Corridor of growth - HINJEWADI Corridor Description and Rating Areas Included: Hinjewadi, Wakad and

Fig 1: Map of the corridor 02 Corridor of growth (COG)

About the Corridor Introduction: The Hinjewadi- Residential development has has taken place to the east of Wakad Corridor represents a mix taken shape in Hinjewadi the -Mumbai Highway. The of office space and residential through large township projects. southern part of the locality sits development. Hinjewadi is These have been launched under astride the main access road to predominantly an IT/ITES office the Special Township Policy Hinjewadi from the core areas of space hub with residential which encourages development the city. The northern part of the development while Wakad is of self-sustaining townships locality touches the other smaller primarily a residential hub with away from the city to assist access road (Dange Chowk Road). associated support amenities. in dispersal of population. This proximity to a major demand The Rajiv Gandhi Infotech Park at Minimum land area required is driver has made Wakad the most Hinjewadi has been developed 40 hectare or about 100 acre. preferred locality by consumers by the Industrial Five major projects in and around for both home buying and Development Corporation (MIDC) Hinjewadi are under-construction renting in Pune. wherein three phases of the under this scheme. These are Infrastructure: Apart from park are currently operational. Blue Ridge (Paranjape Schemes), two smaller access roads, there Hinjewadi is one of the two Life Republic (Kolte-Patil), is only one major access road to major IT/ITES office clusters in KUL Ecoloch (Kumar Builders), Hinjewadi from the east and this Pune and accounts for almost Megapolis (Avinash Bhosale creates serious traffic congestion 50% of all IT/ITES office space Infrastructure Ltd and Kumar during peak hours. To solve this in the city. It continues to grow Properties) and Xrbia Hinjewadi. issue, a 6-lane road from as more companies set-up their The residential component in to Mahalunge, connecting facilities and more phases are these projects is in various stages further to the Phase-2 of the developed. Unlike other areas of construction. IT Park, has been proposed. in the city where land supply Wakad is one of the major However, land acquisition for this is limited, there is ample land residential hubs in western project is yet to begin. Another available for further expansion Pune. This locality witnessed measure announced to address in this area. Employees working development as the city this issue is the widening of in various IT/ITES companies in expanded westward as well as the road from Shivaji Chowk in this park are the demand drivers due to the demand emanating Hinjewadi to Bhumkar Chowk. for residential development in from people working in the IT This will be further extended many localities in the western Parks in Hinjewadi towards its to Dange Chowk in . part of the city. While choosing east. As per the Master Plan It will be undertaken by the localities/projects, employees for Wakad, it extends on both - Municipal balance affordability, keeping sides of the Pune-Mumbai Corporation (PCMC). The work on commuting time to the Highway and is contiguous with this project is also yet to begin. minimum. Hinjewadi. However, most of PCMC also plans to construct a the residential development 03 Corridor of growth (COG)

Bus Rapid Transit System (BRTS) support retail within the project. premium. Further, there is not terminus at Hinjewadi. This will But the timeline for these to much difference in the prices connect Hinjewadi to the BRTS come up and when people start between the two localities within network on the Nashik Phata- living does not always match. the corridor or those which are Wakad stretch and the proposed A BRTS corridor is being outside but in proximity. The Dange Chowk-Hinjewadi routes. constructed between Wakad and average price level hovers at Rs This work will be undertaken in Nashik Phata. This will improve 5,900-6,100 per sq ft. Ample 2016-2017 and will improve the connectivity of Wakad to the space is available for further connectivity to other areas within core areas of the city. Overall, development towards the the PCMC limits. the support infrastructure in west. Considering the demand Support infrastructure in Wakad is well evolved with all supply scenario, the price level Hinjewadi had come up the required amenities and for is expected to see marginal with office tenants as target those amenities not present here, increment over the next few customers. It is yet to evolve into options are available in a 3-5 km years. a residential hub with all support radius. There is possibility of a merger amenities. The large township Outlook: Both the localities of Hinjewadi with PCMC and if projects try to overcome this in the corridor have seen this happens, the infrastructure aspect by having all facilities considerable development development is likely to get more like healthcare, education and and the stock available is at a focus.

