Pune, known for its vibrant IT sector and educational institutions, is facing a rental market crisis. Tenants are feeling the pinch of significant rent hikes, with some seeing their rents increase by as much as 20%. The situation has left many struggling to find affordable housing in the city.
Newcomers to Pune are finding it challenging to secure reasonably priced rental accommodations, with some even resorting to sharing flats to manage costs. The pandemic restrictions being lifted have only worsened the situation, with many returning to offices or schools and adding to the demand for rental properties.
Real estate experts attribute the surge in rents to infrastructural development, demand-supply imbalances, and modern amenities in newer projects. Areas like Hinjewadi, Kharadi, and Wakad, popular among IT professionals, have witnessed rent increases of up to 40% since 2021. Kharadi, in particular, has become highly sought after due to its proximity to IT hubs and improved connectivity.
Other areas like NIBM Road and its surroundings have also reported significant rent hikes over the past few years, driven by ongoing commercial and infrastructural developments. This trend has pushed tenants to seek alternatives further away, such as Bhugaon and Wagholi, due to the steep prices in central Pune.
Residents in areas like Wadgaon Sheri, Koregaon Park, and the Deccan area have also felt the impact of rising rents, with some seeing their monthly rental costs nearly double in just a few years. The situation has left many tenants shocked and searching for more affordable housing options in the city.
Overall, the rental market in Pune is experiencing a period of rapid growth, with tenants facing tough choices as they navigate the increasing costs of living in the city. The need for affordable housing solutions has never been more urgent, as residents grapple with the financial strain of rising rents in Pune.
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