Everything You Need To Know About The Pune Ring Road Project.
The 128 km round length of Pune Ring Road seeks not only to improve commuting circumstances in the city’s high-traffic sectors, in addition to set the framework for new residential centres in the city’s outskirts. Continue reading to learn more about the six-lane connection corridor.
The Pune Ring Road project was conceptualised in 2007 by the Maharashtra State Road Development Corporation Limited (MSRDC). Unfortunately, the project’s execution was hampered by delayed getting confirmation and numerous land acquisition challenges at the time. The ring road was originally designed to keep outgoing traffic from the region from entering the city.
What effect would the Pune Ring Road have on real estate?
“The IT-led city is experiencing real estate boom throughout all zones,” says Ashok Mane, Property Consultant at Shree Sai Consultancy. The restoration of the ring road, on the other hand, has bolstered the positive momentum with the building of multiple townships in various regions of the city. The PMRDA, for example, has already initiated the town planning initiative in the Mhalunge and Mann sectors. The Mhalunge-Mann Township would be built on 700 acres of land, similar to the Hinjewadi IT Park. Furthermore, around Rs 450 crore will be invested on the project’s infrastructure development, which is expected to create over 10,000 crore in the following 4-5 years.
In the 32-kilometer-long Phase 1 of the ring road, around 15 such townships would be created. Avatalewadi, Wadachi Wadi, Wadki, Holkarwadi, Phursungi, Manjri Budruk, Yevalewadi, Urali Devachi, Handewadi, and Pisoli are among the peripheral locations where projects are projected to be built.” As previously stated, PMRDA intends to raise about one-fourth of the project cost through land monetisation methods and town planning plans. As a result, substantial real estate development in the city’s outskirts is on the cards.
In addition, PMRDA has launched two new townships in Holkarwadi and one residential project in each of Vadachiwadi and Autande Handewadi. The four residential complexes would take up 500 acres of land.
The property expansion would not only provide new real estate choices to potential homeowners, but it would also help to calm down prices in the premium micro-markets of Viman Nagar, Kalyani Nagar, Koregaon Park, Kharadi, and Magarpatta. The average property price in these regions is currently at Rs 7,900 per sq ft, making these eastern neighbourhoods marginally expensive and shifting the emphasis of prospective purchasers to West Pune.
Nonetheless, the advent of fresh townships would not only enhance residential options but would also allow purchasers and tenants to stay close to the city’s uber-locations. Connectivity is now an issue in majority of the periphery areas of west, north-west, and north Pune; however, the PMRDA’s massive investment is projected to remedy the problem.
Present state and development report on the Pune Ring Road
According to recent media reports, the implementing agency has begun the process of purchasing additional 1,740 hectares of land. Around 1,601 hectares of this is private land. The compensation for this purchase will be estimated based on the current market value rate, previous transactions in the region, and the rate paid to other activities in the region, whichever is greater.
Previously, roughly Rs 250 crore was set up for land acquisition for the Pune ring road project, which is being carried out by the MSRDC. Approximately 90% of the measuring work has already been completed.
The appraisal of land parcels to be purchased for the proposed ring road has begun in roughly 77 of the district’s 83 recognised communities. Approximately 33% of the entire Rs 1,500 crore budgeted for land purchase has been spent. The project will need the acquisition of 1,900 hectares of land. Private landowners would be bought for up to 1,600 hectares.
Furthermore, the district government has completed land measurements for 37 of the 47 communities on the planned ring road’s eastern side. Land acquisition has already begun in the western section.
Previously, the COVID-19 pandemic slowed work progress for a brief time; nevertheless, the firm has simplified its efforts to accelerate completion.
Aside from that, the Maharashtra State Road Development Corporation (MSRDC) has chosen to strengthen Pune’s link to Nashik via the Pune Ring Road. The expressway will begin at Chimbali on the projected Pune ring road and end at Shinde on National Highway-60. This route will connect Junner, Ambegaon, and Khed in the Pune district, Sangamner in the Nagar district, and Sinnar in the Nashik district.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
