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Rental Insights: Pune Q4-2015

Pune is one of the most famous cities of India, which is often called the oxford of east – because of the presence of many educational institutions with high repute. Under the British rule, it was an important military centre, and today, Pune also houses the elite training school for armed forces.

A charming blend of traditional and contemporary, Pune is often remembered because of the encircling weekend destination spots like kandala and Lonavala. This pensioner’s paradise is witnessing major changes in information technology, organised retailing and demographics.

The significant change in city’s demographics has created a huge impact on the demand for real estate, both in terms of types of houses and size. The city has opened gates for the rental market and this article provides some interesting insights about the same.

1 BHK in Pune

 

There has been historical demand for 1 bhk's in localities like Hadapsar, Wakad, Kharadi followed by Kothrud, Wagholi among others.There are a lot of options in terms of properties considering the varying price ranges in Hadapsar, Kothrud, Kondhwa, Viman nagar etc. Looking at the budget localities, Wagholi would be the best with almost all properties within the city average limit (median: ₹9,000) closely trailed by Hadapsar (median: ₹8,000), Chinchwad (median: ₹8,500).

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Hadapsar80009000-11.1%35%
Wakad12000900033.3%93%
Kharadi12000900033.3%75%
Kothrud12000900033.3%88%
Wagholi70009000-22.2%4%
Kondhwa950090005.6%48%
Wadgaon Sheri11000900022.2%74%
Viman Nagar14500900061.1%97%
Chinchwad85009000-5.6%33%
Balewadi11500900027.8%90%

2 BHK in Pune

 

Considering this bhk segment which caters to young professionals, there is a lot of demand in localities like Wakad, Baner, Hadapsar, Kharadi, Pimple Saudagar and Viman nagar among others. We can see a large price spectrum in the IT areas like Hadapsar, Kharadi, Hinjawadi along with the airport proximity locality Viman nagar which reflects the varied type of properties one can get for at different price levels. Hadapsar, Hinjawadi, Kondhwa and Wagholi are some of the top areas where majority of the properties are priced below the city average (median: ₹14,500).

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Wakad15000145003.4%67%
Baner160001450010.3%81%
Hadapsar1200014500-17.2%31%
Kharadi170001450017.2%94%
Pimple Saudagar170001450017.2%94%
Viman Nagar230001450058.6%95%
Hinjawadi15000145003.4%60%
Kondhwa1275014500-12.1%36%
Wagholi1000014500-31%7%
Kothrud162501450012.1%86%

3 BHK in Pune

 

In this large household segment of 3bhk's, the most sought after localities are Wakad, Pimple Saudagar, Baner, Hadapsar followed by Hinjawadi, Kharadi and Kothrud. Again focusing on the dispersion of properties on the price charts, Baner, Hadaspar, Viman nagar are the leaders with some properties ranging as high as ₹75,000 with the odd premium properties in Kharadi with very high prices. Considering the fact that the city average is around ₹20,000, most of the localities have their average property rates around this figure.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Wakad1900020000-5%33%
Pimple Saudagar21000200005%60%
Baner20000200000%48%
Hadapsar1700020000-15%34%
Hinjawadi1900020000-5%44%
Kharadi227502000013.8%66%
Kothrud235002000017.5%61%
Aundh275002000037.5%83%
Viman Nagar310002000055%95%
Balewadi1800020000-10%20%

Pune has witnessed a constant real estate market within the last couple of years and is still among the prime towns for residential investment. Good customer demand, along with great economic drivers, has resulted in vigorous residential investments generating good yields. A higher migrant influx gives a robust marketplace for rental property. The primary catalyst that has changed the face of the town is the IT sector, fostering growth in the western region of the city especially; it is right now capturing the eastern area as well.

Since the central area of the town has almost stretched its development potential it is the fringes that are now viewed as the driving parts of the city. Therefore, purchasing a residential house in a strategic area with the goal of renting it out is now a great investment proposition.

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