How The Metro is Changing the Real Estate Game in Pune
Published on: 01 Apr 2024
With recent developments in the city, especially with the Pune Metro project, the real estate sector of Pune is witnessing many favourable outcomes.
The Maha-Metro Rail is speculated to soon become a significant mode of transport for Punekars. But will this large-scale change impact the city’s infrastructure and more so, the real estate sector? Let’s analyse.
Ready to commence full operations on Phase 1 from June this year, the much- awaited Pune metro is estimated to be implemented in 3 phases and to cover a distance of about 55 km, including 53 stations. Divided in the form of two corridors – east-west and north-south, the east-west corridor will join Pimpri-Chinchwad to Swargate with the north-south corridor connecting Kasarwadi to Khadki and Shivajinagar railway stations
Set to increase the real estate growth from marginal to immense, this project will bring a positive impact in several ways.
Credits - punemetrorail.org
Impact on Real Estate Prices
With the project being at par with the development of Pune city, the metro launch will boost the construction sector. The areas near the metro stations will witness an increase in prices and this will also aid development due to increased FSI availability to builders who plan on projects along the Metro route.
Though the areas that will be most impacted are Hinjewadi, Baner, Aundh, and Pimpri-Chinchwad, the Metro will act as a catalyst in improving lifestyle and ease of access for the majority of urban masses.
Impact on connectivity and traffic
Commuting to work is one of the biggest problems a person has to deal with daily, whether it is a crowded train, a long journey on an overcrowded bus, or getting stuck in traffic for hours. With the metro connecting the city’s center to Hinjewadi and Pimpri-Chinchwad, one being an IT hub and the other a manufacturing base, it is expected that many office goers will choose the metro for their daily commute. This will help reduce the traffic that we frequently see in these areas.
Impact on Development of Infrastructure
The metro rail network is expected to expand further to reach all city corners. Owing to this, the MahaMetro Corporation plans to develop 9.54 million sq. ft of commercial space along the Metro corridor with property development projects coming up at Swargate (1.99 million sq ft), Civil Court (1.92 million sq ft), Range Hills (3.4 million sq ft) and Hill View Vanaz (2.2 million sq. ft) stations respectively.
These significant developments will encourage more investments in the above areas, making Pune an ample investment opportunity for investors and buyers.
Impact on Environment
The metro will help reduce traffic congestion and make the daily commute more manageable for Pune citizens. The Maha-Metro Rail Corporation has initiated an environmental impact assessment (EIA) of both corridors (PCMC to Swargate and Vanaz to Ramwadi) which might aid pollution control in the city. The corporation is also simultaneously working on an environmental assessment survey of the metro alignment passing through the Mutha river.
What other changes will the metro bring?
The project is expected to create over 1.5 lakh jobs and attract crores of passengers annually. This will lead to expansion in economic growth, trigger commercial investments in areas being developed near or upcoming metro stations and immensely improve the city's connectivity to residents as well as visitors. The only drawback to the project, according to Knight Frank India, will be the property cess of 1% levied on property purchases that will raise the stamp duty to 7%. This too, is estimated to be a temporary effect.
Several new job scopes, appreciation of residential & commercial prices of properties touching metro stations, lesser traffic congestion & a more pleasant climate will be some of the most positive outcomes of the Pune metro development.
According to a few reports, plans to overhaul the real estate market around the metro line by constructing new business centres, entertainment units, restaurants, and shopping complexes will definitely be an added advantage to those looking at Pune for investment purposes. In terms of commercial investment, investors will greatly benefit from the demand for commercial spaces in the metro corridor.
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