In a recent revelation, a report by property consultant Anarock has shed light on Wakad, a suburb adjacent to the Hinjewadi IT park, emerging as the most expensive locale to own a home compared to similar micro-markets in Bengaluru, Chennai, Hyderabad, Kolkata, and the National Capital Region (NCR).
As of 2023, the average price per square foot in Wakad stands at Rs 7,795, marking a substantial increase from Rs 6,575 per square foot recorded at the onset of the Covid-19 pandemic. Surprisingly, the Eastern Metropolitan Bypass in Kolkata closely rivals Wakad, with homes fetching around Rs 7,710 per square foot.
The report indicates that even in the sprawling Mumbai Metropolitan Region (MMR) suburbs like Worli and Lower Parel, prices fluctuate between Rs 24,460 and Rs 43,760 per square foot.
Wakad, situated within the PCMC boundaries and in close proximity to Baner under PMC authority, has witnessed this surge in prices attributed to escalating costs of raw materials and land. Developers point to a staggering 45–50% rise in cement and steel prices since the initial wave of the pandemic.
Over the past three years, Wakad’s real estate prices have soared by almost 19%, a phenomenon attributed not only to rising costs but also to its strategic location near established industrial zones such as Talegaon and Chakan, spurring local housing demand.
Besides Wakad, the cost per square foot for homes has surged to Rs 6,835 in Hinjewadi and Rs 6,005 in Wagholi. The post-pandemic period has witnessed a notable population surge in areas like Kharadi and Wagholi in the east, and Bavdhan, Balewadi, and Hinjewadi in the west.
Defined as a smaller area within a larger real estate hub with distinct price fluctuations and trends, Wakad epitomizes the concept of a micro-market for real estate. Anarock’s earlier report also highlights that Wakad not only leads in property prices but commands higher rents, ranging from Rs 22,000 to Rs 28,000 per month as of October 2023. The presence of IT offices and educational institutions in the area significantly contributes to the escalated rental values.
