Industrial and commercial growth, coupled with improving infrastructure, is expected to boost Chakan’s residential market in 2018.
A suburb that was once recognised as the city’s industrial corridor is now an emerging residential market. We are talking about Chakan – the industrial and automobile hub of Pune.
Constant demand from buyers and investors has encouraged several developers to launch their projects here. With almost 130 new projects, both ready-to-move-in and under construction, Chakan is expected to move up the realty growth ladder of Pune in 2018.
Lately, Chakan has also been receiving a lot of attention from the Maharashtra government in terms of infrastructure. What better time than now to invest in Pune’s Chakan?
Let’s find out more.
Locating Chakan
Located on NH- 50, Chakan is situated about 30km away from the city centre. It is strategically nestled between Pune and Nashik.
Chakan enjoys connectivity via the Talegaon-Chakan Road and Chakan-Shikrapur Road that run through the area. It also boasts of robust bus connectivity through the Pimpri Bus Stand, Bhosari Bus Depot, and the Pune Bus Stand that are in the vicinity.
The Pune Airport, which is situated at a distance of 28km, can be reached within an hour.
While there is no metro connectivity at present, the Maharashtra Metro Rail Corporation is looking to connect the Nashik Phata-Moshi and Moshi-Chakan routes to improve connectivity to the industrial town.
The growth drivers
A major industrial hub, Chakan is home to a Special Economic Zone, which is promoted by the Maharashtra Industrial Development Corporation.
Additionally, it also houses several production plants for automobile giants like Jaguar Land Rover, Volkswagen, Bajaj Auto, and Mahindra & Mahindra.
Further, furniture major Ikea has also announced an investment of Rs 100 crore for setting up a warehouse in Chakan.
Social infrastructure
Chakan has well-established educational institutions like the Vidya Valley International School, PK International School, and AMS School. Some of the leading healthcare centres include the Core Hospital and Chakan Criticare Hospital. For shopping, the Aishwarya Icon Mall can meet most needs.
Another significant charm of the area is the Chakan fort that was once the domain of Chhatrapati Shivaji.
In terms of governance, Chakan falls under the purview of the Pune Metropolitan Regional Development Authority.
The new airport
The Maharashtra government recently gave the green signal for establishing an airport at Purandar. This would significantly boost real estate demand in Chakan.
Along with this, there is a ring-road planned that will connect major industrial establishments in Chakan.
The real estate scenario
Moreover, as per our data, Chakan has over 130 projects available for sale across segments.
Property values in Chakan have shown a gradual growth over the last two years. At present, apartments of 700-1,200 sq. ft. are available in the price range of Rs 2,700-4,200 per sq. ft. Thus, a 700 sq. ft. apartment, for instance, would roughly cost about Rs 19 Lakh.
Some of the popular projects in the area include:
- Shivam Greencourt
- Surabhi Iconica
- Sara City Phase 5
- Mantra Residency
- Pavani Park
Major challenges
Disposing industrial waste has always been a major problem in Chakan. Until now, there was no waste treatment plant for non-hazardous industrial waste. To address this, the Maharashtra Industrial Development Corporation and the Federation of Chakan Industries recently announced a plan to set up a waste treatment plant.
Rapid industrial development has also added to the traffic woes in Chakan. The situation becomes worse during the monsoon when a heavy spell of rain leads to waterlogging.
Recently, some of the leading industrialists urged the authority to widen a 20km stretch from Talegaon Dabhade to Chakan for smooth flow of traffic.
Should you buy in Chakan?
Well, considering the affordable price and development plans, Chakan promises good investment potential.
If you are working in the industrial area and are looking to buy a home, then Chakan is worth your consideration. The area is also a safe bet for investors with a short-term horizon of 3-4 years.