What Drives Housing Demand In Pune’s Kothrud?
Posted by: Clara Fernandes at 9/05/2016 06:54:00 pm
- Kishor Pate, CMD – Amit Enterprises Housing Ltd.
India 06 September 2016: Quality of life was once a defining characteristic of Pune, but thanks to the lag in infrastructure to support the rapid development in the city, this characteristic has become rare in most areas. In previous times, it was of no real consequence where one purchased a home in Pune - all areas which saw real estate development offered a good quality of life. Today, while scoping the market for flats for sale in Pune, it is necessary to factor in a number of variables. The most important aspects to consider are traffic congestion and pollution levels, whether the area offers a good availability of basic facilities and, of course, the overall ambience and quality of the neighborhood.
Kothrud, a western suburb of Pune, is one area which has always offered residents a very high quality of life. It is one of the core traditional areas of Pune from very early times. In fact, it features prominently in the recent Hindi blockbuster film 'Bajirao Mastani' because it is in Kothrud that Mastani's resided. In the era of the Peshwas in which 'Bajirao Mastani' takes place, the area was called Kothrud Baug. It still boasts of several high-profile landmarks such as the Dashabhuja temple and Mrityunjaya temple, which date back to the glorious times of the Peshwas.
Kothrud has always been a highly progressive area, seeing many ground-breaking infrastructure projects far ahead of the rest of the city to make living here more convenient and comfortable. In fact, the city's very first flyover connecting Karve Road to Paud Road, was erected in Kothrud. It also has superlative connectivity to various parts of the central city via Karve Road.
Situated in the veritable nerve centre of Pune, Kothrud has witnessed rapid growth in its housing sector and was, in fact, identified among the fastest developing suburbs in Asia in the 1980s. Considered one of the most upscale neighbourhoods in Pune, Kothrud has also seen rapid growth in its real estate prices. Kothrud was among the first of Pune's suburbs to be developed, with its latter-day development beginning in the late 90s. In those years, Pune still held fast to its tag as Pensioner’s Paradise.
There was little economic activity happening in the city in those years, until Pune's IT/ITES boom began to take hold in 2000-02. Even then, Kothrud was already a fully-developed residential location. This is why this area did not suffer from the over-development that beset areas like Aundh and Baner in the West and Viman Nagar in the East when they got on the IT/ITES bandwagon.
Throughout, Kothrud has been seeing a lot of demand from real estate buyers from both within the city and neighbouring Mumbai. Given the massive amount of interest from both end-users and investors, developers in Kothrud have always been offering progressive housing formats and succeeded in making it one the most desirable core area to live in. Real estate buyers and investors are attracted to Kothrud both for its superior housing options and the convenience of living there. The civic infrastructure is top-grade, and the social infrastructure in terms of shopping, educational institutions and hospitals is matchless.
Today, because of lack of developable plots and new housing projects largely happening in the form of redevelopment, new housing options in Kothrud are scarce on the ground even while demand continues to be enormous. In the midst of this crunch for living spaces that befit the expectations of buyers considering Kothrud, Amit Enterprises Housing has launched its high-end project Ved Vihar. The project consists of four towers exclusively offering 2 and 3 BHK luxury flats, and is therefore perfectly aligned with the demand profile of this happening location.
With quality of life ranking as the top consideration for home buyers in Kothrud, housing projects must deliver on all fronts. Even as compromised infrastructure, air pollution and traffic congestions plague most of the other parts of the city, Kothrud is still a haven from the mounting humdrum and chaos. However, this alone is not enough in real estate market terms. Given the premium pricing of this location, home buyers also expect the very best in amenities and facilities. Developers who provide these in their housing projects are seeing the highest demand.
About The Author
Kishor Pate, Chairman & Managing Director of Amit Enterprises Housing Ltd. is the driving force behind one of the most successful real estate development firms in Pune and beyond. Apart from its signature luxury projects like Montecito in Sahakar Nagarand other premium gated townships, AEHL has also launched highly successful affordable housing projects like Astonia Classic and Colori in Undri and the Mediterranean-style township Astonia Royale in Ambegaon.