Corridor of growth KHARADI - WAGHOLI Corridor Description and Rating Areas Included:

Kharadi and Wagholi

Fig 1: Map of the corridor 02 Corridor of growth (COG)

About the Corridor he Kharadi-Wagholi Corridor Today, Kharadi sits in the middle of Wagholi represents the continued outward the Nagar Road–Kharadi- IT/ With rising land prices, limited space Tpush of real estate development ITES Corridor which has considerable for fresh development in Kharadi and along the -Ahmednagar Road development in this segment. land on the other side of the Nagar (Nagar Road). Kharadi and Wagholi are Road falling under the Defence or the two nodes of this corridor. Kharadi Development Pattern restricted development zone, the is located closer to the established development has moved further along areas along the Pune-Nagar Road while Kharadi the Nagar Road to Wagholi. It has large Wagholi is located further east at a Kharadi is the last village along the land parcels available for new projects. distance of approximately 8-km. Nagar Road which falls under the Pune However, Wagholi falls outside the PMC The Pune-Nagar Road represents Municipal Corporation (PMC) limits. limits. Most projects rely on ground an important growth corridor in the Residential development in this locality water as the PMC water connections are city with substantial office, retail runs in the north-south direction along not available. three roads which run parallel to each and residential developments. Initial Development in Wagholi is taking other. All three roads connect to Nagar development took place in localities place along three existing roads Road. like and which which emanate from it. These are the were close to established areas of the First is the Road which Wagholi-Lohgaon Road, Wagholi- city. Kalyani Nagar especially benefitted connects Kharadi to Mundhwa and Kesnand Road and Bakori Road. There from its proximity and connectivity Hadapsar in the south across the are residential projects on either side to . Over the years, Mula-. Hadapsar is one of these roads. Except for Lohgaon- development has moved further along of the major IT/ITES office space Wagholi Road, the other two are the road with Kharadi and Wagholi clusters in Pune. There is considerable narrow though none of them have emerging as major micro-markets. residential, retail and other commercial grade dividers. In case of Kharadi, an important developments on both sides of this catalyst was the establishment of the road. It is the main high street of the Present Scenario EON Free Zone, which is an IT/ITES locality. Kharadi and Wagholi rank amongst Sector Special Economic Zone (SEZ). It is Other developments are along Fountain the top 5 localities in Pune in terms spread across 45-acre land with leasing Road and Grant Road where currently, of supply and demand for residential space of 4.5 million sq ft. Establishment most of the development is along options. Wagholi is at the third place of this SEZ gave the locality visibility the former. There are large multi- followed by Kharadi at the fifth spot. and demand for residential and support storey apartment projects by various Most (31%) of the supply in Kharadi is retail spaces. Part of the World Trade developers here. The World Trade Center in the Rs 60-80 lakh budget segment Center, with total leasing capacity of 1.6 and EON Free Zone and other office followed by the Rs 80 lakh-Rs 1 crore million sq ft, is also operational in this space projects are also situated at the segment (21%). The 2BHK is the locality. Panchshil Realty, developers of southern end of the Fountain Road or dominant format and constitutes 50% EON Free Zone, will also be developing off this road. of the supply with an average saleable a new IT SEZ in the locality spread As per the Master Plan, most of the area of 1130 sq ft. The average price in across 15-acre which will add further land in Kharadi has been marked as the area is Rs 6,475 per sq ft. 2 million sq ft office space. Another a residential zone. It also has land deal has been recently signed between Supply of 1BHK apartments is low reserved for development of software K Raheja Corp and Gera Developers with only 7% share. Analysis of parks as well as social amenities like to develop an IT SEZ under the Gera consumer preference shows that 34% schools and hospitals. Commerzone Banner which will have consumers are looking for options in 3.5 million sq ft of leasable space. the Rs 60-80 lakh budget segment 04 Corridor of growth (COG)

