PUNE: If not Kalyani Nagar, Viman Nagar or Koregaon Park, then what? Can it be Charoli? The area which is located in the northern part of the city, not only offers a location advantage but also provides affordable real estate properties. “Areas such as Kalyani Nagar, Viman Nagar and Koregaon Park, the time-honoured residential destinations for the high-salaried IT class, have already reached a saturation point. The options which are left are exceedingly expensive and beyond the reach of middle-income, end-users and even most investors. Kharadi, Pune’s latest and most promising IT hotspot, is rapidly heading in the same direction. Thus, Charoli comes as a sigh of relief for those who have a limited budget,” says Arvind Jain, managing director, The Pride Group.
“Since Charoli is an upcoming area and is seeing infrastructure development, the prices here, are still affordable compared to other areas around. On an average, a renowned builder is offering a 1,000 sq ft of a multi-storeyed apartment from Rs 25- 30 lakhs, whereas local builders are still offering apartments within the range of Rs 18-22 lakhs, in Charoli.” says Karan Jain, proprietor, On Line Makaan.
However, areas such as Kalyani Nagar, Koregaon Park and Viman Nagar, offer properties starting from Rs 45 lakhs. “Looking at the plots, a 1,000 sq ft residential plot in Charoli is available for Rs 5.5-6 lakhs,” Jain adds.
The area enjoys proximity to Koregaon Park and Viman Nagar. It is about 12-16 kms from the high-end residential area of Koregaon Park and Shivajinagar and is about 10 kms from the IT hub of Kalyani Nagar. Also, Charoli is about six kms from Lohegaon Airport and is about 13 kms from the Pune Railway Station. The proximity to the airport has worked for many localities. It has raised Viman Nagar and Nagar Road to the highest levels of potential and it is believed that the same factor will boost the real estate market in Charoli as well.
“Airports are massive catalysts for employment in various sectors such as hospitality, retail and logistics. Demand for residential property in and around the airport and the countless commercial undertakings it supports is extremely high. People who service these establishments need to live in the immediate vicinity and this is the primary factor behind the consistently high real estate investor interest in and around airport-centric locations,” points out Jain. Additionally, the proposed 170-km Ring Road, around Pune and Pimpri-Chinchwad, may also impact property prices in Charoli. These roads will provide inter-connectivity to Pune and the Pimpri-Chinchwad Municipal Corporation (PCMC) and beyond. Looking at this, many experts feel that the area is expected to get high appreciation in the coming years. “The area is likely to see about 30 per cent growth in real estate prices in the coming year. The area comes as a win-win situation for end users and investors,” feels Jain.
So, if you are looking for an affordable property with an unmatched location advantage that promises a good return on investment, Charoli shall sit high atop your list.