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Rental returns shoot up by 18% in Chinchwad

Collaboratively known as the twin cities of Pune, Pimpri and Chinchwad are cited to be one of the hottest real estate corridors in Pune. Being an essential part of the Pimpri-Chinchwad satellite town, Chinchwad is governed by the common body- the PCMC (Pimpri-Chinchwad Municipal Corporation).

Situated towards the north western part of Pune city, Chinchwad is well linked to other parts of the city via the Old Pune-Mumbai Highway. Named after Tamarind (Chinch) and Banyan (Wad) tress, this neighbourhood is an exquisitely planned residential hub with the presence of many urban township projects.

Connectivity

  • Chinchwad boasts of seamless connectivity and has a number of small roads that improve networking
  • Apart from the arterial connector – Old Pune-Mumbai Highway, the area has a number of roads like Nigadi Bhosari Road, Pimpri Chikhali Road, PCMC Link Road and Chikhali Akurdi Road
  • A number of PMPML (Pune Mahanagar Parivahan Mahamandal Limited) operated buses start from the Pimpri-Chinchwad bus stand in Vallabhnagar
  • Via rail, the suburb is well linked to Pune, Lonavala and Mumbai through local trains
  • Despite the Pune International Airport being 21 km away from the Chinchwad Railway Station, one can reach the station in just about 40 minutes using the Old Pune-Mumbai Highway
Budget Preference of Buyers – Chinchwad

Infrastructure

  • Cited to be one of the most promising regions, the area has a number of infrastructural projects in the pipeline, the biggest being the BRTS (Bus Rapid Transit System)
  • The BRTS connectivity will link many established localities like Kalewadi, Morwadi, Vitthal Nagar, Jyotiba Nagar, MIDC and Dehu. The project is currently on hold
  • The proposed Metro rail is another project that is helping the realty sector here. The Phase I, line I of metro links Chinchwad to Swargate
  • The upcoming freeway project linking Chinchwad to Pimpri, Nigdi and Akurdi will develop the region phenomenally
  • The area’s proximity to IT hubs like Hinjewadi too has resulted in major commercialization
  • This region has also gone on to become one of the most sought after manufacturing destination. A number of automobile companies have their base here
  • The presence of many renowned educational institutions has attracted a pool of student fraternity and due to the cosmopolitan crowd the commercial market is developing

 

Unit Size Preference of Buyers – Chinchwad


Real estate

  • Some of the active sub-localities that are brimming with construction activities include Mohan Nagar, Kalbor Nagar, Chinchwad Gaon, MIDC and HDFC Colony
  • With the realty demand majorly driven by the IT/manufacturing professionals, real estate developers are offering a number of homes starting at a budget of INR 35 lakhs
  • There seems to be an inherit demand for 2 and 3 BHK apartments in Chinchwad
  • In a span of two years, capital values of apartments have escalated over 22%
  • The current ongoing rates for homes are estimated to hover anywhere between INR 4,500 and INR 5,500 psft
  • The area is becoming a rental destination and with properties in Chinchwad yielding high rentals, the area is a favourable hub for investors and second time home buyers
  • Rental returns have appreciated over 18% in the past two years. According to market trends, a home that spreads over 1,000 square feet is expected to generate an average rental return of INR 14,000 per month
  • Now that the suburb is reaching its saturation point, the dearth in availability of plots is resulting in major price escalation
  • The current prices for residential plots are estimated to fall between INR 2,000 and INR 3,800 psft

Download the Solid Grounds Micro Market Report on Chinchwad here.

You can also track the price trends of micro markets in Pune by clicking here.

Image: “Old Pune Mumbai Highway” by Amit20081980 – Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Old_Pune_Mumbai_Highway.jpg#mediaviewer/File:Old_Pune_Mumbai_Highway.jpg

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