The nationwide lockdown, which began on March 26, 2020, negatively influenced the Indian economy. Real estate is one of the worst-affected industries; it must be no surprise that the pandemic significantly affected property rates in Pune. Although life has returned to some degree of normal routine, the Pune real estate market has seen a minor increase in both new home releases and sales volume in the second quarter of 2020 which is reflected in the property appreciation rate in Pune. Pune maintains a consistent demand for real estate. Over the past decade, there has been a significant increase in demand for property rent in Pune, with both buyers and investors expressing a strong interest. Plush apartments in high-end areas of Pune may also be found within your budget, allowing you to make an excellent investment in your future.
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Key Reasons Why Property Rates Pune Are Booming
A. Favourable Stamp Duty & GST Rates
As a means of reviving the state’s slow real estate market, which the pandemic has hampered, the Pune government agreed on August 26, 2020, to temporarily reduce stamp duty rates from 5 per cent to 2 per cent, which helped buyers avail attractive property prices in Pune. Pune’s stamp duty and local body tax (three per cent stamp duty plus one per cent local body tax) were relaxed too, further affecting land prices in Pune. Several real estate developers are willing to pay the GST on behalf of the buyer. This is considered one of the primary reasons for the 58 per cent increase in sales between July to September 2020.
B. Technology-Enabled Real Estate with a Wide Range of Offerings
During the lockdown period and the months after its termination, real estate developers in Pune and other Indian metropolises have actively improved their technology capabilities. Integration of technology into our business practices, such as virtual house tours, video conferencing, targeted digital advertising, resulted in low demand and falling flat rates in Pune. Real estate builders in Pune are eager to rid their unsold inventory. They have marketed several packages, including a minimum expression of interest, cash discounts, and freebies leading to better property rates in Pune.
C. Excellent Employment Opportunities
Pune has been a popular location for job seekers due to the city’s flourishing information technology sector and rising employment opportunities in a wide range of industries. Many professionals who migrated to the city a decade ago now own plots or apartments as the 1 guntha price in Pune has been favourable to the buyers. Pune is also considered the educational centre of the state since it is home to several well-known schools and institutions that maintain high educational standards. The migration of young people that happens due to job opportunities is the most significant factor that affects the rent rates in Pune.
D. The Benefits of Slow Business to the Buyers
The pandemic harmed the commercial real estate industry in Pune, with the economic downturn putting a stop to many enterprises’ growth and employment plans. Specific locales such as Kharadi, Baner, and Hinjewadi, which have an abundance of ready-to-move housing units, mainly consisting of residential flats, have many people eager to lease property for rent in Pune. The spreading IT/ITes centres in these three cities will provide a solid foundation for positive real estate situations at reasonable Pune real estate prices.
E. Improving Infrastructure & Public Transport
Increased development in the city’s outskirts, particularly in areas like M.G. Road, Koregaon Park, and Bund Garden, has resulted in a significant rise in the infrastructure, leading to better property rent in Pune. Air, rail, and road connections link Pune to other cities and international destinations within the region and other cities and international destinations. They are amongst the real estate price trends in Pune. The Pune Mahanagar Parivahan Mahamandal Limited (PMPL) offers a city bus service that makes it convenient to travel inside and outside of the city, hence indirectly contributing to the rise in the value of Pune real estate properties.
Real Estate Overview Pune
Pune is one of the most rapidly growing cities in India, with a thriving real estate market. With the government’s focus on improving infrastructure and the growth of various industries, the city has seen a surge in demand for both residential and commercial properties. The real estate market in Pune is influenced by several factors, including government policies, construction rates, and property valuation. In recent years, Pune has become a hotbed for investment in property, with many people looking to purchase homes in the city’s prime locations.
Key Sub-Markets in Pune
Pune has several key sub-markets, each with its unique features and benefits.
High-end Segment Sub-Markets in Pune
For those looking for luxury homes in Pune, the city has several high-end sub-markets to choose from. These areas offer a mix of upscale homes, prime locations, and top-notch amenities.
Some of the most sought-after high-end sub-markets in Pune include Koregaon Park, Bund Garden Road, Aundh, Boat Club Road, Mangaldas Road, Baner, Kalyani Nagar, Viman Nagar, Sopan Baug, Uday Baug, Hadapsar, Deccan Gymkhana, Model Colony, Prabhat Road, Erandwane, Bhosale Nagar, and more.
Mid-Segment Sub-Markets in Pune
For those looking for affordable homes in Pune, the city has several mid-segment sub-markets to choose from. These areas offer a mix of budget-friendly homes, convenient locations, and essential amenities.
