Hinjewadi it Park Spurs Action in Residential Properties of Pune
With the coming up of Hinjewadi IT park in Pune suburbs, the property values in the neighbouring residential areas have tripled in last two years and a half. The IT Park spread over more than 200 acres and employing over one lakh employees is driving the residential markets of Wakad, Baner and Bavdhan.
According to real estate consultant Vishal of Expat Properties Pvt Ltd, "These areas started as villages and now have been converted to cosmopolitan areas. What was available for Rs 800-1,000/sq. ft two and a half years back, is now for Rs 3,000/sq. ft in these areas."
Baner has some 50 new projects in the pipeline with Phonenix Multicon, Aditya Shagun and Paranjpe being the prominent real estate developers. Waked also has some 25 new projects lined up in the residential real estate sector.
Majority is the demand is for premium 2BHK apartments. However, 50 per cent of the supply is for 2BHK apartments while the rest is for 3BHK with small contribution from 4BHK segment, as well. The users of these residential properties belong to the upper middle class. These young salaried professionals' average take home is 1 lakh per month and have a demand for good quality residential properties along with lifestyle amenities, said Andrew Philips, a Pune property dealer.
To cater to this demand, real estate developers like Pune-based Paranjape Schemes is to launch a 138-acre IT SEZ and township in Hinjewadi with over 3,000 residential units, as well as hotels and serviced apartments. Vornado Realty is to develop a $200 million township in Hinjewadi with MIDC. The project aims to provide a better quality of life to IT sector workers via the walk-to-work concept. Kumar Builders is to launch an 124 acres IT SEZ, Cerebrum, in Phase II of Hinjewadi. 40% of the land will be used for residential purposes.
According to major property dealers, the peripheral areas are becoming increasingly self sufficient and there is little reason for them to now rely on their city for any needs, barring entertainment.
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