Karve Nagar’s impressive growth rate
Karve Nagar is one of the fast developing area in Pune, located in the southern part of the city. This area enjoys good demand for residential real estate due to its proximity to important centers of the Pune city market area and Kothrud Industrial Estate. This locality is situated at about 5 km from Central Pune.
Connectivity & Public Transport
Accessibility plays a crucial role in the growth of real estate of any locality. Karve Nagar is easily accessed through Karve road, Raja Mantri road and Laxmi road. The closest railway station to the locality is Pune Junction railway station, which is around 8.8 km from the neighborhood. The Pune International Airport is about 16 km from the locality and serves as one of the crucial factors for the growth in demand for residential property in this region. The nearest bus stands to this locality include Wage Jakatnaka and Vandevi bus stands. Proximity to Mumbai-Pune bypass road and availability of frequent buses to connect to prime destinations in Pune makes this locality one of the preferred choices of home buyers.
Social Infrastructure
Development in social infrastructure has boosted up demand of Karve Nagar . This area is located close to Hinjewadi IT park and to educational institutions such as Bharti Vidyapeeth, MIT, Cummins Women’s College, hospitals like Deenanath Mangeshkar Hospital, nearby schools like Millennium National School and Tree house high school are some of the additional advantages of being in this locality.
Real Estate
Low-rise independent floors are more popular in this locality than multi-storey apartments. Some of the prominent developers in this locality include Pate Developers, Yash Developers, and Shree Balaji Developers. Prevailing rental demand is high in the area, due to college youth and working class.
Both affordable and premium residential projects are in demand in this locality. Some of major projects in this area are Prestige Corner, Shreenivas Park, Kalpana Apartments and Sai Sarthak which provide with good amenities and location. The size of residential units ranges between 450 sq ft to 2000 sq ft.
Price Trends
The price range of multi storey apartments in Karve Nagar ranges between Rs 5,000 to Rs 8,330 per sq ft while the average rental value of apartments is approximatly Rs 16 per sq ft. The price per sq. ft was at Rs 6,880 in Jan-Mar 2012 quarter which appreciated to Rs 7,850 in the quarter of Jan-Mar 2013. Around 14 percent appreciation has been observed during this period.
The locality of Karve Nagar has been witnessing good residential growth due to its close proximity to the industrial area and also because of the excellent connectivity provided by Mumbai-Pune bypass road as well as the other prime roads. Many leading developers are coming up with many integrated projects with all modern lifestyle facilities along the stretch.
