IT Hub of Hinjewadi, Pune Opening Options in Real Estate
Located on the NH4, Hinjewadi happened to be a very small village a few years back. Holding hands with the corporate world of Information Technology, this place now has developed and renamed itself as Rajiv Gandhi InfoTech Park. Hinjewadi or Hinjawadi, has now become one of the renowned IT hubs in Western Pune, sheltering over 20 major IT companies.
The large IT hub of about 17 million square feet has not been built in a day but in phases, which is further been planned for expansion. Again, the growth and development of this place have led to traffic congestion, because of which, heavy goods carriages or any other heavy vehicles are prohibited in this area in peak hours.
Therefore, the real estate sector has a number of scopes in Hinjewadi which have pushed up the prices of properties high up. This would invite investors from all economic sector, as well as prospective home buyers from the IT/ITeS sector to its emerging economic hubs. Most of the employees who have visited from other places, rents places for staying, with proper opportunity, most of these employees might become promising investors in the housing sector.
Integrated Township Approach
As per the Special Township Policy Act, set by the government of Maharashtra, Hinjewadi has developed the integrated township of its IT hub in accordance with that. This approach was mainly made for reducing the congestion in the areas that comes under the Pune Municipal Corporation. Nevertheless, any development of an area calls for more investors and developers in the real estate sector.
The local developers along with the national developers have come forward with various options with commercial cum residential complexes which would match the fast developing InfoTech Park in Hinjewadi. The overall involvement of real estate activities, such as various commercial institutes, hotels and medical infrastructure, has turned this place into a flourishing suburb.
Hinjewadi has grown in a new dimension of the integrated township. The developers and investors have reaped a rich harvest in social and physical infrastructure. As per the records of the state government, this place has received applications for township from more than 30 projects, designed by foreign architects which contributed towards the betterment of living.
Connectivity
Hinjewadi can be reached in about only 40 minutes drive. This close proximity to Pune is the biggest advantage this place possesses. Again, the connectivity to the nearest international airport is only 3 hours drive, at Mumbai. And most importantly, connectivity to the Pune-Mumbai Expressway provides the easiest access to Hinjewadi.
Connectivity via Pune metro and the online application based transport system is the additional support here for easy access to the multiple locations in Hinjewadi. As a result of all these, this place has gained popularity among the investors of real estate.
Initiatives by the Government
The government has taken many initiatives to attract IT professionals and other prospective investors to contribute and participate in the real estate sector in Hinjewadi. Waiving the stamp duty on owned or leased property that comes under the area of Maharashtra Industrial Development Corporation (MIDC) is an example of the same.
Appreciation in Property Prices
Once upon a time village, Hinjewadi in the present time happens to be one of the most favourite places in India for investment. Thus it is no rocket science to understand the appreciated prices of property in Hinjewadi. On average, the current property price in Hinjewadi is approximately rupees 5497 per square feet and the poshest property is priced at rupees 13142 per square feet.
With the increased scope in the IT sector, the number of employments is also increasing, which further increases the demand for living space. The continuity in rising demand for commercial properties has resulted in rising in the rental values of these spaces. Therefore the demand for owning a property has also risen. Property for Sale in Hinjewadi, Pune, which are nearer to the working places getting occupied quite rapidly.
Along with the individuals establishing at Hinjewadi, the demand for the proper educational centre, medical infrastructure, entertainment etc comes along. The appraised real estate of this place also covers this vast array of commercial sites.
