Rents in Pune: An eye opener
House price appreciation in major metros, has brought cheer on the face of a number of homeowners in the last 5 years, however the rent for the same properties did not keep up. Lower rentals marks the housing sector of the city of Peshwas at present and is ideal for those willing to pay for space and privacy.From hi-tech homes to studio apartments, the city of Peshwas has something for all in its platter, depending on individual budget.
Rents-location based
Rents in Pune are location based. Since East and West Pune home the major IT companies in the city, rental values in Pune are mainly influenced by these two corridors. Majority of the IT firms in Pune are situated in prime locations of east Pune, like Baner, Aundh and Hinjewadi. Thus, such areas have a potential for a higher rental yield. For buyers eying a 1BHK in east Pune, Baner is the location to go for. The rental values in the east Pune range between Rs 10000- Rs 15000 per month for a 1 BHK, while for a 2BHK unit the price range can stand between Rs 15000- Rs 25000 per month. The growth of IT firms in the east has what fuelled the rise in demand for rental units. For those employed in the prominent IT hubs of Hadapsar, Kharadi and Magarpatta, areas like Viman Nagar, Kalyani Nagar and Koregaon park offer some suitable options. A 1 BHK in these areas is available within the price bracket Rs 5000-Rs 10000 per month, while a 2 BHK at Rs 10,000-25,000 per month.
Other factors
The rental accommodations in east and west Pune offer furnished and unfurnished apartments along with amenities such as Wi-Fi connectivity, air conditioner, 24-hour power backup, water supply, gymnasium and reserved parking space. Availability of such amenities at easy rents also triggered the demand for rental accommodations in the city. The proportion of floating population in any city, seeking education or employment opportunities also plays a key role in deciding the rent. Bangalore that includes 57% of its homes ready for rent, is the perfect instance of an urban location with high rents. However, cities with a relatively lower floating population, like Pune and small towns, have lower rental values.