Overall Connectivity Social Infrastructure Security/Water

Properties available in the corridor The general price level in the corridor is on share of the supply. This is followed by the The 2BHK is the dominant format (60%) the higher side both in terms of capital value Rs 40-60 lakh and the Rs 80 lakh-Rs 1 crore followed by the 3BHK (29%) format. The (Rs/sq ft) and total apartment cost (Rs Lakh). budget segments. Both of these are about preference for 2BHK units can be understood The dominant budget segment in the corridor 20% each share of the supply. in terms of keeping the overall acquisition is the Rs 60-80 lakh price bracket with 41% cost low. The smaller size of 2BHK units keeps

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 04 Corridor of growth (COG)

Table 1: Sizes and prices of flats available for the total cost low and allows buyers to opt for of the 2BHK supply is in the Rs 60-80 lakh various room configurations their preferred locality where the per sq ft rate segment while options of 3BHK are in the Rs Sales Price Covered Area is high. 80 lakh-Rs 1 crore bracket. Bulk of the few ( Lacs) (Sq.ft) 1BHK options are in the Rs 20-40 lakh price Surprisingly, for a market which caters to 1 BHK 25-50 550-700 range. The corridor is witnessing considerable young and single IT/ITES professionals, the development activity and options are equally 2 BHK 30-92 900-1250 supply of 1BHK formats is very less even available in under-construction and ready-to- 3 BHK 55-150 1320-2000 though this segment has 23% share of move-in projects. 4 BHK and Above 120-200 2050-3000 consumer preference in the market. Most Best sectors to invest in a home Based on rental demand in sectors

Fig 5: Top localities by consumer for renting a house akad has overwhelming consumer support infrastructure for habitation. It is also Hinjewadi is an office space hub and lacks the preference for rental housing in well connected to main city areas towards required infrastructure to support habitation. Wthe corridor because of its location east. Travel time from Wakad to Hinjewadi is It also suffers from connectivity issues with and nature of development. It is now an under-30 minutes so, an employee working other areas because of road infrastructure. established residential hub with required in Hinjewadi can take up residence in Wakad. Based on home buying demand in sectors

Fig 6: Top localities by consumer for buying a house 05 Corridor of growth (COG)

akad is highly preferred within the primary healthcare and connectivity with Residential development in Hinjewadi is corridor when it comes to purchase other areas of Pune. Employees working in taking place in township projects which also Woptions. Again, this is because Hinjewadi can easily commute to work from seek to provide support infrastructure. But Wakad scores relatively high on habitation Wakad. Infrastructure in Hinjewadi is geared these will take time to evolve as complete aspects like proximity to schools, shops, more towards supporting an office cluster. residential hubs. Best bedroom configurations to buy Preferred buying and renting options

Table 2: Demand distribution for buying and renting onsumers prefer the 2BHK format in for 2BHK category. The 3BHK is the second Buying Renting the corridor. It is observed from the most preferred format with bulk (29%) of Total (BHKs) Total (BHKs) Ctable 2 that the demand distribution for the demand. The demand distribution for 1 BHK 8% 13% buying and renting properties are similar for renting is 25% in the 3BHK segment. For 1BHK 2 BHK 60% 60% the 2BHK category. About 60% consumers category, the demand distribution for buying are looking for 2BHK format for buying. and renting options is below in comparison to 3 BHK 29% 25% Similarly, the renting options are also good 2BHK and 3BHK category. 4 BHK and Above 3% 2%

Price changes and future prospects Historic Price movement Table 3: Historical Price changes Corridor Average Price Rs/sqft

6 monthly change Yearly change 1% 4% akad in Wakad-Hinjewadi corridor represents the most preferred Wlocality by consumers in the city for purchasing or renting a house. Hinjewadi also comes in top 10 localities on same parameters. This is because of its proximity to the employment hub in Hinjewadi. Consequently, the rates in these localities have historically seen continuous growth to reach the present level. The demand continues to be there but the rate of price increase has reduced drastically. This is both a function of high capital value, slow market condition and large amount of supply in the corridor. Given the current price level and market conditions, this situation in the corridor is expected to persist in medium Fig 7: Historical Price changes of corridor term at least. 06 Corridor of growth (COG)

Price movement for top localities by Consumer Preference he quarterly price change in each of the localities in the corridor reflects the overall scenario in the corridor as well as the Pune Tmarket. The price level has seen marginal increment over last quarter with maximum increase being 3% in Marunji. This trend of marginal price increment has been observed over last few quarters. While the corridor continues to receive demand, the sales volume are not at a level which can sustain price increment. Further, the price has already reached a level where large increment without impacting the sales is going to be a challenge. The future price increment is expected to be marginal across localities in the corridor.

