What’s driving realty growth in Pune’s Hinjewadi

The Indian real estate sector has been going through a rough patch for a few years now. There is hardly any good news coming out of this industry for many of the metros. There is constant chatter about how there is a huge amount of unsold inventory just piling up which is not going anywhere in a hurry. Prices are only going up and not coming down complains the common man who is left with no choice but to turn to banks to take loans which take forever to be paid in full as the interest rates are quite high.

But it is not all doom and gloom with this sector. There have been pockets which have been performing quite consistently and have been posting profits. One of the cities which is doing rather well is Pune. This city in Maharashtra has been posting good figures and has been consistently outperforming the bigger metro, Mumbai.

Many factors have come together to get this city’s realty business well and truly going. Infrastructure, pricing and the availability of jobs has rewritten the real estate story of this small city. Once upon a time Pune was a quiet city preferred by those who wanted a quiet way of life. It did not have any of the glitz or the glamour attached to it that the commercial capital of the country did.

But then the Information Technology (IT) revolution happen and the city go the shot of adrenalin that got it going. There was land available in plenty here and many companies capitalized on that. It also didn’t hurt that city was in close proximity to Mumbai and was well connected to it as well.

Infrastructure has also played a major role in the development of this city. Now there is more infrastructural development coming this city’s way. It is one among the first 20 cities chosen by the government of India to become a smart city. This means that the city will get a technological and infrastructural facelift in the days to come. This is turn will ensure that the city’s real estate will remain on a high.

One of the sections of the city will feel the positive impact of the smart cities project is Hinjewadi. This micro market is already a happening one because of the presence of the IT sector here. This is the premier IT destination in the city. Many companies operate from the Rajiv Gandhi Infotech Park located here.

There is no dearth of properties here. Blue Ridge by Paranjape Schemes Construction Ltd is a project which is available for purchase here. Blue Ridge is a mega project which has about 3900 units. Blue Ridge is spread across 138 acres of land. Blue Ridge by Paranjape Schemes Construction Ltd also offers resale apartments. The going rate for apartments in Hinjewadi stands at INR 5700 per square feet on average. The prices here have been going up in the last few years.

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