Pune’s Most Expensive Penthouse Sale
A 12,000-square-foot penthouse in Pune has been sold for a record-breaking Rs 37 crore. This landmark transaction marks the highest price ever achieved for a residential property in the city. The luxurious penthouse is located in Lodha One, Bund Garden, a prestigious project developed by listed real estate developer, Lodha, also known as Macrotech Developers.
Surge in Luxury Apartment Deals
Over the past two years (since April 2022), Pune's luxury real estate sector has experienced a significant upswing, registering 32 apartment deals with agreement values surpassing Rs 10 crore. The previous highest recorded value for a deal stood at Rs 18.5 crore. The sale of the Lodha One penthouse sets a new benchmark for luxury residential prices in the Pune market.
Lodha One: A Premium Offering
According to Lodha, the Lodha One (Bund Garden) penthouse is the most expensive in its segment post-RERA registration, commanding a price per square foot between Rs 28,000 and Rs 29,000. Lodha One stands as the developer's inaugural foray into Pune's luxury housing segment. The opulent penthouse within the project is known as the Emperor Palace. The developer attributes the decision to develop Bund Garden to the increasing demand for luxury properties coupled with Pune’s dwindling land availability.
Luxurious Amenities and Design
Lodha One Bund Garden spans three stories, offering homeowners exclusive features such as private terraces and pools. Complementing these offerings is Saint Amand, Lodha's dedicated private hospitality service. It provides an array of bespoke services tailored to residents’ needs. Designed by the Singapore-based firm, Sitetectonix, the project reflects Lodha’s design philosophy. Lodha One boasts the title of Pune Camp's tallest tower. Two magnificent 150-year-old banyan trees will take center stage in the project's landscape design.
Pune Real Estate Market Overview
Data from real estate consultancy Knight Frank India reveals consistent property registration numbers in the Pune market. The average number of registrations in the Pune district hovers between 14,000 and 20,000 units. The majority of registered properties fall within the price range of Rs 50 lakh to Rs 1 crore.
Property Registration Breakdown (March 2024)
According to Knight Frank India's data, in March 2024, more than 21,000 properties were registered in the Pune district. The distribution across price brackets demonstrates a robust middle-class segment of property buyers. The data suggests that the following segments contributed the most to the number of property registrations:
- Rs 50 lakh to Rs 1 crore: 33%
- Rs 25 lakh to Rs 50 lakh: 32%
- Rs 1 crore to Rs 5 crore: 14%
- Above Rs 5 crore: <1%
This data highlights the diverse range of properties registered in Pune, showcasing the dynamics of a thriving real estate landscape.