Pune: Wakad Steals Spotlight, Outpaces Major Cities in India with Soaring Housing Prices

Wakad, 28th November 2023: In a surprising turn of events, Wakad, a suburb of Pimpri-Chinchwad, has outpaced major metropolitan cities in India in housing price hikes, particularly in areas associated with the Information and Technology (IT) sector of Hinjawadi.

According to a report by the Anarock Real Estate Institute, Wakad has witnessed a higher rate of increase in house prices over the last three years compared to Delhi (NCR), Chennai, Hyderabad, Bengaluru, and Kolkata.

Despite facing challenges due to the two-year impact of the COVID-19 pandemic, the housing market in Wakad has experienced remarkable growth. The report highlights that even though the percentage increase in house prices in Wakad is lower compared to 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.

During 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 seen 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.