Pune's Ring Road And Its Impact On The Real Estate Sector
Published on: 18 Aug 2024
There is much speculation about Pune’s ring road. Planned to cover a stretch of 128 km, the planned ring road will pass through the heavy traffic corridors of the city, and lay the groundwork for new residential hubs. The new 6 lane connectivity corridor will bring in the much needed change in current traffic conditions. So how will the ring road impact real estate? Let’s explore.
The ring road project
The ring road project was conceptualised by Maharashtra State Road Development Corporation Limited (MSRDC) in 2007. Land acquisition problems and issues with approval caused the project to be delayed, though the project will see the light of the day soon.
Pune’s outbound traffic majorly emerges from NH48, NH50, NH9 bringing the city at a confluence of the 3 highways. Due to this, the outbound traffic that passes through each day severely affects the traffic situation in the city.
With the 128 km-long ring road comprising an eight-lane express highway that helps high-speed travel, vehicles can travel up to a speed of 120 km per hour, thereby easing traffic in the area by considerably reducing the population of vehicles.
As for the route details, the Pune Metropolitan Region Development Authority (PMRDA) will develop a circular stretch in four phases at a cost of 17,000 crore. The project will cover 29 villages around the city including the 4 major highways that connect Pune to Nashik, Solapur, Ahmednagar and Satara.
How will the Pune Ring Road impact real estate?
1. Strengthen growth momentum
With the city already witnessing a rise in demand in the residential sector, the revival of this project will strengthen the growth momentum. With several townships coming up in different parts of the city, the most prominent development will appear in the 32 km-long Phase 1 of the ring road.
The planned project will bring more attention to the outlying areas of Avatalewadi, Phursungi, Manjri Budruk, Holkarwadi, Wadki, Handewadi, and Pisoli. Besides these, 2 new townships in Holkarwadi and 1 residential project in Vadachiwadi & Autande Handewadi, each will be developed over 500 acres of land.
Considering the emergence of new townships like Mahalunge-Mann that are developing at a rapid pace, home buying options would increase and also allow buyers to stay in proximity to good locations & employment hubs in the city. This will also resolve the infrastructure issues in the western, north-western and northern Pune.
2. New commercial zones
Another planned project is Hi-Tech City - one of the largest township projects that will consist of residential and commercial projects and cover an area of 600 acres.
With the upcoming Satara-Panchgani-Mahabaleshwar economic corridor, the real estate in Mahabaleshwar and Panchgani though priced at premium, see a renewed interest, especially in areas like Wai, Tapola, Ruighar and others.
3. Reduction in traffic congestion
The proposed ring road is set to connect 6 major highway which currently pass through the Pune city namely- Mumbai-Pune (NH 48), Pune-Nashik (NH-60), Pune-Ahmednagar (NH-753F), Pune-Solapur (NH-65), Pune-Saswad-Palkhi Marg (NH-965) and Pune Bengaluru (NH-48).
With this interconnection, it is expected that the traffic snarls at locations such as swargate, bhosari, wagholi, katraj, wakad will be relieved. This is because the commercial interstate traffic that has to currently enter the city will be able to bypass the city, and carry on with their journey through this ring road.
Summary
Once this bankable project is resumed, the city will witness some of the biggest project launches in various areas of Pune. The demand for convenient, affordable housing with good connectivity will continue to escalate giving home seekers even more options to explore from. Due to progressive real estate development, the infrastructure and amenities will expand too, owing to the shift in population towards these developing townships & projects.
What are your thoughts on the Ring Road project? Let us know in the comments below!
Comments Add Comment
EstateMint is one of the leading Real Estate, and finance consulting firm having its operations in Pune. EstateMint’s strength is based on years of expertise in Real Estate and Digital Marketing with their cutting edge technology platforms and research tools which deliver the rich knowledge in the field of Real Estate and empower customers to make informed decisions.
© Ceyone Technologies LLP 2023.
All rights reserved.
Ceyone Technologies LLP RERA Registration Number: A52100012743
Search, Compare, Buy!
Don’t have an account?
Search, Compare, Buy!
EstateMint, Office No. 301 & 302, Sanghvi Upsurge, Old Mumbai Road, near B. U. Bhandari Mercedes Benz Showroom, Baner, Pune, Maharashtra 411045
FOLLOW US ON
Are you sure you want to clear the comparison?
