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WAKAD - HINJEWADI Corridor Description and Rating Areas Included: Hinjewadi, Wakad and Marunji

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WAKAD - HINJEWADI Corridor Description and Rating Areas Included: Hinjewadi, Wakad and Marunji Corridor of growth WAKAD - HINJEWADI Corridor Description and Rating Areas Included: Hinjewadi, Wakad and Marunji 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 Pune-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 Maharashtra 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 Baner 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 Thergaon. 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 Pimpri-Chinchwad 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.
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