These Localities Are the Topmost Preferences for Renting in Pune: Find Out More

The rental housing market in Pune has witnessed remarkable growth in recent years, reflecting the dynamic real estate landscape in one of India’s fastest-growing cities. Pune, often referred to as the “Oxford of the East” due to its educational institutions, and an emerging IT hub, has been one of the preferred destinations for students, retirees, young professionals, and families. This influx of diverse demographics has spurred the expansion and diversification of the rental housing sector in the city.

Major Growth Drivers

While the demand for rented accommodation in the initial period, primarily around early 2000s, led to the proliferation of PG accommodations and scope of residence in modest apartments in the city, the market has seen a significant transformation in recent years.

Pune’s rapid urbanization and its emergence as a prominent IT and automotive industry hub have fuelled the growth of the professional population. This, coupled with the changing preferences of the younger workforce, has given rise to the demand for more sophisticated and lifestyle-oriented rental housing options.

The market now offers a diverse range of rental housing, from furnished and serviced apartments to co-living spaces and gated communities. Pune’s infrastructure development, including better connectivity and improved public transport, has also made it easier for people to choose rental housing in different parts of the city without compromising on their daily commutes.

Popular Neighbourhoods for Renting

Our data on online searches for rental properties in Pune has revealed that Kharadi followed by Kothrud, observed the highest volume of inquiries for rental accommodation. These locations are followed by Hadapsar, Wadgaon Sheri and Wakad as the other frequently searched areas online.

While Kharadi and Kothrud command average housing rentals of INR 31,000-33,000 per month and INR 33,000-35,000 per month respectively, the rentals in Hadapsar, Wakad and Wadgaon Sheri hover around INR 24,000 to INR 27,000 per month. In addition to these areas, other sought-after online searches for rental housing also encompass peripheral neighbourhoods such as Wagholi and Hinjewadi. Rental values in these locations are quoted within INR 17,000 to INR 22,000 per month.

Primary reasons contributing to the appeal of these areas

While localities such as Wakad and Hinjewadi lie in proximity to the prominent IT hub of Rajiv Gandhi Infotech Park, other areas such as Kharadi, Wadgaon Sheri and Hadapsar enjoy easy access to the workplace cluster at Magapatta City – making it highly convenient for residents to reside there. Of late, a number of co-living spaces have mushroomed in these neighbourhoods and are much preferred as they offer a sense of community, convenience, and flexible lease options, which are highly appealing to young professionals and students.

Meanwhile, Kothrud has evolved into a self-sustained microcosm of Pune, offering a mix of residential and commercial areas, with well-developed infrastructure, healthcare facilities, and recreational amenities. It is home to some of Pune’s prestigious educational institutions, leading it to become a preferred choice for student housing.

Conclusion

In conclusion, the rental housing market in Pune has evolved significantly, adapting to the changing needs and preferences of its diverse population. With educational institutions, job opportunities, and lifestyle choices driving demand, the rental housing sector is poised for continued growth and diversification. The future of this market holds great promise, making Pune an attractive destination for renters seeking quality, convenience, and community in their housing choices.

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