Pune’s real estate is buzzing with opportunities. There is no dearth of employment and academic options to choose from. The ever-increasing migrant population in Pune calls for a robust infrastructure along with a range of housing options (from premium to affordable). While there has been a handsome appreciation of flats in Pune in recent years, the coming of the Pune Maha Metro is set to take them even higher.
About Maha Metro
Maha Metro or the Maharashtra Metro Rail Corporation Ltd is a 50:50 jointly owned company by the government of India and the government of Maharashtra. Maha Metro’s objective is to create an energy-efficient metro rail system, by utilizing green energy. The Pune Metro aims to reduce problems, including traffic congestion, pollution, and road accidents, and cut travel time and costs.
Presently, the metro trains are operational along 2 routes namely Vanaz to Garware College metro station and PCMC to Phugewadi metro station.
Impact of Maha-Metro on Pune Real Estate
Increased Property prices
The route covers most of the important residential and commercial areas of Pune. All these factors will result in an increase in land value in the vicinity of the Metro Project. The metro route is significant when it comes to property rates around the city. The impact of Maha Metro on the Pune real estate industry is quite visible as the land values have highly increased. The density of commercial establishments and city consumers around the metro route will slowly bring the appreciation of flats in Pune.
Urban transit systems are critical to the socio-economic development of a region. Any place that is well-connected to other parts of the city is more alluring than others. Residences in the close periphery will also witness a rise in demand to accommodate the spill from a growing density of the population.
Not just real estate properties, but new frameworks like entertainment centers, shopping complexes, & restaurants will also be developed to entertain city-consumer’s needs. All this makes the urge to live around such highly developed areas even stronger.
Perks of a good transport
- Improved connection of localities
- High urban mobility
- Organized & ease of commuting for city dwellers & tourists
- More premium facilities in a well-connected neighborhood
- IT Parks & business hubs slowly develop around transport hubs
- For an everyday city consumer, it means travel time savings, vehicle cost savings, and the transit option value.
Less Travel Time
The two major factors that drive everyday life are mobility & accessibility. The faster the means of transport the better it is. No one wants to spend hours on the road to reach their offices or homes.
Better Quality of Life
Faster means of commuting means getting to the office/home early. Reaching home early enhances an individual’s quality of life.
Benefits for Developers
As per the Govt., “The work on the Pune metro project is in full swing and it will be on a par with the development of the city, which in turn will provide a boost to the construction sector. Increased FSI will also be available to builders for projects along the Metro route”.
Higher FSI is being promoted as one of the key sources of income for infrastructure improvement along the Metro corridors. The PMC is also banking much on the additional FSI along the Metro route to bolster its revenue.
The PMC has decided to check how the increased FSI would impact the city. Its standing committee had approved the appointment of a consultant to assess developments in the TOD zones. The experts would study the current situation in the areas and provide suggestions for future growth.
The Maha-Metro Rail, which is soon going to be the most significant mode of transport for Punekars will surely have a favorable impact on Pune’s Real Estate sector.