Residential rentals go up in IT hubs: Study

Residential units in Kalyaninagar and Chinchwad areas have seen a sharp rise as compared to other areas in the city. A study conducted by 99acres.com has found that the two areas attract maximum rentals of residential units, and have risen by 22% and 14% respectively.

The study states that there is an overall 7% escalation in rental values in Pune – the tech city of India when comparing rents of a 3BHK apartment in April to June 2012 with the same period an year ago.

Vineet Singh, business head, 99acres.com, while speaking to DNA said “Overall, we can see a steady growth in rental values in Pune. Kalyaninagar being the upmarket locality with large number of IT companies and maximum malls has seen a 22% growth compared to areas such as Kothrud and Aundh, which have a growth of 8%.”

The prime reason for the hike is said to be the rise in IT companies, malls and hospitals in these areas, with more growth expected in rental values in next six months.

Pratap Jadhav, a broker from Koregaon Park said, “There has been a significant rise, as this year has seen a lot of inflow of people from other states and cities. Kalyaninagar and Koregaon Park are considered to be the hotspots of the city, and though people look for homes in other parts, they settle in these areas.”

Most of the key residential localities in Pune such as Aundh, Baner, Pimple Saudagar, Wanavdi and Vimannagar also saw rentals appreciate up to 10% in Q1 of 2012 compared to the same period an year ago.

Both, Magarpatta and Hadapsar saw about 5% increase in rentals in the same period. A 3BHK apartment on rent would be priced at Rs12,200 for Hadapsar and Rs20,000 for areas around Magarpatta.

Nilesh Hosmani, a broker from Chinchwad, said, “The most-sought after area is Wakad and Thergaon, and many choose Chinchwadgaon too, as it is centrally located and all the amenities are easily accessible in this area. In the first and second quarter of 2012, I have got more than 80 enquiries, of which many have materialised into deals.”

Aditya Pant, an HR executive said, “I’m from Madhya Pradesh and work with an IT company. I focussed on an area close to my workplace, with all amenities at a short distance.”

Chayya Singh, a software professional, who resides in Kalyaninagar said, “This is among the city’s most happening places, and most importantly very close to my workplace. Though it is expensive, it has the best possible amenities around.”