wakad in spotlight for residential spaces
DESCRIPTION
Wakad was a sleepy hamlet, north of Pune City, well-known for its fertile black soil that reared sugarcane, groundnut, and onion fields. In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) commenced its acquisition of Wakad as part of its town planning mission and laid the civic infrastructure for this village.TRANSCRIPT
Media Article
Wakad in Spotlight for Residential Spaces~Article is attributed to Mr. Shrinivas Rao, CEO-Asia Pacific, Vestian~
Wakad was a sleepy hamlet, north of Pune City, well-known for its fertile black soil that reared sugarcane, groundnut, and onion fields. In 1983, the Pimpri Chinchwad Municipal Corporation (PCMC) commenced its acquisition of Wakad as part of its town planning mission and laid the civic infrastructure for this village. Today, Wakad is one of the prime localities of this municipality and has all civic amenities – proper drainage system, electricity, drinking water and good roads.
Wakad has observed phenomenal growth in the last five years, post commissioning of the Rajiv Gandhi Infotech Park and Biotechnology Park at Hinjewadi. Presence of expansive offices of global majors like Infosys, TATA Technologies, Synechron, Wipro, TCS, IBM, Atos, Tech Mahindra, Cognizant, Mindtree, Siemens, etc. has created residential demand in the surrounding areas. About 2 kms from Hinjewadi, Wakad is well connected with the Pune-Mumbai Expressway on the west, Aundh to the east and the Mula River to the South. Growing congestion in the established neighbourhood of Aundh, is also a factor that has favored unprecedented residential growth in Wakad.
To satiate the subsequent residential demand generated due to heightened economic growth, Wakad was granted maximum number of building approvals for the fifth successive year. With several residential and commercial projects in the pipeline, it is lucrative to consider investing in the pre-launch period for upcoming projects. Presently, Wakad has become popular amongst young, budget-home buyers and HNIs, keen on 1& 2-BHK options to meet their residential requirements and/ or account for healthy rental yields. Currently, apartments with average super built up area of 1,500 sqft range between INR 60-75 Lakhs, while 800- 1,000 sqft range between INR 40-60 lakhs. The average annual capital value appreciation ranges between 5% -7 % and the average rental yield is between INR 10-12 per sqft for this micro-market. This neighbourhood is duly supported with the presence of schools, educational institutions, and nominal healthcare facilities. Retail development is limited to local vendors, whereas big box retailers and chain store retailers are present in the adjoining neighhoods of Hinjewadi and Aundh.
While regarded as a new extension of Pune city, Wakad also benefits from the uncluttered infrastructure policies of the newly developed PCMC. It is also close to three proposed Bus Rapid Transit (BRT) routes, namely Nashik Phata-Wakad, Aundh-Ravet and Kalewadi phata-Dehu Alandi road. Construction of the BRT corridors is currently under progress and expected to improve the connectivity in this region in the short to medium term.
The industry expert is presently the CEO-Asia Pacific of Vestian, an ISO 9001:2008 certified workplace solutions firm. For any further inputs please reach out to us at [email protected]