Despite the slow growth in 2020, 2021 has seen a growing demand for commercial real estate in India. According to a recent report by Savills India, despite the rise of the remote-working culture, commercial office assets remained the frontrunner in Q1 2021, accounting for more than half (58%) of all expenditure.
With the real estate market regaining growth in most metro cities, Pune is emerging as the commercial real estate hub. While co-working and flexible (flex) spaces are garnering a higher demand from corporate occupiers, the increase in IT hiring (12% increment in May 2021) also indicates that major IT companies and MNCs are shifting their focus to Pune.
There are some major commercial hubs in Pune like Baner, Hinjewadi, PCMC but the region witnessing significant growth and focus these days is Kharadi. Located near Viman Nagar and Magarpatta, Kharadi, today has an increasing population of young professionals working in various sectors like retail, manufacturing, hospitality, and IT and is expected to see a great demand for commercial spaces, an opportunity that investors can capitalize on.
Here are several reasons why investing in a commercial property in Kharadi, Pune, is a smart decision-
The Rising IT Hub of Pune
Kharadi is home to some of the most sought-after IT companies and is the address of some of the biggest IT parks – namely Zensar Knowledge Park, MIDC Knowledge Park, Eon IT Park and World Trade Center. Even Barclays has opened its largest office (1.1 million sq. ft.) after UK, in Kharadi. Also, with Hinjewadi reaching its saturation point, Kharadi has become a hotbed for IT companies, MNCs and Corporates.
Great Location and Connectivity
Kharadi also has great roadways and excellent connectivity and being a residential area, offers a large residential catchment (Viman Nagar, Wagholi, Dhanori, Magarpatta, and Manjari) to corporate occupiers. There is also an availability of a robust public transportation system. In addition, the state highway MH SH 27 is linked to the locality, which further boosts the connectivity.
Developed Social Infrastructure
Since Kharadi falls within the limits of the Pune Municipal Corporation, it has been on the civic body’s development radar for the last few years. With well-developed highways, flyovers, and roads, the area also has a flourishing civic infrastructure.
Growing Property Values
One of the biggest advantages of Kharadi is the fast appreciation of real estate prices, much to the delight of those who have already invested here. In just a span of 10 years Kharadi has witnessed a capital appreciation of 140% and the shortage of land is only going to accelerate the increase in prices. From 2700/sq. ft. in 2008, it rose to 3800/sq. ft. in 2011, and currently, the prices of property in this locality are touching Rs 7200/sq. ft. Even after the slowdown in the real estate market due to the pandemic, Kharadi has continued to capture the interest of entrepreneurs, companies, and investors.
Metro Line Connectivity is Coming Soon
Along with numerous other infrastructure projects, Kharadi is set to become a major stop on the proposed Pune Metro Line. This will further enhance the connectivity of Kharadi to other areas and boost property value and growth.
Close to Residential Areas
Another advantage of Kharadi is its proximity to various residential areas. Many professionals are settling in Kalyani Nagar, Dhanori, Magarpatta, Wagholi, Viman Nagar, Mundhwa and Kharadi. Considering the growing demographics of young working professionals, Kharadi has also seen the development of many entertainment hubs and malls in the vicinity, including Creaticity, SGS Mall, Town Centre, Phoenix Market City, and Seasons Mall. The area also has world-class hospitals like Columbia Asia Hospital, prominent schools such as Oxford World School, EON Gyanankur, as well as 5-star hotels - Le Meridian, JW Marriot, Grand Hyatt, The Westin, and Radisson etc.
With additional factors like low real estate prices, flexible payment options, and higher ROIs, now would be a great time to invest in the commercial real estate market in Kharadi, Pune. As this market continues to expand its footprint, The Platinum Towers has emerged as one of the best commercial properties in Kharadi. Having IGBC Gold Certification, the project offers spaces that cater to every business enterprise – co-working spaces, call centers, restaurants, supermarkets, shops, and multi-brand showrooms. With its Retail Showroom nearing possession and the newly opened Reliance Smart Superstore occupying two entire floors, it is an unmissable investment opportunity for every entrepreneur and investor.