Because it is a rather closed market, resale properties are hard to find. This area is completely developed and new residential supply is extremely constrained. It is a predominantly end-user driven area, and only high-ticket investors can hope to find opportunities. The only new residential project to come up here in recent times is the ultra-luxury offering Montecito by Amit Enterprises Housing, right beside their previous offering in the same segment, 9 Green Park. Apart from that, currently there is no new residential project at Sahakar Nagar, as land availability is extremely limited.
For investors with an appetite for high-end luxury homes, Sahakar Nagar is hard to beat, as it offers a premium housing destination. The aspirational quotient of this locality is very high, thanks to its elite tag and high elevation, which affords an unmatched view of the Parvati/Taljai hills. Moreover, it is surrounded by a richly forested green belt and offers quick access to various key destinations, such as the upscale Bharati Vidyapeeth, the Swargate bus terminus via Pune-Satara road, the Mumbai-Pune Expressway via the Katraj Bypass, and the nearby City Pride Cineplex.
High-end projects in this locality sell at a premium, and rental homes also fall in the highest rental bracket. Mid-range properties on the resale market tend to be in older buildings, which nevertheless command higher rates because of the location. The current price range is between Rs 8,500 and Rs 15,000 per sq ft, depending on age, configuration, amenities offered and positioning of the project. Investors can choose from a host of options, such as gated communities, villas and high-end apartments.
The writer is managing director - Pune, JLL India