corridor of

Corridor of growthCorridor Description and Rating

W A K A D - H I N J E W A D I

Areas Included: Hinjewadi, Wakad and Marunji

Fig 1: Map of the corridor

Corridor of growth (COG)02

About the CorridorIntroduction: The Hinjewadi-Wakad Corridor represents a mix of office space and residential development. Hinjewadi is predominantly an IT/ITES office space hub with residential development while Wakad is primarily a residential hub with associated support amenities.

The Rajiv Gandhi Infotech Park at Hinjewadi has been developed by the Maharashtra Industrial Development Corporation (MIDC) wherein three phases of the park are currently operational. Hinjewadi is one of the two major IT/ITES office clusters in Pune and accounts for almost 50% of all IT/ITES office space in the city. It continues to grow as more companies set-up their facilities and more phases are developed. Unlike other areas in the city where land supply is limited, there is ample land available for further expansion in this area. Employees working in various IT/ITES companies in this park are the demand drivers for residential development in many localities in the western part of the city. While choosing localities/projects, employees balance affordability, keeping commuting time to the minimum.

Residential development has taken shape in Hinjewadi through large township projects. These have been launched under the Special Township Policy which encourages development of self-sustaining townships away from the city to assist in dispersal of population. Minimum land area required is 40 hectare or about 100 acre. Five major projects in and around Hinjewadi are under-construction under this scheme. These are Blue Ridge (Paranjape Schemes), Life Republic (Kolte-Patil), KUL Ecoloch (Kumar Builders), Megapolis (Avinash Bhosale Infrastructure Ltd and Kumar Properties) and Xrbia Hinjewadi. The residential component in these projects is in various stages of construction.

Wakad is one of the major residential hubs in western Pune. This locality witnessed development as the city expanded westward as well as due to the demand emanating from people working in the IT Parks in Hinjewadi towards its east. As per the Master Plan for Wakad, it extends on both sides of the Pune-Mumbai Highway and is contiguous with Hinjewadi. However, most of the residential development

has taken place to the east of the Pune-Mumbai Highway. The southern part of the locality sits astride the main access road to Hinjewadi from the core areas of the city. The northern part of the locality touches the other smaller access road (Dange Chowk Road). This proximity to a major demand driver has made Wakad the most preferred locality by consumers for both home buying and renting in Pune.

Infrastructure: Apart from two smaller access roads, there is only one major access road to Hinjewadi from the east and this creates serious traffic congestion during peak hours. To solve this issue, a 6-lane road from Baner to Mahalunge, connecting further to the Phase-2 of the IT Park, has been proposed. However, land acquisition for this project is yet to begin. Another measure announced to address this issue is the widening of the road from Shivaji Chowk in Hinjewadi to Bhumkar Chowk. This will be further extended to Dange Chowk in Thergaon. It will be undertaken by the Pimpri-Chinchwad Municipal Corporation (PCMC). The work on this project is also yet to begin.

PCMC also plans to construct a

Properties available in the corridor The general price level in the corridor is on the higher side both in terms of capital value (Rs/sq ft) and total apartment cost (Rs Lakh). The dominant budget segment in the corridor is the Rs 60-80 lakh price bracket with 41%

share of the supply. This is followed by the Rs 40-60 lakh and the Rs 80 lakh-Rs 1 crore budget segments. Both of these are about 20% each share of the supply.

The 2BHK is the dominant format (60%) followed by the 3BHK (29%) format. The preference for 2BHK units can be understood in terms of keeping the overall acquisition cost low. The smaller size of 2BHK units keeps

Overall Connectivity Social Infrastructure Security/Water

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration

Bus Rapid Transit System (BRTS) terminus at Hinjewadi. This will connect Hinjewadi to the BRTS network on the Nashik Phata-Wakad stretch and the proposed Dange Chowk-Hinjewadi routes. This work will be undertaken in 2016-2017 and will improve the connectivity to other areas within the PCMC limits.

Support infrastructure in Hinjewadi had come up with office tenants as target customers. It is yet to evolve into a residential hub with all support amenities. The large township projects try to overcome this aspect by having all facilities like healthcare, education and

support retail within the project. But the timeline for these to come up and when people start living does not always match.

A BRTS corridor is being constructed between Wakad and Nashik Phata. This will improve connectivity of Wakad to the core areas of the city. Overall, the support infrastructure in Wakad is well evolved with all the required amenities and for those amenities not present here, options are available in a 3-5 km radius.

