The Founder of JetSynthesys Acquires a 100 Year Old Bungalow in Koregaon Park Pune

Rajan Navani, founder and CEO of gaming and software business JetSynthesys, has bought a century-old house in Koregaon Park, Pune, for more than Rs 62.2 crore, according to sources familiar with the matter.

This is the most expensive home transaction ever completed in Pune. 

The ground plus one-story property is spread over 1.25 acres in Koregaon Park's Lane 1, Pune's developing billionaire boulevard, and is just across the street from the Osho Ashram and Rajiv Bajaj's projected home.

The bungalow was originally owned by the Batliwala family, and the direct sellers include Antia and Roshan Taraporewala, as well as five legal heirs from the Batliwala family.

Navani and his wife purchased the roughly 7,000-square-foot property for personal use straight from the owners' family. According to the paperwork received and verified by ET, the transaction was recorded on February 28.

JetSynthesys is a subsidiary of the JetLine group, a packaging, manufacturing, and textile firm with origins in Bangkok, Thailand, dating all the way back to the 1930's.

JetSynthesys was recently in the headlines after investments by Adar Poonawala and Sachin Tendulkar. Additionally, it counts Infosys co-founder Kris Gopalkrishnan as a significant investor and chairman.

Apart from Rajiv and Sanjeev Bajaj, Farhad Forbes of Forbes Marshall, Pravin Agarwal of Sterlite Power, Anurang Jain of Endurance Technologies, and Yohan Poonawalla of Poonawalla Engineering Group are among the renowned persons who own luxurious houses in Koregaon Park. 

Recently, Emcure Pharma's promoters bought two sites next to Koregaon Park Lane 1.

The neighbourhood is largely saturated, with few accessible land parcels for future construction and a heavy concentration of luxury projects on the horizon. Between 2013 and 2021, the micro market saw approximately 600 units launched, with an average size of roughly 2,730 square feet. The neighborhood's current average home prices vary from Rs 16,000-17,000 on a carpet basis.

Koregaon Park real estate is strategically positioned and is today one of Pune's most upscale neighbourhoods, featuring extensive physical and social infrastructural features, including high-end bars and restaurants. Its closeness to Kalyani Nagar's IT cluster and the international airport give it an advantage.

Due to its central location, the district is very well linked to the city's other notable neighbourhoods. 

Numerous multi-story luxury complexes have sprouted up in the neighbourhood throughout the years, delivering state-of-the-art facilities. Dotted with posh houses and a variety of commercial and retail projects, the micromarket is a key draw for the wealthy and affluent real estate investors in the Pune property market.