The demand for 1bhk and 2bhk flats increased by 70 percent in Chakan. The demand for residential apartments is growing up by 25 percent every year and it is expected to expand by 35 percent after the completion of the Chakan Airport.
Prithviraj Chavan, Chief Minister, said that the land for the international airport at Chakan near Pimpri-Chinchwad has been finalised.
New Chakan International Airport worth Rs 7,000 crores will be functional by 2014. The cost of 1BHK flat is around Rs 18 lakh and 2BHK flat is around Rs 28 lakh. Many global automobile companies like Mahindra, Volkswagen, Bajaj Auto have established their base in Chakan and the demand for homes is largely generated by the employees working in these companies. Many developers have come up with big township projects in Chakan.
The property price in Chakan has also gone up. In 2006, the land price was around Rs 45 lakh per acre, which is around Rs 1.25 crore presently. The condition of the roads in this area is expected to improve in the next three years. The location is very good and it is also very close to the Pune-Nashik Highway.
Rupesh Agarwal, joint MD, Sara Builders and Developers said that, in the next three to four years Chakan will have an entire new look as multinational companies, several industries, corporates along with an airport will change the look of this village. The demand for 2bhk flats in Chakan is rising and the investors investing in this area are in the age of around 30 to 40 years.
The Chakan is attracting home buyers just because of the competitive price range as compared to the rest of Pimpri-Chinchwad. Pune Vastu has constructed 64, 1bhk flats project at Chakan and Nanekarwadi.