The transformation of Pune, from a manufacturing and industrial town in the 60s and 70s to an ideal residential real estate market has been a game-changer, albeit gradual. Once known as a pensioners’ paradise, Pune today boasts of a vibrant real estate market of great repute. With the emergence of the IT & IT-eS sector in Pune since the 2000s and the simultaneous development of Grade A work spaces to complement the brand value of global corporates, the city has also witnessed a tremendous surge in housing requirements.
The city’s geographical proximity to Mumbai has also aided the growth of the residential market. High-Net Worth Individuals (HNIs) from Mumbai often choose to buy property in Pune since the city provides greater value for money and fewer space constraints. Pune is also a much-favoured market for Non-Resident Indians (NRIs), keeping in mind future prospects of settling down in the city or simply creating an asset that yields a rental income.
Pune today boasts of an elite list of names, from celebrities to film stars and politicians, who have chosen to invest in the residential market here owing to the privacy and exclusivity many of the projects provide. The green cover the city is known for, especially in some of its premium up-market neighbourhoods too is an added attraction for investors.
In terms of the swankiest neighbourhoods in Pune, here is our list of the most premium locales to live in!
Boat Club Road
Situated very centrally and accessible from every corner of Pune, this exclusive tree-lined neighbourhood commands a very high premium. With luxury apartments of the configurations from 3 to 5 bedrooms, Boat Club Road, which gets its name from the Royal Connaught Boat Club that is also located here, caters to the demands of the upwardly mobile strata and is home to some of the city’s crème de la crème. Ranked amongst one of the most expensive residential locales of Pune, apartments at Boat Club Road fall in the price bracket of Rs 3 crores and upwards. About 2 years ago, a large land parcel owned by the German Consulate, which housed a hostel for the students of Goethe-Institut Max Mueller Bhavan, was sold for the construction of luxury apartments, which in turn has since then taken the value of the neighbourhood and its properties a few notches higher.
Kalyani Nagar
Connecting Pune’s Eastern IT Corridor to the rest of the city is the lush neighbourhood of Kalyani Nagar. home to a large number of offices of global brands from the banking and IT sectors, Kalyani Nagar has developed into a Central Business District (CBD) over the last decade. With many professionals choosing to buy or rent property here to stay, Kalyani Nagar has transformed into an upmarket neighbourhood in recent years. The locale provides great connectivity to the bustling areas of Koregaon Park, courtesy a 300-metre bridge on one side and to Viman Nagar and the State Highway 27, popularly known as Nagar Road, on the other side. For the future, Kalyani Nagar has been envisioned as a neighbourhood that will also connect Sagamwadi to Kharadi – Pune’s IT Corridor in the East, via the proposed riverside road that is aimed at decongesting traffic in Eastern Pune and improving connectivity, in the process making Kalyani Nagar even more sought-after.
Koregaon Park
Koregaon Park has been one of Pune’s up-market neighbourhoods for more than 2 decades. This verdant neighbourhood is home to the renowned Osho Ashram that attracts plenty of devotees from across the world. Long before the Osho Ashram was built, Koregaon Park has also been home to some of the city’s elitist bungalows, owned by Pune’s foremost industrial and business families. Today, this neighbourhood is also famous for its very eclectic nightlife and incredible dining options. Its proximity to Kalyani Nagar and the connectivity via the 300-metre bridge has only gone on to enhance the value of this lush neighbourhood, making it a sought-after destination for property seekers both in the residential and commercial segments.
Bhosale Nagar
Very centrally located in the heart of Pune, Bhosale Nagar has long been home to the city’s well-heeled and affluent residents. Families have resided here for generations, long before Pune began to expand geographically towards its eastern and western boundaries. A prime residential area, just off the University Road, Bhosale Nagar is known for its verdant tree-cover and is very close to Shivaji Nagar, an important locale in Pune known for the district court, the Pune Municipal Corporation and many more government establishments. Bhosale Nagar is much sought-after and this lush and luxurious neighbourhood is one of Pune’s most enviable addresses owing to the large expanses of space that it affords its residents. Its proximity to the city’s shopping, entertainment, educational and business districts lends Bhosale Nagar an exclusive touch.
Aundh
As Pune grew, the neighbourhood of Aundh in the north-west of the city too grew into an affluent suburb. Due to its proximity to the Western IT Corridor of Pune – Hinjawadi, Aundh has flourished as a destination for residential development. The neighbourhood has also been home to some of Pune’s affluent residents and bungalow societies such as Sindh Society, National Society and Goodwill Society for over 3 decades. Since its development in the 90s, Aundh has also witnessed the burgeoning of Pune’s upwardly mobile, senior management personnel across various sectors such as IT and Finance and more, seeking premium real estate. Aundh is a self-sufficient neighbourhood and affords its residents the many conveniences and necessities of everyday life such as premium schools, shopping, entertainment and health care, in addition to being very well connected to the heart of the city as well as the rest of the western suburbs such as Baner and Pimple Saudagar.
