Get more for every rupee spent

Pune has continued to be a remarkable realty market despite the slowdown witnessed in residential sales and new launches. It has bucked the trend. Many localities in the city, including Keshav Nagar, have gained popularity with the new class of buyers who are more sensitive to the concept of “want more for every rupee spent”.

Keshav Nagar is one of the fast-developing locations of Pune's Eastern suburbs and falls within the Mundhwa micro-market. The area benefits from its advantageous proximity to Koregaon Park, of which Mundhwa is now considered an extension, making the Keshav Nagar property market a promising destination for real estate developers. It is one of the increasingly rare locations in Pune where purchasing a budget home in a strategic location is still possible and is primarily a destination for mid-income and upper-middle-class home buyers. The area has a variety of new projects and resale options available to buyers, who largely hail from the IT/ITeS workplace hubs of Cybercity in Magarpatta City, EON IT Park and World Trade Centre in Kharadi.

Keshav Nagar first started coming into the Pune real estate limelight in the late '90s. Due to the fact that was a Gram Panchayat area and therefore outside the official municipal limits, property prices have remained rational up to now and the area still offers a lot of ambient greenery. The area is located between Manjiri on the East and Ghorpadi on the West, is close to Pune Camp and only about 9  kilometres from the railway station. The airport is readily accessible and even major malls such as Seasons Mall and Amanora on the Magarpatta-Kharadi Bypass road and Phoenix Market City on Nagar Road. 

Land availability for new constructions is still fairly good, portending a lot of future development potential. The combination of these factors clearly places Keshav Nagar on the map of Pune's property investment hotspots. Property rates in Keshav Nagar range from Rs 4,500-6,900/ sq.ft. depending on the exact location, project’s completion status and available amenities.

Developers such as Godrej (Infinity), Tribute Landmark (Vihana), Crystal Properties (33 Keshavkunj) and Puravankara (Purva Silversands) are active here, with more builders coming in.

The writer is Managing Director – Pune, JLL India