In an unexpected twist, Wakad, a suburb of Pimpri-Chinchwad, has emerged as a frontrunner in India’s real estate market, outpacing major metropolitan cities in the country, particularly those associated with the Information and Technology (IT) sector of Hinjawadi.
According to a comprehensive report by the Anarock Real Estate Institute, Wakad has experienced a more significant increase in housing prices over the past three years compared to Delhi (NCR), Chennai, Hyderabad, Bengaluru, and Kolkata.
Despite grappling with challenges arising from the two-year impact of the COVID-19 pandemic, the housing market in Wakad has exhibited remarkable resilience and growth. The report highlights that, although the percentage increase in house prices in Wakad is marginally lower than in other cities, the actual prices are higher. This growth is attributed to the recovery of the construction sector as the impact of the COVID-19 pandemic subsides.
Throughout the pandemic, uncertainty about future progress led to a slowdown in the housing market across sectors. Customers were hesitant to invest in ready-made houses, causing builders to wait for the recession to subside. However, with the recovery of the construction sector, builders are now launching new projects, and despite the recent increase in house prices, consumers are showing a preference for purchasing homes.
Wakad has witnessed a remarkable 19 per cent increase in house prices over the past three years, surpassing not only Pune’s Wagholi and Hinjewadi but also major cities like Bengaluru, Hyderabad, Chennai, Kolkata, and Delhi (NCR). The cost per square foot in Wakad now stands at Rs 7,795, outpacing Kolkata at Rs 7,710 and Bengaluru at Rs 7,425.
The trend of citizens from various parts of the country coming to Pimpri-Chinchwad, especially to Wakad, to buy homes has been on the rise. The planned nature of Pimpri-Chinchwad as a city has contributed to this increase in demand.
Price Increase in the Last Three Years: – Pimpri-Chinchwad (Wakad): Rs 6,575 to Rs 7,795 (19% Increase) – Delhi (Sector 150, Noida): Rs 5,100 to Rs 6,835 (22% Increase) – Calcutta (EM Bypass): Rs 6,800 to Rs 7,710 (13% Increase) – Hyderabad (Miyapur): Rs 4,250 to Rs 5,420 (28% Increase) – Chennai (Perumbakkam): Rs 4,390 to Rs 5,240 (19% Increase) – Bangalore (Sarjapur Road): Rs 5,870 to Rs 7,425 (26% Increase)
The robust growth in Wakad’s housing market positions it as a noteworthy player in the real estate landscape, surpassing even established metropolitan areas in terms of price hikes. As investors and homebuyers alike turn their attention to this suburban gem, Wakad stands as a testament to the dynamic shifts in India’s real estate scenario.
