PUNE: Are you looking to buy a plot in Pune at affordable rates? Hinjewadi – the well known IT hub of the city, showcases a promising picture. Once looked upon as a slow-moving hamlet, Hinjewadi is currently offering plots within the range of Rs 40 lakhs. Plots within the budget of Rs 40 lakhs registered 60 per cent supply in the April-June 2013 quarter. Plots in the range of Rs 40-60 lakhs registered a supply of 13 per cent.
“Hinjewadi is on the NH-4 bypass around the city, close to the Rajiv Gandhi Infotech Park, which houses some of the leading IT companies in large format offices. Prominent among them are IBM India, TCS, Hexaware Technologies and Cognizant Technologies,” says Siddhu Adhav, proprietor, Global Realtors. This has led to an increased demand for residential plots top-notch IT professionals in this area. Hinjewadi witnesses a huge shift of IT professionals, who come to Pune for earning their livelihood.
Local realtor, Vishal Kanherkar from Bavdhan Properties, adds, “The prices of land in nearby localities such as Baner and Wakad, which are the preferred residential spots near Hinjewadi, have gone undeniably high. Thus, builders as well as the buyers have started looking for options in Hinjewadi itself.” Considering the prospects, plots in the area are in huge demand in the developer community. Six Senses, Foliage Park, Glistening Meadows and Aarohi Park, are plotted developments that are available today, near the area. This, in turn, is pushing the land values up. As per the figures of MagicBricks.com, the locality has registered an average increase of 15 per cent in the capital values of land in the last one year. The prices ranged between Rs 6,600-8,700 per sq yd in the April-June 2013 quarter.
Apart from this, the locality also offers many options for multi-storeyed apartments. However, the rental market in the area does not present a promising picture. According to MagicBricks.com data, rental values in Hinjewadi dropped by a significant eight per cent during the April-June 2013 quarter. Increased investor activity is cited as the reason for a drop in rental values.
Sattar J Sayyad of Ashiyana Real Estate, a city-based realty firm, explains, “Owing to the presence of several IT companies, rental demand from the working population has always been high here. Moreover, connectivity to the Mumbai-Pune highway and appreciating capital values, has regularly attracted investors from both, Pune and Mumbai.” He further adds, “Due to the high rental demand from the working population, the investors usually lease out their property to gain rental returns. This trend has slowly picked up and in turn, has led to ample availability of properties on rent.” This easy availability of rented properties has resulted in a slump in rental values in the last few months.
Another possible reason for the considerable drop in rental values in Hinjewadi is the availability of rented accommodation in better residential complexes in nearby localities, at lower rates. “Hinjewadi is a highly commercial place and people prefer to live here only to have convenient access to their workplaces. Social infrastructure, particularly the availability of good schools and neighbourhood markets, still leaves a lot to be desired,” says Shakil Mujawar of Dream Homes. He adds that the development of residential localities such as Pimple Nilakh, Pimple Gurav, Pimple Saudagar and Baner, all located within 5-6 kms of Hinjewadi, has impacted the rental market in Hinjewadi.