High demand for affordable homes at Charoli, Pune

Charoli, located about 20 km north of Pune is fast transforming into a hub for affordable residential property. Considering that many of the surrounding areas are comparatively higher priced, it comes as a relief for buyers looking for residential property within an affordable budget of about Rs. 25-30 lakh. Besides affordability, other factors like the favourable location as well as the connectivity to other places have also influenced buyers to invest in residential property here.

Affordability

Compared to other areas in the vicinity like Alandi, Bhosari, Lohegaon, Dighi, Chinchwad, Pimpri, Yerawada etc., residential property prices in Charoli are much lower. This is essentially because it is an upcoming area with many infrastructure facilities still in the process of being developed. Ideally, a 1000-sq. ft. residential apartment in Charoli is available for about Rs.25-30 lakh. However, there are many local builders who are offering similar sized apartments between Rs.20-25 lakh.

Areas in the vicinity like Viman Nagar, Kalyani Nagar and Koregaon Park are comparatively higher priced. Moreover, availability of property has also reached a saturation point in these three areas. Whatever property is available is beyond the affordability of the middle-class buyers. Prices for residential property in the IT hub of Kharadi is also heading in the same direction. Prices for residential apartments in these areas starts from about Rs. 45 lakh and goes upto Rs. 1 crore and above. Hence, Charoli has become a feasible alternative for investment in residential property. There are also large parcels of developable land in the area which can be converted to residential plots. The price for a 1000-sq.ft plot here ranges between Rs. 5.5- 6.2 lakh.

Connectivity

Charoli is well connected to all the major areas in the vicinity. It is in close proximity to the Pune-Nasik highway as well as the Mumbai-Pune highway. Besides, the Chakan-Shikrapur road as well as the Mundhwa-Kharadi road also offers excellent connectivity to neighbouring areas. It is just about 14 km away from the Pune International airport and about 19 km from the Pune railway station.

Favourable location

Another added advantage that Charoli offers to buyers is its strategic location to other important areas in the vicinity. Besides being in close proximity to the airport and the railway station, it is also in the vicinity of other prominent areas in the locality including IT hubs. The IT hubs like Kalyani Nagar and Kharadi are just about 18 km away. High-end residential areas like Koregaon Park and Viman Nagar are also in the vicinity of Charoli. Besides, it is also in close proximity to other renowned areas like Alandi, Bhosari, Pimpri, Chinchwad, Aundh, Yerawada etc.

Future prospects

Due to large-scale of infrastructure development taking place in Charoli there is expected to be high demand for residential property. This is an incentive for developers to embark on residential projects here. One of the major infrastructure projects that is expected to have a huge impact on realty in the area is the proposed 170-km Ring Road that will run through Pimpri-Chinchwad. The rise in demand is expected to lead to considerable appreciation in property prices in the area. The growth in realty prices in Charoli is expected to be between 25-30% in 2014.