Overview of Real Estate in Pune
Real estate in Pune seems to be growing at the same pace as the city itself. This vibrant metropolis offers a great place to live in and is today, one of the most sought after real estate investment destinations in India, thanks to the IT and ITes sectors as Hinjewadi, Magarpatta that have boosted development in Pune’s realty market. This sector is driven on account of ample employment opportunities for highly trained professionals who are in search for housing units in various price brackets. Fringe area development and peripheral expansion is the trend this city now follows, which has stemmed as a consequence of saturation of housing units as well as steep rise in property prices in city center, besides affordability of these outlying localities.
Residential properties are one of the most rewarding avenues in Pune since they tend to provide better returns and turn fruitful in the long term, with the average projected capital value appreciation rate around 12-15% for 2016, as stated by a report from the renowned property consultancy Jones Lang LaSalle (JLL) India. Housing demand is typically high and can be attributable to Pune being an education center, IT hub, added to the thriving automobile industries here. Pune attracts several investors from the metropolis of Mumbai who not only find value here but some of them also prefer it as their retirement destination. As also quoted in the report by JLL, the city is labeled as a largely mid-segment market where the usual buyer wishes to purchase a flat in the range of Rs. 4500 to 5200 psf, preferably in its pre-launch stage. Localities that have managed to garner the most demand for residential properties in the city are Baner, Hadapsar, Hinjewadi, Kharadi, Wagholi, Wakad which offer the maximum number of residential projects and fulfill demand of the home buyers, simultaneously bearing in mind the amenities in line with walk to walk concept, green building et cetera that the younger generation today seeks.
Hinjewadi stands stance amongst most preferred localities in Pune
- As of today, Hinjewadi is amongst the fastest growing regions of Pune. Infrastructure development including schools, hospitals, offices, residences, roads and flyovers are bringing a quick change to the quality of life here. It has been acknowledged as being the most promising locale for price appreciation amongst ten other areas by top financial journals and industry experts.
- Moreover, owing to the concentration of software companies in Hinjewadi, there has been a surge in the demand for homes by IT & industrial employees.
- Few of the well-known locations in Hinjewadi are Phase 1, Phase 2, Phase 3, Hinjewadi Chowk, Marunji road and townships such as Blue Ridge, Megapolis and Life Republic.
How to get there
- A mere 30 minutes distance from Central Pune, heading onto Ganeshkhind road shall take onto the MH SH 114 highway, traversing which will lead you on the Agriculture college flyover where after keeping on your right, the road will merge onto Aundh Road. A slight left thereafter onto Wakad Road will help reach Hinjewadi Flyover; continuing on Hinjewadi Road shall then make you enter the roundabout and you are in Hinjewadi.
Hinjewadi property market and its influencers
- Often referred to as ‘The Silicon Valley of Western India’, the locale which was formerly a rural setting has transformed post the construction of Rajiv Gandhi InfoTech Park and has witnessed a spurt in development ever since.
- After completion of Mumbai Pune Expressway and IT hub in Hinjewadi, there has been a spate in residential and commercial property developments in the area while at the same time driving residential demand in adjoining areas in addition. It has emerged as the investment hotspot and tops the list for buyers looking for properties in Pune.
Few of the many MNCs and institutions set up here
- Over a 100 software companies have been set up in Hinjewadi including Infosys Technologies, Cognizant, IBM India, Accenture, Wipro, Honeywell, Mindtree, Synechron, Tata Technologies, employing people in lakhs. Huge sums have been invested by IT companies to house world class facilities in their campuses.
- Renowned educational institutes like Mercedes Benz International School, Symbiosis InfoTech Campus, DY Patil University’s Global Business School etc. and Reliance Mart, Ozone Mall, Reliance Delight for entertainment & recreational purposes have contributed to high quality infrastructure development in this locality.
- As the area favors so, the customers comprise mainly of IT professionals, NRIs, students for rental purposes, families looking for flats in Pune for living or as a means of investment.
- New settlements are now being encouraged here and Hinjewadi is a proposed hub for integrated townships in Pune. Quality work-life balance can be achieved as the area offers a plethora of conveniences and is well connected to other parts of the city and outside.
- It is a 40 minute drive away from city center as well as from Pune Airport and only 3.5 hours from Mumbai International Airport. Many prominent hotels like Courtyard by Marriot, Hyatt Place, The Gateway Hotel, Lemon Tree, educational institutions like Symbiosis Infotech Campus, Mercedes Benz International School, recreational facilities, supermarkets, shopping complexes, and commercial activities have made Hinjewadi a bubbling and bustling suburb alluring buyers for a comfortable living.
- Three huge residential townships with an area of over 100 acres are being developed whilst many more are being planned for by leading real estate developers including Blue Ridge by Paranjape Schemes, Megapolis by Kumar Developers and Life Republic by Kolte Patil.
Every time I visit this place, it feels like having treaded into a completely planned city but where exists a scope for overcoming infrastructural issues and fostering improvement in transportation. Nevertheless, it is away from the usual hustle bustle of the core city, somewhere one wouldn’t have to jostle much between home and work and where one can choose from amongst the finest residences that Hinjewadi has to offer.