PUNE: Hinjewadi, once looked upon as a sleepy countryside area, has been fast evolving into a real estate hotspot. The locality, situated towards the west of Pune city, offers all types of properties for every segment of the society. According to the MagicBricks.com data, residential properties such as plots and apartments in Hinjewadi, are available within a wide range of Rs 13 lakhs to Rs one crore and above.
Considering the prospects of this area, developers are introducing a number of new housing projects for which they have acquired large stretches of land. Sairung Developers & Promoters Pvt Ltd, Shree Moreshwar Developers Pvt Ltd, GreenWorld Developers, Kolte Patil Developers Ltd, Aarohi Developers & Promoters Pvt Ltd, Kumar Builders, Peninsula Land Ltd, Clover Builders, Megapolis Group, Right Choice Group and Paranjape Schemes (Construction) Ltd, are some developers active in the area.
The maximum demand in this area is for 2-BHK units and these are in abundance. Data, 54 per cent demand was seen for 2-BHK properties during the March-May 2013 period, whereas supply was at 52 per cent in the same period. A similar trend was registered in the period from December 2012-February 2013 as well, when supply of 2-BHKs was 54 per cent and demand stood at 52 per cent. So where is this demand coming from?
The area witnesses a huge migration of IT professionals every year, who come to earn their livelihood in Pune. “It is on the NH-4 bypass around the city and close to the Rajiv Gandhi Infotech Park that houses some of the leading IT companies in large-format offices. Prominent among them are IBM India, TCS, Hexaware Technologies and Cognizant Technologies.
Professionals working in these companies are generating demand for real estate in Hinjewadi. These professionals who are single or have nuclear families, look for smaller units – 1 and 2-BHKs. These units fit their budget size,” says Siddhu Adhav, a local agent from Global Realtors.
Explaining the reason behind the noticeable supply of plots in Hinjewadi, Vishal Kanherkar from Bavdhan Properties adds, “The prices for land in localities such as Baner and Wakad, which are the preferred residential spots near Hinjewadi, have gone unbelievably high. Thus, builders and buyers have started looking for options in Hinjewadi itself.”