Impact of Hinjewadi Tech Industry Growth on Pune Real Estate

Hinjewadi is a western suburb of Pune close to the national highway (NH-4). Once a rural area, the development of Hinjewadi was triggered by the Government offering liberal incentives to IT and ITeS companies in the early 2000s. The stamp duty for owned and leased properties was waived to attract hi-tech industries to invest in Hinjewadi. The establishment of the Rajiv Gandhi Infotech Park also known as Hinjewadi Infotech Park, spurred the development of an IT hub. Today, Hinjewadi is a major IT industry hub buzzing with commercial and residential real estate activity in Pune. 

Undoubtedly, Hinjewadi is a prime destination for tech professionals in Pune and there are several reasons for this. 

Pune’s Tech Hub 

Hinjewadi is home to the Rajiv Gandhi Infotech Park, which houses more than 400 IT and software companies, including global giants like Infosys, Wipro, and Tech Mahindra. More than 4 lakh employees work at this IT park forming a thriving ecosystem of like-minded professionals who have a lot in common. This facilitates information exchange and convenience for employment opportunities attracting young and experienced professionals. 

Impact On Residential Real Estate

The growth of Hinjewadi as an IT hub has significantly impacted the demand for residential real estate. Many professionals relocating to Pune prefer to live close to their workplaces to save travel time and reduce daily stress. This has resulted in a spike in demand for housing in the location. The demand for budget apartments as well as premium homes has increased. At the same time, co-living spaces are popular among fresh graduates and younger working professionals due to their affordability. Independent villas and townhouses are also in demand by individuals with higher budgets in nearby locations like Wagholi and Hadapsar.

Commercial Real Estate

The demand for Grade A office buildings by IT companies setting shop in Hinjewadi is high. The need for co-working spaces and retail developments is also high as the number of start-ups and flexible working conditions in the IT sector is growing. 

Property Prices

The increase in demand for real estate is causing property prices to rise consistently every year. The trend is expected to continue in the coming years. Neighborhoods around Hinjewadi like Kharadi and Magarpatta, are commanding good property rates. Locations like Kharadi and Baner will also witness significant price rises with better infrastructure coming up. 

Investment Opportunities

This is the best time for investors to invest in properties in and around Hinjewadi, Kharadi, and Magarpatta. They can expect excellent returns in the coming years due to the expected growth in the IT sector. The demand for accommodation by the working IT professionals will ensure good rental returns. The growth in the IT sector over the long term will boost infrastructure development to form residential communities in and around Hinjewadi.