Residential areas of Pune such as Koregaon Park and Kalyani Nagar have come up as the hottest rental markets of the city. Wanowari, a locality between Kondhwa and Fatima Nagar is another upcoming market for rental accommodation.
Rentals for 2BHK apartments in areas such as Kalyani Nagar and Wanowari are in the range of Rs 12,000-Rs 20,000 per month while a 3BHK apartment is for Rs 15,000-Rs 35,000 per month. At Koregaon Park, a 2BHK apartment is for Rs 15,000-Rs 22,000 per month while the monthly rental for a 3BHK is in the range of Rs 20,000-Rs 30,000. The range is wide as a lot depends on whether the apartment is furnished, semi furnished or fully furnished. A 3BHK residential property fully furnished apartment in Pune’s prime areas can easily fetch a rental of Rs 30,000 plus per month.
According to Pune-based real estate broker, SS Gill CMD of Gilson Realtors, Pune, "If a residential property is fully-furnished, the value increases by approximately 20-25 per cent over unfurnished apartments. The demand is high for well-furnished apartments especially from the senior executives from multinationals working in Pune's software companies, IT Enabled Services, BPOs, banking and financial institutions and other sectors but the supply is not very high at the moment. It is advisable to furnish the apartment and rent it out as you invest a small sum and reap large returns in the long term."
Pune's rental real estate market is also active in other areas such as Kothrud, Katraj which are much more affordable areas. Katraj is on the expressway Mumbai to Bangalore, and approx 20 km from Wakad junction towards Satara. Real estate developers are currently launching a plethora of projects in these areas and these localities' rental market is primarily driven by students as there are many colleges around this area. Also the social infrastructure is reasonably good here.
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