The IT hub of Hinjewadi on the north western outskirts of Pune is home to prominent industry leaders such as TCS, Infosys, and Wipro, Cognizant and KPIT Cummins and a workplace for over one lakh people. With the workforce here estimated to double in the next few years, housing hunting in the area and the vicinity is poised to gather momentum.

Commute time

This explains the hum of construction machinery here. While areas such as Wakad, Baner, Balewadi and Pashan-Sus link road fit the bill for techies looking to cut the commute between home and office, there are some projects, including a few large townships, coming up in the very heart of Hinjewadi.

Among the first to start is Blue Ridge, an IT SEZ-cum-residential project which will eventually house 3,500 dwelling units. Being built by Paranjape Schemes Construction Ltd PSCL at a total cost of Rs 4,500 crore, and located on a 138-acre plot a stone throw from Infosys first campus in Phase I of the Infotech Park, construction of the first 750 apartments is currently under way.

The project aims at more than just being a self-sufficient township at a location that will cut residents commute to the bare minimum. It offers some invigorating options for use of leisure time and premium lifestyle.

In addition to the usual promise of club house, gymnasium, ICSE school, shopping malls, etc., is a marina, the first private boat club in the city. Situated on a picturesque bend of the river Mula, PSCL has been granted exclusive boating rights on a 1.5 km stretch of the river for a period of five years. To create the perfect ambience, a miniature artificial beach complete with sand has been made and the choices for water sports range from kayaking, sculling or punting depending on one skill level.

Another key feature at Blue Ridge is a pet zoo where children can bond with animals two miniature horses are already inmates and help mothers get a respite from kids demands to keep a pet!

According to Shashank Paranjape, Managing Director, PSCL, 75 per cent of the first lot of 2-, 3-, 4- and 5-bedroom flats are sold, and will be ready for possession by August 2010. Bookings, which in early 2008 cost Rs 3,050 per sq.ft touched a high of Rs 3,800 in October 2008 and the rate now hovers around 3,500 sq.ft with an added floor rise charge.

Another township project at Hinjewadi is Kumar Megapolis, an 8,000-apartment project by Pegasus Properties Pvt Ltd, a JV between Kumar Properties and Avinash Bhosale Group. Located on 150 acres near Phase III of the Infotech Park, the cost ranges from Rs 3,250 per sq ft for 2/2.5 BHK flats, and Rs 3,300 for the 3BHK version. The first 336 apartments, 70-75 per cent of which have been sold, are scheduled to be ready by December 2010.

Kolte Patil Developers is also due to launch bookings for its 125-acre township in June and the first 400 units are scheduled to be ready a couple of years on. Meanwhile, it has just opened bookings at Green Olive, a 200 flat project on a 6-acre plot behind Hotel Lemon Tree at Hinjewadi Phase I. At a rate of Rs 3,000/sq.ft, a 2BHK flat will cost Rs 30 lakh. Completion is by August 2011.

Falling in place

Commenting on the housing situation at Hinjewadi, Mr Sujay Kalele, Assistant Vice-President, Capital Markets, Jones Lang LaSalle Meghraj, says that the area is like a suburb of Pune. Today, people seem to have a mental block to buying homes here since there is no infrastructure for lifestyle and entertainment in place. So, it will be around three years, realistically speaking, for all this to be put in place and functioning.

Also, a real estate agent observes, by that time other areas such as Aundh, Baner and Balewadi will be saturated, and Hinjewadi will get its rightful due in the scheme of things.