with 2BHK units being the preferred by 9%-11% over the last two year Outlook format. For a locality with high capital period. This scenario is likely to persist The Kharadi-Wagholi Corridor astride value, consumers opt for smaller at least in the medium term. the Nagar Road represents the natural sized apartments to keep the overall direction for real estate development in acquisition cost low. Social Infrastructure the region. Factors like land availability Wagholi represents supply and demand Kharadi has well established support for new development and price levels in the lower budget segments. The Rs infrastructure. It is also located close in established areas will keep pushing 20-40 lakh and Rs 40-60 lakh segments to other prime residential areas like development further along this road. Kalyani Nagar and Koregaon Park. represent 80% share of supply and The price level in Kharadi puts it in the Schools, hospitals, support retail 88% share of consumer preference. premium segment. The target customer and malls are easily accessible from Within consumer preference, the Rs base for this price segment is small. 20-40 lakh is the dominant segment the locality. Public transport is easily with 57% share. The 2BHK is the available. The locality has seen considerable development and land availability for dominant preferred apartment format Wagholi lacks in terms of social fresh development is limited. Already here as well. The average size of 2BHK infrastructure. Support retail and basic new launches have happened towards apartments is smaller at 1013 sq ft. facilities are available in the town the eastern part of the locality which The average capital value in Wagholi is market. For other amenities, residents borders Wagholi. New launches in the Rs 4,580 per sq ft, a 40% discount on have to travel 6-8 km west to reach locality are expected to taper out over prices in Kharadi. other established localities along the the next couple of years. In line with the general trend in Nagar Road. The recently inaugurated the market, price level has not seen Ahmednagar Road Bus Rapid Transit much positive movement. In both the System (BRTS) is expected to improve markets, the price levels have increased connectivity to other parts of Pune.

Overall Connectivity Social Infrastructure Security/Water

Properties available in the corridor haradi and Wagholi represent two 40% cheaper than Kharadi. Most of the supply lakh-Rs 1 crore options and those in higher different markets in terms of price points. is in the Rs 40-60 lakh budget in the corridor budgets are also in Kharadi. Both the rate (Rs/sq ft) and overall while, 90% of Rs 20-40 lakh options are to be K Most of the supply in the corridor is in the form acquisition cost is higher in Kharadi while found in Wagholi. The Rs 60-80 lakh segment of multi-storey apartments. The 2BHK is the options in Wagholi are on an average 30%- dominates in Kharadi. The premium Rs 80

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 03 Corridor of growth (COG)

Table 1: Sizes and prices of flats available for dominant format with an average size of 1066 about 70% of these options are in Kharadi. various room configurations sq ft. It is equally available in both Kharadi Larger sized units in 4 & 5BHK formats are Sales Price Covered Area and Wagholi though 2BHK options in Kharadi almost exclusively available in Kharadi. ( Lacs) (Sq.ft) are, on an average, slightly bigger in size than There are many under-construction and ready- 1 BHK 22-40 530-690 Wagholi. Supply of 1 BHK format is limited to-move-in options available in the corridor. and most of it is concentrated in Wagholi. The 2 BHK 30-120 870-1650 Kharadi, having seen development earlier, has average size of a 1BHK is 635 sq ft. The 3BHK 3 BHK 46-200 1250-2850 more ready-to-move-in properties compared format forms a quarter of the supply and 4 BHK and Above 120-300 2500-4000 to Wagholi. Best sectors to invest in a home Based on rental demand in sectors

Fig 5: Top localities by consumer for renting a house he rental demand is high in Kharadi as segment, Kharadi also sits in proximity to such demand drivers and hence, has relatively it is an established IT/ITES office space other IT office clusters in Hadapsar and Nagar less demand. Kharadi also has good and Thub with a presence of many companies. Road. This also adds to the demand element. established support infrastructure in terms of Apart from demand generated by this Wagholi is located at some distance from shops, schools and healthcare.

Based on home buying demand in sectors

Fig 6: Top localities by consumer for buying a house 04 Corridor of growth (COG)

uying demand is inverse of rental demand from buyers looking for residential middle of an IT/ITES office corridor comprising demand in terms of price (Rs/sq ft) and options on the Nagar Road but who cannot of Nagar Road-Kharadi-Hadapsar and offers Btotal purchase price (Rs Lakh), Wagholi is afford options in the more established good options to the work force employed in much cheaper than Kharadi. Wagholi attracts localities along this road. Kharadi sits in the this corridor.