Outlook: Both the localities in the corridor have seen considerable development and the stock available is at a

premium. Further, there is not much difference in the prices between the two localities within the corridor or those which are outside but in proximity. The average price level hovers at Rs 5,900-6,100 per sq ft. Ample space is available for further development towards the west. Considering the demand supply scenario, the price level is expected to see marginal increment over the next few years.

There is possibility of a merger of Hinjewadi with PCMC and if this happens, the infrastructure development is likely to get more focus.



Wakad has overwhelming consumer preference for rental housing in the corridor because of its location

and nature of development. It is now an established residential hub with required

support infrastructure for habitation. It is also well connected to main city areas towards east. Travel time from Wakad to Hinjewadi is under-30 minutes so, an employee working in Hinjewadi can take up residence in Wakad.

Hinjewadi is an office space hub and lacks the required infrastructure to support habitation. It also suffers from connectivity issues with other areas because of road infrastructure.

the total cost low and allows buyers to opt for their preferred locality where the per sq ft rate is high.

Surprisingly, for a market which caters to young and single IT/ITES professionals, the supply of 1BHK formats is very less even though this segment has 23% share of consumer preference in the market. Most

of the 2BHK supply is in the Rs 60-80 lakh segment while options of 3BHK are in the Rs 80 lakh-Rs 1 crore bracket. Bulk of the few 1BHK options are in the Rs 20-40 lakh price range. The corridor is witnessing considerable development activity and options are equally available in under-construction and ready-to-move-in projects.

Sales Price Covered Area ( Lacs) (Sq.ft)

1 BHK 25-50 550-700

2 BHK 30-92 900-1250

3 BHK 55-150 1320-2000

4 BHK and Above 120-200 2050-3000

Best sectors to invest in a home Based on rental demand in sectors

Table 1: Sizes and prices of flats available for various room configurations

Based on home buying demand in sectors

Fig 5: Top localities by consumer for renting a house

Fig 6: Top localities by consumer for buying a house

Best bedroom configurations to buy Preferred buying and renting options

Buying Renting Total (BHKs) Total (BHKs)

1 BHK 8% 13%

2 BHK 60% 60%

3 BHK 29% 25%

4 BHK and Above 3% 2%

Table 2: Demand distribution for buying and renting

Wakad is highly preferred within the corridor when it comes to purchase options. Again, this is because

Wakad scores relatively high on habitation aspects like proximity to schools, shops,

primary healthcare and connectivity with other areas of Pune. Employees working in Hinjewadi can easily commute to work from Wakad. Infrastructure in Hinjewadi is geared more towards supporting an office cluster.

Residential development in Hinjewadi is taking place in township projects which also seek to provide support infrastructure. But these will take time to evolve as complete residential hubs.

Consumers prefer the 2BHK format in the corridor. It is observed from the table 2 that the demand distribution for

buying and renting properties are similar for the 2BHK category. About 60% consumers are looking for 2BHK format for buying. Similarly, the renting options are also good

for 2BHK category. The 3BHK is the second most preferred format with bulk (29%) of the demand. The demand distribution for renting is 25% in the 3BHK segment. For 1BHK category, the demand distribution for buying and renting options is below in comparison to 2BHK and 3BHK category.

Price changes and future prospects Historic Price movement Table 3: Historical Price changes

Wakad in Wakad-Hinjewadi corridor represents the most preferred locality by consumers in the city for

purchasing or renting a house. Hinjewadi also comes in top 10 localities on same parameters. This is because of its proximity to the employment hub in Hinjewadi.

Consequently, the rates in these localities have historically seen continuous growth to reach the present level.

The demand continues to be there but the rate of price increase has reduced drastically. This is both a function of high capital value, slow market condition and large amount of supply in the corridor. Given the current price level and market conditions, this situation in the corridor is expected to persist in medium term at least.

Fig 7: Historical Price changes of corridor


6 monthly change Yearly change

1% 4%

Corridor Average Price Rs/sqft

Price movement for top localities by Consumer Preference

The quarterly price change in each of the localities in the corridor reflects the overall scenario in the corridor as well as the Pune market. The price level has seen marginal increment over last quarter

with maximum increase being 3% in Marunji.

This trend of marginal price increment has been observed over last few quarters. While the corridor continues to receive demand, the sales volume are not at a level which can sustain price increment.

