By Mr. Ankur Gupta, JMD, Ashiana Housing Limited
Hinjawadi is a popular destination for homebuyers, investors and corporate occupiers to settle down. Its infrastructure development, connectivity advantage and stable real estate market set it apart from other popular destinations in Pune.
If a location is incredibly gifted in terms of supply, it may offer some good investment potential too. Hinjawadi region in Pune is one such location, where one can find both commercial and residential supplies to choose from. The region is full of investment opportunities. Popularly known as Pune’s Silicon Valley, Hinjawadi has the presence of top multinationals. Their presence has attracted some of the best professionals in India. The influx of workforce and infrastructure development in the region has led to a residential property boom in the past decade or so. It is worth mentioning that Hinjawadi is a real estate investment destination for a variety of reasons.
It is true to say that office development has led to residential growth. The development of the Rajiv Gandhi Infotech Park has transformed Hinjawadi from a suburb to a booming commercial district. Also known as the Hinjawadi Park, it occupies 2800 acres and has over 165 offices of top corporates. These offices collectively employ about 1.5 lakh people. Many IT and ITES companies have offices spread across numerous IT parks in Hinjawadi. Moreover, various non-IT companies from sectors such as banking and financial services, manufacturing, and pharmaceuticals have their corporate headquarters. In the region. The proximity to several other prominent business hubs of Pune, including Koregaon Park, Shivajinagar, Vimannagar, NIBM, and Aundh makes the region sought after. Marunji is another prominent sub-locality of Hinjewadi that has emerged strongly in recent years.
Factors of growth
Range-bound price points: Hinjawadi’s residential market is competitive on account of its commercial success. As a result, the region offers a range of housing segments, including affordable, mid-income, upper mid-income and luxury premium. The residential price starts from Rs 4500 and goes as high as Rs 9,000 per sq ft. The demand comes primarily from affordable and mid-income categories. When on sale, it is mostly the two-bedroom and three-bedroom apartments that command a premium. However, in recent years the area is witnessing a good supply of luxury and premium housing, indicating an appetite for premium housing.
The apartments come in varying sizes and formats from builders of repute. Apartments are always in high demand. As a result, the apartment properties have witnessed decent price appreciation in the past. For now, the rates are stable. A 2BHK apartment in Hinjawadi comes in the price range of Rs 60 lakh to Rs 75 lakh. Most three-bedroom apartments are priced above Rs 75 lakh. For this category, the price may go as high as Rs 1.5 crore. Because of the demand, and influx of professionals, the area continues to have a robust rental market. Bigger apartments in the size range of 1800 sq ft and above come at a price. The category is meant for the deep pocketed.
Moreover, the apartments on offer have a price advantage over other regions such as Hadapsar, Wanowrie, Kharadi, Aundh, Undri-Pisoli, Bhugaon, Wagholi, Dhanori and Pirangut. While prices have remained firm over the past two years, investors and homebuyers should do their due diligence keeping in mind the amenities, the time and the cost-saving one can have while living in the area.
Superb connectivity: Homebuyers and office occupiers who have flocked to the region also have an advantage of connectivity. The biggest locational advantage of Hinjawadi is its proximity to the Expressway that connects with Mumbai’s business districts. The region is very well-connected with other important regions in the city and the state. One can not only save time on his daily commute, he can save money because of the abundance of transport facilities in and around. Places of importance like malls and shopping complexes, bus stands, airports and the railway station are easily approachable.
While driving along the Pune Mumbai Expressway and Pune Bangalore bypass, one can view Hinjawadi locality and its development. And the area is well-served by all means of travel and transport. While the Lohegaon Airport is about 25.3 kilometers from Hinjawadi the Pune Railway Station is about 21.4 kilometers away. Hinjawadi is in proximity to the suburbs of Baner near Wakad as well as the industrial areas of Talegaon, Chakan, and Pimpri-Chinchwad.
The presence of quality builders: The reason for Hinjawadi’s prominence is also the presence of quality developers. Builders with a good track record have joined hands to make this place the investment destination of Pune. Kolte Patil, Kumar Properties, VTS, Godrej Properties, and Shapoorji Pallonji are some well-known developers in the region. Several other builders such as Lohia-Jain and Ashiana Housing have joined hands to launch modern and futuristic projects.
Growth of IT & ITES Industry: The region is a well-established region that houses multi-nationals and occupiers from the IT and ITES sector. As a result, the presence of IT companies has fueled growth of residential space. The developments complement each. The presence of these companies has also impacted the development of modern infrastructure. Expats and foreign nationals coming to the region to work in these companies have prompted the services.
The presence of social infra: An overall infrastructure upgrade of the locality has made the social life easy and successful. The presence of professionals and their families has resulted in the establishment of top-quality hospitals, educational institutions and shopping complexes. Mercedes Benz International School, Blue Ridge Public School, Pawar Public School, Saint Timothy English Medium School, Symbiosis Institute of International Business, Patil University’s Global Business School and the International Institute of Information Technology are some of the prominent educational institutions of Hinjawadi. City Care Hospital, Sanjeevani Hospital, Gurukripa Hospital, Sai Hospital, and Lifepoint Multispeciality Hospital are some of the well-known hospitals in the area that would cater to the health care needs of the residents.
What potential the region has?
Owing to its world-class amenities, supporting infrastructure and a stable commercial and residential market Hinjawadi has performed better against other established localities in the past few years. Owing to these factors, it is likely that those investing in the area will benefit in terms of capital appreciation in the near future.
Commercial and office owners continue to have a strong base as enquiries have risen since January this year. Corporates keen on calling their employees back. They are keen on renewing their lease in the coming months because of the hybrid model of working. It will add value to the overall investment scenario in the region. Hence, both small and large offices have great potential.
But the main reason why investors are keen on investing in Hinjawadi is the presence of high-quality real estate developers. Developers in the region have a strong focus on quality deliverables, and they continue to launch futuristic projects in the region.
The area is likely to see a lot of interest from institutional investors and individual buyers alike in upcoming years. Apart from homes, one can also invest in Hinjawadi’s commercial real estate. If someone is in the market for commercial properties, this is one of the best destinations for investment. It is also a good option for individuals looking for second-hand properties. The upcoming new supply and the already stable residential resale market are sufficient to meet the rise in demand.
Corporate Comm India (CCI Newswire)