Koregaon Park: IT hub in East Pune with high growth rate
Koregoan Park, located about 6 km east of the heart of Pune, is one of the few areas in the city which recorded a growth in residential realty in 2013. Based on the revised Ready Reckoner (RR) rates announced by the state government for 2014, Koregaon Park bagged the top slot for the city with a maximum rate of Rs 10,440 per sq. ft. Incidentally, the RR rates are revised based on the number of properties registered in an area, value of properties quoted as well as the rate at which property documents were registered last year. Besides being a prominent IT hub, it also is renowned for its connectivity as well as infrastructure facilities which are key factors responsible for the top rating that the area has achieved.
Connectivity
Koregaon Park is well connected through some major roads that pass through its vicinity. It is located in the midst of three major roads namely, the Mumbai highway, the Pune-Solapur Road as well as the Mundhwa-Kharadi Road. Besides, some of the other important roads that pass through the area are the Koregaon Park Road, the North Main Road as well as the South Main Road. Buses ply frequently through the area with many bus stops dotting the area and in fringes. The Pune Railway station is just about 4 km away from Koregaon Park along the North Main Road while the Pune International Airport is about 10 km away along the Samrat Ashok Road.
Infrastructure
Koregaon Park has some important infrastructure facilities that has enhanced its appeal among buyers, investors as well as residents. Some of the reputed educational institutions in the area are Suvarna School, St. Meera College, National Institute of Fashion designing, among others. The area also has some prestigious health centers in the area like Inlaks and Bubhrani Hospital, KK Eye Institute and Sadhu Vaswani Missions Medical Complex, among others. Also located here are many important religious institutions like Kerusso Bible Church, Sai Mandir and Ganapati Mandir, among others. Besides, there are other important facilities like branches of important banks, IT companies, shopping centers, restaurants and parks, among others.
Realty Scenario and Developers
Koregaon Park consists of many important residential pockets like Ragvilas Society, Vasani Nagar and Meera Nagar, among others. The most commonly seen residential units in the area are 2 and 3 BHK apartments, with other types and other configurations available as well. Some of the important completed apartment projects in the area are Goel Ganga Orchard by Goel Ganga Developments, Panchshil Forest Castle by Panchshil Realty and Clover Park Royale by Clover Builders, among others. Among the upcoming apartment projects, some of the prominent ones include Ajmera Aria by Ajmera Realty and Infra, Vascon Windermere by Vascon Infrastructure and Marvel Aurum by Marvel Realtors and Developers, among others. The average value of multi-storey apartments in the area in Q1 2014 was about Rs 11,090 despite a depreciation in capital values by about 2 per cent compared to the previous quarter. This was compensated by the rentals in the area which recorded an average value of Rs 34 per sq.ft., an appreciation of 15 per cent compared to the previous quarter.
Future Prospects
Due to tremendous residential realty growth in Koregaon Park during the previous year, it presents an ominous scenario for the area in future as well. Despite being one of the costliest areas in the city for residential accommodation, the demand for residential property is quite steady. This is primarily due to the fact that the area is a prominent IT hub with most of its residents having high disposable incomes. There is expected to be frenetic action on the realty front in Koregaon Park in the coming years with prices set to appreciate considerably.
