Pune’s IT Hubs See Rental Surge, Outpacing Home Price Growth, 60–70% Jump in four years
Pune’s IT Hubs See Rental Surge, Outpacing Home Price Growth, 60–70% Jump in four years
Hinjewadi, Wagholi rents jump 60–70% in four years; modern amenities and high demand drive prices up.
The cost of renting a house in Pune’s IT-centric areas such as Hinjewadi and Wagholi has risen far faster than purchase prices, according to a new report by Anarock Group. Over the past four years, home prices in these localities have increased by about 40%, while rents have surged between 60% and 70%.
Pune’s market dynamics favor rental investors, as rental yields continue to improve with the city’s growing population and commercial expansion.
The report attributes this spike to the presence of major employment hubs, including Rajiv Gandhi Infotech Park in Hinjewadi and the IT Park in Wagholi, which continue to attract a steady inflow of professionals from across the country. This growing population, combined with limited high-quality rental inventory, has kept demand and rents elevated.
A 1,000 sq. ft. 2BHK apartment in Hinjewadi saw monthly rents jump from ₹17,800 in 2021 to ₹28,000 in 2024, a 57% increase. Meanwhile, capital values in the area rose by just 37%, from ₹5,710 per sq. ft. to ₹7,800 per sq. ft.
Similarly, Wagholi, a growing residential locality known for its affordability and connectivity to business hubs, experienced a 65% surge in rental values over three years, while property prices appreciated at a comparatively lower rate of 37%.
Landlords say higher rents in newer buildings are partly due to the inclusion of modern amenities such as gyms, clubhouses, and security systems, which come with steeper maintenance costs. Brokers note that increased job switching in the IT sector is leading tenants to request shorter lock-in periods, prompting owners to charge more to offset potential vacancy risks.
Other localities, such as the NIBM Road area, Wakad and Kharadi, are also seeing rental hikes, with landlords capitalising on surrounding infrastructure upgrades, including malls and entertainment hubs, to quote higher prices. Anarock’s findings reflect a broader trend across India’s top seven metros, where employment growth and rapid infrastructure development have fuelled both home price appreciation and record rent escalations.
