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Gera in News
 
 
 

IT Industry drives rental values in Kharadi & Baner

Times Property - 1 March, 2014

With home-buyers consider investing and staying near IT places in Pune,the rental values in these IT industry-driven locations,have gone up by 28-31 per cent in the last two years

If you own a property in either Kharadi in east Pune or Baner in west Pune,there is a reason for you to cheer.The rental values in these IT industrydriven locations,have gone up by 28-31 per cent in the last two years.As per a survey,conducted by MagicBricks.com,82 per cent of home-buyers consider investing and staying near IT places or their work place.In Pune,this trend has clearly resulted in pushing up the rental demand in these areas.

Another survey reflected that the majority of demand for a rented accommodation was concentrated in 1 and 2-BHK multi-storey apartments available within a budget of Rs 5,000-10,000 per month.In Kharadi,one could easily find 1-BHK apartments of 500-700 sq ft,within Rs 10,000 per month.Baner,in fact,offered a few 2-BHK units as well.The sizes of these units went up to 900 sq ft. Availability of properties in line with what the buyers are demanding,in terms of configuration and budget,is what is providing a thrust to the rental demand in these locations.

Rohit Gera,MD,Gera Developments,says,"With the majority of supply of 2-BHK units,Kharadi and other areas of east Pune recorded almost 75-80 per cent end-user demand.The buyer's preference for the location is evident from the fact that after almost 1,600 units being launched every six months near Kharadi and Hadapsar,hardly 14 per cent of the inventory remains unsold.Rest all is taken and occupied."

Sagar Panhalar of Fortune Properties,informs,"Being close to the airport as well as the railway station,rental demand in east Pune always scores over other parts of the city.Kharadi has an added advantage of housing several IT parks,office spaces,malls and other retail outlets.Proximity to their workplace and hence,minimal travel time,lures home-seekers to the locality.A buyer,who had invested nearly Rs 60 lakhs in Kharadi,is today,able to garner rental returns of almost Rs 15,000-18,000 per month."

Majority of the housing demand in this residential area is from the professionals,working away from their homes and prefer rented apartments.For this reason,Kharadi offers one of the highest gross yields in the city.An expert from MagicBricks shares,"Investing in Kharadi not only promises healthy capital appreciation,but also good rental returns."One could earn up to 2.64 per cent rental returns in Kharadi,as per MagicBricks.com data.

In Baner,the IT Park has played the most important role in pushing up the rental values."The IT Park in Balewadi,about 5-km away,gives employment opportunities to thousands of people.There has been a significant demand for rental accommodation in Baner since the IT Park came into existence.Currently,the rental values here range in Rs 14,000-15,000 per month for a 1,000 sq ft apartment,"states Kishan Agarwal of Prociti.com.

While the development of IT industries seems promising in Pune,there is a fair chance for the rental market to grow too.For now,it is quite evident that investing in locations near the IT corridors helps in more ways.High demand not only pushes up the value of your property,but also offers a great way to earn a regular monthly income.

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