Times Property - March, 2005

Kharadi is witnessing a boom in property development, thanks to the influx of top builders and information technology companies.

Two years ago, Punekars describing Kharadi as a place with development potential were dismissed as hopeless optimists. Today, they are being hailed as visionaries. During this period, Kharadi has been increasingly luring top IT companies duet to its low pricing and proximity to prime locations like Kalyani Nagar and Viman Nagar. These factors have, in turn, triggered off a demand for quality residential space as well, from IT sector professionals working in these companies.

Meanwhile, a proposal for private participation in infrastructure development, which is currently at the discussion stage, has only added to Kharadi’s appeal as an IT destination. After all, good roads are essential for the location to induce multinationals and considering the current resource crunch being faced by the Pune Municipal Corporation (PMC); such a concept is only too welcome. Once the proposal is finalized and receives the green signal from the PMC, Kharadi should become an even more attractive IT destination than it is at present.

One plus point is that most of the new developments are townships by reputed developers. As a result, the area has emerged as an ideal investment proposition too. Certain premium projects in the area currently command a rate of Rs. 1050 per sq. ft., which is considerable appreciation over the Rs. 600 per sq. ft. quoted a couple of years ago. Even the builders setting up large township projects in this once sleepy village are amazed at the speed with which its perception has changed.

In the current scenario, Kharadi is considered an ideal locality for a software park or for residential purposes.

Towards the North the 200 ft. wide Nagar Road leads to Koregaon Park, five-star hotels, hospitals and the airport. On the South side, a few minutes drive down the Solapur-Pune highway gets you to the Race Course and the shopping complexes, theaters, restaurants and designer boutiques of M G Road.

Several schools and colleges lie within easy reach of Kharadi. IT landmarks like the Zensar Technologies building show a glimpse of what the future holds, while a residential project targeted at the defence forces in the vicinity, draws yet another segment of buyers to the area.

Rohit Gera, director, Gera Developments, points out that the scope for further development in Kharadi is tremendous. “There is ample vacant land available, so development is taking place in a phased and planned manner. You have five million sq. ft. of IT space coming up and the quality of infrastructure will be definitely better, so I think the area has a great future”.