PUNE: The residential property market has altered Pune’s landscape and changed the city’s dynamics.
The IT boom and the skilled workforce that this boom has attracted have resulted in the city being one of the most sought-after real estate destinations in the country.
Known as the Oxford of the East, this educational hub is slowly transforming itself to make way for the MNCs coming in to set up their facilities here. Surrounded by hills and with good connectivity to Mumbai commercial capital of the country the city has an international airport, is well connected by rail and road networks. The Mumbai-Bangalore Infrastructure Corridor promises to keep this growth story buoyant. In addition to this, the expressway to Mumbai and the townships along the expressway are rapidly propelling the realty growth.
The special economic zones (SEZs) planned for setting up of facilities in automobile, manufacturing, pharma and IT sectors have resulted in the creation of several micro markets. These micro markets are self-sustaining. This is because in addition to offering employees at these facilities residential catchments in the vicinity, they also offer social infrastructure such as schools, hospitals and retail clusters.
One such micro market is located at Kharadi. Located in the east of the city, Kharadi is well connected with good infrastructure coming up in its vicinity.
“Situated along the Kharadi Hadapsar bypass Road, Kharadi has the unique distinction of being accessible from three focal points of commercial importance. In earlier years, it was home to oat and groundnut farmers. Today, it is a hotbed for IT development because of its excellent road network. The EON SEZ and other IT Parks in neighbouring Kalyani Nagar and Nagar Road have transformed the area into a prominent IT/ITeS destination. This has also helped change the profile of the population residing in these pockets. Some of the city’s major developers have their residential projects in Kharadi,“ says Sanjay Bajaj, Managing Director-Pune, JLL India.
Connectivity The biggest factor that influences growth in Kharadi is its proximity to the international airport. A location near an important infrastructure project like the airport is bound to develop to its full potential. “We decided to invest here owing to the proximity to the airport and my workplace,“ says Karan Singh, IT professional. “The locality also has good social infrastructure and will grow as an investment in the coming years,“ adds Karan.
An added advantage is Kharadi’s close proximity to the Central Business District (CBD) areas and its large number of IT facilities.
“Kharadi’s biggest market drivers are its massive IT presence as well as its good connectivity to the airport, railway station, Nagar Road, the CBD nexus of Bund Garden Road, Koregaon Park, Dhole Patil Road, Kalyani Nagar and Sholapur Road. In addition, it is flanked by industrial zones of Sanaswadi, Ranjangaon and Hadapsar. Kharadi also has some of Pune’s major malls like Phoenix Market City, Inorbit and Amanora in its immediate neighbourhood. All these factors combine to make Kharadi one of the most preferred residential destinations in “ the city,“ explains Sanjay.
From an investor’s point of view, location is what matters for a property to appreciate to its maximum. “I firmly believe that the investment will pay rich dividends as the fundamentals of this area are s right. Good connectivity, location e of commercial and retail establishments and upcoming residential projects. All these make Kharadi an investors delight,“ says Ujwal Pathak, an HR professional.
“For mid-term and long-term investors, Kharadi is a perfect destination because the price points e are right and the market drivers x are in place. Kharadi has quality infrastructure in place,“ Sanjay concludes.