Real Estate in Koregaon Park, Pune

If one draws a list of the most happening places in the city of Pune, Koregaon Park would be at or near the top of that list. A beautiful locality near the city center and along the banks of the Mula-Mutha River, Koregaon Park magnetically attracts NRIs, expatriates, students and visitors alike.

8 Reasons why Koregaon Park is a compelling real estate destination

Last updated on January 31, 2017 by Manish Kumar

If one draws a list of the most happening places in the city of Pune, Koregaon Park would be at or near the top of that list. A beautiful locality near the city center and along the banks of the Mula-Mutha River, Koregaon Park magnetically attracts NRIs, expatriates, students and visitors alike. We look at why you should seriously consider purchasing a home in this ‘jewel’ in Pune’s crown. You are a nature lover If you are fond of living among green surroundings and breathing in fresh air every morning, while living in the heart of the city, Koregaon Park is for you! This area has a large green cover with a number of trees (particularly standing out are the venerable banyan trees), helping mitigate the pollution due to the traffic the area sees. There are a number of gardens as well to walk or meditate in, the most famous …

8 Reasons why Koregaon Park is a compelling real estate destination

If one draws a list of the most happening places in the city of Pune, Koregaon Park would be at or near the top of that list. A beautiful locality near the city center and along the banks of the Mula-Mutha River, Koregaon Park magnetically attracts NRIs, expatriates, students and visitors alike. We look at why you should seriously consider purchasing a home in this ‘jewel’ in Pune’s crown.

  1. You are a nature lover

Osho Teerth Park in Koregaon Park
Osho Teerth Park in Koregaon Park

If you are fond of living among green surroundings and breathing in fresh air every morning, while living in the heart of the city, Koregaon Park is for you! This area has a large green cover with a number of trees (particularly standing out are the venerable banyan trees), helping mitigate the pollution due to the traffic the area sees. There are a number of gardens as well to walk or meditate in, the most famous being the Osho Teerth Park, built along a beautified ‘nallah’.

  1. You are a die-hard foodie

Koregaon Park is considered to be Pune’s food capital for good reason. The area is dotted with restaurants; it’s hard to walk 50 meters without coming across one. These restaurants cater to all taste buds and to all budgets, so whether you prefer India, Continental, Oriental, Italian, Mexican and even Brazilian cuisine, you can find it a short walk/drive away. Some of Pune’s best hotels such as Westin, Blue Diamond and the O Hotel are all here, as well as famous outlets such as Malaka Spice, German Bakery and ABC Farms, to name just a few.

  1. You are a shopaholic

Nitesh Hub Mall in Koregaon Park
Nitesh Hub Mall in Koregaon Park

For shopping enthusiasts, Koregaon Park is the best base camp in Pune. With a variety of stores as well as malls such as Nitesh Hub and Jewel Square to choose from, one is not short of options. Also, located within a 7 km radius are other prime shopping and entertainment destinations such as Phoenix Market City, Amanora Town Centre and Seasons Mall.

  1. You prefer purchasing a home from a reputed developer only

For the brand-conscious clientele in Koregaon Park, it’s but natural to expect that they would want a quality home built by the best names in the business. This area, earlier known for its luxurious bungalows, is now seeing a rise in multipurpose apartments, owing to paucity of land.

Pune’s most reputed developers such as Kolte-Patil, ABIL, Panchshil Realty and Clover have popular, stand-out projects in Koregaon Park, providing the best of amenities and allowing customers to buy their dream home. For a real estate investor, returns on an investment on an apartment by a noted developer are likely to be much greater.

  1. You want to maintain a Western style standard of living

Koregaon Park is the most preferred living option for expatriates, NRIs and the wealthy classes of Pune city. Not only is the area beautiful and full of quality restaurants, it is also the location of some of the best housing complexes in the city, offering a first world standard of living. Among the amenities that come with your apartment (depending on the project) are Italian Marble flooring, private elevators, private swimming pool, Jacuzzis and even preinstalled kitchens.

