Property inflates in Wakad

May 17 • Business • 523 Views • Comments Off on Property inflates in Wakad

Located in the Pimpri-Chinchwad area of the city of Pune, Wakad is a rapidly developing suburb in the vicinity of Pune. A new age town, the area is witnessing speedy social economic and real estate development. The development of the Rajiv Gandhi Hinjewadi IT Park near the area has propped the realty here, as professionals working in the IT companies based in the IT city prefer a flat in Wakad.

Wakad quintessentially remains a young IT professional hub, as they prefer staying in the area because of the location, ambiance and facilities available in the locality.  After the development of the Rajiv Gandhi IT Park in Hinjewadi, housing numerous top IT companies and their corporate offices, the area became a commercial hub in no time. High rise buildings, steel and glass offices and couth working culture transformed the area and the type of constructions here.

From a quiet locality to IT hub

Wakad was an ordinary locality with rustic roads, underdeveloped infrastructure and unmentionable profile. The local administration decided to develop its infrastructure and bring investors here and encourage them to set up their offices here. The Pune Municipal Council decided to take charge of Wakad, and develop its real estate. The Corporation developed the roads, subways, ensured provision of electricity and water and a full-fledged drainage system. The locality was suddenly transformed into an infrastructural paradise and owning a flat in Wakad became a shot in arm for the buyers and investors.

Infrastructural Boom

Currently the locality’s’ the civic administration is considered as one of the best in the Pune area. Earlier only famous for its ‘Jatra’ (or Yatra; a religious carnival at the temple of Mhatoba) Wakad has come a long way. Farming was a major occupation then, as it has a rich, fertile, black soil. Main crops grown here were sugarcane, onion and groundnut but as the infrastructural development took over; farmers sold their land to the government and builders at high rates, earning huge profits, and left the area. High rises were constructed to provide flats in Wakad for those looking for an accommodation here.

Affluent Area

The tremendous growth of Wakad can be credited to the development of the InfoTech and Biotechnology Park at the Hinjewadi. The Commercial hub is just across the road and the Pune-Mumbai Expressway (west) is also nearby. This makes the area extremely posh and property here is high end and expensive.

A flat in Wakad remains much craved for because of the localities it shares and areas it conjoins. Meeting Pimple Nilakh, Pimple Saudagar and Aundh in the east, towards the south the locality has the Mula River, Baner, Pashan and Balewadi (the Sports City) and towards the north are the areas of Thergaon, Akurdi, Chinchwad and Ravet. Wakad remains an affluent combination of modern housing and an attractive bucolic ambience complete with professional and commercial providences.

Property Prices

The area is high on the real estate ladder for the facilities and amenities available in and around the locality hence property prices are climbing the ladder and fast. Beginning from a modest Rs 4700 per square feet to Rs 10500 per square feet (January to April 2013 figures). There has been a steep rise in the quarter just gone by and that may be because of the high demand for a flat in Wakad.

Property Trends

The property trends indicate that the area is poised for tremendous growth and the last quarter saw a steady growth in realty prices, witnessing a realty growth of 15 per cent (January to April 2013) and more. The growth is likely is continue, if not as much as last quarter, but still considerable amount can be expected looking at the profile of the area.

(The author has been tracking the real estate sector for eight years for leading television channels and print media.)

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