Pune: Rental Demand surges between Q4 2013 and Q3 2014
Pune is fast growing as a prominent residential realty markets among major Tier II cities in India. This fact was reinforced by the demand elicited for Rental property in Pune through CommonFloor across a year. The demand was calculated based on Rental data listed on CommonFloor between Q4 2013 to Q3 2014.
Source: CommonFloor.com
Figure 1 shows the change in the proportion of demand for Rental property (primarily apartments) in Pune compared to Q4 2013. The proportion of demand in Q4 2013 is taken as the ‘base’. The demand in Rental property in subsequent quarters is compared to this ‘base’.
Analysis of findings
While comparing the demand for Rental (mostly apartments) property in Pune, it can be seen that there is a steep increase in demand for Rental property between Q4 2013 and Q3 2014 (as seen in Figure 1). This trend can be attributed to the increase in availability of Rental property. Besides, with Rental prices falling in many areas across the city, prospective tenants felt that it was the opportune time to take up affordable Rental accommodation.
Source: CommonFloor.com
Figure 2 shows the proportion of Demand for Rental (mostly apartments) property in Pune between Q4 2013 and Q3 2014. It can be seen that the proportion of demand for Rental property steadily increased across the four quarters analysed.
Analysis of findings
Based on the findings, it can be inferred that there is an increase in the proportion of respondents interested in taking up Rental property in Pune. This can be attributed to the availability of Rental property at affordable prices. Besides, it could also be due to the availability of Rental property in large numbers. This presents a lucrative proposition for investors who already have Rental property as well as those who are planning to invest in Rental property in the city.
