The real estate market in Pune is in a slowdown phase and with the fewer transactions happening. The values holding of buying a residential flat is decreased and has shifted to the rental front. The rental market is active in many areas of Pune due to the new IT hub setting up over there.
The demand of 2 BHK apartments is the most transacted unit in Pune and is currently fetching a monthly rental between Rs 10,000 to Rs 15,000 in the posh localities of Pune. Kalyani Nagar due to its developed social infrastructure, good ambience and quality of life it is quite in demand from the corporate executives.
The property brokers claim that the investors are interested in Pune Real Estate which is on sharp decline. The investor has almost entirely exited the Pune real estate market and the residential property sector is fully-driven by the serious end user. Since there are many residential properties in Pune which is available for sale at the high capital costs and there is a wide gap between the monthly EMI and monthly rent, the end user is moving towards the affordable rental option in different locality of Pune.
Meanwhile, the rental markets of Pune are upbeat. Kharadi is an upcoming suburb of Pune where the monthly rental of a 2 BHK apartment is between Rs 8,000 - 10,000 while in the areas like Viman Nagar, it is between Rs 10,000 - 12,000. The demand for rental accommodation emanates mainly from the working professionals who are migrating over here. There are no of students who also take up the apartments on the sharing basis in different areas of Pune which is the home to many colleges and institutes. Besides the foreigners and NRIs is an important segment in the rental apartments, due to the influx of many IT companies and therefore expatriates.
The demand of rent property in Pune is increasing as there are many people who are migrating over here. Due to the upcoming job opportunities as well as a good educational hub there are many people coming over here. The trend is more towards the unfurnished apartments although the demand is for the semi-furnished ones with at least cupboards and kitchens. There are many students who prefer 1 BHK flats in Pune for rent as it is available in a cheaper price.
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