Residential areas in East Pune yielding high rental returns
Pune has seen a steady demand for rental accommodation in recent years. This can primarily be attributed to the steady inflow of the migrant population for employment as well as educational requirements. The rental demand has been particularly prominent in the eastern parts of the city. This is mainly due to the presence of many IT hubs as well as due to the presence of the Pune International Airport as well as the city railway station in the region. Besides, the region is also renowned for its excellent connectivity as well as its varied infrastructure facilities.
Areas with rental demand:
There are many areas in the eastern part of the city with a steady rental demand. They include areas in the vicinity of the IT hubs as well as areas noted for their proximity to the Pune International Airport as well as the city railway station. Some of the areas that have high rental yield on the eastern part of the city are Koregaon Park, Kharadi Infotech Park area, Kalyani Nagar, Viman Nagar, Chandan Nagar, Manjri, Mundhwa, Salunke Vihar, Shastri Nagar, Wagholi, Boat Club Road, Fatima Nagar, Hadapsar, Sopan Baug, Wadgaon Sheri and Yerawada, among others.
Advantages
Besides the Pune International Airport and the city railway station being located in the eastern part of the city, there are various other benefits that the region offers. They include the connectivity as well as the infrastructure facilities that the region offers. There are many major roads connecting the areas in the east with each other as well as with other areas across the city. They include the NH-9 (Mumbai highway), the Pune-Solapur highway, the SHs-27, 50,51,55,61,62, 118, the Shrigonda Nhavare Road and the Shirur-Satara Road, among others. Moreover, there are various IT companies and IT parks in areas comprising the IT hubs like Koregaon Park, Kharadi Infotech Park area, Kalyani Nagar and Viman Nagar, among others. Besides, there are many other facilities that these areas offer like reputed educational institutions, renowned health-care facilities, religious institutions, banks, shopping centers, restaurants, entertainment facilities, parks and playgrounds, among others.
Rentals
The rentals of different areas in the eastern part of the city differs based on the amenities and facilities that they offer. Boat Club Road area is one of the costliest areas in the region with average rentals here being upto Rs 36 per sq.ft. This is followed by other areas along the IT hubs like Koregaon Park (Rs 33 per sq.ft), Kalyani Nagar (Rs 23 per sq.ft) and Viman Nagar (Rs 18 per sq.ft). Other areas in the east with appreciable rentals are Shastri Nagar (Rs 21 per sq.ft), Sopan Baug (Rs 21 per sq.ft), Mundhwa (Rs 18 per sq.ft), Yerawada (Rs 17 per sq.ft), Hadapsar (Rs 16 per sq.ft), Wadgaon Sheri (Rs 16 per sq.ft), Fatima Nagar (Rs 15 per sq.ft) and Salunke Vihar (Rs 15 per sq.ft). In general, rental values in these areas range between Rs 20,000-30,000 per month.
Rental Appreciation
Many areas in the eastern part of Pune have also witnessed considerable appreciation in values compared to the previous quarter. The area with the highest appreciation in rental values is Koregaon Park (14 per cent). Other areas in the east with high rental appreciation are Wagholi (10 per cent), Manjri (10 per cent), Kharadi Infotech Park (eight per cent), Chandan Nagar (eight per cent), Salunke Vihar (seven per cent), Kalyani Nagar (five per cent) and Shastri Nagar (five per cent).
Future Prospects
With the development of the IT sector in the region including many more surrounding areas, the region is expected to see higher rental yields in many more areas. Besides, the growth in the infrastructure in the region as a whole is also likely to enhance its appeal among those seeking rental accomodation here. Hence, those who have purchased residential units as an investment can expect high rental returns in future due to the high rental rate of appreciation that these areas are steadily witnessing.
