The Real Estate market of Pune is headed for a bright sunny days, with all that has been going in and around Pune city, anyone who is looking to invest in these real estate properties will sure receive a positive return on investment. Sure, the metro route is not solely responsible for Pune’s real estate boom, but is a strong contender as a catalyst. Relatively improving the life style and ease of transportation for the urban masses.
It was in 2016, when Union cabinet gave the permission to start the first phase of metro project across Pune City. The metro route has been an instrument for developing the real estate in almost all the cities where it is implemented. Pune, is no different. The metro project has a direct impact on the land value, change in the purpose of use, population density around the metro. All these factors will lead to the development of major residential and commercial projects of Pune city. Another major benefit being the improved connectivity between the residential and commercial areas of Pune, improving productivity by addressing the traffic congestion problems.
The relationship between a metro route and real estate market is a close one. Pune’s metro route has been divided into three phases and the real estate pockets around these routes is going to gain appreciation.
Line1: The line 1 of metro covers the corridors between Pimpri-Chinchwad to Swargate, an approximate distance of 16 Km. However, the municipal corporation if Pimpri-Chinchwad is expecting the stretch to be extended to Nigdi.
Line2: The line 2 will cover vanaz from Kothrud to Ramadi, covering the distance of approximate 14 Km. A complete elevated route.
Line 3: Line 3 is the longest running metro route, covering a distance of 23 km. This metro route runs from Hinjewadi phase 3 to Shivaji Nagar.
If you look closely, all the major metro routes covers the most prominent residential and commercial areas of pune along with those areas which are currently under development phase.
The effect of such massive infrastructure development always proves positive for the real estate sector. The commercial properties will see a significant growth as more number of people would afford to travel a long distance for their jobs, a thing which is not possible with current traffic conditions. The metro route will become a connecting line between residential sector of Shivaji Nagar, Balewadi to commercial areas of Hinjewadi and Viman nagar etc.
All these factors will result in an increase of land prices in the vicinity of the project but people will be willing to pay as it brings convenience in their lives. The commercial properties of Viman Nagar will see a higher appreciation rate since the metro station is within walking distance of major commercial properties. Residential properties in the close peripheral will also witness a rise in demand as to accommodate to the spill from growing population.
The construction of metro railway will bring vast changes in terms of the usage of land. There is a gossip that separate governing bodies are planning to be set to make effective usage of the real estate property. There are plans to overhaul the real estate market around the metro line by constructing new business centres, entertainment units, restaurants and shopping complexes. This will drastically change the usage and demand pattern across the city. Redevelopment of existing structures is also under planning resulting in high densification of areas surrounding the metro.
It’s not just the commercial properties but residential properties will be impacted positively. With easy access to the prime location of the city, people would generally like to move in the deeper suburbs away from the crowd of the city.
Conclusion
Pune ranks top among the most livable city in India and adding a metro could further push the rankings in a good direction. Even when other parts of our country were witnessing a slow real estate growth, Pune was resilient to these effects and expanded tremendously in the last decade. It would be amazing to see how the real estate market will unfold when a metro railway route is added to the equation. The metro route is planned in such a way as to pass through major commercial and residential properties of Pune.