Fig 8: Price changes in top localities by consumer demand

Infrastructure Updates Wakad-Nashik Phata BRTS Corridor BRTS Terminus at Hinjewadi Hinjewadi to the BRTS network on the Nashik Phata-Wakad stretch and the proposed Dange A BRTS corridor is being constructed between PCMC also plans to construct a Bus Rapid Chowk-Hinjewadi routes. This work will be Wakad and Nashik Phata. This will improve Transit System (BRTS) terminus at Hinjewadi. undertaken during the 2016-17 period. The connectivity of Wakad and also to the This multi-storied bus terminus-cum- complex will also be used for commercial core areas of the city. This will help in the commercial complex will improve the purposes and other facilities. development of the infrastructure facility. connectivity to the area. This will connect

Master Plan Wakad falls under the Pimpri-Chinchwad Park has been developed by the Maharashtra which account for most of the residential Municipal Corporation (PCMC) limits while Industrial Development Corporation development in Hinjewadi. These have been Hinjewadi does not fall under the purview of (MIDC). There are five major integrated established under the Special Township Policy any urban local body. The Rajiv Gandhi Infotech township projects in and around Hinjewadi of the Maharashtra government. 07 Corridor of growth (COG)

IN NEWS Why Wakad’s property market is popular in Pune Wakad & Baner: Tale of two localities Wakad has good connectivity to different parts of the city. The area Baner and Wakad have been declared highly preferred investment has emerged as a destination for consumers looking for multi- destinations. Proximity to the Pune-Mumbai expressway and IT storey apartments. It is very close to nearby places such as schools, corridors has caught the attention of buyers. It is located on the restaurants, shopping mart, etc. Other than its proximity to the eastern side of - bypass on National Highway 4 in Pune. Hinjewadi IT Park, the affordability and availability of multi-storey The main advantage is its nearness to the expressway, Hinjewadi IT 2BHK apartments are factors that are contributing to Wakad’s Park, and the Pune-Mumbai highway, making it a favourable place. popularity. Moreover, there are different options that are available in Both Baner and Wakad have huge potential for good future returns. high rises than in housing villas. nSource: Magicbricks Bureau n Source: Magicbricks Bureau Wakad, are most popular in Pune Wakad: Witnessing wide growth Wakad and Pimple Saudagar are two localities that witness majority Wakad is rapidly gaining prominence as a healthy micro market. It is of consumer preference in Pune. Wakad has more new properties and due to its closeness to the Pune-Mumbai expressway, IT corridor and upcoming projects while Pimple Saudagar has relatively old societies residential belts of Baner and Pimple Saudagar. Wakad is not only and is dominated by age-old constructions. One thing that remains a residential hub; it is also seeing mixed land development and the common in both the localities, apart from the same governing body emergence of high street shopping areas. The proximity to large IT/ of Pimpri-Chinchwad Municipal Corporation (PCMC), is that each of ITeS campuses and the business districts of the city has strengthened these has a majority of supply of 2BHK units. Since Pune is home to the investor sentiment here. Situated in the Pimpri-Chinchwad a large number of migrant populations, home seekers prefer their region, Wakad is catering to investors working in the manufacturing residences to be close to their office. The area is the chosen option as hubs around Chakan as well as the ITBT SEZ in Hinjewadi. it offers easy connectivity to nearby industrial pockets. n Source: The Times of n Source: Magicbricks Bureau MOST POPULAR PROJECT in Wakad - Hinjewadi http://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

KEY DEVELOPERS in Wakad - Hinjewadi http://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

PROJECT SUMMARY BY POSSESSION STATUS in Wakad - Hinjewadi http://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

PROJECT SUMMARY BY BUDGET in Wakad - Hinjewadi http://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

CONTACT US l Join our discussion forum at - openhouse.magicbricks.com l For business enquiries - [email protected]

D I S C L A I M E R

Every effort has been made to make this report as complete and accurate as possible. MagicBricks accepts no responsibility for inaccuracies in the information/data contained in this report. It shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information contained in this report. The information/data in this report is subject to change from time to time due to market condition.