Are you looking to buy a residential 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 offering numerous plots within Rs 40 lakh. According to industry studies, plots within the budget of Rs 40 lakh receive good response from the market. Plots in the range of Rs 40-60 lakh also get a fair level of demand from buyers and investors alike.
Hinjewadi is located on the NH-4 bypass. It enjoys proximity to the Rajiv Gandhi Infotech Park, which is home to some of the leading IT companies that operate from large format offices at this location. IBM India, TCS, Hexaware technologies and Cognizant technologies are amongst the prominent companies present in the park.
This has led to an increased demand for residential plots by top-notch IT professionals. The area witnesses huge migration of IT professionals, who choose Pune as their work destination.
Meanwhile, the prices for land in nearby localities such as Baner and Wakad which are the preferred residential spots nearby Hinjewadi, have registered a considerable increase. Thus builders as well as the buyers have started looking for options in Hinjewadi itself.
Considering all the prospects, the area is in huge demand for residential plots by developers community. Developers such as Six Senses, Foliage Park, Glistening Meadows and Aarohi Park are among the ones which are coming up with the plotted development. This in turn is pushing the land values up. As per the figures on MagicBricks.com also, 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 Apr-Jun 2013 quarter.
The locality also offers many options to people who wish to buy multi-storey apartments in Pune. However, the rental market in the area does not present a promising picture.
|Budget||Rs 10-20 lakhs||Rs20-50 lakhs||Rs 50-80 lakhs|
According to industry experts, 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.
Due to the high rental demand from the working population, real estate 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 rental properties has resulted in a slump in rental values in the last few months.
Hinjewadi is a highly commercial place and people preferred to live here only to have convenient access to their workplaces. Social infrastructure, particularly availability of good schools and neighbourhood markets, is something that residents of this location are looking for.