As the IT sector in Pune continues to thrive, many professionals are facing challenges in finding affordable housing due to skyrocketing rents. With shorter lock-in periods preferred by those in the industry, landlords are taking advantage by imposing significant rent increases, making it difficult for tenants to find reasonably priced rental options.
Newcomers to Pune are particularly feeling the pinch, with the term “affordable housing” becoming a bitter joke as they struggle to find suitable accommodation. The post-pandemic scenario has only worsened the situation, with more people returning to offices and schools, driving up demand for rental properties.
Real estate experts point to various factors contributing to the spike in rents, including infrastructure development, demand-supply imbalances, and the addition of modern amenities in new projects. Key areas like Hinjewadi, Kharadi, and Wakad, popular among IT professionals, have seen rent hikes of 35-40% since 2021, while regions like NIBM Road have experienced increases of 20-25% over the past five years.
As rents in premium areas become unaffordable, tenants are looking at more distant localities as alternatives. Areas like Bhugaon and Wagholi are gaining popularity due to their affordability, with the Pune Metro and new roads enhancing connectivity and driving up costs in certain regions.
The sharp rise in rents is evident in various neighborhoods across Pune. For instance, 2BHK flats in Wadgaon Sheri that rented for ₹20,000-22,000 two years ago now cost ₹28,000-30,000, while rents in Koregaon Park have increased by ₹15,000 over the past 2-3 years. The continuous escalation in rents is posing a challenge for tenants in finding affordable housing options, highlighting the growing pressure on Pune’s rental market.
Overall, the increasing rent prices in Pune are a cause for concern for many residents, especially those in the IT sector who are constantly on the move due to job changes or relocations. Finding affordable housing in the city has become a daunting task, leaving tenants with limited options and putting a strain on their finances.
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