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Once a suburb on the west of Pune, Hinjewadi has come a long way and become a thriving residential hub in Pune metropolitan region. Its meteoric rise has been rooted in Hinjewadi’s ascent as one of the biggest IT hubs in India. Hinjewadi is home to a vast IT industry. It is also located close to automobile & manufacturing hubs, which is further fuelling demand.
Amongst its peers, Pune is one of the fastest-growing residential markets in India. In Q1 FY 2019-20, residential uptake in Pune reached near around 16,000 units, growing vigorously by around 40% in comparison to the previous quarter.
A sizable part of the demand is coming from Hinjewadi & its nearby catchments such as Aundh & Baner etc., which enjoy both massive demand as well as viable price options. As demand is continuously moving up the curve, major developers are also focusing on the micro-market & coming up with quality projects. Hinjewadi is also the beneficiary of generous payouts from the Pune authority.
Due to an ongoing drive for decongestion of Pune, new townships & urban corridors are developed across peripheral areas such as Hinjewadi. As a part of the decongestion drive, civic amenities (water supply, electricity supply, sewage system, etc.) are being improved in Hinjewadi. Likewise, new transit systems (metros), roadways, sporting complexes, etc. are deployed.
Despite stable price trends in Pune, property prices are rallying ahead in Hinjewadi on the back of robust & upbeat demand. In Q1 FY 20, the average property price in Hinjewadi has reached INR 4,810, growing by around 2.6% in the past 12 months. As price options are viable in Hinjewadi, end-users & investors are entering the market in big volumes.
Currently, there are around ~ 100 big & small developers that are active in Hinjewadi & other nearby regions. In the previous quarter, total transactions have reached a little less than 1,300 units, jumping by over 30% on a quarterly basis. In an annual basis, the total transaction volume has been in tune to around 4,900 units in Hinjewadi. The total inventory in the market is around 7,750 units. At the current rate of turnaround, it will take around 19 months for the inventory to be fully consumed. This is a commendable number.
In terms of the type of supplies, the market is mostly run by smaller units such as 1 & 2 BHK units, which constitute around 80% of the supply. 3 BHK units comprise around 16% of the market supply.
Looking at the overall behavior in the market, the market in Hinjewadi presents a plethora of opportunities in the current period. Holding its position on the back of its reputation as a booming IT hub and the high concentration of activity from developers, investing in property in Hinjewadi is an attractive proposition for homebuyers as well as investors who are looking for viable assets.
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