Chakan, the auto hub driving residential real estate growth

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Pune, December 08,  2023 :  Chakan in Pune is considered the auto hub of India and fondly called the ‘Detroit of India’, has now placed Pune on the global map. Chakan, located on the outskirts of Pune has grown into an industrial powerhouse creating job opportunities, which has given a thrust to the rapid growth of the housing sector here. It is a known fact that development of residential spaces in any given region results in attracting commercial, retail and hospitality infrastructure. Here in Chakan we are seeing just the opposite, where the auto hub is driving residential and real estate growth in the area.

Indian auto giants like Tata Motors and Bajaj Auto have been in operations here since over five decades. It is only after the recent arrival of international automobile giants like Volkswagen, Mercedes-Benz, Piaggio, Skoda, General Motors, Volkswagen and Fiat; has Chakan cemented its position as an automobile hub in India and globally as well. Recently, Bajaj Auto has leased 7.63 lakh square metres of land from MIDC (Maharashtra Industrial Development Corporation) in Chakan, near Pune, for Rs 53.43 crore, according to documents accessed by Proptstack.com. Bajaj Auto already has a plant in Chakan, where it manufactures two-wheelers. In addition, Pune is the cradle and home to many other important sectors such as Engineering, IT & Logistics etc.

Sharing his insights on Chakan’s prominence, Mr. Srikanth C, Managing Director of Intercontinental Infrastructure said, “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. The area’s strategic location, combined with its growing infrastructure, makes it a popular destination for both people and business. Chakan has enormous growth potential and our projects here aim to give world-class living and working environments to the residents and professionals who choose to be a part of Chakan’s vibrant community.”

Chakan is a must-investment spot, and more people are looking forward to investing here. Thus, there are many properties available for sale in the locality. As per Magicbricks research, of all properties, 58% are available in the range of Rs20Lac – Rs40Lac. 33% of properties are available within 20 Lac. The most in-demand configuration is 1 BHK, accounting for 55% of properties available for sale. Multi-storey apartments account for 71%. With more people commuting to Chakan for investment or employment, rental properties are also growing in demand. Of all rental properties available, 62% lie in the range of 5-10K. 18% are available within 5K, and these are mostly apartments. 36% of properties are industrial sheds, and their rent lies in the range of 5-10K. The most sought property for rent is 1 BHK.

Chakan is strategically situated on the National Highway 50 which connects it to other major cities in Maharashtra. It is also in close proximity to 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 reputation as an automotive manufacturing centre is one of the primary reasons driving its growth. Several major vehicle manufacturers have established manufacturing facilities here, taking advantage of its strategic position and strong connectivity. This inflow of industry with business hubs such as Talwade MIDC IT Park, Commerzone IT Park, International Tech Park etc., has not only produced a sea of job opportunities, but has also caused a huge demand for residential housing space. With Chakan’s growing prowess as an economic powerhouse we can expect the real estate sector to further bring with it stronger infrastructure, better amenities with higher living standards for the residents of Chakan. Going forward, we can expect property prices to further rise with investors guaranteed to earn attractive and higher returns on their investments.

Corporate Comm India (CCI Newswire)