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Chakan in Pune is considered the auto hub of India and fondly called the ‘Detroit of India’. 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. However, in Chakan, it is just the opposite as the auto hub is driving residential and real estate growth in the area.
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 in business hubs such as Talwade MIDC IT Park, Commerzone IT Park, International Tech Park etc., taking advantage of its strategic position and strong connectivity. Indian auto giants like Tata Motors and Bajaj Auto have been in operations in Chakan 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 that has Chakan cemented its position as an automobile hub in India and globally as well.
Recently, Bajaj Auto leased 7.63 lakh sq. mts. of land from Maharashtra Industrial Development Corporation (MIDC) 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.
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.
In addition, Pune is the cradle and home to many other important sectors such as Engineering, IT & Logistics etc. This inflow of industry has not only produced a sea of job opportunities, but has also caused a huge demand for residential housing space. Chakan’s strategic location, combined with its growing infrastructure, makes it a popular destination for both people and business. Chakan has enormous growth potential as residents and professionals here look for projects providing world-class living.
Chakan’s investment potential has captured people’s attention and more people are looking forward to investing here. Thus, there are many properties available for sale in the locality. 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 most of them are 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.
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.
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