Why Do Renters In Pune Prefer Viman Nagar?

Why Do Renters In Pune Prefer Viman Nagar?

Why Do Renters In Pune Prefer Viman Nagar?

Viman Nagar is one of the popular neighbourhoods in Pune. Apart from the fact that the international airport lies only two kilometres away from this locality, Viman Nagar is also home to many IT companies and educational institutes. Owing to these factors it is quite popular as a real estate destination, especially among renter. 

Residential hotspot

Situated on the eastern side of Pune, Viman Nagar has a flourishing housing market with high demand for ready-to-move-in flats and luxury projects, including villas. Moreover, it is also seen as an attractive market for investment purposes with a preference for under-construction properties and residential plots. However, the demand for rental properties, especially for residential units is equally high, since people moving to the city consider the location attractive for housing purposes, thanks to a well-developed social infrastructure and sound connectivity.

There are over 100 schools, healthcare centres, restaurants, retail shops and bank branches which cater to the lifestyle needs of modern city dwellers.  

The area is effectively linked via road and rail. The Pune Railway Station is the nearest railway link and is situated about seven kilometres away. The Khadki railway station is around 10 kilometres from the locality. Arterial routes like the Pune-Ahmednagar Highway, the Nagar Road, the Mundhwa Road and the Sant Jnaneshwar Marg provide easy access to other parts of the city. In addition to public transportation provided by the PMPML bus services, cabs and autorickshaws, the proposed Metro network for the city is likely to enhance the last mile connectivity for the residents of Viman Nagar.

Besides the above factors ensuring a comfortable living experience, Viman Nagar is an IT hub, the main reason behind its thriving rental market. Apart from the World Trade Centre in Kharadi nearby, there are three IT Parks in Viman Nagar namely Panchsheel Tech Park, Weikfield and Giga Space which draws numerous working professionals to the city for employment. The Symbiosis International University is an elite academic institution which attracts students from all across the country.

“There is a steady demand for rented homes from students, bachelors, families and office-goers. Students who plan to stay in groups mostly go for a shared 1BHK apartment otherwise bachelors or single home seekers prefer to live in a PG accommodation," says Manoj Gupta, owner of Vaishnavi Enterprises, a Pune-based real estate agency. 

According to data by Makaan.com, rental prices per square foot have jumped by over 16 per cent over the past one year. A well-furnished 1BHK apartment is priced between Rs 20,000 - Rs 25,000 per month while a non-furnished property is cheaper at Rs 12,000 - Rs 17,000 per month.

For a fully- furnished 2BHK house, the price is correspondingly higher starting at Rs 30,000 per month. A semi-furnished apartment of 4BHK layout sized between 1,600 sqft and 1,900 sqft is available for a price of Rs 35,000 per month. The price will be around Rs 1 lakh for a similar but spacious apartment which is equipped with high-end facilities like air conditioner, roof-top gymnasium, swimming pool and servant room.

Sonia, proprietor at Balaji Property Solutions at Vadgaon Sheri, says that the demand for rental homes comes mostly from students enrolling at Symbiosis or IT professionals. “If cost is not a consideration for the renter, he or she would prefer a well-appointed apartment in a gated housing society with amenities like gymnasium, swimming pool, wi-fi connectivity, etc.” She adds.

Affordability is a key factor

Viman Nagar has great location advantages owing to its proximity to other well-developed localities such as Koregaon Park, Kharadi, Hadapsar and Kalyani Nagar - which also have some bustling commercial and IT hubs. Rental prices in Viman Nagar is comparable to those in Kharadi or Kalyani Nagar. However, prices in Koregaon Park, a locality located six kilometres southwest of Viman Nagar, have seen a jump in rental prices which start at Rs 20,000 for an unfurnished 1BHK apartment. The data proves that Viman Nagar is a good alternative for house hunters looking for reasonably priced apartments for rent. In fact, those who wish to buy apartments have attractive options before them, too. The average per square foot rate is Rs 8,200. This means a standard house sized at 500-700 sqft is available between Rs 48 lakhs and Rs 70 lakh. The price goes up to Rs 5 crore for a spacious 1,800-2,200 sqft house.

Last Updated: Tue Dec 18 2018

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