Wakad is a prominent neighbourhood in Pune, which is a preferred destination for homebuyers due to its proximity to the Rajiv Gandhi Infotech Park in Hinjewadi. It was a small village with agricultural lands. However, with the growth of retail hubs in the area, Wakad has transformed into a major real estate hub. If looking to invest in a property in Wakad, check the latest circle rates to understand the market trends.
See also: Circle rates in Shivaji Nagar, Pune
What are circle rates?
Circle rates, called ready-reckoner rates in Pune, refer to the minimum property value fixed by the Maharashtra government for a specific locality. These rates are periodically revised according to the market dynamics. Circle rates are an indicator of the expected property prices in a locality. During property registration, a buyer pays the stamp duty and registration charges based on the actual transaction value or the circle rate, whichever is higher. The circle rate is calculated by taking into consideration several factors:
- Location: Circle rates are higher in expensive localities compared to other localities.
- Property usage: These property rates set by the government are lower for residential properties than commercial properties.
- Facilities in an area: The presence of proper infrastructure and other social amenities influences the property values in an area.
- Property age: Circle rates may differ based on the age of the structure.
Circle rates in Wakad
| Area | Open land (Rs per sqm) | Residential (Rs per sqm) | Office (Rs per sqm) | Shop (Rs per sqm) |
| Wakad | 10,090-18,670 | 49,510-75,120 | 56,940-84,090 | 65,940-89,720 |
How to check circle rates in Wakad?
- To check the circle rates, visit the official IGRS Maharashtra website of the Department of Registration and Stamps,
- Click on e-ASR under Online
- Click on Pune on the map.
- Select the taluka and village from the drop-down.
- One can search by Survey number or location to view the details.
Circle rates in Wakad: Commercial and residential real estate trends
Wakad has good connectivity to other parts of the city and neighbouring regions through the National Highway (NH) 4 and Pune-Mumbai Highway. The Chinchwad railway station is around 6 km from Wakad. The Pune Metro’s upcoming Hinjewadi Phase III – Civil Court Metro Line would further boost connectivity. The locality has well-developed social infrastructure, including healthcare centres, shopping malls and parks, catering to the residents’ needs. Due to its liveability quotient, Wakad is a preferred choice for home seekers as it offers a range of housing options for buying and renting.
Wakad sees a significant demand for commercial real estate with prominent tech parks in the vicinity. Several industries and commercial companies are moving to this region, generating demand for commercial properties.
Reasons to invest in Wakad
- Wakad is well-connected to other parts of the city and nearby areas by road. There is public transportation, including buses, autos and taxis.
- There is an IT hub in the vicinity, which creates a high demand for residential properties in the locality.
- Wakad witnesses a significant demand for commercial spaceswith several upcoming commercial projects in the area.
FAQs
What is the circle rate in Hinjewadi?
The circle rate for flats in Hinjewadi is Rs 53,780, and Rs 88,500 for office spaces.
How to find ready-reckoner rates in Pune?
Visit the official IGRS Maharashtra website of the Department of Registration and Stamps, Maharashtra, and click on e-ASR under Online Services. Choose the district on the map and select the taluka and village to view the circle rates.
Can a property be sold below the circle rate?
A property can be sold at any price between the circle rate and the market value. The buyer must pay the stamp duty and registration charges based on the higher value.
Which factors impact the ready-reckoner rates in Pune?
Ready-reckoner rates in Pune are influenced by factors, such as the property location, usage, facilities and market value.
What is the difference between market value and circle rate?
The market rate of a property is determined by the seller and reflects the degree of appreciation of real estate value in the locality. The circle rates are determined by the state government as the minimum value for a property. The circle rates are usually lower than the market rates.
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