Will the Pune metro boost commercial and residential real estate?
The city of Pune has always been the favorite destination for first-time home buyers. Buyers and real estate agents across the country have always been drawn to this metropolitan city because of the weather, green surroundings, return on investment and livability quotient. Although the global COVID-19 pandemic has delayed launches and related revenue opportunities, Pune has proven to be a resilient market that has rebounded with a rapid recovery.
The Maha-Metro Rail will have a positive and favorable impact on the real estate market of Pune which will be the most important mode of transport for the Punekars, experiencing marginal growth. The Pune Metro is going to be a boon for social and infrastructural improvement which will eventually help the city grow exponentially as it serves areas which are not connected by the existing commuter rail system besides providing interchange facilities to connect neighboring areas. As these areas grow, factors such as mobility and accessibility will tend to significantly influence the daily lives of people living around the metro line.
If we look closely at all metro lines, metro line 1 covers a distance of about 16 km and corridors from Pimpri-Chinchwad to Swargate. Line 2 will be around 14 km covering Vanaz from Kothrud to Ramadi which is a completely elevated route. The longest among these 3 routes is Line 3. It covers a distance of 23 km and areas from Hinjewadi Phase 3 to Shivaji Nagar. Work on the Pune metro project is in full swing and will keep pace with the development of the city.
This development around the city will transform the face of the city and also give a boost to the construction sector around the metro lines. Due to lower premium ISP prices in metro-influenced areas, land values have increased along the metro corridors. Increased FSI will also be available to builders for projects along the metro route.
Under India’s smart city mission, Pune has been granted Rs 650 billion over the next 7-8 years for the construction of a metro rail link, a new airport terminal airport and a ring road. This will further lead to the development of new flyovers and routes, an international exhibition and convention center, the One Mumbai-Pune hyperloop, the Satara economic corridor as well as other regional infrastructure developments.
Pune Nodal Analysis – The study excludes access to the real estate potential of the Pimpri-Chinchwad node in the Pune region.
Factors influencing this analysis are distance from airport, nearest railway station, Pune Rainbow BRTS network, access to metro station, smart city mission, Pune outer ring road and connectivity aerial with the Pimpri-Chinchwad region. The real estate activity and surrounding development in this area, as well as the appreciation of rental and sale rates have been redefined due to the return on investment for a potential investor.
This metro development will surely change the skyline of the city of Pune as the focus will be on the developments as well as the metro stations and its route. We can expect high-rise buildings and high-end properties to develop in these pockets. Moreover, this infrastructural development will change the way the city functions as it will significantly reduce the travel time from office to home. The Pune Metro has given impetus to the new commercial corridor of Pune. In particular, the Pimpri-Chinchwad areas are going to be the next big commercial destination with major players like Kohinoor, Runwal, Gera, Kolte-Patil and many more offering large commercial and residential projects around the metro line. At the same time, it will be a great blessing for employees working in companies like Force Motors, Tata Group companies and a consortium of Siemens Group and others. Hence, Pimpri Chinchwad can be considered as the new business destination for commercial and residential investment.
The opinions expressed above are those of the author.
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