HOW IS THE REAL ESTATE MARKET IN KHARADI AREA
Pune is the top performing market in the real estate domain. In 2019 Pune has contributed about 9% in India’s residential launches. The basic foundation of any real estate property is convenience, connectivity, and infrastructural development. Quality and standard of living have been the base of two micro-markets in Pune i.e. Kharadi & Balewadi-Baner. There is huge demand in both these markets with the added benefit of price values.
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 the fastest growing real estate area which is located in the eastern corridor of Pune and is situated on the banks of Mula-Mutha river. Taking extra advantage of the public infrastructure, Kharadi is blessed with lush green scenic beauty.
Being a popular IT Park, Kharadi’s commercial real estate properties have increased the demand for residential properties. Kharadi is a vibrant place in the Pune market and has attracted well-known and top developers to launch many projects.
PROXIMITY TO BUSINESS HUBS
After Hinjewadi, Kharadi has become the fastest growing IT sector and suburbs in Pune. Kharadi has the largest IT parks like World Trade Center, EON IT Park, Zensar Knowledge Park.
Kharadi is a commercial hub that has attracted a lot of professionals for residential property investment. This location is reasonable not only for those working in Kharadi Business Park but also for the professionals having their offices in Kalyani Nagar, Magarpatta City, and Viman Nagar.
MAJOR GROWTH DRIVERS
Anyone wishing to invest in real estate property will get a good ROI in the Kharadi area. The location caters to all asset purchase options such as prime location, excellent infrastructure development, world-culture and connectivity. Property prices have risen significantly over the past six years.
The decision to buy a first home or invest in commercial property has significant benefits. Kharadi has easy access to well-known shopping malls, health facilities and educational institutions.
CONNECTIVITY
Kharadi has functional connectivity to other prime locations, such as Viman Nagar, Kalyani Nagar, and Koregaon Park. This location has excellent bus services which helps for better connectivity. Pune Airport is at a distance of 7 km from Kharadi. Pune-Ahmednagar and Solapur state highways are also nearby. Kharadi allows its residents to enjoy great connectivity.
RESIDENTIAL PROPERTY MARKET IN KHARADI
Since 2013, Kharadi has launched more than 8,800 units. Kharadi delivered about 30% of projects in Pune from 2013-2017. The micro-market created huge demand for residential properties by IT-ITeS professionals. New supplies and launches in the sector have been attracting huge investments since 2017, prioritizing ready-to-use apartments.
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.
PRICE TRENDS
Investing in commercial properties and residential properties in Kharadi area 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.
FUTURE OUTLOOK
The growth of real estate in the Kharadi area has been driven by the fact that homeowners today prefer to live in areas with easy access and connectivity. Kharadi dominates the property market with various amenities and infrastructure in the luxury, ultra-luxury and affordability segments. The future of Kharadi looks promising with the rise of infrastructure development in the real estate market class.
Kharadi area also included in the metro line project by PMC. The lockdown period has made life more comfortable for most people living in cities. Kharadi caters to the need for a healthy life as it has excellent and luxury projects that provide all the facilities for the safety and comfort of the residents.
Kharadi is a location where people from all walks of life can find common ground. Investing in this booming residential property market in kharadi area would be one of the valuable decisions of a wise investor.