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3 Reasons to Invest in Kharadi
Kharadi in Pune is becoming popular as one of the most sought-after and fastest developing localities backed by the expansion of IT, retail and hospitality sector in the region.
Pune’s realty has always been thriving on the Information Technology (IT) growth in the city. This is one of the reasons why many localities in east Pune are witnessing steadfast growth compared to others. These locations are not only centers for IT activities but also preferred residential hotspots, promoting the ‘walk to work’ culture. Kharadi is one such micro-market that has emerged as a booming destination for investment for this very reason.
Kharadi houses some of the most renowned commercial IT spaces in Pune, including Zensar Technologies, World Trade Centre, EON IT Park, Kharadi IT Park and Cerebrum IT Park. The area is also home to the EON Free Zone, a Special Economic Zone (SEZ), which has offices of many esteemed corporates such as Tata Communications, Reliance, Wipro and Polaris.
Considering the growing demographics of young working professionals, Kharadi has seen the development of many entertainment hubs and malls in the vicinity, including Aqua Lounge, Blue Frog, and SGS Mall, Town Centre, Phoenix Market City, and Seasons Mall. The area has many hospitals with Columbia Asia Hospital being the largest. Reputed hospitality brands like Taj Blue Diamond, Le Meridian, JW Marriot, Grand Hyatt, The Westin and Radisson are catering to the region.
Since Kharadi falls within the limits of the Pune Municipal Corporation, it has been on the civic body’s development radar for last few years. The area boasts of swanky new roads and civic infrastructure. The presence of large IT Park has led to medical and hospitality development the region, which in turn, has triggered the demand for residential properties. What followed is a domino effect – residents demanding retail outlets, educational institutions, entertainment and even medical centres, contributing to Kharadi’s improved livability index. This justifies why Kharadi registered one percent* increment in capital values in the first quarter of 2017 while the city’s other key localities continued struggling post the Centre’s demonetisation drive. The average property prices in the area hover around Rs 6000 to Rs. 9500 per sq ft.
“Since Kharadi is near the IT SEZ EON, most of the workforce prefers to live nearby. However, due to the transitory nature of IT jobs, many people prefer to rent homes in the locality. The area offers a wide choice of apartments on lease due to close proximity to Kalyani Nagar, Koregaon Park, Viman Nagar and Wadgaon Sheri. This location is a small detour from the main road and is the perfect location to reside in”
Since smooth connectivity is the key for any emerging rental market, monthly ‘asks’ in Kharadi leverage on its close proximity to the Pune airport (8 km) and railway station. A bypass road connecting Pune-Ahmednagar Highway to Pune-Solapur National Highway passes through Kharadi, which connects the micro-market to key localities in Pune. The monthly rents for 1BHK, 2BHK and 3BHK range between, Rs. 9,000 – 11,000, Rs 14,500 – 17,000 and Rs 21,500 – 24,500, respectively.
In a price sensitive and end-user focused market like Pune, price appreciation is dependent on the presence of IT Parks in the vicinity. Since Kharadi offers the same, it is no surprise that it will continue to offer lucrative property appreciation in the years ahead. “With improving physical and social infrastructure, property rates in the area are expected to grow by up to 15 percent on yearly basis”.
As expected by industry experts, the area will gain the status of a self-sufficient locality, post the completion of following upcoming infrastructure initiatives:
- A dedicated Pune Metro station through an extension of ‘Vanaz to Ramwadi’ line.
- Bus Rapid Transit System (BRTS) connectivity under the Warje -Kharadi corridor.
- 23 km, six-lane Kharadi-Shivane, Mula-Mutha Riverside Road, making it possible to travel from Kharadi to Kalyani in five minutes.
The area which has an increasing population of young professionals working in the service (retail and hospitality), IT and manufacturing sectors is expected to see a great demand for mid-segment housing – an opportunity for long-term investors to capitalise on.
Kharadi is a rapidly developing area on the eastern corridor of Pune with a steady growth over the last three to four years. It has seen a tremendous growth and has become a preferred location for residential projects, mainly targeting software professionals.
“In the past, Pune’s eastern corridor along the Nagar road delivered new locations that became hotbeds of real estate development within short periods. Kharadi was seen as little more than remote industrial regions. Today, the area has undergone a massive image makeover, thanks to economic development along the Nagar Road belt.” “ Khardi has established itself as an IT destination. Significantly, information-technology has worked well for the Pune’s real estate market in the past, and it will continue to be its most decisive driving factor in the future“.
Professionals are keen to live here as big IT companies like Zensar, Tata Communi cation, Honeywell, Eclypsis, Synechron, Eaton, Mphasis (EDS), Wipro, Reliance and Softinfology Pvt Ltd are based here. “ Kharadi is poised to become the best suburb micro-market in Pune. There are a number of reasons for this.Firstly, it falls within the limits of the Pune Municipal Corporation (PMC). The road infrastructure is being developed to the full width as shown in the development plan for most of the roads. Additionally, land parcels in the area are, for the most part, reasonably large and this facilitates gated communities to be developed. Also since the area has no slums, the entire area is being developed fresh and this adds to the quality of the development of the micro-market.“
As Pune is already a well established IT destination, and has been giving the likes of Bengaluru and Hyderabad a tough competition. “The burgeoning IT industry in areas like Kharadi, are drawing massive amounts of information technology business into the city “ Even people who are working in Ranjangaon, an MIDC area which has big names such as LG, Whirlpool to name a few like to reside in Kharadi and commute to their workplace which would ensure that they are able to cut their travel time and spend more time with the families.
The presence of medical infrastructure and social infrastructure also attract the homebuyer to this location.The phenomenal growth of Kharadi today can be attributed to the upcoming five star hotels, an operational 4 million sq ft. IT SEZ known as EON, commercial as well as residential projects and its close proximity to the Pune airport (eight km) and railway station (nine km). The neighborhood of residential projects in Kharadi comprises areas like Magarpatta City, Hadapsar, Wagholi, Viman Nagar, Kalyani Nagar and Koregaon Park. The area is also popular for its unrestricted panoramic view from all sides and offers a nice blend of modernisation and a charming ambience.
Also, with the road infrastructure bringing the city closer and shortening the distances, this area is giving developers a chance to explore both commercial as well as residential opportunities. “Nagar Road-Viman Nagar-Kalyani Nagar-Kharadi-Yerwada belt is defined by a robust demand for commercial office space, underscoring the bullishness for residential developments there. Specific pockets in this belt have very notable developments that are great buys for homebuyers and very attractive investment propositions over the medium to long term.“
“Workplace hubs have also been cropping up all over the peripheral areas of Pune and Kharadi is notable example. The location is the focal points of new residential catchments, and while properties in these areas tend to be relatively more affordable, they tend to appreciate fast because they are driven by employment.“
“The area will witness tremendous growth as it has a lot of potential in terms of the future. The presence of multiple work opportunities, proximity to the airport, social infrastructure, and absence of slums are all factors that will only add to the value and appeal of this market“