For many years, Pune has figured among the top five cities to live in, in India, thanks to its consistently pleasant weather, proximity to Mumbai, cosmopolitan crowd, and top-ranked colleges to choose from. But there is more to Pune than these. In recent years, this sleepy city has been transformed into a hive of activity with the arrival and growth of IT companies and automobile manufacturers.
One such locality in the city that has seen a sea change over the past few years is Kharadi. Once a village, the town now echoes with the sounds of construction as big, flashy buildings rise at a rapid pace. Residential projects and commercial parks vie for space as more and more IT industry professionals flock to the town.
Sleepy town transforms into IT hub
Located along Pune’s eastern corridor, Kharadi was once a remote region, which has now become an IT hub with the presence of IT bigwigs like Zensar, Mphasis, Honeywell, and Reliance, among others. Once the IT crowd started to gravitate to this year, it didn’t take too long for five-star hotels to cash in to match the growth and expansion.
In fact, it is the advent of five-star hotels along with the establishment of the 4 million sq ft large EON, an IT SEZ that has given value to Kharadi’s real estate. Zensar Knowledge Park and the World Trade Center are other prominent business parks in Kharadi. Situated a mere 10 km away from Pune Airport and with prime neighbourhoods like Magarpatta, Hadapsar, Kalyani Nagar, and Koregaon Park, all within its reach, Kharadi has begun to gain recognition for being not just accessible but also for its affordability.
Kharadi’s landscape is now slowly changing with new hospitals, schools, malls, and other amenities being set up. A new road now connects Kharadi to Mundhwa. And there is something soothing about Kharadi with the verdant hills of the Deccan Plateau in the background. The IT hub is now definitely in high demand, particularly among young families. Some of Maharashtra’s tourist hot spots such as Lonavala, Lavasa, and Mulshi are close by as well.
Affordable and value for money
Kharadi’s real estate prices have also subsequently shot up with its growth, but it continues to be affordable to mid and junior level professionals right now. Kharadi’s propinquity to tony areas like Koregaon Park makes it a key location. Kharadi’s real estate prices currently range between Rs 2,889 to Rs 20,000 per sq ft with the average at Rs 13,876 per sq ft making it more accessible to the average wage earner.
But it is not going to stay that way for too long as these rates are appreciating rapidly. Luxury and premium housing segments are also in the pipeline making Kharadi a very valuable area for investors to target. It is no wonder that Pune made it to the Economic Times’ Ten Smart Cities to Invest In with a special mention for Kharadi as a prime neighbourhood to scout around for affordable housing.
From a sleepy village, Kharadi’s bustling growth is an indication of India’s future growth as well. IT has transformed this suburb into the backbone of Pune’s economy.
