In India, real estate has been undergoing a slump phase for several years now. The property prices have drastically fallen in several cities. However, that has not deterred many home buyers or investors in Hinjawadi, Pune from upgrading their homes to higher options. This trend of property upgrade in Hinjawadi is going strong. What has caused this spike? Let’s analyze a few scenarios, and factors that have contributed to this spike.
- Case Study 1: Amit and Kavya, a smart techie couple from Gujarat, have invested in a 2BHK in a high rise in Hinjawadi Phase-III. Within a year of this investment, they had a baby. As Amit and Kavya lived away from home town their parents and sometimes immediate family members moved in to look after the baby. This is when they decided to move to a spacious 3BHK apartment in Hinjawadi from the same builder from whom they have purchased the flat.
- Case Study 2: Ranjan Tank from Mumbai has invested in a 2BHK apartment in 2015 and has rented it to a group of techies working in a leading MNC in Hinjawadi. With the rentals increasing in the area, he decided to upgrade and invest in a 3BHK apartment.
How Does Fast Growth Look Like
To know this, you have to take a trip down the memory lane.
- Late 80’s and Early 90’s: Hinjawadi is an underdeveloped village, where people are engaged in agriculture and other traditional professions.
- 1998: Rajiv-Gandhi Info Tech Park (RGIT) comes into existence. It is flagged off by the Maharashtra Industrial Development Corporation (MIDC).
- 2002: The Mumbai-Pune Express Highway is created and it assures quick connectivity to Hinjawadi.
- 2003: Hinjawadi Phase III is introduced and it becomes one of the top IT hubs in the country.
- 2016: Hinjawadi has two achievements to its credit – is selected as the spot for Smart City and as a spot for Line 3 Metro.
- 2019: Discussions on the development of phases IV, V, and VI are on.
All these suggest immense growth possibilities to this suburb. Currently, these three phases host more than 110 well-known IT firms, as well as several lesser-known IT, ITes and biotechnology companies. It will host more, once phases IV, V, and VI come into existence.
Migrants are the New Citizens
Does that sound like a history of immigration to the United States?! Although there are no comparisons, Hinjawadi has emerged as the new destination of migrants from other Indian states. Owing to the presence of several IT, ITes, and biotechnology companies, there are plenty of job opportunities that attract job searchers to this land.
Luxury at Affordable Rates!
Yes. You have heard it right. Although Hinjawadi is a hub of several companies, it doesn’t mean the housing is unaffordable or beyond your limits. If you peek into cities like Mumbai or Bengaluru, buying a luxury home in city suburbs may cost you Rs 2 crore and above. However, the price range of luxury homes start with Rs 71 lakh and above! If you are at Eon Homes, you can enjoy a good swim after a day of hard work, or catch up with good neighbours at the clubhouse, or spend some time in an airy and well-maintained garden. This makes us believe in a famous catchphrase by Aerin Lauder – luxury doesn’t have to be expensive!
Is an upgrade on your mind? If yes, this is the right time to execute it. Spacious home in this suburb will not only assure you luxuries of modern life but also good benefits in the long run.