Office-goers keep it in demand
HOTSPOT: MAGARPATTA-KHARADI BYPASS
Pune is one of the fastest-growing real estate destinations today. Being one of the leading information technology (IT) and IT-enabled services (ITeS) hubs in India, the city has attracted IT-related professionals from across the country. Positioned on the eastern side of Pune, Magarpatta City is an integrated township which is a self-contained residential and commercial settlement, created on agricultural land by making the landowners shareholders in a development company.
With over 6,300 residential units of various configurations, Magarpatta City was created as an oasis that shields its residents from the chaos on the Magarpatta bypass road. It is one of the most aspirational commercial and residential property destinations in the city, spread over 600 acres. The entire area in and around Magrapatta City is now a major IT-driven growth corridor and economic generator for Pune, and Magarpatta City itself is a standalone IT/ITeS hub. It houses some of the largest IT majors like Mphasis, SAS, Sybase, Amdocs, John Deere and many more providing employment opportunities for more than 60,000 professionals. One of the many attractions of Magarpatta City is Seasons Mall, which has emerged as one of the leading hangout destinations for residents of Magarpatta as well as from across the city. Seasons Mall currently houses as much as 26 renowned retail brands as well as a hypermarket, an entertainment zone with cineplex, and a food court.
Along the Magarpatta-Kharadi bypass road, multinational corporations like Suzlon and TCS have set up their base, as have several small retail establishments which serve the residents of this area. As a micro-market, Magarpatta-Kharadi Bypass’ strategic location with good connectivity to key areas of the city has driven demand for commercial and residential real estate. The locality also benefits from another major township, Amanora Park Town, with its own retail establishment, Amanora Mall. The commercial property rates on MagarpattaKharadi bypass range between ~6,087 and 11,798/sq ft depending on the exact location and usage, while the commercial property rates in Magarpatta City range between ~7,000 and 12,000/sq ft.
The rapid boom in the commercial and IT sector along the eastern corridor is driving consistent demand for commercial real estate, and this locality also has several good examples of the walk-to-work model, which promotes a better work-life balance in Pune. Good social infrastructure, a well-established retail market and proximity to the airport make this location a preferred office and retail property investment destination.