Lifestyle

Wakad property market: An overview

[ecis2016.org] Wakad is one of the rapidly developing suburban areas of Pune and is located very close to the industrial zones and the IT hubs of Pune. The area has good civic amenities and is very well-connected to the other parts of the greater city of Pune

Wakad is a premier residential area located in the western suburbs of Pune. It was a rural area till recent times and the farmers used to grow onions, groundnuts and sugarcane on its rich and fertile black soil. The “jatra” of Wakad is famous in the neighbouring villages. Nearby Wakad localities include many famous areas of the city of Pune such as Hinjewadi, Bhosadi, Dapodi and Pimple Gurav. The varieties of projects available in the area are many and they range from affordable to luxurious. There are a lot of reputed builders like BU Bhandari Landmarks, Mahindra Lifespaces and Kolte-Patil Developers, who are working on their different projects in Wakad. Some of the premier projects in Wakad include Mahindra Lifespaces The Woods, Kolte Patil Pink City and Kalpataru Harmony.

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Due to the advent of various IT and other multi-national companies, the city has been witnessing a rapid influx of working population from outside. As a result, there has been a surge in the demand for residential apartments in Wakad, with it being one of the noted suburbs of Pune. Although prices of the flats in Wakad are going up at a rapid pace, affordable housing to suit the needs of the mid and the junior-level executives of the various companies can still be found here.

Wakad has seen a lot of development in the last four years and the government is keen to develop the area as a modern town. So, it has granted permission to a number of projects for the area. The civic amenities have improved here. The industrial growth and growth of the IT sector have led to the development of the retail and hospitality sectors in the area.

Read also : Budget 2021: Tax holiday for affordable housing under Section 80IBA extended for another year

Read also : 19,000 residential units launched in top 6 cities, in Q1-2016

 

Connectivity with nearby Wakad localities

  • There are a few major roads which run through the area – Wakad Road, Mumbai-Pune Expressway and Kalewadi Main Road.
  • The area has extensive bus services and the Wakad Bus Stand and Pimpri Bus Stand lie in close vicinity.
  • There is a railway station at Chinchwad from where the railway services can be availed. The railway station is approximately about 8 kilometres away from Wakad.
  • It takes about 45 minutes from Wakad to reach the airport in Pune.

 [ecis2016.org] Property rates & trends in Wakad, Pune

Read also : Budget 2021: Tax holiday for affordable housing under Section 80IBA extended for another year

Read also : 19,000 residential units launched in top 6 cities, in Q1-2016

 

Employment hubs near Wakad

  • Rajiv Gandhi InfoTech Park is located at a distance of approximately 7 kilometres from the locality of Wakad.
  • DLF Akruti IT Park is located at a distance of approximately 10 kilometres.
  • Panchshil Tech Park is approximately 4 kilometres
  • International Tech Park is located approximately 9 kilometres away from the locality.

Read also : Budget 2021: Tax holiday for affordable housing under Section 80IBA extended for another year

Read also : 19,000 residential units launched in top 6 cities, in Q1-2016

 

Schools in Wakad and other social amenities

Wakad offers very good social infrastructure to its residents. Some of the reputed schools in Wakad include the Good Samaritan School, Wisdom World School and Mount Litera Zee School. Some of the leading hospitals in Wakad include the Jeevan Jyoti Hospital, Aditya Birla Memorial Hospital and Polaris Health Care. The shopping needs of the residents are catered to by malls in Wakad such as the Ozone Mall, MSM Mall and Laxmi Road.

Read also : Budget 2021: Tax holiday for affordable housing under Section 80IBA extended for another year

Read also : 19,000 residential units launched in top 6 cities, in Q1-2016

 

  • Price appreciation- Around 20% in the last one year.
  • Current property rates- Rs 5,329 –Rs 7,259 per sq ft.

Read also : Budget 2021: Tax holiday for affordable housing under Section 80IBA extended for another year

Read also : 19,000 residential units launched in top 6 cities, in Q1-2016

 

Reasons to invest in Wakad

Considering the price trends in Wakad and the rising demand, the locality could emerge as a good investment region. There is excellent appreciation of property rates with a number of projects being developed here. Moreover, the area is one of the IT/ITeS hub and industrial zones of Pune. The government has granted permission to many projects in Wakad and the scope of development of infrastructure facilities is also there. Considering all these factors, Wakad is an excellent place for investment.

Check properties in Wakad

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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