Pune rents going north
Pune – Over the past few years, Pune is creating job opportunities for professionals and this is increasing the demand for residential housing in some locations. Posh localities with all amenities and new good quality constructions are in high demand with corporate offices.
The corporate offices are looking for fully furnished properties to lease out apartments for the families of their executives and other staff members. Due to this function of corporate companies, the posh localities like Kalyani Nagar, Koregaon Park and Vimannagar have seen a rise of 25 percent in rentals over the last two years.
According to many real estate consultants, the rental values in other areas of the city have not increased significantly. The main reason behind this is that the company is willing to give higher rentals for benefits like fully furnished apartments or amenities in the apartment complex, while the individuals or local families look for low rentals only.
Many young professionals with low starting salaries are battling to find budget apartments near their workplace. According to a young IT professional, it is very difficult to find a decent apartment in Pune. If the rent seems to be within the budget, the location would not be as per your expectation and in case if you like the place, then the rentals may not be affordable. Due to this, many young professionals are finding it a better option to settle down in serviced apartments in Hinjewadi, Wakad or Baner. These areas are providing affordable service apartments on sharing basis along with all amenities including refrigerator, air conditioner, television and washing machine.
Preferred locations for rentals in Pune
|
Region |
Area |
Rental Yield* |
Weighted Average rent (per sq ft)* |
| Eastern Pune | Koregaon Park |
4.51% |
34 |
| Kalyani nagar |
2.80% |
23.5 |
|
| Sopan baug |
2.56% |
21 |
|
| Viman nagar |
3.22% |
17.5 |
|
| Kondhwa |
3.26% |
12.5 |
|
| Central Pune | Model Colony |
2.10% |
22.5 |
| Senapati Bapat Road |
2.05% |
23 |
|
| Bhosale nagar |
2.08% |
22 |
|
| Western Pune | Aundh |
3.10% |
20 |
| Wakad |
2.77% |
13 |
|
| Baner |
2.59% |
15 |
|
| Hinjewadi |
3.26% |
14 |
* For a 2 Bhk property
One of the most expensive real estate destinations in Pune, Koregaon Park tops the chart with maximum rental yield of 4.51%, second by Kondhwa and Viman nagar.
Rental yield is the total amount of income earned annually from a property, expressed as a percentage of the purchase price of the property. Good rental yield is an indication that the locality is good for real estate investment.
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Image courtesy of jscreationzs FreeDigitalPhotos.net
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