Hinjewadi has become a magnet for home buyers in Pune, despite the lack of sufficient public transport, with Puneiites hoping that the Pune Metro will boost infrastructure in the area
Pune’s image, as a hub for employment and investments, has served to attract people from all over the country, owing to which its population has steadily increased, to reach 67 lakhs in 2018. To accommodate this growing population, the Pune Municipal Corporation (PMC) brought 11 new villages within its fold. Currently, 4.5 lakh sq ft of new construction, is coming up in these newly merged zones. Among these zones, Hinjewadi in west Pune, has emerged as a sought-after location, reveals data with Housing.com.
Connectivity to Hinjewadi
The Hinjewadi IT Park has over 165 firms in its three phases and employs over two lakh employees. These people form a large base of potential property seekers, who would like to stay close to their workplace. Sakshi Vasudeva, who is employed with an IT major in Hinjewadi says, “After long hours at work, it does not feel nice, to travel a long way to be with family. I wanted to keep travel to a minimum and thus, settled for a 2 BHK unit here. The locality has its own pros and cons but at the end of the day, it is a relatively greener area and is close to my workplace.”
Kishor Pate, chairman and MD, Amit Enterprises Housing Ltd says, “While properties in and around the IT hubs tend to be too expensive for the bulk of end-users and investors, areas that are well-connected to these employment hubs and also have lower property prices, are very hot tickets indeed. This suburb is driven by Pune’s burgeoning IT/ITeS sector, which has proved to be the single-largest booster for residential and commercial real estate in the city.”
Infrastructure in Hinjewadi
Back in 2007, there were roughly about 70,000 people working in Hinjewadi. The scenario is vastly different now and the needs of Puneiites have only grown, since then. A study conducted by a Hinjewadi-based employees and residents trust, revealed that 83% of overall traffic comprised of two and four-wheelers of the staff. Public transport service was a meagre 5%. Between 7 am and 1pm, on an average, 130 vehicles per minute pass from Shivajinagar towards Hinjewadi, the study revealed.
Under the circumstances, the Pune Metro Rail project, a 23.3-km stretch that will link Hinjewadi to Shivajinagar (third phase), could serve as a boon for residents. The foundation stone for the project was laid in December 2018. Once this materialises, living a little away from the workplace will not be a hassle for a lot of employees. The metro rail could also improve the work-life balance for professionals in Hinjewadi.
Property prices in Hinjewadi
Capital values in Hinjewadi presently stand at Rs 5,460 per sq ft, up by 7% over the last six months. There are over 200 projects for sale and over 2,150 resale units up for grabs. On the whole, prices range between Rs 2 lakhs for residential plots to Rs 7 crores for high-end units. On an average, a 1BHK unit will command as much as Rs 29 lakhs, while a standard-sized 2BHK unit would cost close to Rs 45 lakhs. If you are looking at bigger configurations, the price could exceed Rs 77 lakhs. Prices vary, depending upon the brand of the developer, the location of the property, amenities offered to the home buyers, etc.
Rental returns in Hinjewadi
Investors looking to earn rental income, can expect anywhere between Rs 15,000 and Rs 30,000 per month, given that the location offers a tenant the benefit of sound social and physical infrastructure, such as access to leisure hangouts, restaurants, shopping malls and connectivity to other strategic locations.
Factors to consider, before investing in a property in Hinjewadi
Watch out for areas that are further away from the IT belt. Even within Hinjewadi, you may have to pay a premium, to live in less congested residential societies. However, this may be worth the extra money spent. Home buyers and welfare associations have also been demanding adequate drinking water supply and storage tanks for large societies. Some residents also point out that burning of garbage in the area causes air pollution. Hence, before investing, ensure that your housing society is equipped with proper waste disposal mechanisms.