PUNE: The Hinjewadi IT Park is an outstanding success story in its own right. It has single-handedly boosted Pune’s profile on the national and global business map. The effect that the Hinjewadi IT Park has had on the type of demand for residential spaces in the adjoining areas like Marunji road is a textbook case of the IT industry and its accompanying culture dictating the shape and form of a market. Real estate investors and developers are quite confident that the area will be one of the most vibrant and sought after locations in the near future.
According to Knight Frank’s Investment Advisory Report on India’s Residential Destinations, Pune is one of India’s preferred cities to invest in, with the north-west Hinjewadi-Ravet belt being one of the top investment destinations ranked in order of investor returns over the next five years (20 per cent per annum). R Karthik, CMO of Lodha Group, is confident that the destinations along the route to Hinjewadi (along the Mumbai-Pune bypass road) are set to emerge as preferred residential locations.
According to Sujay Kalele, group CEO of Kolte Patil Developers, “The area is strategically located close to the Hinjewadi IT Park that employs around 70,000 IT professionals and adds 10,000 professionals every year. With such fast-paced increase in employment, demand for quality residential space in and around Hinjewadi will be ever-increasing. Besides, the area is also located in the centre of the twin cities – Mumbai and Pune, and it has easy connectivity to the Mumbai-Pune expressway and Bengaluru-Pune bypass. It is also close to Pimpri-Chinchwad and the city’s biggest landmark – Maharashtra Industrial Development Corporation (MIDC) that hosts one of the biggest industrial zones in Asia.”
Though it is currently not ‘livable’, there is a lot of development happening in the area. Sumeet Bhatia, office head – Pune, Cushman & Wakefield India, elaborates, “In the future, larger townships are expected to come up as builders like Kolte Patil Developers and Paranjape Schemes have acquired land parcels in this area. However, although widening and construction of roads have been proposed, the existing capacity is insufficient to cater to the population with the real estate boom in the area. Water supply is infrequent as it does not lie within the jurisdiction of PCMC or PMC.”
Speaking about the development of the area, Kalele adds, “In the last few years, the area has witnessed more than reasonable development. There is ample construction on the Pune-Mumbai expressway stretch and the distance between Mumbai and Pune has also reduced considerably. Infrastructure in this part of Pune is much better than anywhere else in the city. The buyer-friendliness of this area comes from the fact that most of the necessities and conveniences can easily be fetched and yet it is not over-crowded.” Institutes like NICMAR, Balaji, Allard and Indira are in close vicinity and have attracted the student population from across the nation. Schools like Anisha Global Foundation, Vibgyor, Pawar Public School, amongst others are already functional here. In the last one year, shopping areas have added more value to the development of this belt.
After the construction of the Mumbai-Pune expressway, there has been capital appreciation in Kharadi and west Pune in general. Rahul Malhotra, CMD of XRBIA, informs, “The increasing local demand has skewed the capital values of real estate prices in the localities, making the region a favoured investment destination. Furthermore, a huge amount of commercial activities and hotels are responsible for rendering the areas around Hinjewadi the status of an upcoming suburb which is perfect for living. Connectivity to Mumbai is a driving factor here.” According to Bhatia, the prevailing capital value for new constructions is between Rs 4,500-5,000 per sq ft.
The developers are coming up with various types of housing options to suit every budget and requirement, starting from a one bedroom apartment to a highend bungalow. There are townships that cater to the need of all customers, including small and big investors, first home buyers, second home owners and NRIs. There is also no doubt that more and more Double-Income No Kids (DINKs) and Double-Income Single Kid (DISKs) are opting for homes in the area.
Vivek Shesh, CEO of Sairung Developers, concludes, “The most prominent customers, for obvious reasons, are software professionals who invariably have two earning members and have a substantial sum for investment. We also have the salaried class of people from automotive, engineering and other ancillary industry sectors who do not want to miss the bus. There are investors from abroad also, who want to have some emotional attachment with their motherland by virtue of a piece of land they own here.”