Fastest growing micro market

HOTSPOT: PUNE’S HINJEWADI

Once an anonymous destination comprising of small villages in the peripheral areas of Pune, Hinjewadi is now a prime real estate hotspot. With the launch of the Rajiv Gandhi Infotech Park and following entry of various IT-ITeS majors and multinational companies, Hinjewadi has witnessed spectacular growth in working population. The accompanying demand for homes, backed by improving social and physical infrastructure, has made Hinjewadi one of Pune’s fastest-growing micro-markets in Pune.

The establishment of the Hinjewadi IT Park acted as a powerful magnet for IT-ITeS companies, whose arrival and expansion have been the primary growth drivers for the real estate market of Hinjewadi. It has evolved into a hub for self-sustaining townships and also offers a big range of properties from luxury to affordable, accom modating a wide cross- section of demand. Residential property development in and around Hinjewadi has transformed it into a vibrant commercial-cumresidential destination that promotes the walk-to-work concept. Hinjewadi has an extremely well-developed physical infrastructure and enjoys excellent connectivity to other parts of the city as well as Mumbai. Located very close to Hinjewadi is the Mumbai-Bengaluru Highway or NH-4, linking Pune and Mumbai to Bengaluru, this highway ensures excellent connectivity to Mumbai. The Rajiv Gandhi MIDC Road runs parallel to the PuneMumbai Highway and is an alternative route to Hinjewadi Phase I and II that avoids traffic congestion. The nearest railway station to Hinjewadi is Pimpri at a distance of 11 km, and Pune Junction railway station is at 21 km. The 23 km Hinjewadi-Shivaji Nagar metro corridor, expected to be operational by 2020, will improve connectivity and reduce travel time to the central areas of Pune. Average residential property prices in Hinjewadi increased from ~5,110 a sq ft in Q1 2015 to ~5,470 a sq ft in Q4 2016.

Various infrastructure upgrades in and around this location will boost future residential price growth at Hinjewadi, whose strategic location, excellent connectivity, constantly rising employment opportunities and robust physical infrastructure will continue to define it as a remarkably vibrant real estate hotspot in Pune.

The writer is Head – Research, ANAROCK Property Consultants