New property-boom area in Pune

In terms of residential property value, Keshavnagar in Pune’s Mundhwa area benefits from its advantageous proximity to Koregaon Park, of which Mundhwa is now considered an extension. It is one of the increasingly rare locations where purchasing a budget home in a strategic location in Pune is still possible.

Currently, Keshavnagar is primarily a destination for mid-income and upper middle-class home buyers, with a variety of new residential projects and resale options available to choose from.

Keshavnagar first started coming into the Pune real estate limelight in the late 90s. Due to the fact that it still 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. Keshavnagar is expected to come under the municipal corporation in another 1.5-2 years, which would mean a boost in the currently somewhat under-developed infrastructure there.

The area, located between Manjiri on the east and Ghorpadi on the west, is close to Pune Camp and only about nine kilometres from the railway station. The airport is readily accessible, as are major malls such as Amanora Town Centre on the Hadapsar-Kharadi Bypass and Phoenix Market City and InOrbit on Nagar Road.

More important, from a residential real estate viewpoint, it is an ideal home base for Infotech employees from the Magarpatta, Kharadi and Kalyaninagar information technology (IT) hubs, within quick driving distance. Land availability for new construction is still fairly good, portending a lot of future development potential. The combination of these factors clearly places Keshavnagar on the map of Pune property investment hot-spots.

Residential property rates at Keshavnagar currently range from Rs 3,900-4,500 per sq ft.

In market terms, Keshavnagar is currently divided into two sectors. One sector is being developed largely by Bharat Forge and is home to this company’s residential complexes and training institute. As such, it commands a price range of Rs 4,500-5,000 per sq ft.The second sector, which is less organised and dominated by local developers, has a price range of Rs 3,500-4,000 per sq ft. Plots are available within a price band of Rs 1,500-1,800 per sq ft.

The writer is managing director (Pune), Jones Lang LaSalle India