Some of the most popular mid-segment sub-markets in Pune include Kothrud, Kalyani Nagar, Yerwada, Shashtri Nagar, Viman Nagar, Old Airport Road, Vishrantwadi, Kharadi, Wagholi, Wadgaon Sher, Hadapsar, Manjri, Mundhwa, Keshavnaga, Wanowrie, NIBM Road, Lulla Nagar, Undri, and Kondhwa.
Property Trends That Affect Pune Real Estate Prices
- At present, there are more than 60,246 ready apartments available in Pune and around 9,150 flats under development. Furthermore, the average capital value (CV) of properties in significant regions of Pune has increased in recent years due to the faultless infrastructural development in these locations.
- In addition, the CV has benefited from a well-balanced demand and supply chain, as previously stated. Additionally, Pune’s membership in the Hundred Smart Cities initiative, which has attracted notable developers and prompted them to create and launch luxurious real estate developments in the city, has worked in the city’s favour.
- Property developments such as Rohan Abhilasha in Wagholi, 7 Plumeria Drive in Tathawade, Kalpataru Jade in Baner, and Avon Vista in Balewadi have attracted the interest of real estate investors.
- While luxury houses are available in regions such as Balewadi because of the well-developed infrastructure in the area, areas on the periphery such as Wagholi and Tathawade are suitable budget house rates in Pune options.
- People seek property only for investment reasons with a budget ranging from Rs. 61 lakhs to Rs. 71 lakhs would have over 3,000 possibilities to pick from in regions such as Hinjewadi, Baner, Kothrud, and Kharadi, all of which offer over 3,000 property options to offer affordable Pune apartment cost.
- Pune’s suburbs, including Pashan, Wakad, and Aundh, among other places, have developed robust infrastructure, which has resulted in a spike in demand for flats and improved plot rates in Pune.
- Because of the influx of information technology businesses establishing offices in these locations, the demand for rental housing is increasing. For those who want a more modest budget of Rs. 51 to Rs. 61 lakhs, there are around 3,553 apartment alternatives to select from, which is still an impressive number.
- It doesn’t matter which neighbourhood or which project you select; most housing societies will provide you with a list of facilities, which will typically include a clubhouse, children’s play area, open garden, swimming pool, and 24-hour high-level security.
- Average Pune flat rates: 1BHK – Rs. 40 lakhs, 2BHK – Rs. 65 lakhs, 3BHK – Rs. 1.1 crores, 4BHK- Rs. 3.8 crores
Plot / land Rates in Pune
Pune land rates average in Pune per square foot is ₹4846/sq. Ft
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Here is a tabulation of land/ plot rate in Pune’s top 15 localities for 2020 and 2021 and the growth rate in the cost. The price mentioned is the per square feet rate in pune.
| Locality Name | Buy Rates / Price Range (Rs. per sq. yd.) | ||
| 2021 | 2020 | Avg. Y/Y growth rate | |
| Katraj | Rs. 30,600 – 44,752/sq. yd. | Rs. 33,900 – 47,752/sq. yd. | -9.09% |
Mundhwa | Rs. 19,508 – 29,835/sq. yd. | Rs. 19,508 – 29,835/sq. yd. | Constant |
| Baner | Rs. 34,425 – 45,900/sq. yd. | Rs. 32,925 – 43,900/sq. yd. | 3% |
| Bhavani Peth | Rs. 31,365 – 38,632/sq. yd. | Rs. 31,365 – 38,632/sq. yd. | Constant |
| Camp Area | Rs. 1,43,438 – 1,84,748/sq. yd. | Rs. 1,43,438 – 1,84,748/sq. yd. | Constant |
| Kothrud & Karve Nagar | Rs. 9,562 – 10,710/sq. yd. | Rs. 9,060 – 9,800/sq. yd. | 4% |
| Sinhagad Road | Rs. 42,840 – 60,052/sq. yd. | Rs. 44,050 – 63,000/sq. yd | -7% |
| Hadapsar | Rs. 57,375 – 78,795/sq. yd. | Rs. 70,762 – 91,035/sq. yd. | Constant |
| Hinjewadi | Rs. 70,762 – 91,035/sq. yd. | Rs. 70,762 – 91,035/sq. yd. | Constant |
| Kalyani Nagar | Rs. 61,965 – 71,145/sq. yd. | Rs. 60,965 – 70,150/sq. yd. | 1% |
| Wakad | Rs. 15,300 – 16,448/sq. yd. | Rs. 17,000 – 19,008/sq. yd. | -6.98% |
| Shivaji Nagar | Rs. 13,005 – 16,830/sq. yd. | Rs. 11,200 – 13,950/sq. yd. | 5.88% |
| Aundh | Rs. 44,370 – 53,168/sq. yd. | Rs. 40,450 – 49,350/sq. yd. | 8.33% |
| Sadashiv Peth | Rs. 59,288 – 69,615/sq. yd. | Rs. 59,288 – 69,615/sq. yd. | Constant |
| Koregaon Park | Rs. 1,22,400 – 1,53,000/sq. yd. | Rs. 1,32,400 – 1,63,000/sq. yd. | -5-8% |
House Rates in Pune (Independent)
The average Price for independent house rates in Pune is as follows:
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- 1BHK- 35 L
- 2BHK- 85 L
- 3BHK- 2.4 crores
- 4BHK- 3.9 crores
Here is a tabulation of Pune real estate prices area wise for the top 15 localities for 2020 and 2021 and the growth rate in the cost. The price is given as per the Pune sq. ft rate.
