance from each other. Both these areas are conveniently located, approximately six kms from the Pune International Airport and about three to four kms from the Pune city railway station. The area is a preferred choice among the high net worth individuals (HNIs). “Koregaon Park is arguably the swankiest and among the most expensive real estate destinations in Pune. Even before the Osho Commune was established there in the 1970s, it was a location of choice for bungalows. After the arrival of the commune, it became one of the primary congregation hubs for multinational travellers,” says Sanjay Bajaj, managing director-Pune, Jones Lang LaSalle India. Koregaon Park and Boat Club Road have become prime location for residential property seekers as well as retail outlets and commercial establishments. The proximity to Kalyani Nagar, which is Pune’s primary IT/ITeS hub, has done much to maintain the demand in these areas. “Boat Club Road, along with its neighbourhoods Bundgarden and Dhole Patil Road, is arguably the best location in Pune. It is mainly an upper middle-class, cosmopolitan residential area, with some very good residential colonies. Several Bollywood celebrities have taken up properties in this area. It is one of the most developed areas in Pune. The area is quiet and peaceful, with lots of greenery. It is also known as the Breach Candy and Peddar Road of Pune,” says Avinash Kumar of Amigo Real Estates. While the residential property prices in Koregaon Park range from Rs 7,000-17,000 per sq ft, Boat Club Road offers properties within Rs 6,500-15,000 per sq ft. Some of the major developers present in these areas are Marvel Realtors, Goel Ganga Development, Marvel Realtors, Vascon Engineers Limited, Venkateshwara Square Disha Associates and Ajmera Realty. Source: Times Property, Pune/ Bureau

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