Kharadi among top Pune Metamorphosis catalysts!
By Tushad Dubash, Director, Duville Estates
The genesis of Pune into the metropolis that it is today began decades back when a dearth of land parcels to accommodate the growing real estate requirements of the IT boom in Mumbai necessitated a shift to a more viable option in Maharastra. Pune, also known as the “Queen of the Deccan” is the second most populated city in the state of Maharashtra and the ninth-most densely inhabited city in India. The city is considered to be one of the fastest growing cities in the Asia-Pacific region. In a report published by ‘Liases Foras - Residential Market Report on 35 Indian cities’, Pune ranks third in the sales performance index. The western suburbs of Pune, namely Baner, Hinjawadi, Aundh, etc. have been the first choice of developers due to its proximity to Mumbai. Owing to the rapid development in the eastern region of the city, the suburbs of Kalyani Nagar, Hadapsar, Magarpatta, Kharadi, etc. have become prominent for developers, IT hubs, commercial spaces and other social infrastructure.
Rapid infrastructure development coupled with a favorable geography that allows lateral growth as opposed to Mumbai has seen pune being rated as one of the best upcoming markets with several micro-markets in and around the city. Primarily because of its infrastructural development and the development of large commercial spaces and IT hubs, Kharadi which is a stone’s throw away from Pune airport, Viman Nagar and Kalyani Nagar is fast becoming the most vibrant neighborhood in Pune's Eastern Corridor.
The real estate sector started to flourish in Kharadi during 2004 with the launch of Kharadi Knowledge Park, which was one of the city's three Government administered IT Parks during that time. The launch of Kharadi Knowledge Park was essentially due to the strong demand from local developers, who saw the area’s unexpressed potential to initiate land development in this part of the city. The flourishing of office spaces for multiple segments, the MNCs and SMEs is definitely adding up, thereby helping the eastern suburbs of Pune gain fast ground.
Benefits of buying property in Kharadi:
Kharadi serves the needs of those living in Kharadi who have to travel outside of its confines to Magarpatta, Hadapsar, Koregaon Park, Viman Nagar, Kalyani Nagar etc and for those staying in the other suburbs of Pune who have to travel to Kharadi. The suburb is home to some of the most renowned names in the commercial & IT sector, like Zensar Technologies, World Trade Centre, EON IT Park, Kharadi IT Park, Magarpatta Cyber city and Cerebrum IT Park. The esteemed EON Free Zone, a Special Economic Zone (SEZ) which includes the EON Knowledge Park is also located in Kharadi. Some of the other corporate names that have an established presence in the area are Barclays Technology Center, Credit Suisse Services, Citicorp Services, Sungard, Mphasis, Zensar Technologies, Tata Communications, Reliance, Wipro and Polaris. Educational institutes like Kendriya Vidyalaya, Symbiosis International, Dhole Patil College of Engineering, Don Bosco High School, and some other English medium schools ensure multiple educational opportunities to the residents. The presence of some of the best brands in healthcare like Columbia Asia Hospital, Motherhood for Maternity, Golden Hospital, Aditya Hospital, Sneha Specialty Hospital, Kohakade Hospital are all within the suburb. Kharadi also benefits from popular social infrastructure, Amanora Park Town, Seasons Mall, Magarpatta City, InOrbit Mall and Phoenix Market City with PVR Multiplex and family restaurants adds up to the recreational prospects of locality.
With existing and new infrastructure coming up like the New Kharadi-Shivane Riverside Road which will link Kharadi to Kalyani Nagar in approximately 11 minutes time, Kharadi is witnessing rapid growth. Kharadi has grown at a CAGR of almost 8.62% and has provided an absolute return of 39.22%*. In terms of time taken for inventory to get sold, Kharadi has registered a faster pace of inventory off take versus other micro geographies in the Pune Municipal Corporation. Kharadi has registered more new residential project launches across a wider spectrum of product offerings compared to the other micro geographies in Pune.
While Kalyani Nagar and Viman Nagar have grown over the years, Kharadi is also fast becoming one of the most buoyant micro-markets in Pune today. It has the right mix for exponential growth, and it continues to be perceived as an upcoming real estate destination in Pune to offer lucrative property appreciation in the coming years. The affordable, Premium and Premium plus segments are witnessing growing demands. The ongoing road infrastructure projects will improve the connectivity to fringe and core areas of Pune. In the coming days, demand for residential property in Kharadi will attract more developers to embark on new residential projects, thereby boosting the prospects of the area develop into a favored residential destination.
In-house sales data, 99acres and MagicBricks