| Locality Name | Pune Property Rates Area Wise Price Range (Rs. per sq. ft.) | ||
| 2021 | 2020 | Avg. Y/Y growth rate | |
| Katraj | Rs. 4,520 – 5,640/sq. ft. | Rs. 4,520 – 5,640/sq. ft. | Constant |
| Mundhwa | Rs. 5,618 – 6,665/sq. ft. | Rs. 5,980 – 6,995/sq. ft. | – 3-4% |
| Baner | Rs. 6,805 – 8,782/sq. ft. | Rs. 6,205 – 8,382/sq. ft. | 5-7% |
| Bhavani Peth | Rs. 5,610 – 7,355/sq. ft. | Rs. 6,250 – 7,855/sq. ft. | -4-7% |
| Camp Area | Rs. 6,420 – 8,058/sq. ft. | Rs. 6,020 – 7,850/sq. ft. | 1-3% |
| Kothrud | Rs. 8,538 – 10,715/sq. ft. | Rs. 8,538 – 10,715/sq. ft. | Constant |
| Sinhagad Road | Rs. 4,250 – 5,150/sq. ft. | Rs. 4,050 – 4,800/sq. ft. | 4-6% |
| Hadapsar | Rs. 5,145 – 7,012/sq. ft. | Rs. 5,145 – 7,012/sq. ft. | Constant |
| Hinjewadi | Rs. 5,165 – 6,185/sq. ft. | Rs. 4,650 – 5,680/sq. ft. | 8-11% |
| Kalyani Nagar | Rs. 8,675 – 10,355/sq. ft. | Rs. 7,880 – 9,650/sq. ft. | -6-8% |
| Wakad | Rs. 5,822 – 6,398/sq. ft. | Rs. 5,952 – 6,680/sq. ft. | 1-3% |
| Aundh | Rs. 7,692 – 9,052/sq. ft. | Rs. 7,120 – 8,580/sq. ft. | 0.93% |
| Sadashiv Peth | Rs. 8,740 – 10,378/sq. ft. | Rs. 8,740 – 10,378/sq. ft. | Constant |
| Koregaon Park | Rs. 9,228 – 12,652/sq. ft. | Rs. 8,728 – 11,950/sq. ft. | 2-5% |
| Shivaji Nagar | Rs. 11,800 – 15,945/sq. ft. | Rs. 10,400 – 13,945/sq. ft. | 7-9% |
Property Rent in Pune
Now we will take a look at average flat rents in Pune. We will discuss all kinds of apartments rent in Pune like 2 BHK, 3 BHK, 1 BHK, and 1 RK.
