Wakad was a nondescript village with 5,000 locals, who farmed sugarcane, onion and groundnut in its rich, black, fertile soil. In 1983, the Pimpri-Chinchwad Municipal Corporation (PCMC) acquired 50 per cent of Wakad. By 1998, PCMC counted Wakad as one of its areas.
Wakad is now the focus of younger, financially well-off families looking at upgrades and moving into larger, nature-endowed homes on the outskirts of the city. Wakad has a perfect location, with close proximity to the Infotech and Biotech Parks at Hinjewadi, the Pimpri-Chinchwad Industrial area, the Mumbai-Bangalore Bypass, the Super express Highway to Mumbai and the Balewadi National Sports complex. It is only 80-90 minutes away from Mumbai, thanks to the expressway and the bypass. This makes Wakad an excellent value proposition.
The world's leading automobile giant, General Motors, is setting up a plant in Talegaon, in close proximity to Wakad. Some of the finest schools and higher educational institutions have come up in this area, which is much preferred as a residential destination because of its natural splendour and unpolluted environs. Naturally, property appreciation is showing an increasingly upward trend.
One of the leading developers active in Wakad is Pride Group, with projects like Park Ivory, Park Titanium and Park Turquoise having met with considerable success. Rohan Builders, Lunkad Group, B.U. Bhandari and Saarthi Group are among the other established developers with quality offerings in Wakad.
The most successful developers in this area have been able to work along with the area's natural beauty, juxtaposing their projects with its scenic splendour while at the same time ensuring that connectivity remains uncompromised. Today, demand for homes in Wakad comes from employees working in the Hinjewadi IT Park, and home buyers who find neighbouring Balewadi too expensive. It is also the focus of property investors who see its growth potential over the next four-five years.
Despite its various advantages, Wakad is still relatively affordable to mid-income homes buyers, with the property prices ranging from Rs 4,500-5,500 per sq ft. Appreciation has been to the tune of 10-12 per cent per annum over two to three years.
Writer is managing director - Pune, Jones Lang LaSalle India
