Pune: Flat Rents Fall By 30% Due To COVID Pandemic, Lockdown

Pune, September 16, 2020: The real estate business has been hit hard by the Corona pandemic and house rents in Pune have come down by 25 to 30 percent. One lakh houses are lying vacant in the city due to unwillingness of homeowners to accept less. It has a turnover of around Rs 3,000 crore but this has not happened this year.

The real estate sector has been hit hardest by the changes that have taken place over the past six months. The construction sector has been hit hard by the global recession, and now there is a drop in rent rates. Pune being an education hub attracts students from different parts of the country as well as the world. Also, due to information technology and industrialization, many people preferred to invest in flats and rent them. Rent rates have also risen in the last ten years. Most of the new residential projects have come up in Hinjewadi, Wakad, Pimple Saudagar, Balewadi, Baner areas as well as in Wagholi, Kharadi, Hadapsar, Kondhwa, Dhanori areas.

The business of renting a house in Pune has come to a standstill as the landlords do not have the mentality to accept it (reduced rates). In Pune, the business of renting a house alone has come to a standstill and the turnover of around Rs 3,000 crore has come to a standstill. However, about 12 to 15 ancillary businesses such as messes, study halls and student transport vans have also come to a standstill, said Sachin Shingvi, president of the Association of Real Estate Agents, Pune.