(1888PressRelease)
June 04, 2008 - The real estate market at peripheries of Pune has signified how important role vacancy rates play in determining property values in an area. Interestingly, the rentals for office space at suburban locations of Kharadi, Hinjewadi and Hadapsar have almost reached the levels of Central Business District (CBD) of the city.
As per industry sources, rentals for commercial properties in Pune CBD are hovering at Rs 60-70 per sq. ft per month, which is Rs 45-Rs 55 in case of peripheral locations.
This phenomenon is primarily an outcome of unavailability of suitable rental property in prime commercial locations of Pune. The overall vacancy rates here in these areas are as low as 4-5 per cent, sources informed, adding that the same at peripheral locations has reached astounding levels of 10-15 per cent. As we know, that IT and ITeS companies are the one who have rocked Pune properties at least for the past 10 years.
Pune Residential Real Estate
The western end of Pune Real Estate is growing at a consistent pace from Southern end. Take for instance, Kondhwa, which is fast emerging as a sub-urban region for the city.
The success of IT companies in the city has resulted in a huge influx of educated people in the city, and that's why the residential properties in Pune are simmering with demand.
The capital values for apartments at prime residential locations of Pune are currently trading in the range between Rs 1,000 and Rs 3,200 per sq. ft.
Interestingly, the demand for house on rent in Pune is equally driven by students and professionals. Presence of prestigious educational institutions and Pune University attracts thousands of students to the city who then scout for rental houses all across the city.
Outlook
The overall outlook for Pune properties is positive in the long term, however much depends upon the developments in the IT and technology sector, who have potential to drive both commercial and residential real estate of Pune.
For more details on Pune Properties log on to http://www.magicbricks.com/property/city/p/p~p!ct~4378!/Pune.real-estate
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