Check out What Works for Pune's Top 5 Rental Destinations
In the month of October, Pune witnessed a monthly increase of 50 per cent in the residential launches says a PropTiger DataLabs report. The government gave a green signal to the upcoming metro rail service and the new Greenfield International Airport based at Purandar. Along with this, the Pune Municipal Corporation (PMC) tied up with China's Jinhua city for constructing projects that will strengthen the civic amenities and the infrastructural projects of the city. These developments would further strengthen the rental market of the city. The rental returns are quite promising in Pune as many students and working population move to the city for finding good educational and employment opportunities.
MakaaniQ lists top five localities in Pune that have witnessed an increase in the rental yield in 2016.
Over the period ranging from January 2016 to August 2016, the prices in Hinjewadi increased from Rs 13 to 14 per sq ft. Rajiv Gandhi Infotech Park in Hinjewadi houses a cluster of IT/ITES and BPO units. It houses prominent companies such as TCS, Wipro, Tech Mahindra, Infosys, IBM and Cognizant. This is the main reason for the increasing rental rates in Hinjewadi.
Kalyani Nagar witnessed an increase in the rental rates from Rs 32 per sq ft to Rs 33 per sq ft over a period ranging from Jan 2016 to Nov 2016. The increased rental return is mainly on account of settling up of different IT Parks. Some of the companies that have set up their offices in Kalyani Nagar are HSBC, Mphasis, Cybage and Mastek. The construction of the 300-metre Aga Khan Bridge linking Kalyani Nagar and Koregaon Park further stimulates the demand for rental apartments in Kalyani Nagar.
Rental rates in Talegaon Dabhade increased from Rs 8 per sq ft to Rs 9 per sq ft over the period ranging from Jan 2016 to Nov 2016. The locality is in proximity to industrial belt of Pimpri-Chinchwad Municipal Corporation (PCMC), Chakan, Maval and IT/BT Park. Moreover, the locality houses many automobile manufacturing companies such as Volkswagen Group, Daimler-Benz, Mahindra & Mahindra. The employment opportunities created on account of these industrial units is one of the driving factors for increased rental rates of apartments in Talegaon Dabhade.
In Mundhwa, the rental returns increased from Rs 23 per sq ft to Rs 26 per sq ft. The Pune Airport and the Pune Railway Station is located at a distance of around 7.6 kilometers and eight kilometers respectively. Smooth connectivity and proximity to IT hubs invite tenants to look for apartments in Mundhwa.
From January 2016 to September 2016, the rental rates increased from Rs 12 per sq ft to Rs 14 per sq ft. This means one can earn additional Rs 2,000 for renting out 1,000 sq ft of area. The increase of rental rates is mainly because of Warje's strategic location. The locality is in proximity to Rajiv Gandhi IT Park at Hinjewadi making it a favourite amongst IT professionals. Moreover, the locality has sound connectivity and is in proximity to the airport and Railway Station.