Pune has been Mumbai’s affordable cousin. After many a decade spent in the shadow of that illustrious cousin, Pune is now slowly coming into its own. After being rated as India’s Most Liveable City, Pune has attracted real savvy real estate investors who are looking to cash in on the city’s growing popularity.
And locations like Hinjewadi are also fast becoming a value investor’s dream location.
It was back in 2003 that the Maharashtra government announced liberal incentives in its IT and ITES Policy, 2003. To woo multinationals, the stamp duty was waived off on all the properties built on Maharashtra Industrial Development Corporation (MIDC) land.
This was also the time when Pune embraced the IT revolution. The construction of the Rajiv Gandhi Infotech Park acted as a catalyst in Pune’s real estate story. As several IT companies mushroomed, the area recorded increased housing demand from the professionals working in and around Hinjewadi.
And gradually, Hinjewadi metamorphosed into a preferred residential and commercial catchment.
Where is Hinjewadi?
Hinjewadi is located off the Dehu Road-Katraj Bypass.
It enjoys seamless connectivity to the Mumbai-Bangalore Highway (NH-4), making Mumbai and Bangalore highly accessible by road.
The locality can also be accessed via the Rajiv Gandhi MIDC Road that runs parallel to the Pune-Mumbai Highway.
The nearest railway station to Hinjewadi is Pimpri, which is at a distance of 11km. The Pune Junction Railway Station is at about 21km from here.
To further enhance the connectivity of the area, the 23km Hinjewadi-Shivaji Nagar Metro corridor is under-construction. It is expected to be functional by 2022.
Employment opportunities
One of the main reasons for Hinjewadi’s claim-to-fame is the presence of IT companies.
“IT-ITeS companies continue to be Hinjewadi’s commercial office occupiers at 85%, followed by manufacturing (10%) and biotechnology (5%). It contributes around 60% of the state’s total IT exports – and with more than 400,000 professionals employed, Hinjewadi is a vitally important economic powerhouse of Pune,” explains Prashant Thakur, Head – Research, ANAROCK Property Consultants.
Infosys, Wipro, Tech Mahindra, and Cognizant are some of the leading tech companies that are present in Hinjewadi. At present, about 165 firms have their base at the Hinjewadi IT Park.
Physical infrastructure
Hinjewadi has some renowned schools and colleges within its vicinity like the Blue Ridge Public School, VIBGYOR High School, and the Mercedes-Benz International School. The International Institute of Information Technology and Symbiosis International University are also in the vicinity.
Leading hospitals include Ruby Hall Clinic, Sanjeevani Hospital as well as the Mediplus Speciality Hospital among others.
Hinjewadi vs the rest of Pune
As with any area, Hinjewadi too has some downsides. Traffic snarls is one of the major issues. The only entry and exit points to the IT Park are Wakad Chowk and Bhumkar Chowk on the Pune-Bangalore Highway. The number of cars has only increased over the last few years, but the roads have not been widened to match this increase.
Commuting during peak hours can be painful until the promised infrastructure improvements are completed.
You may also be interested in reading our project review of Eon Homes in Hinjewadi.
Property rates
The ongoing capital values in Hinjewadi is Rs 4,600 – 6,800 per sq. ft. To cash on the growing demand, several leading developers in the industry have launched their projects in the area. These include Kasturi Homes, Kolte Patil Developers Ltd, TCG Real Estate, The Vivansaa Group, and Sheth Realty.
At present, there are about 300 properties for sale in Hinjewadi on RoofandFloor.
Top 5 projects in Hinjewadi
Life Republic ORO Avenue
A project by Kolte Patil, ORO Avenue offers 1 and 2BHK apartments sized 367-370 sq. ft. and 530-578 sq. ft. respectively.
These apartment units are currently selling at Rs 5,925 per sq. ft. For the recreational facilities, there are a plethora of amenities set within 70% open space. The project is slated for completion in December 2021.
Blue Ridge The Lofts
Sprawling across 138 acres, The Lofts is great for both investors and end-users. It offers 1BHK apartments in varied sizes. As far as the amenities are concerned, there is a sky lounge, a golf course, swimming pool, and much more.
A premium project, it is currently commanding a price of Rs 5,350 sq. ft.
Veracity Lake Avenue
For those looking to invest in a plotted development, Veracity Lake Avenue is one of the most popular options available in Hinjewadi. Spread over 220 acres of land, it offers plots sized 2152 sq. ft.
These ready-to-be-registered plots are currently selling at a price per sq. ft. rate of Rs 350. Regarding amenities, there are provisions for security and power back-up.
Eden Olive Hills
Next, we have Eden Olive Hills. A ready-to-occupy project, it offers villas in compact 1 and 2BHK configurations in the range of 509-541 sq. ft. (1BHK) to 680-775 sq. ft. (2BHK).
At present, the project is priced at Rs 5,269 per sq. ft. The usual amenities include a clubhouse, children play area, rainwater harvesting, security, etc.
Laukik Pelican
Laukik Pelican offers spacious 1, 1.5, and 2BHK apartments.
The ongoing per sq. ft. rate for Laukik Pelican is Rs 2,350. It expected to be completed by December 2018.
A real catalyst of growth for investing in Pune real estate
The first, second, and third phases of the Hinjewadi Tech Park is functional. A good percentage of projects in Hinjewadi offers 1BHK apartments, which is very unusual for premium projects.
There are also plans for the fourth phase. For traffic issues, the existing road network is being widened, and Metro Rail is under construction. All these together is expected to catalyse the residential growth in Hinjewadi that will continue to define it as a vibrant realty hotspot in Pune.