Pune Metro and Real Estate Growth
Pune is India’s eighth-populated and Maharashtra’s second-largest city after Mumbai. Pune has seen tremendous industrial growth since 2000 leading to rapid urbanization and an increase in population and people migrating for job opportunities from a different part of the country.
With urbanization came the need for metro rail. The work for the first phase of the metro began with the foundation stone laid by PM Narendra Modi on 24th December 2016 and for the third phase on 18th December 2018.
Pune Metro will significantly contribute to reducing travel time by 75 percent and providing convenient and comfortable transportation in the city. Metro rail will serve as the backbone to the public transport system and will reduce traffic congestion. Fewer vehicles on the road will improve air quality, and fewer accidents will occur.
Growth of Real Estate
Pune Metro’s construction marked a progressive step towards Pune real estate growth. The upcoming metro has given way to faster release of land, finance, and other help for the residential and commercial development of real estate in Pune. Henceforth, Pune has seen a substantial increase in the launch of new projects by many developers in areas close to the metro, as many homebuyers prefer to stay close to their home and workplace. Also, many malls, entertainment options have emerged in this region, offering homebuyers lifestyle choices.
Pune Metro will cover
Line 1: This 16.59km line will run from PCMC Building to Swargate
Line 2: This 14.66km line will run from Vanaz to Ramwadi
Line 3: This 23.33km line will run from the Rajiv Gandhi Infotech Park in Hinjewadi via Balewadi to Shivajinagar.
With the Pune Metro’s Phase 1 and Phase 2 operating in 2021, most commercial destinations will get connected by the first corridor such as Swargate, Dapodi, PCMC, and Nigdi, as these have IT parks, special economic zones, and main government offices.
While both metro Line-II and the newly introduced Line 3 will connect to major residential areas. Line-II connects areas of Kalyani Nagar, Mangalwar Peth, Anand Nagar, Ideal Colony, Kothrud, while line 3 connects the Balewadi and Shivajinagar residential areas between the Hinjewadi IT parks.
The combination of these three lines will have a positive effect on both commercial and residential property prices and monthly rentals in these areas as the metro’s proximity becomes a primary point of sale for developers. It is true that owning property near a metro station has its advantages in terms of valuing the property and its expected future appreciation. Overall it is the best time to invest in real estate in Pune.
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.
