It is said that a picture speaks a thousand words . Well, in this case, a chart speaks more than that. Clearly, the per sq feet rates are showing the upward trend for the past 8 months – Prices have gone up by more than 15 % on average.
However, the price rise shown above cannot be only attributed to the growing demand. It should also be attributed to combination of many other factors, which are contributing to the rise of Kharadi as a prominent Real Estate destination on the map of Pune. So much so, property enthusiasts are now touting Kharadi to be the next Koregaon Park.
What has raised the profile of Kharadi?
According to NASSCOM, Kharadi is among the townships that have witnessed a sharp rise among the key IT destinations in India. The luxury residential projects as well as availability of large commercial spaces have increased the attractiveness of Kharadi by leaps and bounds.
Kharadi has 2 SEZs already along with many more large IT parks. A lot of luxury hotels are coming up, with few being fully operational as well. Definitely such developments will spark growth from a multiplex, hypermarket and mall perspective as well.
Proximity to airport is another reason why the IT companies look at Kharadi in a positive manner. Traffic and connectivity to Pune airport has been steadily rising over the past decade and this has given credence to the possibility of development of the Kharadi region at an even faster pace, considering that it is as close at 8 km from the airport.
Obviously, some of the inherent qualities of Pune, such as being an educational hub helps all its regions as well. Currently there is an over-supply situation of good projects in Pune and yet there is demand, if not from the end-users, then from the NRIs and investors. The demand is from the future perspective when there is anticipation of greater development of Pune, and regions like Kharadi.
However is this the complete picture?
Will the promises of infrastructure and amenities in the region be fulfilled? Can connectivity to important spots like Pune station road and Deccan be improved? Today, for a common man, taking an auto rickshaw to station will cost above hundred rupees. Clearly, better infrastructure and more options for public transport would be necessary for Pune to continue its march as a top IT destination at a world level.
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