The blend of modern and traditional cultures, Pune was also a pensioner’s paradise for long. The city has expanded rapidly over the past few years and has become a preferred destination for several engineering, IT, BPO and software companies that have set up facilities there.

Driven by this positive growth in the local economy, real estate in Pune is booming. A large community of the middle and upper middle class is opting to buy stylish apartments in townships that have everything from swimming pools, gyms, squash courts to recreation centres. Some of the more sought-after addresses today are Hinjewadi, Kharadi or Hadapsar.

Seeing the potential of this manufacturing and growing IT hub of India, Bangalore-based Sobha Developers Limited (SDL), this week announced the launch of its first residential project Sobha Carnation in Pune. Apart from its prime location, it has picturesque hills in the background. The project site is located in fully-developed NIBM Khondwa area serviced by a 24 mX 18 m wide road.

The first phase of the project would be spread across 5.7 acres of land consisting of 116 luxurious three to four bedroom high-rise apartments and few duplex apartments and penthouses. A 17-acre, sprawling Sobha Carnation will have a range of world-class facilities translating into global living standards.

Located on the south-east, the project cost is estimated to be approximately Rs 120 crore and Sobha aims to complete this project by December 2009.

Speaking at the public launch later, Ravi Menon, vice chairman, Sobha group said, “Tier II cities offer tremendous potential for real state development. We aim to capitalise on this huge opportunity by offering the best of facilities to the consumers. Sobha Carnation is our effort to fulfill the aspirations of the people of Pune, known for its esteemed colleges, educational institutes and technological infrastructure”.

With prices starting at approximately Rs 3,500 per sq ft, the township is targeted at the upper-end consumer. “Being a virgin territory with a huge land base, Pune is the right choice for developers today.

Further, with a huge demand-supply gap in this city coupled with the fact that real estate rates in the city have not seen a downslide as is the case with the other cities, Pune continues to be an attractive option for developers and consumers alike,” says S Baaskaran, regional director, Sobha Developers.

Some of the project highlights are:

• A total area covering 17 acres with dedicated green cover.

• Development in phase I will be spread across 5.7 acres of land consisting of four penthouses with state-of-art architecture, 16 four-bedroom duplex houses, high-rise residential blocks with sprawling 64 three-bed room / 32 four-bed room apartments measuring from 2,220 sq ft to 3,935 sq ft.

• State-of-art clubhouse measuring 1,000 sq mt offering gymnasium with steam, sauna and Jacuzzi, Multipurpose party hall, Table Tennis room, Reading, card and carom room, Creche.

• Other amenities include swimming pool, amphitheatre, tennis court, children’s play area, jogging track and CCTV for security.

Source: The Financial Express