2015-09-30 12:18:38

As Maharashtra's second biggest city, Pune has a developed rental market. However, rent prices are rather high compared to many major cities.

Pune is the second biggest city of the State of Maharashtra, after Mumbai. A thriving, vibrant metropolis, the city has witnessed considerable growth, with the population expected to reach 6 million in 2017. Pune is a centre of diverse and exciting opportunities and a good option for professionals hoping to move to India.

Marked by the presence of a reputed university and several higher education institutions, international students have chosen to study in Pune.

Due to the influx of foreign students and professionals there has been considerable growth in Pune's rental market to cater to the increased housing demands.  Hence, finding accommodation in Pune will not be much of a hassle.

Pune's neighbourhoods

Pune is divided into four major zones, namely the Old City, the Inner New City, the Outer New City and the outskirts. As per the expansion plans at least 28 surroundings villages are expected to be merged with the PMC.

The Old City consists of 17 neighborhoods which are also known as Peths. The Peths are generally a cluster of little neighborhoods with narrow and crowded lanes. Some of the Peths are Kasba Peth, Guruwar Peth, Somwar Peth, Mangalwar Peth, Shukrawar Peth, Raviwar Peth, Shaniwar Peth, Bhavani Peth, Ghorpade Peth, Budhwar Peth and others.

The New City inner district consists of residential as well as business neighborhoods, namely Deccan Gymkhana, Erandwane, Karvenagar, Shivajinagar, Camp, Bund Garden, Swargate, Sahakarnagar, Bibvewadi, Mukund Nagar, Maharshi Nagar, Gultekdi, Salisbury Park, Kothrud and Koregaon Park, among others.

Note that several educational institutes are located in the Kothrud, Nagar Road and Bund Garden Road neighborhoods. The inner suburbs like Kharadi and Hadapsar have merged to form large IT parks.

The JM Road, FC Road and SB Road, found in the city-centre, are very popular with expatriates. Further, Koregaon Park and Kalyani Nagar are upscale neighborhoods that offer modern and luxurious accommodation. In these neighbourhoods the rental prices are higher for both apartments and villas.

Rent prices in Pune

The cost of rent in Pune varies from one neighborhood to another according to the type of accommodation you choose. However, it is generally higher compared to other big cities in India; you will need an average of INR 12,000 per month to rent a single-bedroom apartment in the city-centre and an average of INR 8,000 per month for the same type of accommodation in the outskirts. For a three-bedroom apartment you may need an average of INR 26,000 per month in the city-centre and around INR 18,000 per month in the outskirts.

It is important to note that while you are most likely to get well-constructed and spacious apartments, you will be asked to pay a deposit. You may also be asked to submit some documents before renting a home.

Searching for accommodation

In order to find accommodation in Pune, you should check out housing websites available online. You can also consult a real estate agent to help you find accommodation according to your criteria and budget. This option may cost you a bit. Consider checking out classified ads in local newspapers as well.Finally, word-of-mouth may also help you if you have friends or contacts in Pune.

 Useful links:

99 Acres
Magic Bricks
Common Floor

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