PUNE: The Mundhwa-Keshav Nagar stretch is among the many areas in east Pune, which has caught the attention of real estate developers. This less-than-a-kilometre stretch is a fast-developing location, as it offers a convenient drive to the city’s central business district, Camp and the Pune railway station. Easy accessibility has led to the coming up of new projects at different stages of construction and completion.
Sanjay Bajaj, managing director-Pune, Jones Lang LaSalle India says, “In terms of residential property value, Keshav Nagar in Pune’s Mundhwa area, benefits due to its advantageous proximity to Koregaon Park. It is one of those locations in the city where purchasing a budget home in a strategic location is still possible.”
The property rates on the stretch are comparatively more affordable than Kharadi, Hadapsar and Koregaon Park. The average current property values in Keshav Nagar are Rs 4,500-5,600 per sq ft whereas in Mundhwa, a few multi-storeyed apartments are priced at Rs 5,500-8,000 per sq ft in the secondary market, as projected by MagicBricks.com data.
Who are the buyers in this area? Many believe that this area is more of an end-user destination because of its proximity to places like Kharadi, Hadapsar and Koregaon Park. The stretch is just about five kms from Koregaon Park. “With the land bank shrinking in the main city, Pune is stretching its boundaries to areas like Keshav Nagar and Mundhwa. The availability of land here is what makes it a potential area for real estate activities,” opines Lavish Jain, Jain Properties
PUNE: “It is primarily a destination for mid-income and upper middle class home buyers, with a variety of options available in new projects and resale properties. The combination of these factors clearly places Keshav Nagar on the map of Pune’s property investment hotspots,” adds Bajaj.
Key developers on this stretch are Phadnis Properties Ltd, Vastushree Developers and Alcon Builders and Promoters, among others. The projects in this area offer 2, 3 and 4-BHK apartments and are at various stages of completion.
The area enjoys good social infrastructure, with reputed hospitals such as Noble Hospital, Inlaks and Budhrani Hospital merely minutes away. Fivestar hotels, restaurants, malls and schools are also located in the vicinity. Pune international airport is at a distance of 11 kms through the Kharadi bypass.