Located in the North East, Yerwada is highly preferred for renting properties. Proximity to IT hubs and advent of Grade-A office spaces is pushing housing demand here. And thus, the locality has been recording increasing rental values in the last one year. As per the data the rental values in Yerwada, Pune have gone up by almost 20 per cent in the last one year, which is one of the highest in the city.
As per a report by Jones Lang LaSalle India, a leading Real Estate Consultancy, Yerwada is one of the most active absorbers of IT office spaces in Pune. Another report by Cushman & Wakefield suggests that the locality is expected to house a major portion of the total new Grade-A office space coming up in Pune in 2014. Presence of ample job options and the subsequent increase in these opportunities is attracting numerous home seekers to Yerwada.
Throwing light on the preference of the location amongst the temporary home seekers, Kapil Khatri of Khatri Estate says, “With time, Yerwada has developed in a systematic manner. Being surrounded by several large scale companies such as Bajaj Allianz, IBM and TCS, Yerwada is highly sought by professionals working nearby. While Kharadi and Magarpatta, the IT hubs of East Pune, fall at a convenient distance, the locality is also eyed for its well-built social infrastructure in terms of entertainment and recreational amenities, healthcare facilities and educational institutions.”
Presently, the rental values for a 1000-sq-ft 2BHK apartment in Yerwada, Pune range from Rs 16,000-20,000 per month. A year ago, a similar apartment was rented for nearly Rs 12,000-16,000 per month. The owners of the locality have not only been enjoying the overall rise in the value of their property, but also the additional monthly income coming through it. “Being close to Koregaon Park and Kalyani Nagar, Yerwada has emerged as an affordable rental option. The houses by Maharashtra Housing Board and in its adjoining societies offer a great location and also fall easy on the pockets of middle-income segment homebuyers,” says Neelima, a resident of Yerwada.
Yerwada is not only close to the most-visited workplaces, but also offers a well-built connectivity to these areas. While the Pune-Solapur Highway falls at a distance of hardly 6km, the Mumbai Highway (Ambedkar Road) is about 5km away. One can easily catch buses and autos to commute from here. For intra-city connectivity, both airport and railway station fall within a radius of 6km.
Thus, it seems quite evident, that Yerwada is not only ideal for the end users, but also offers a good scope for the investors who can aim for high rental income in future.
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