Pune witnessed 13 pc rent inflation in 2019

ST CORRESPONDENT
Thursday, 16 January 2020

“From the last few years, the rent is increasing every year. Earlier there was some scope of negotiation with flat owners but now they hardly listen and one is left with no option but to pay as they demand,” said Mohit Makode, resident of Hinjawadi.

PUNE: In 2019, Pune registered maximum rent inflation of about 13 per cent, which was quite a surge compared to last year’s 7 per cent, states the India Real Estate Rent Report, 2019, by Nobroker.com. Other cities including Bengaluru, Mumbai, Chennai and Delhi-NCR were also surveyed.

The report states that the localities that have the highest rent inflation are Hinjawadi with 18.75 per cent, while Kharadi had 16.37 per cent. The other popular localities of the city are Wakad with 9.99 per cent, Dhanori with 7.88 per cent and Pimple Saudagar with 6.88 per cent. 

As per the report, the rent inflation in cities like Bengaluru and Mumbai is about 8 per cent which is lower compared to last year’s 18 per cent and 15 per cent respectively.

“From the last few years, the rent is increasing every year. Earlier there was some scope of negotiation with flat owners but now they hardly listen and one is left with no option but to pay as they demand,” said Mohit Makode, resident of Hinjawadi.

“Pune, as a city is an important centre for IT services and therefore it is natural that new employees keep coming here. This is one of the reasons Pune has seen the highest inflation in areas such as Hinjawadi, Kharadi and Wakad which have a majority of IT establishments. Another factor is Pune being an education hub, new students keep coming to the city. A trend popular in areas such as Baner and Viman Nagar is preference of co-living space. In the last couple of years, rent-wise these areas were depressed and therefore a sudden surge can be seen,” said Saurabh Garg, Co-founder and Chief Business Officer, Nobroker.com.

The report states that the popular rent localities in the city are Wakad, Kharadi Baner, Ravet and Viman Nagar. 

It suggests that co-living hotspots have emerged as a trend in Kothrud, Viman Nagar, Pimpri Chinchwad and Kharadi where institutions and technology parks are established. 

The report mentions owner preference for tenants and interestingly, in Pune, only 7 per cent of owners prefer bachelors as tenants, while 51 per cent prefers families. 

POPULAR LOCALITIES
The report states that the localities that have the highest rent inflation are Hinjawadi with 18.75 per cent, Kharadi with 16.37 per cent, Wakad with 9.99 per cent, Dhanori with 7.88 per cent and Pimple Saudagar with 6.88 per cent.

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