Chakan, aptly hailed as the ‘Detroit of India’ and Pune’s automotive nucleus, is not just making strides in the industrial sector but is also becoming a catalyst for robust growth in the residential real estate sector.
Industrial magnet to real estate boom
Situated on the outskirts of Pune, Chakan’s evolution into an industrial powerhouse has been instrumental in shaping the region’s housing landscape. The surge in job opportunities, particularly in the automobile sector, has not only transformed Chakan into a global auto hub but has also spurred substantial growth in the housing sector.
Traditionally recognised for housing Indian auto giants like Tata Motors and Bajaj Auto, Chakan’s prominence soared with the entry of international automotive giants such as Volkswagen, Mercedes-Benz, Piaggio, Skoda, General Motors, and Fiat. The recent leasing of substantial land by Bajaj Auto in Chakan underscores the region’s enduring appeal to major players in the automotive industry.
Srikanth C, Managing Director of Intercontinental Infrastructure, emphasised, “Chakan’s transformation into an auto hub has not just made it a magnet for people seeking employment in the automobile sector, but it has also attracted and created an interest among real estate developers seeking to expand their footprint and benefit from this real estate boom.”
Strategic location and infrastructure growth
Chakan’s strategic location, coupled with its evolving infrastructure, positions it as a sought-after destination for both residential and commercial purposes. The region’s allure extends beyond automotive manufacturing, with significant presence in sectors like Engineering, IT, and Logistics.
Strategically situated on National Highway 50 and in close proximity to major transportation arteries like the Mumbai-Pune Highway, Pune-Nashik Highway, Jawaharlal Nehru Port Trust (JNPT), Talegaon Industrial Area, Pimpri-Chinchwad Industrial Area, Pune International Airport, and the upcoming Navi Mumbai International Airport, Chakan’s connectivity enhances its appeal.
Real estate landscape and investment potential
Chakan’s growth is mirrored in its real estate landscape, with a surge in demand for residential properties. Notably, 58 per cent of the available properties fall within the range of Rs20Lac – Rs40Lac, and 33 per cent are priced below 20 Lac.
The 1 BHK configuration is particularly in demand, constituting 55 per cent of the available properties. Multi-storey apartments account for 71 per cent of the properties. The rental market is also on the rise, with 62 per cent of rental properties falling within the 5-10K range.
Chakan’s reputation as an automotive manufacturing hub, coupled with its strategic location and connectivity, has fueled demand for housing. Major vehicle manufacturers, coupled with business hubs like Talwade MIDC IT Park, Commerzone IT Park, and International Tech Park, have not only created numerous job opportunities but have also spurred the demand for residential spaces.
As Chakan continues to solidify its status as an economic powerhouse, the real estate sector is poised to bring enhanced infrastructure, better amenities, and higher living standards for its residents. With expectations of rising property prices, investors are likely to secure attractive and higher returns on their investments in the burgeoning real estate market of Chakan.