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Kharadi: A Growth Story

Times Property - 13 December, 2014

It's a favoured destination for residential projects, mainly targetting software professionals.

Kharadi is a rapidly developing area on the eastern corridor of Pune with a steady growth over the last three to four years. It has seen a tremendous growth and has become a preferred location for residential projects, mainly targetting software professionals.

Sachin Agarwal, CMD Maple Shelters, says, “In the past, Pune's eastern corridor along the Nagar road delivered new locations that became hotbeds of real estate development within short periods. Kharadi was seen as little more than remote industrial regions. Today, the area has undergone a massive image makeover, thanks to economic development along the Nagar Road belt.'' Kruti Jain, Director, Kumar Urban Development Ltd.(KUL), agrees. “ Khardi has established itself as an IT destination. Significantly, information-technology has worked well for the Pune's real estate market in the past, and it will continue to be its most decisive driving factor in the future,“ she says.

Professionals are keen to live here as big IT companies like Zensar, Tata Communication, Honeywell, Eclypsis, Synechron, Eaton, Mphasis (EDS), Wipro, Reliance and Softinfology Pvt Ltd are based here.

According to Rohit Gera, MD, Gera Developments, “ Kharadi is poised to become the best suburb micro-market in Pune. There are a number of reasons for this.Firstly, it falls within the limits of the Pune Municipal Corporation (PMC). The road infrastructure is being developed to the full width as shown in the development plan for most of the roads. Additionally, land parcels in the area are, for the most part, reasonably large and this facilitates gated communities to be developed. Also since the area has no slums, the entire area is being developed fresh and this adds to the quality of the development of the micro-market.“

As Pune is already a wellestablished IT destination, and has been giving the likes of Bengaluru and Hyderabad a tough competition. Kishor Pate, CMD Amit Enterprises Housing Ltd, analyses, “The burgeoning IT industry in areas like Kharadi, are drawing massive amounts of information technology business into the city . This has also had a major impact on the real estate sector.“ Even people who are working in Ranjangaon, an MIDC area which has big names such as LG, Whirlpool to name a few like to reside in Kharadi and commute to their workplace which would ensure that they are able to cut their travel time and spend more time with the families.

The presence of medical infrastructure and social infrastructure also attract the homebuyer to this location.The phenomenal growth of Kharadi today can be attributed to the upcoming five star hotels, an operational 4 million sq ft. IT SEZ known as EON, commercial as well as residential projects and its close proximity to the Pune airport (eight km) and railway station (nine km). The neighborhood of Kharadi comprises areas like Magarpatta City, Hadapsar, Wagholi, Viman Nagar, Kalyani Nagar and Koregaon Park. The area is also popular for its unrestricted panoramic view from all sides and offers a nice blend of modernisation and a charming ambience.

Also, with the road infrastructure bringing the city closer and shortening the distances, this area is giving developers a chance to explore both commercial as well as residential opportunities. Om Ahuja, CEO Residential Services, JLL India, says, “Nagar Road-Viman Nagar-Kalyani Nagar-Kharadi-Yerwada belt is defined by a robust demand for commercial office space, underscoring the bullishness for residential developments there. Specific pockets in this belt have very notable developments that are great buys for homebuyers and very attractive investment propositions over the medium to long term.“

Arvind Jain, Managing Director Pride Group, adds, “Workplace hubs have also been cropping up all over the peripheral areas of Pune and Kharadi is notable example.The location is the focal points of new residential catchments, and while properties in these areas tend to be relatively more affordable, they tend to appreciate fast because they are driven by employment.“

Even Gera is optimistic when he says, “The area will witness tremendous growth as it has a lot of potential in terms of the future. The presence of multiple work opportunities, proximity to the airport, social infrastructure, and absence of slums are all factors that will only add to the value and appeal of this market.“

However, experts also caution that it is crucial that people buy from reputed developers in this area. They recommend visiting the existing and ongoing projects of any developer before buying with them. It is very important to see the quality of development as well as check whether projects are handed over to the owners. Talking to existing customer also is a vital step in making the final decision.The most important aspect is the track record of developers. Before buying in any area, it is important to weigh all the pros and cons and make sure you are not turning a blind eye to key details when buying especially from fly-bynight operators.

Dt. 13.12.2014. Pg. 3

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