Top 5 Areas for Rent in Pune

If you are relocating to Pune, then it would not harm you to look up the most preferred localities for rent in this city. Some of the most popular areas for rent in Pune are Viman Nagar, Magarpatta, Wakad, Pimple Saudagar and Kharadi, necessarily in that order. These areas were also a part of the top localities in the last quarter of 2013.

Wakad

The area took over Magarpatta and became the number one locality to rent an apartment in Pune. The area moved up two places almost since the third quarter of 2013 to grab the top position in the last quarter of 2013.  Its closeness to HITEC City and effortless connectivity to numerous localities in Pune and easy connectivity to Mumbai makes the demand for rental properties steady here.  The locality has good civic infrastructure such as sufficient water and power supply and effective drainage system.

Both 2BHK and 3BHK apartments are available in this area. For a spacious 2BHK flat for rent in Wakad Pune, you would have to dish out Rs 10k to Rs 15k in a month. These apartments have a carpet area of 1000 to 1200 square feet. You can also find single room for rent in Pune Wakad in paying guest accommodations or 1BHK apartments.  If you are lucky enough, you might come by a 3BHK apartment in the same price range here. Usually 3BHK apartments measuring 1200 square feet to 1800 square feet are available for INR 15,000 to INR 20,000 in a month.

Magarpatta

In the October to December 2013 period, Magarpatta was placed on the second position of most preferred localities. For those looking for easy access to lifestyle facilities, Magarpatta is the best area to live in. The township is popular because of its lifestyle amenities. Also, the area enjoys good connectivity to Kalyani Nagar and Kharadi EON IT Park.

Most of the units available here are the 2BHK ones although there are several 1BHK apartments available. You can easily get a single room for rent Pune in Magarpatta. For a monthly rent of INR 15,000 to INR 20,000, you can get a 2BHK apartment while for a 1BHK you would have to pay INR 10,000 to INR 15,000 in a month.

Viman Nagar

Viman Nagar is close to IT hubs and has several infrastructural upgrades which were completed recently. Closeness to areas such as Magarpatta and easy connectivity to different areas of Pune and good public transport system make Viman Nagar the third most popular locality for rent in Pune. For a 2BHK apartment, you would have to pay Rs 14,000 to Rs 19,000 while for a 3BHK flat the payment to be made is between Rs 20,000 and Rs 24,000.

Pimple Saudagar

 On fourth position is Pimple Saudagar which is preferred by people because of its closeness to the industrial belt of PimpriChinchwad. For a 2BHK apartment here, you would have to pay between Rs 11,000 and Rs 15,000 in a month. For a 3BHK apartment, the rental rate is hiked to the range of Rs 17,000 and Rs 27,000 in a month.

Because of increasing employment opportunities in PimpriChinchwad and other localities, the demand for rented apartments is increasing as well. People who have just moved to Pune find this locality to offer affordable housing for temporary living. The charges for maintenance are quite low in most societies located here, which is also advantageous for the location.

Those wanting good returns from capital investments should look towards Pimple Saudagar as an area for investment in real estate. Properties in this area have had an appreciation of almost 33 percent in the past 2 years. When translated into figures, an apartment that cost Rs 45 lakhs back in 2012 now costs roughly Rs 60 lakhs!

The growth in capital value may be attributed to the increasing demand for housing in this area because of its closeness to the IT Hub at Hinjewadi, located just 11kms from Pimple Saudagar. Companies that are located in Hinjewadi offer shuttle cab services till Pimple Saudagar. Because of the easy commute and connectivity to corporate areas attract house hunters to Pimple Saudagar. There is demand for both ownership and rental housing here.

There are a large number of properties in the area which are ready for possession and are less than 5 years old. A 1BHK apartment which measures 600 square feet can be bought for Rs 30 lakhs while a 2BHK flat with a carpet area of 1000 square feet costs Rs 50 lakhs and a 3BHK flat of 1200 square feet costs roughly Rs 65 lakhs. The charges for maintenance, parking etc. are separate.

Infrastructure

Pimple Saudagar has good physical, civic and social infrastructure developed. There is a large street market comprising of retail shops that offer items for regular use. Also, hospitals and banks are there in the vicinity. However, the area faces acute water crisis during summers and residents have to adjust their regular usage of water for meeting everyday needs.

Once in the day drinking water is supplied during summers. The larger residential communities have storage tanks which fulfil the regular requirement optimally enough. New builders entering the area have planned for an alternative underground storage tank for water. These tanks shall be able to supply 100 families with water and store water till 5 days.

Therefore, if you are thinking of investing in the realty market in Pune, Pimple Saudagar may turn out to be a good yield option for investment.

Kharadi

Making the last spot on the top 5 list was Kharadi. The demand for rental properties here is mostly from the IT employees working here. For 2BHK and 3BHK flats in Kharadi, you would have to pay roughly INR 10,000 to INR 20,000 in a month. Because of the stable demand for rental properties here, the values of rental property are rising steadily here in Kharadi. If you are looking for a single room for rent in Pune, Kharadi is a good option because of the social, civic and physical infrastructure it offers.