Best bedroom configurations to buy Preferred buying and renting options

Table 2: Demand distribution for buying and renting oth in terms of rent and house purchase apartment in the corridor is 1066 sq ft in size Buying Renting perspective, 2BHK is the dominant while a 3BHK apartment is about 1700 sq Total (BHKs) Total (BHKs) Bsegment. It has more than 50% share ft. For the same price, a 3BHK apartment is 1 BHK 14% 20% of consumer preference as rent or purchase 59% more expensive than the 2BHK option. 2 BHK 56% 55% options. This can be explained by the fact that Preference for 3BHK and higher formats relatively smaller size of 2BHK apartments is predominantly in Kharadi while more 3 BHK 25% 22% help a buyer to keep the overall purchase consumers are looking for 1BHK units in 4 BHK and Above 5% 3% cost on the lower side. The average 2BHK Wagholi. Price changes and future prospects Historic Price movement

Table 3: Historical Price changes Corridor Average Price Rs/sqft

6 monthly change Yearly change 0% 4% haradi and Wagholi represent two different price points each with its own its Kown demand-supply dynamics. Average prices in Kharadi are about 35% more than Wagholi. Kharadi has historically seen strong demand and consequently, price has already reached Rs 6,000+ per sq ft level. The quantum of demand at this price will not be same as earlier and given the present price level and market conditions, further increment will be less. Wagholi caters to demand in lower budget segment. It has seen considerable supply and given the slow market condition, sales have been slow. The price level has witnessing

marginal increments on quarterly basis. Fig 7: Historical Price changes of corridor 05 Corridor of growth (COG)

Price movement for top localities by Consumer Preference he quarterly price change in each of the localities in the corridor reflects the overall scenario in the corridor. The price level in each Tlocality has seen marginal increment over last quarter with both localities witnessing price increase of under 2%. This trend of marginal price increment has persisted over last few quarters. While high price level in Kharadi works impacts demand, the large inventory in Wagholi and price sensitivity of its target consumer base keeps the price level stable or with minimum movement. Both Kharadi and Wagholi today are buyers’ market where consumers can negotiate good discount or avail attractive incentives.

Fig 8: Price changes in top localities by consumer demand Infrastructure Updates Bus Rapid Transit System l A Bus Rapid Transit System (BRTS) has been established on the Nagar Road known as Ahmednagar Road BRTS l The terminus for this BRTS is at Wagholi and it connects the locality to other localities in Pune Master Plan Kharadi is the last village along the Nagar development with other land use being development of software parks. Wagholi falls Road which falls under the PMC limits. support infrastructure like schools, hospitals outside the PMC limits and this impacts the Most of the land is reserved for residential and public institutions. It also has area for development of infrastructure in the area. IN NEWS Kharadi: A growth story Road, Kalyani Nagar and Sholapur Road. In addition, it is flanked by industrial zones of Sanaswadi, Ranjangaon and Hadapsar. People Kharadi is a preferred location for residential projects. It is a rapidly and professionals are choosing this location because it is providing growing area, which is based on the eastern corridor of Pune with housing at a reasonable price. a steady growth over the last three to four years. The area has seen tremendous growth both in social and physical infrastructure. n Source: Magicbricks Bureau Many software professionals prefer to stay in the location due to Wagholi have good projects in its kitty quality home availability. The area has undergone a massive image makeover due to economic development along the Nagar Road belt. Wagholi has ample of ready-to-move-in properties available that suit The neighbourhood of Kharadi comprises areas like Magarpatta City, every budget. The area is one of the fast developing localities and Hadapsar, Wagholi, Viman Nagar, Kalyani Nagar and Koregaon Park. has a land bank for development as compared to other developed localities of East Pune. With IT hub located nearby in Kharadi, it is n Source: The Times of seeing a constant demand for property. Wagholi is strategically Kharadi, IT professionals’ preferred choice for housing located on the Pune-Nagar Highway. The area offers good connectivity via Nagar Road, which has now been widened. Moreover, Kharadi is one of those locations in Pune where IT professionals are Khandala Loni Road connects the locality to other parts of the city. working. The presence of several small IT parks has created a robust The area also has good connectivity and potential infrastructure for job market in this part of Pune and is providing potential employment growth. opportunties here. Kharadi’s biggest drivers are its IT presence as well as good connectivity to the airport, railway station, Nagar Road, n Source: Magicbricks Bureau the CBD nexus of Bund Garden Road, Koregaon Park, Dhole Patil MOST POPULAR PROJECT in Kharadi - Wagholi http://magicbricks.com/investment-hotspots/pune/kharadi-wagholi/

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PROJECT SUMMARY BY POSSESSION STATUS in Kharadi - Wagholi http://magicbricks.com/investment-hotspots/pune/kharadi-wagholi/

PROJECT SUMMARY BY BUDGET in Kharadi - Wagholi http://magicbricks.com/investment-hotspots/pune/kharadi-wagholi/

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