The presence of an IT hub in an area is not only a source of good job opportunities, but also a strengthening of the infrastructure of the area. This often results in an increase in demand for housing as well as business property. Typical cases are Kharadi and Hinjewadi, where the location of EON IT Park and other business facilities has led to the rise of social and physical economy in the areas. This article is intended to examine the value of property in Kharadi in relation to the growth of IT and business hubs around the area.
What do the Companies based in Kharadi do?
Kharadi is a hub for a number of it Startups as well as large corporates. IBM, TATA Communications, Wipro and many others have set up their offices in this area, which has attracted a substantial mob of people to this region. This movement also created the demand for both residential houses and business location, thereby changing value for properties.
Coordination with Public Infrastructure
With the presence of the IT parks, a lot of developments have been done that have enabled flats for IT professionals in Kharadi to use a high level of useful infrastructure. There has been development of wide streets, flyovers and underpassages that ensure smooth flow of traffic and save time taken to get to places. Other than that, public transport like buses and cabs have also made Kharadi more connected.
Influence of Infrastructure on Real Estate Values
The development of It and business centers in Kharadi has intensified the demand for housing. Many IT employees and businessmen relocate to household neighborhoods to be near their workplaces and avoid excessive commutation straining on their schedules. Such increased demand has in turn translated to increased property prices as well as increased rental and sale values.
Establishment of Deluxe Housing Branches
With rising demand, credible real estates developers like Kohinoor Group Pune have commenced developing executive Housing projects in Kharadi. Most of these developments come with inclusion of essential facilities like swimming pools, gyms, clubhouses and landscaped gardens which are ideal for the lifestyle of IT employees. The existence of such luxurious housing facilities has also increased the property value in the region.
Growth in Land Values
The supply of demand for housing units has resulted in the increase of land values across Kharadi. As developers are racing against time to secure land in readiness for the upcoming projects, the competition in the market has become zero-sum. This has seen the prices of properties in the whole Area rise.
Expansion of Commercial Properties
The growth of IT and business centers has also contributed to the growth of commercial properties in Kharadi. The need for working places has increased tremendously leading to the development of advanced commercial facilities and business offices. Facilities like high-speed internet access, conference rooms and enough space for parking have made it easy for businesses to settle in Kharadi.
Capital And Rental Returns
The huge demand for office spaces has seen very good income returns to owners of commercial properties in terms of rentals. This is because tenants are ready to pay more for the strategically located and well furnished offices making rental payment one of the favorite options. Furthermore, the Kharadi region has also experienced a significant rise in the value of commercial properties greatly increasing its attractiveness to investors.
Socio-Economic Effects on Property Prices
The rise of IT and business centers in Kharadi has brought with it a lot of employment, therefore increasing the economic development of the region. The increasing number of working class has increased the consumption of housing, retail and services in the area which in turn improves the property prices as more investors and home buyers wants to settle in the area.
Updated Living Conditions
With the establishment of IT and business clusters, the living conditions in Kharadi have changed for the better with the availability of proper medical attention, schooling and leisure activities. These improvements have worked in favor of Kharadi as a place to settle down, which consolidates the increase in property prices on the market.
Improved Social Facilities and Amenities
Development activities in the Kharadi area have automatically ensured that there is developed social facilities infrastructure such as well established and accredited Schools, Colleges, hospitals, and shopping complexes. This entire social concept encourages families, as well as single professionals to maintain the need to occupy spaces for purchase, hence, causing constant upward shift in the property values.
Fertile Places for Investment
Considering the consistent history of price growth and a number of under construction infrastructure projects, It is not a surprise that Kharadi is referred to by many as a Dream Location for people interested in buying or building their homes as well as for potential investors.
Kohinoor Group: Leading in Quality Construction in Kharadi
For those people who are in the market looking to purchase a home in Kharadi, Kohinoor Group Pune has the best projects to offer. The group has over 40 years of experience and is well known in the development of iconic residential as well as commercial real estate projects in the best locations in Pune.
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