Pune’s Rental Market Booms as Tenants Face Rising Costs in IT Hubs

Pune: The rental scene in Pune is getting pretty wild. With so many folks in the IT sector, the demand for housing is through the roof. Many of us prefer shorter leases because, let’s face it, job changes happen all the time. But this gives landlords the chance to hike up rents, making it tough to find affordable places.

Newcomers to Pune are feeling the pinch. The term “affordable housing” is almost a joke now. After the pandemic, as people returned to work and school, the search for reasonably priced rentals got even tougher.

One young professional shared her story. Back in her student days in Pimpri-Chinchwad, she paid ₹10,000 for a room. Now, as a working woman, she’s paying ₹15,000 for a shared flat in Yerawada, which is just crazy.

Experts say the rent spike is due to a mix of things like new infrastructure, supply and demand issues, and modern amenities in new buildings. Over the last three years, rents in Pune have jumped by about 20-25%.

Areas like Hinjewadi, Kharadi, and Wakad, which are hotspots for IT pros, have seen rents soar by 35-40% since 2021. A real estate consultant mentioned that Kharadi is super popular now because of its closeness to IT hubs and better connectivity, which is driving up prices.

Even places like NIBM Road have seen a 20-25% increase in rents over the past five years, thanks to ongoing developments.

With rents climbing in prime areas, many tenants are looking further out. A broker from the Aundh-Pashan-Baner corridor said that high prices in central Pune are pushing people to areas like Bhugaon and Wagholi. The Pune Metro and new roads are making these spots more attractive, but also pricier.

A techie who moved back to Pune last December was shocked by the rent hikes. She used to live in Baner, but when she checked for flats in her old building, the rents had nearly doubled. Some areas are now as expensive as the suburbs of Mumbai!

In terms of specific areas, here’s a quick rundown:

– Wadgaon Sheri: 2BHK flats that used to rent for ₹20,000-22,000 are now going for ₹28,000-30,000.
– Koregaon Park: Rents have shot up by ₹15,000 in just a couple of years.
– Deccan: 2BHK apartments are now priced at ₹30,000-32,000, compared to ₹20,000-22,000 a few years back.

With rents continuing to rise, finding affordable housing in Pune is becoming a real challenge, highlighting the pressure on the rental market.