When an IT hub emerges in a location, it not only creates shimmering job opportunities, but it also brings in robust infrastructure for that location, which eventually results in creating more demand for residential and commercial properties. Two prime examples of this are Hinjewadi and Kharadi. Today, residential property in Kharadi Pune or flats in Kharadi are in excessive demand, and rightly so. After all, the presence of EON IT Park and its proximity to multiple other IT and business hubs has resulted in it enjoying robust social and civic infrastructure and steady price appreciation as well. In this comprehensive guide, we will be looking at how the iT and business hubs have created a positive impact on the value of flats in Kharadi. Read on.
What are the IT giants present in Kharadi?
Kharadi is home to a plethora of IT companies, ranging from startups to multinational giants. Companies like IBM, TATA Communications, and Wipro have established their offices in Kharadi, attracting a large workforce to the area. The influx of IT professionals has, in turn, fueled the demand for residential and commercial properties. This has been a major reason for the appreciation of property values.
The development of robust infrastructure
As mentioned in the introduction, it is primarily because of the IT Parks that flats in Kharadi get to enjoy the best infrastructure, leading to its residents enjoying a hassle-free lifestyle. The construction of wide roads, flyovers, and underpasses has improved traffic flow and reduced commute times. In addition, the availability of reliable public transportation, including buses and cabs, has further enhanced the area’s connectivity.
How exactly does this have an impact on the property values?
The booming IT and business hubs in Kharadi have led to a surge in demand for housing. IT professionals and business executives prefer to live close to their workplaces to minimise commute times and enjoy a better work-life balance. This increased demand has resulted in a rise in property prices, with both rental and sale values experiencing significant appreciation.
Development of Premium Residential Projects
In response to the growing demand, several reputed real estate developers such as Kohinoor Group Pune have launched premium residential projects in Kharadi. These projects offer modern amenities such as swimming pools, gyms, clubhouses, and landscaped gardens, catering to the lifestyle aspirations of the IT crowd. The availability of such high-end residential options has further driven up property values.
Appreciation in Land Prices
The demand for residential properties has also led to an appreciation in land prices in Kharadi. Developers are keen to acquire land for new projects, resulting in a competitive market. This rise in land prices has a cascading effect on the overall property values in the region.
Growth of Commercial Real Estate
The establishment of IT and business hubs has further led to the growth of commercial real estate in Kharadi. The demand for office spaces has skyrocketed, leading to the development of state-of-the-art commercial complexes and business centres. These commercial properties offer world-class facilities such as high-speed internet, conference rooms, and ample parking space, to name a few. This attracts businesses to set up their operations in Kharadi.
Rental Yield and Capital Appreciation
The high demand for office spaces has resulted in attractive rental yields for commercial property owners. Businesses are willing to pay a premium for well-located and well-equipped office spaces, ensuring a steady stream of rental income for property investors. Additionally, the capital appreciation of commercial properties in Kharadi has been substantial, making it a lucrative investment destination.
Socio-Economic Impact
The development of IT and business hubs in Kharadi has created numerous job opportunities, contributing to the economic growth of the region. The influx of working professionals has boosted the local economy, leading to increased spending on housing, retail, and services. This economic vibrancy has a positive impact on property values, as a thriving economy attracts more investors and homebuyers.
Improved Standard of Living
The presence of IT and business hubs has led to an improvement in the standard of living in Kharadi. The availability of quality healthcare, educational institutions, and recreational facilities has enhanced the overall quality of life for residents. These factors contribute to the desirability of Kharadi as a residential destination, pushing up property values.
Enhanced Social Infrastructure
The growth of Kharadi has prompted the development of robust social infrastructure. The area is now home to reputed schools, colleges, hospitals, and shopping centres. This robust social infrastructure attracts families and professionals alike, and ensures sustained demand for properties and continued appreciation in values.
Great Returns on Investment
With a proven track record of steady price appreciation and a plethora of upcoming infrastructure developments, the future for flats in Kharadi, and areas near Kharadi looks bright for sure.
If you wish to own a residential property in Kharadi, you must take a look at the developments by Kohinoor Group Pune. The group takes pride in its rich legacy of 40 years, and is renowned for its landmark residential and commercial developments in Pune’s prime locations.
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