Pune: Property prices and house rents in Pune have been on the rise in recent years, but a new report by Anarock Group reveals that rental prices have increased at a much faster rate than property values in the city.
The report shows that in the past three years, housing prices in Pune have risen by 37%, while rental prices have surged by an even greater margin—between 57% to 65%. This makes Pune one of the few cities where rents have outpaced property price growth, contrasting with other major cities like Bengaluru, Mumbai, Delhi, and Hyderabad, where property prices have risen faster than rents. Kolkata and Chennai are also experiencing a similar trend.
Areas like Hinjewadi and Wagholi in Pune have reported the highest increases in both property prices and rents. These locations are well-known for being hubs for Information Technology (IT) companies, drawing in a large number of professionals who prefer renting homes nearby. The rising demand for rental properties has led to a significant increase in rent prices.
In Hinjewadi, the price of a 1,000 sq. ft. (2 BHK) apartment stood at Rs 5,710 per sq. ft. by the end of 2021. By the end of 2024, this figure rose to Rs 7,800 per sq. ft., reflecting a 37% increase. During the same period, the monthly rent for a 2 BHK in Hinjewadi increased from Rs 17,800 to Rs 28,000, marking a 57% rise.
Similarly, in Wagholi, the price of a 1,000 sq. ft. (2 BHK) flat increased from Rs 4,951 per sq. ft. in 2021 to Rs 6,800 per sq. ft. by 2024, a 37% jump. The rent for a 2 BHK apartment in Wagholi also soared, going from Rs 14,200 to Rs 23,500, a 65% rise.
Experts attribute the rental surge to the growing population of IT professionals and migrants who prefer to rent homes in proximity to their workplaces in these areas. The rising demand for rental properties in key IT hubs continues to fuel this upward trend in rental prices.
