Pravin Mahurkar, Head (Pune) – Residential Services, Jones Lang LaSalle India
Situated on the eastern side of Pune, Magarpatta is close to the Kharadi EON IT Park, Kalyani Nagar, Koregaon Park, Fatimanagar and the Hadapsar Industrial Estate. Crossing North Main Road towards Koregaon Park annexe approaching Mundhwa Road is the point of the most talked-about new D.P. road that will connect Koregaon Park to Magarpatta.
This road, from the northwest region of Magarpatta City and touching the Botanical Gardens, will virtually make the Koregaon Park area one of its closest neighbourhood locations from Magarpatta. This connecting route from Magarpatta to Koregaon Park will fuel the development of residential projects, as it provides a vast improvement in commuting towards the CBD (Central Business District).
The entire Magarpatta and Amanora belt is lined with beautiful housing complexes, state-of-art projects, commercial developments and an array of shopping outlets, giving a glimpse of one of Pune’s most hip-and-happening areas. The rate of development in and around the Magarpatta belt in terms of residential, retail and commercial real estate has been significant over the past two years. The ready infrastructure such as schools, hospitals, offices and IT hubs and the array of available entertainment options at Amanora Town Centre andMagarpatta complement the growth of residential property buying in and around the area.
From the standpoint of residential development, the area at present comprises of major developers offering quality and affordable housing options. End users and investors in the budget housing right up to the super luxury and premium housing segments have a tempting bouquet of options. The tentative price range in the area begins at Rs. 4500/sq.ft and goes up to a whopping Rs. 14000/sq.ft.
The presence of some premium developers who are creating customized luxurious residential projects has changed the entire lifestyle housing ethos in the Magarpatta belt. Big players such as Panchshil, Marvel Realtors, Kumar Properties and VTP Group (Urban Homes) are well established in this area. Projects such as One North and Yo! Pune by Panchshil and Diva and Ritz by Marvel, Amanora Town and Magarpatta City are just a few currently present there.
There are numerous upcoming developments such as Urban Balance by VTP Group (Urban Homes), Privie Sienna by Kumar Properties, Bounty and Arco by Marvel Realtors and Ela by Vascon. The housing development along other parameters will have a great impact due to the connectivity from Koregaon Park to Magarpatta. It will not only ease commuting and save time but also benefit the overall development of Hadapsar and the adjoining areas.