Pune is among the top-performing market destinations in the Real Estate domain. Pune has contributed about 9% in India’s residential launches in 2019. The basic foundation of any real estate property is convenience, connectivity, and infrastructural development. Quality and Ease of living have been the base of two micro-markets in Pune, Balewadi-Baner, and Kharadi. These two markets are driving immense demand with an added advantage of price appreciation.
Let’s explore this real estate market and how it affects the residential property valuations in Kharadi, Pune
About Kharadi Real Estate market
Kharadi is a prominent and rapidly growing Real Estate zone. Kharadi lies in the eastern corridor of Pune and is situated along the banks of Mula- Mutha river. Kharadi is blessed with lush green scenic beauty with an added advantage of public infrastructure.
Being a new and famous IT zone, Kharadi’s Commercial Real Estate properties have given a rise in demand for residential properties. Kharadi being a vibrant destination in the Pune market has attracted well known and topmost developers to launch several projects. Kharadi gained its demand in the early 2000s with a mix of commercial and residential properties in the vicinity; it’s now known for its “walk- to- work” concept.
Proximity to Business Hubs
After Hinjewadi, Kharadi has become one of the fastest-growing IT sector and suburbs in Pune. Kharadi is home to some of the biggest IT parks like World Trade Center, EON IT Park, Zensar Knowledge Park. Kharadi location also caters to Ranjangaon’s MIDC area having the best manufacturing firms and its operations.
Kharadi is a commercial hub that has attracted a lot of professionals to make residential property investments. This location is logical for investing not only for those working in the Kharadi Business park but also for the professionals having their offices in Kalyani Nagar, Magarpatta City, and Viman Nagar.
Major Growth drivers
Anyone willing to invest in real estate properties will get a great Return-on-Investment in the Kharadi market. This location fulfils all the property buying checkpoints like prime location, excellent infrastructural development, cosmopolitan culture, and connectivity. There has been a significant rise in property prices for the last six years.
The decision of buying a first home or investing in commercial properties has significant benefits. Kharadi also has Ease of access to renowned shopping malls, healthcare facilities, and educational institutes.
Kharadi has functional connectivity to the other prime locations of the city, elite areas like Kalyani Nagar, Koregaon Park, and Viman Nagar are in close proximity. The location has the best of bus services which helps for better connectivity in the nearby vicinity. Pune airport lies in a radius of 7 km from Kharadi. The state highways of Pune-Ahmednagar and Solapur are also nearby. Kharadi allows its residents to enjoy the best of connectivity.
residential property Market in kharadi
Since 2013, Kharadi has launched over 8,800 units. Kharadi delivered about 30% of projects in Pune from 2013-2017. The micro-market created a huge demand for residential properties by IT-ITeS professionals. New supplies and launches in this area continued to attract huge investments preferring ready-to-move-in apartments since 2017.
Kharadi has continued to be an immense source of investment hub for both residential and commercial properties. The cosmopolitan culture with amazing amenities and recreational facilities provided by the developers make home buyers feel at Ease. Developers have well-catered buyers’ needs in their real estate projects.
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Investing in residential property in kharadi, Pune has been beneficial for most of the investors because of its speedy appreciation of property prices. This location has witnessed capital appreciation since the last few years of about 35%. The prices of the residential property were Rs 3525 per sq ft, and the prices rose up to Rs 5200 per sq ft by 2013. Since the majority of the buyers are IT professionals in this area, developers have focussed on launching mid-segment projects.
Since 2015, almost 73% of supply has been in the mid-segment, ranging from ₹ 40 lakh – ₹ 80 lakh. The flat prices appreciated by about 2% from 2013. Not many launches were possible in this area since 2017, due to the impact of DeMo, RERA, and GST.
Kharadi has spurred Real Estate growth as homebuyers today prefer to live in the vicinity having Ease of access and connectivity. Kharadi dominates the property market with luxury, ultra-luxury, and even the affordable segment with varied amenities and infrastructure facilities. The future real estate market of Kharadi looks promising with the best in class infrastructural development.
Kharadi is also one of the destinations being included in the metro line project by PMC. The lockdown period has created the importance of spacious living amongst most of the people living in cities. Kharadi satisfies the need for healthy living as it holds the best of spacious and luxury projects providing all the facilities for resident’s safety and comfort.
Kharadi is a location where people from all walks of life can find common ground. Investing in this booming residential property market would be one of the valuable decisions of a wise investor.