Further, the price has already reached a level where large increment without impacting the sales is going to be a challenge. The future price increment is expected to be marginal across localities in the corridor.

Fig 8: Price changes in top localities by consumer demand


Infrastructure UpdatesWakad-Nashik Phata BRTS Corridor

A BRTS corridor is being constructed between Wakad and Nashik Phata. This will improve connectivity of Wakad and also to the core areas of the city. This will help in the development of the infrastructure facility.

BRTS Terminus at Hinjewadi

PCMC also plans to construct a Bus Rapid Transit System (BRTS) terminus at Hinjewadi. This multi-storied bus terminus-cum-commercial complex will improve the connectivity to the area. This will connect

Hinjewadi to the BRTS network on the Nashik Phata-Wakad stretch and the proposed Dange Chowk-Hinjewadi routes. This work will be undertaken during the 2016-17 period. The complex will also be used for commercial purposes and other facilities.

Master PlanWakad falls under the Pimpri-Chinchwad Municipal Corporation (PCMC) limits while Hinjewadi does not fall under the purview of any urban local body. The Rajiv Gandhi Infotech

Park has been developed by the Maharashtra Industrial Development Corporation (MIDC). There are five major integrated township projects in and around Hinjewadi

which account for most of the residential development in Hinjewadi. These have been established under the Special Township Policy of the Maharashtra government.

Why Wakad’s property market is popular in Pune

Wakad has good connectivity to different parts of the city. The area has emerged as a destination for consumers looking for multi-storey apartments. It is very close to nearby places such as schools, restaurants, shopping mart, etc. Other than its proximity to the Hinjewadi IT Park, the affordability and availability of multi-storey 2BHK apartments are factors that are contributing to Wakad’s popularity. Moreover, there are different options that are available in high rises than in housing villas.

n Source: Magicbricks Bureau

Wakad: Witnessing wide growth

Wakad is rapidly gaining prominence as a healthy micro market. It is due to its closeness to the Pune-Mumbai expressway, IT corridor and residential belts of Baner and Pimple Saudagar. Wakad is not only a residential hub; it is also seeing mixed land development and the emergence of high street shopping areas. The proximity to large IT/ITeS campuses and the business districts of the city has strengthened the investor sentiment here. Situated in the Pimpri-Chinchwad region, Wakad is catering to investors working in the manufacturing hubs around Chakan as well as the ITBT SEZ in Hinjewadi.

n Source: The Times of India

Wakad & Baner: Tale of two localities

Baner and Wakad have been declared highly preferred investment destinations. Proximity to the Pune-Mumbai expressway and IT corridors has caught the attention of buyers. It is located on the eastern side of Dehu-Katraj bypass on National Highway 4 in Pune. The main advantage is its nearness to the expressway, Hinjewadi IT Park, and the Pune-Mumbai highway, making it a favourable place. Both Baner and Wakad have huge potential for good future returns.

nSource: Magicbricks Bureau

Wakad, Pimple Saudagar are most popular in Pune

Wakad and Pimple Saudagar are two localities that witness majority of consumer preference in Pune. Wakad has more new properties and upcoming projects while Pimple Saudagar has relatively old societies and is dominated by age-old constructions. One thing that remains common in both the localities, apart from the same governing body of Pimpri-Chinchwad Municipal Corporation (PCMC), is that each of these has a majority of supply of 2BHK units. Since Pune is home to a large number of migrant populations, home seekers prefer their residences to be close to their office. The area is the chosen option as it offers easy connectivity to nearby industrial pockets.

n Source: Magicbricks Bureau

IN NEWSCorridor of growth (COG)07

MOST POPULAR PROJECT in Wakad - Hinjewadihttp://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

KEY DEVELOPERS in Wakad - Hinjewadihttp://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

PROJECT SUMMARY BY POSSESSION STATUS in Wakad - Hinjewadihttp://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

PROJECT SUMMARY BY BUDGET in Wakad - Hinjewadihttp://magicbricks.com/investment-hotspots/pune/wakad-hinjewadi/

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D I S C L A I M E R

Every effort has been made to make this report as complete and accurate as possible. MagicBricks accepts no responsibility for inaccuracies in the information/data contained in this report. It shall have neither liability nor responsibility to any person or entity with respect to any loss or

damage caused, or alleged to have been caused, directly or indirectly, by the information contained in this report. The information/data in this report is subject to change from time to time due to market condition.

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