A premium housing destination

Hotspot: Sahakar Nagar-Pune

Pune's Sahakar Nagar is one of the micro-locations in the traditional core area of the city. It is preferred by the city's elite, as it is one of Pune's greenest and most respectable addresses. The city's established gentry - mid-to-large scale business owners, industrialists and others from the upper crust call Sahakar Nagar their home.

As a residential area, Sahakar Nagar largely retains Pune's traditional Marathi culture, even while witnessing subtle changes to align with the modern living trends being seen all over the city. It is a tranquil area famous for its old-world charm, but is nevertheless constantly reinventing itself. Sahakar Nagar has excellent social and civic infrastructure, which adds to its desirability as a residential location of choice.

Because it is a rather closed market, resale properties are hard to find. This area is completely developed and new residential supply is extremely constrained. It is a predominantly end-user driven area, and only high-ticket investors can hope to find opportunities. The only new residential project to come up here in recent times is the ultra-luxury offering Montecito by Amit Enterprises Housing, right beside their previous offering in the same segment, 9 Green Park. Apart from that, currently there is no new residential project at Sahakar Nagar, as land availability is extremely limited.

For investors with an appetite for high-end luxury homes, Sahakar Nagar is hard to beat, as it offers a premium housing destination. The aspirational quotient of this locality is very high, thanks to its elite tag and high elevation, which affords an unmatched view of the Parvati/Taljai hills. Moreover, it is surrounded by a richly forested green belt and offers quick access to various key destinations, such as the upscale Bharati Vidyapeeth, the Swargate bus terminus via Pune-Satara road, the Mumbai-Pune Expressway via the Katraj Bypass, and the nearby City Pride Cineplex.

High-end projects in this locality sell at a premium, and rental homes also fall in the highest rental bracket. Mid-range properties on the resale market tend to be in older buildings, which nevertheless command higher rates because of the location. The current price range is between Rs 8,500 and Rs 15,000 per sq ft, depending on age, configuration, amenities offered and positioning of the project. Investors can choose from a host of options, such as gated communities, villas and high-end apartments.

The writer is managing director - Pune, JLL India