Magarpatta is one of the fast emerging localities in the eastern outskirts of Pune city. This satellite township of Pune has been witnessing tremendous real estate interest for quite some time now. This can be confirmed with the growing number of transactions and rise in property value since the last two to three years. The availability of premium and luxury apartment flats boasting of first rate amenities and at a relatively reasonable price range is one of the primary reason why there has been an increase in demand for residential units in this part of the city.
Around 30 years back, Magarpatta was conceived to include residential and corporate areas and was developed from multiple plots of land owned by farmers. This once agricultural zone now comprises of residential, commercial and corporate areas that have boosted the real estate importance of this region. Magarpatta is a part of Hadapsar and located close to Koregaon Park, Kalyani Nagar, EON IT Park, Kharadi IT Park, Hadapsar Industrial Estate and Fatimanagar. In addition to being located close to IT parks and areas of commercial importance, there are also several IT/ITeS companies that are located in Magarpatta.
Some of the corporates having their offices in Magarpatta are Accenture, Mphasis, HCL Technologies Ltd, Capita, EDS, Amdocs, Markets and Markets, Tata Elexi, Avaya, CompuCom, BNY Mellon, etc. The Cybercity Magarpatta IT Park has been one of the major attractions for IT, telecommunication and BPO companies and includes 12 towers with new SEZ towers.
One of the oldest commercial centres in Magarpatta i.e. The Mega Center houses offices of realty builders and logistics providers. Another prominent commercial centre i.e. Destination Centre holds the office of the Magarpatta Sales and Property Management Services. The rise in commercial sector in fact has been a major economic driver for residential growth in Magarpatta.
In addition to the growing number of commercial and corporate firms in Magarpatta, another reason why this locality is witnessing considerable importance is its well-connectivity with other parts of the city. Magarpatta is strategically located on NH-9, is just 5 kms from MG Road, 10 kms from Pune airport and around 7 kms from Pune railway station. It is also well-connected to its neighbourhoods and other parts of the city via good road network and first-rate public transportation like local buses and metro. Proximity to Mumbai-Pune Expressway is another factor that has contributed to the overall growth and development of this locality. Well-developed physical and social infrastructure facilities like schools, clinics, hospitals, restaurants, hotels, supermarkets, malls, banks, recreational areas, etc. make this locality a self-sufficient area.
From the point of residential development and growth, Magarpatta has already been invaded by major local developers like Marvel Realtors, Panchshil Realty, VTP Group, Vascon Engineers and Kumar Properties who offer quality, premium and affordable residential choices for interested investors and end users. Home buyers are spoilt by the range of housing options available that vary from budget housings, premium residential segment to super luxury housing options and customized luxury housing units. All these housing options not only help buyers by offering them more residential choice but also enhance their housing lifestyle greatly. The residential property price in Magarpatta can range anywhere from Rs. 4500 per sq. ft. to Rs. 14500 per sq. ft., depending on the builder, type of housing and amenities and specifications offered by them.
Great connectivity, easy accessibility to social infrastructure facilities and presence and proximity to numerous companies and IT parks are all factors that contribute to the demand for residential space in this locality. Besides these, lots of green spaces and environment-friendly practices followed in Magarpatta promote healthy environment for its dwellers. A well-developed area that also offers good ROI, Magarpatta is definitely a great place for investment in Pune real estate.