Wakad costliest for buying homes among major cities; reveals report
Wakad costliest for buying homes among major cities; reveals report(representational Image)
According to a report by property consultant Anarock, Wakad, a suburb near the Hinjewadi IT park, has become the most expensive place to own a home when compared to similar micro-markets in Bengaluru, Chennai, Hyderabad, Kolkata, and the National Capital Region (NCR).
As of now in 2023, the average price of a home in Wakad is Rs 7,795 per square foot, which is higher than it was at the beginning of the Covid-19 pandemic at Rs 6,575 per square foot. According to the report, Eastern Metropolitan Bypass in Kolkata has prices that are most similar to Wakad, with homes there costing about Rs 7,710 per square foot.
According to the report, prices in MMR suburbs, such as Worli and Lower Parel, range from Rs 24,460 to Rs 43,760 per square foot.
Wakad is within the PCMC boundaries and is ideally situated close to Baner, which is under PMC authority.
The increase in prices has been attributed by developers to rising costs for raw materials and land. Since the pandemic’s initial wave, cement and steel prices have risen by 45–50%.
According to an Anarock representative, Wakad’s price has increased by almost 19% over the previous three years. Additionally, Wakad is close to established industrial zones like Talegaon and Chakan. Additionally, this has raised local housing demand.
In addition to Wakad, the cost of a home has increased to Rs 6,835 per square foot in Hinjewadi and Rs 6,005 per square foot in Wagholi.
Since the pandemic, there has been a noticeable increase in the populations of Kharadi and Wagholi in the east and Bavdhan, Balewadi, and Hinjewadi in the west.
A smaller area within a larger real estate hub that has its own price fluctuations and trends is known as a micro-market for real estate.
According to an earlier Anarock report, homes in Wakad also command higher rents; as of October 2023, the average quoted rent ranged from Rs 22,000 to Rs 28,000 per month. The presence of IT offices and educational institutions in the area is the reason for the higher house rent in the area.
Shreyas Vange