  1. You love to party and don’t want to go far

Many of the biggest events and shows in Pune are held in and around this area. Some of the most popular venues include the Westin Hotel, Hard Rock Café and Elysium Lawns, which are all a very short drive away.

  1. Your office, the airport and railway station are close by

Koregaon Park attracts many senior management personnel, working in companies in the neighbouring IT hubs of Kalyani Nagar, Yerwada and Viman Nagar. The city’s main transport hubs, the airport and railway station, are very close by as well, at a distance of 5.5 km and 3.5 km from this area respectively.

  1. Plenty of options for education and medical care

A major benefit of being in a central location such as Koregaon Park is the facilities available in close proximity. Residents can send their kids to quality schools such as Bishops Co-ed School, Lexicon International School and Symbiosis International School, which are a short distance away. They can avail of some of Pune’s top hospitals for medical care needs, including Inlaks Hospital in Koregaon Park itself and Jehangir Hospital and Ruby Hall Clinic, within 3 km.

The Flip Side of Koregaon Park

While Koregaon Park is undoubtedly quite attractive for the reasons mentioned above, it’s not exactly all smooth sailing for someone considering purchasing a home there. These are some of the points you may need to ponder on:

  1. Too much traffic puts you off

North Main Road in Koregaon Park
North Main Road in Koregaon Park

The heavy and extremely haphazard traffic in the area is the biggest problem residents face, particularly during peak hours and over the weekends. Traffic jams are common and the time taken to reach a nearby place could be quite a bit, if caught in one. Particularly on North Main Road, the noise pollution tends to be quite high. The limited carriage width of the roads here just cannot handle such large volume of traffic.

  1. You don’t like having to hunt for parking

Finding a proper parking spot, should one wish to visit a restaurant or party place in the area, for one’s car can be considered a real achievement. Parking along the North Main Road and Lane 1 is not allowed and the inner lanes are often clogged with vehicles as well, leading to one spending plenty of time and energy on the same.

  1. You lack the necessary finances to purchase a home here

Koregaon Park is an evergreen housing destination, with demand for a home always quite high. Considering the area’s location and reputation as a place for the well-off, one must be prepared to pay a significant premium for a home here. The average base price for a multistory apartment here is ~Rs. 11,350/sq. ft., which can go up to Rs. 15,000/sq. ft. for more luxury projects. Renting a home here requires a significant financial outlay as well, the average rental rate being Rs. 27/sq. ft.

  1. Security issues

Koregaon Park’s popularity unfortunately also, attracts unsavory elements. The Osho Commune here attracts a large number of visitors from abroad as along with the Pune Chabad House, has for long been a target of terror groups. The popular eatery, German Bakery, was the target of a bomb blast in February 2010, which killed 17 people. Security has since been beefed up in the area, with roadblocks and checks by the police a common occurrence.

New and upcoming projects

Ajmera Aria by Ajmera Builders offers 4 BHK apartments, having an area of 5,850 sq. ft. along with amenities such as a swimming pool, party lawn and business meeting rooms.

Vascon Engineers’ long-delayed and awaited project Vascon Windermere offers spacious 3 BHK, 4 BHK and 5 BHK apartments of area ranging from 3,000 – 6,600 sq. ft., coupled with sports courts, shops and a clubhouse.

Vascon Windermere in Koregaon Park
Vascon Windermere in Koregaon Park

Marvel Basilo by Marvel Developers is another premium project coming up in this area, with 3.5 and 4.5 BHK apartments, along with automated apartment management systems, allowing residents to control their homes remotely as well as concierge services offered to residents.

Conclusion

Koregaon Park is among the best locations in Pune to stay or invest in. The demand for quality housing in this area has always been high and with demonetization and the RERA Act coming into force shortly, is only likely to increase further. While an apartment here is not affordable for everyone, those investing here are unlikely to be disappointed.




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