Situated in the north-west of Pune city in the Pimpri-Chinchwad region, Wakad has witnessed rapid growth and has become one of the most sought after residential localities. Acquired by the PCMC (Pimpri-Chinchwad Municipal Corporation) in the year 1983, the neighbourhood has transformed from being a mere agricultural village to a bustling residential hotspot.
Enclosed by established localities like Balewadi, Hinjewadi, Pimple Saudagar and Thergaon, the locality enjoys seamless connectivity. And with the PCMC now granting maximum permission to building projects, the landscape is dominated by a number of multistorey buildings.
- The well planned roads improve intra-city networking. Some of the important connectors include National Highway 4, Hinjewadi Road, Kalewadi Main Road, and Aundh Ravet Road
- Some of the common modes of transport include private autorickshaws, tam-tams and PMPML (Pune Mahanagara Parivahan Mahamandal Limited) buses
- Because of its high frequency, PMPML buses are most preferred and the locality has a number of major transit points like Pimpri-Chinchwad MSRTC bus stand, Balewadi bus stand and Ramnagar bus stand
- Although the Pune International Airport is situated 20 km away, one can reach the airport in less than an hour by travelling through the Aundh Ravet Road
- While the locality does not have a railway station of its own, the nearest stations are about 7 km (Chinchwad Railway Station) and 16 km (Pune Railway Station) away
- The proposed BRTS (Bus Rapid Transit System) line linking Wakad to Nashik Phata will be a boon to many residents. The project is currently on hold
- The extension of Phase II, line 4 of the proposed metro rail linking ASI (Archaeological Survey of India) to Hinjewadi via Wakad has also roped in a lot of investment
- The proposed widening of two-lane Wakad Road to a four-lanes will help reduce traffic influx phenomenally
- A number of flyovers are in the pipeline which will help Wakad become a traffic-free zone
- The developing social infrastructure and the existence of many educational institutions and healthcare facilities are attracting many IT professionals to invest here
- After coming under the eye on PCMC, the area enjoys the best civic amenities and facilities. However, the sudden pool of population might make water supply scarce in the near future
- Wakad’s proximity to the IT Hub at Hinjewadi placed the locality on the realty map
- Real estate developers are now catering to the growing demand by constructing many apartments. According to data there are more than 70 under construction apartments in Wakad
- Working professionals from the neighbouring Infotech and Biotech park are choosing to reside close to their offices and are investing in flats in Wakad
- The commercial belt too has seen rapid development due to the locality’s proximity to the Pune-Mumbai Expressway
- 2 BHK apartments are in demand and real estate developers are wooing potential home buyers by offering state-of-the-art amenities and facilities
- The major influx in the housing demand is pushing property prices further. In a span of two years capital values of properties for sale in Wakad have seen an appreciation of about 40%
- According to current market trends homes here are expected to cost anywhere between INR 5,800 and INR 7,500 psft
- The skyrocketing property prices have converted the neighbourhood into a rental hub
- An apartment that spreads over 1,000 sqft is capable of yielding a rental return of INR 14 psft per month, making the market favorable for many investors
- The presence of pockets of land in large parcels is luring many investors and second time home buyers
- The ongoing rates for residential plots are estimated to cost an average of INR 2,200 psft
Download the Solid Grounds Micro Market Report on Wakad here.
You can also track the price trends of micro markets in Pune by clicking here.
Image:”Pune bypass Soham Pablo” by Soham Banerjee from Pune, India – Mumbai chalo. Licensed under CC BY 2.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Pune_bypass_Soham_Pablo.jpg#mediaviewer/File:Pune_bypass_Soham_Pablo.jpg