Pune is counted among the most populated cities in India. It is the second largest city in Maharashtra and has gained the reputation of being among the most sought-after locations to find refuge after retirement.
While people look out for the best location to call their home, Pune has stood high with world-class amenities, highly developed social infrastructure, and a safe destination.
Thanks to the developed infrastructure, several prominent real estate developers found an opportunity to establish their presence in the city. Residential projects such as Kohinoor Shangrila, Lodha Panache, VTP Earth One Pune, etc., have crafted the city skylines with incredible architecture.
This development has encouraged real estate investors and property buyers to invest in Pune’s fast-growing economy and extract high returns. The city has opened avenues for real estate investments and ensured high rental income to property holders.
Let’s see why Pune is showing the potential for high rental demand:
Pune as a Destination With High Rental Demand
Pune is emerging as a vibrant metropolis, attracting students, scholars, and young professionals seeking varied career opportunities in the city’s thriving technological, medical and manufacturing sectors.
The considerable influx of individuals has increased the demand for rental properties, making Pune one of India’s most attractive real estate markets. Here, we’ll discuss different factors that make Pune a market with strong rental demand:
Growing Student Population
Pune is home to a wide range of educational institutions, including esteemed universities, reputed business schools, and renowned engineering and medical colleges. The growing student populace, which is estimated to be over 5 lakh, has driven the development of rental properties near institutions. Students seeking accommodation near their campuses contribute significantly to the local rental market.
A Refuge For Young Professionals
Pune is often dubbed the ‘Oxford of the East’ due to its expanding tech economy. It has established itself as a centre for innovation and entrepreneurship. This fast-paced industry attracts a regular influx of young individuals seeking work in software development, IT, and other tech-related sectors.
Furthermore, Pune’s manufacturing industry, which is prominent in automotive, pharmaceuticals, and engineering, contributes to the demand for rental property in Pune for sale.
Factors Driving Rental Demand
The increased demand for rental properties in Pune depends on several factors:
Increased Employment Opportunities: The expansion of tech and manufacturing industries has led to a surge in employment opportunities, attracting young professionals from across the country.
Improved Infrastructure: Pune’s infrastructure, including its transportation network, roads, and amenities, has significantly improved, making it an attractive place to live and work.
Livability: Pune offers a favourable quality of life, with a pleasant climate, a diverse cultural landscape, and a growing number of entertainment and recreational options.
Impact on Rental Market
There is a noticeable impact on the Pune real estate market due to the strong rental demand:
Rising Rental Rates: Average rental rates are on the rise, notably in regions near educational institutions and IT hubs.
Property Value Appreciation: Demand for rental properties has also contributed to increased property values, making real estate investments in Pune profitable.
Diversification of Rental Options: Due to high demand, a varied range of rental options have emerged to meet the demands of students, professionals, and families.
Top 5 Locations To Buy 1/2/3 BHK Flats For Sale in Pune
Thinking of buying a 1, 2, or 3 BHK flats for sale in Pune? A few areas can be an appealing opportunity to the buyer.
Baner has seen the highest real estate development in Pune. It is located just off the Khatraj-Dehu road bypass, on the road that leads to the Mumbai-Pune expressway. Baner is both a residential and commercial district in Pune.
This locality is home to a high number of IT firms. This neighbourhood was previously on the outskirts of Pune. VTP Earth One Pune at Baner is the next residential choice for homebuyers. Baner boasts a thriving culture and a plethora of temples.
Located half a kilometre from the Pune airport, this locality sits on the Mumbai-Ahmedabad highway, barely 8 km from the railway station. Viman Nagar is home to a number of high-end hotels, including Four Points by Sheraton, Hyatt, Novotel, and Ibis.
Here is also the Air Force School. Phoenix Market City, Aga Khan Palace, Fly India Paramotor Club, and Udaan Biodiversity Park are some notable landmarks in the surrounding area.
Undri has turned into a magnet for high-end developments. One of the region’s assets is its excellent connectivity via city roads and interstate highways. Undri has grown much beyond our expectations in recent years, but it has not lost touch with its natural charm.
This town will shortly comprise the Pune Municipal Limits. Euro School, Crayon, Caelum High School, and Kidzee are among the educational institutions in and near Undri. Geeta Complex, Bhavana Supermarket, RSS, and Undri City Center are among the various retail complexes and convenience stores in this region.
Bavdhan has quickly become one of the most popular residential areas in Pune. Because it is located on the NDA road, it is easily accessible from both Mumbai and Pune. The Hinjewadi IT Park, which is only a 20-minute drive away, is the most well-known landmark in the area. While several projects are being developed here, the natural beauty is suitable for a residential property in Pune. Transportation, amenities, and cleanliness are all excellent.
Hinjewadi, or Hinjawadi, is well-known for its Rajiv Gandhi Infotech Park, a 2800-acre IT park. While Hinjewadi is well-linked, traffic congestion has been an issue during peak hours. A metro line connecting Hinjewadi and Shivajinagar is being proposed to address this issue.
This location is extremely safe because of the CCTV cameras positioned all around. Euro Kids, Pumpkin Patch, and Indira School of Career Studies are located here. Prakash Trader, Papa Zapata, and Ecom Express are a few supermarkets in this area.
The rental market in Pune is likely to stay strong in the near future, owing to the city’s continuous growth in its tech and manufacturing industries, the expansion of educational institutions, and the city’s overall livability. As the city’s population expands, so will the demand for rental houses, making Pune an attractive real estate spot.