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2 BHK Rent in Pune
The average 2 BHK rent in Pune is Rs. 21,790. Here we have tabulated the property rent prices in Pune’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| Locality Name | Average Rental Rates of 2 BHK in Pune | ||
| 2021(Rs) | 2020 (Rs) | Avg. Growth Rate Y/Y | |
| Katraj | 12,000 | 14,000 | -12-15% |
| Mundhwa | 17,500 | 14,848 | 7-10% |
| Baner | 14,000 | 18,197 | -9-17% |
| Bhavani Peth | 17,000 | 15,851 | 10% |
| Camp Area | 20,200 | 24,198 | -17-23% |
| Kothrud | 17,500 | 14,500 | 5-13% |
| Sinhagad Road | 12,500 | 8,581 | 15-23% |
| Hadapsar | 17,000 | 13,939 | 10-19% |
| Hinjewadi | 15,000 | 12,626 | 12-20% |
| Kalyani Nagar | 26,000 | 21,000 | 20-23% |
| Wakad | 17,500 | 14,125 | 8-15% |
| Aundh | 16,000 | 17,514 | -2-3% |
| Sadashiv Peth | 17,000 | 14,937 | 5-8% |
| Koregaon Park | 21,000 | 23,774 | -6-10% |
| Shivaji Nagar | 26,000 | 21,820 | 14-20% |
3 BHK Rent in Pune
The average 3 BHK rent in Pune is Rs. 32,244. Here we have tabulated the flat rent rates in Pune’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| Locality Name | Average Rental Rates of 3 BHK in Pune | ||
| 2021(Rs) | 2020 (Rs) | Avg. Growth Rate Y/Y | |
| Katraj | 18,000 | 15,600 | -12-15% |
| Mundhwa | 27,500 | 23,848 | 7-10% |
| Baner | 27,000 | 28,197 | -1-5% |
| Bhavani Peth | 12,000 | 18,851 | 10% |
| Camp Area | 26,200 | 26,200 | Constant |
| Kothrud | 33,500 | 28,500 | 13-20% |
| Sinhagad Road | 17,500 | 14,581 | 15-18% |
| Hadapsar | 27,000 | 24,939 | 10-19% |
| Hinjewadi | 17,000 | 21,626 | -12-18% |
| Kalyani Nagar | 43,000 | 38,000 | 10-18% |
| Wakad | 21,700 | 18,125 | 18-25% |
| Aundh | 24,000 | 27,500 | -13-15% |
| Sadashiv Peth | 21,000 | 25,937 | -8-17% |
| Koregaon Park | 43,000 | 37,774 | 10-20% |
| Shivaji Nagar | 32,000 | 27,820 | 14-20% |
1 BHK Rent in Pune
The average 1 BHK rent in Pune is Rs. 11,979. Here we have tabulated the flat rent rates in Pune’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| Locality Name | Average Rental Rates of 1 BHK in Pune | ||
| 2021(Rs) | 2020 (Rs) | Avg. Growth Rate Y/Y | |
| Katraj | 7,000 | 7,000 | Constant |
| Mundhwa | 11,500 | 8,480 | 17% |
| Baner | 12,000 | 9,897 | 5-15% |
| Bhavani Peth | 11,000 | 8,500 | 15-20% |
| Camp Area | 15,200 | 15,200 | Constant |
| Kothrud | 14,500 | 10,500 | 20% |
| Sinhagad Road | 7,500 | 7,500 | Constant |
| Hadapsar | 8,900 | 7,539 | 10-19% |
| Hinjewadi | 10,500 | 8,626 | 13% |
| Kalyani Nagar | 13,000 | 11,000 | 10-20% |
| Wakad | 9,700 | 9,700 | Constant |
| Aundh | 14,000 | 13,000 | 3-5% |
| Sadashiv Peth | 11,000 | 13,237 | -8-17% |
| Koregaon Park | 18,000 | 15,774 | 10-20% |
| Shivaji Nagar | 32,000 | 27,820 | 14-20% |
In the eyes of investors, Pune ranks as one of the most feasible and attractive locations for making real estate investments and is favoured by Pune’s real estate rates. If you need help in finding the right property for you, you will surely find help at NoBroker. Please leave a comment below this article; our executive will be in touch with you shortly.
Frequently Asked Questions about Property Rates in Pune
Q1. Are property rates in Pune 2023 high?
Ans. Despite the pandemic, the property rates in Pune are gradually increasing due to many factors such as great infrastructure, job opportunities and amazing higher education options.
Q2. What is the average cost per foot for residential property in Pune?
Ans. The cost per square foot in Pune depends on the locality but the average rate ranges between Rs. 4500 per square feet (for affordable apartments) to Rs. 12,000 per square feet (for luxury apartments)
Q3. What is the cost of a 2BHK apartment in Pune?
Ans. The cost of a 2-bedroom apartment according to the latest property rates in Pune is between Rs. 45 lakhs to Rs. 70 lakhs.
Q4. Which area in Pune has the best annual rental yield?
Ans. If you are a property investor, then it would be beneficial to know that property rent in Pune is best in localities such as Shivaji Nagar, Kothrud and Koregaon Park.
Q5. Which is the best area to buy a plot or land in Pune in 2023?
Answer – Hadapsar and Ambegaon are the best areas to buy land in Pune.
