From Hadapsar to Baner: Pune Tenants Struggle with Rising Rents

Pune, 20th January 2025: Pune’s rental market has seen a sharp surge in recent years, leaving tenants grappling with significant rent hikes. A software engineer from Hadapsar was caught off guard when his landlord demanded a 20% increase in rent compared to last year.

“Many of us in the IT sector prefer shorter lock-in periods due to frequent job or location changes. Unfortunately, this allows landlords to revise rents aggressively. It’s becoming hard to find affordable housing,” he shared.

The phrase “affordable housing” has become a joke among newcomers to Pune, who struggle to secure reasonably priced rental accommodations. The situation worsened after the pandemic restrictions were lifted, with many returning to offices or educational institutions.

“As a student, I stayed in Pimpri-Chinchwad, where I paid ₹10,000 for a single room. After getting a job, I found that rents in Yerawada were exorbitant, so I had to share a flat, which now costs me ₹15,000 per month”, informed a young woman.

According to real estate experts, infrastructural development, demand-supply mismatches, and modern amenities in newer projects have driven up average rents in Pune by 20-25% over the past three years.

Areas like Hinjewadi, Kharadi, and Wakad—home to many IT professionals—have witnessed rent increases of 35-40% since 2021. “Kharadi, in particular, has become highly sought after due to its proximity to IT hubs and improved connectivity. This has pushed up rents significantly,” said a real estate consultant.

Other areas like NIBM Road and its annexe have reported a 20-25% hike in rents over the last five years, driven by ongoing commercial and infrastructural developments.

A real estate broker covering the Aundh-Pashan-Baner corridor, noted that rents in these areas are pushing tenants to seek alternatives further away. “Many are now considering locations like Bhugaon and Wagholi due to the steep prices in central Pune. The Pune Metro and newly developed roads have also increased the appeal—and the rent—of certain areas,” he said.

Another techie, who returned to Pune last December after a short stint away, was shocked by the rent hikes. “I used to live in Baner, and when I searched for a flat in the same society, the rents had nearly doubled. In some areas, the rents are now comparable to Mumbai suburbs,” she said.

Wadgaon Sheri has seen a similar trend, where a 2BHK apartment (800-900 sq. ft.) that rented for ₹20,000-22,000 two years ago now costs ₹28,000-30,000. Koregaon Park has also experienced increases of ₹15,000 in rents over the past 2-3 years. Meanwhile, in the Deccan area, 2BHK apartments now cost ₹30,000-32,000 per month, compared to ₹20,000-22,000 just a few years ago.