Pune has come a long way from being Mumbai's child to its present status of being a mega-city of its own. The city sprawls in 430 sq kms and has a population of 3 million (as per 2001 census).
Like other developing cities, Pune too is facing the problem of decongestion and bad infrastructure. Congestion in the prime areas like Deccan Gymkhana, Hinjewadi, Model Colony and Koregaon Park is driving people to look for affordable options in the near by areas. Pune extension like Viman Nagar, Aundh, Kalyani Nagar are being preferred over the prime areas since they command reasonable property rents and are still approachable from the prime areas.
Residential apartments have mushroomed in these areas and are finding takers as well. Many local builders, along with some established groups have floated projects specifically in these areas. Kumar Builders have announced a 40-acres township in Kalyani Nagar. The bridge between Kalyani Nagar and Koregaon Park has cut short the distance between the two places. This has boosted the real-estate prospects of the locality. Earlier, Kalyani Nagar was known for its bunglow developments. The first apartment complex came up here in 1988. Now, people see Kalyani Nagar as an affordable and approachable option. The phenomenon has caught up so well that now more people are buying houses/plots/apartments in Kalyani Nagar than Koregaon Park.
The capital value for an apartment in Kalyani Nagar is Rs 3,700-Rs 4,500 per sq ft and in Koregaon Park ranges between Rs 3,000-Rs 5,200 per sq ft. These rates are almost comparable despite the fact the area profile of the two areas varies very much. Koregaon Park is a plush area inhabited by industrialists, retired defense professionals and politicians while Kalyani Nagar is mostly colonized by middle-income professionals and students.
The plot value in Kalyani Nagar ranges between Rs 36,000-Rs 40,000 per sq yard. The average rentals for 3 BHK apartment here (1500 sq ft) are in the range of Rs 10,000-16,000 per month. The same story is being repeated in other near by areas as well. This has created a spur in the market. The property demand has shot up despite rising land costs.
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