Pune’s Kharadi enters the next stage of real estate evolution

Yogesh Mehra, CEO & Co-founder – YOLO Homes

Kharadi is without doubt among the most important and rapidly-developing real estate precincts in Pune. It is equally important as a commercial and residential property destination, as Kharadi’s office projects – primarily in the Infotech sector – have an immediate impact on residential demand there. As a residential real estate destination, it is definitely the most vibrant neighbourhood in Pune’s Eastern Corridor.

Kharadi has seen a massive amount of residential construction activity, with the result that there are almost no land parcels available for development anymore. This fact alone amounts to a staggering foward leap for an area which was an anonymous village bordering on Kalyani Nagar’s periphery about a decade ago.

Given the unrelenting demand for homes in Kharadi, it comes as no surprise that most of Pune’s leading developers have been vying to launched projects there. While Gera Developments, B U Bhandari and Nyati and Pentagon Groups were among the first movers into this highly fertile territory, every other developer with the wherewithal to purchase land in Kharadi has been lining up for some time now to catch its lucrative development wave.

The real estate boom at Kharadi  began innocuously enough, as has been the case with most of the thriving IT locations that Pune has spawned in recent years. The Kharadi story began to unfold in 2004 with the Kharadi  Knowledge Park, which was one of the city’s three Government-administered IT Parks at the time. This massive project was basically a response to the strong demand from local developers who saw  Kharadi’s pent-up potential to initiate land development in this precinct.

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The Pune Municipal Corporation rose to the occasion with consummate style, having studied the area and taken due note of Kharadi’s promise for real estate development and private investment for infrastructure development. As it turned out, every prediction about Kharadi was nothing less than prophetic. In very little time, leading names in the Information Technology sector began making a beeline to Kharadi, spearheaded by Zensar Software Company and then Panchsheel Developers’ 4.5 million-square-foot EON SEZ.

As the latest chapter in Kharadi’s almost magical success story, an exclusive mixed-use development of 5,50,000 sq. ft. which includes 1000 residential units and about 100,000 sq. ft. of commercial real estate development is about to hit this micro-market. The project, a partnership between YOLO Homes and Navlakha Housing, will be located within a 300-meter walking distance of Kharadi’s newly-constructed World Trade Centre (WTC) – which, along with the EON It Park, will yield this new project’s main target audience. That said, demand for homes in Kharadi is by no means an isolated phenomenon.

The success of well-planned real estate projects at Kharadi derives primarily from its unmatched locational attributes that make this micro-market truly unbeatable. It is superlatively connected to the IT hotbed of Kalyani Nagar, the thriving industrial belt at Hadapsar and is also close to Pune airport and the railway station. A distinct and unique advantage that Kharadi offers among all other IT- centric hotspots in the city is that it was planned so that it not only accommodates the office spaces of IT companies but also residential projects for the employees working of these companies as well as the extended catchments.

In this very critical respect,  Kharadi  scored massively over Hinjewadi, which is the only other prominent contender for the spot of Pune’s leading IT-centric real estate destinations. In fact, Kharadi is a logical residential destination for people working not only in its focal point of the EON IT Park but also Magarpatta City, Viman Nagar, Kalyani Nagar and Nagar Road. Kharadi also caters to nearby Ranjangaon’s MIDC area where some of the country’s leading manufacturing firms have operations.

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