Kharadi–An upcoming residential destination with potential for price appreciation

      Comments Off on Kharadi–An upcoming residential destination with potential for price appreciation

Tushad Dubash – Director, Duville Estates

By Tushad Dubash – Director, Duville Estates

If there is one thing that creates more buzz than the Stock Exchange, it is the real estate industry! Investments in real estate are considered to be the safest and perhaps more lucrative. Commercial real estate offers rewarding returns to not only the investors but sets the pace for more development in the surrounding areas. Commercial development has more than often, paved the way for investments from residential, medical and the hospitality sectors.

The development of large commercial spaces or IT hubs often portends development of residential, medical and the hospital sectors. Ease of comfort and commute makes most of the professionals in the commercial projects invest in residential projects. This in turn, triggers an increase in the demand for residential properties. What follows is a domino effect; residences necessitating retail outlets, academic institutions, entertainment and even hospitals. Convenience, connectivity and infrastructure form the foundation of any successful real estate property.

Once a barren stretch of land, Kharadi which is situated along the banks of the scenic Mula-Mutha river is at a stone’s throw (7 km) from the Pune airport. Located in the eastern corridor of Pune city, Kharadi, noted for being the new IT hub of Pune, is today rated as an upcoming micro-market in Pune because of the immense development in a range of industries which include IT, ITES, Hospitality, Retail and even the Education sector. Kharadi comes at the third most preferred residential destination located in Pune.

Commercial / IT Hub:
Home to some of the most renowned names in the commercial & IT space, like Zensar Technologies, World Trade Centre, EON IT Park, Kharadi IT Park, Magarpatta Cyber city and Cerebrum IT Park, Kharadi also houses the esteemed EON Free Zone, a Special Economic Zone (SEZ) which includes the EON Knowledge Park. Some of the other esteemed corporates that have a presence here are Mphasis, Zensar Technologies, Tata Communications, Reliance, Wipro and Polaris. Well connected to Pune city, Kharadi has become the preferred choice for home buyers and has revolutionized the ‘Walk to Work’ concept.

Social Infrastructure:
It is a great location to live in as it houses prominent schools and hospitals. Social infrastructure has also developed on a large scale and one can see the Kharadi landscape dotted with established retail and health care brands like Reliance Mart and More Stores, Columbia Asia Hospital, Golden Hospital, Aditya Hospital, Sneha Specialty Hospital, Kohakade Hospital, Amanora Park Town, Seasons Mall, Magarpatta City, In-orbit Mall and Phoenix Market City with a PVR Multi-Screen Cinema. Reputed hospitality brands like the Taj Blue Diamond, Le Meridian, JW Marriot, Grand Hyatt, The Westin and Radisson are some of the renowned brands catering to this region. Academic institutes include Shankarrao College of Pharmacy, Kendriya Vidyalaya, Sunrise English medium school, Symbiosis and Victorious Kidss Educares

Kharadi is well connected to the rest of Pune city and the State as well. A bypass road connecting Pune-Ahmednagar state highway to Pune-Solapur National highway passes through Kharadi. A well-planned road infrastructure and ease of access to prime areas like the railway station; the Airport, Koregaon Park, Viman Nagar, Kalyani Nagar, Hadapsar, Wagholi, Magarpatta CyberCity, Chandan Nagar and Mundhwa have made Kharadi an ideal destination for investors.

Price Trend:
From commercial and residential properties to academic, entertainment and hospitality, Kharadi has developed at an unbelievable pace and has experienced an immense appreciation in property. Road infrastructure has been given a huge boost and work is in full swing to connect the Kharadi-Shivane Mula-Mutha Riverside Road, which once completed, will connect to the other side of Pune and pass through Kalyani Nagar through an arterial road, making it possible to travel from Kharadi to Kalyani in no more than 5 minutes!

Kharadi in Pune has witnessed a capital appreciation of almost 35 per cent during the last few years. From Rs 3525 per sq ft in the first quarter of 2008, the prices of residential property in the locality rose to Rs 5200 per sq ft by the first quarter of 2013. The average property prices in the area hover around Rs 5900 to Rs. 6300 per sq ft. One of the prime benefits that accrue from investing in Kharadi is speedy appreciation of realty prices, much to the delight of those who have already invested here. A windfall for investors and home buyers alike!

Future Outlook:

Kharadi has the right mix for exponential growth, and it is no surprise that it continues to be perceived as an upcoming micro-market in Pune to offer lucrative property appreciation in the years ahead.

The demand for housing is largely driven by individuals working in the IT Parks. The apartments are available in various configurations and range from 1, 2, and 3 to 4 BHK apartments and include wide-ranging amenities like a Gymnasium, a Club House, a swimming pool and more; everything to soothe the nerves after a day of hard work!.