In recent years, Pune has seen a sudden influx of many working professionals which has added numbers to the city’s population. This has called for more infrastructure developments in which the city lacked behind in the past. In order to add fillip, the state government has announced many development schemes to change the face of the complete city. Amongst all such project, the announcement to start metro operations is considered as the biggest developments which will not only end traffic congestion on roads but will also give a boost the real estate market of the city.
In 2016, the foundation stone of the project was laid down by PM Narendra Modi. Comprises of Three lines, the construction of Line 1 and 2 is already underway while for Line 3, the construction is expected to start by the second half of 2019. The project will be executed by a special purpose vehicle named- Maharashtra Metro Rail Corporation Limited (MahaMetro), and the cost will jointly share by both the central and state government.
The complete route is divided into three corridors which will be covering some of the major residential and IT hubs of the city.
Line 1: The 16.589 km long route will start from PCMC (Pimpri Chinchwad Municipal Corporation) and end at Swargate. With 14 dedicated stations, this route is a mix of both underground (5) and elevated (9) stations. The major stations which fall in between are Sant Tukaram Nagar, Shivaji Nagar, Civil Court, Range Hill, and Budhwar Peth. The route is expected to operational by 2021.
Line 2: The Vanaz – Ramwadi metro route will be 14.665 km and will have 16 stations. The route will be completely elevated and will commence operations from 2021. Starting from Vanaz, the stations include Anand Nagar, Ideal Colony, Nal Stop, Garware College, Deccan Gymkhana, Chhatrapati Sambhaji Park, PMC, Mangalwar Peth, Pune Railway Station, Ruby Hall Clinic, Civil Court, Bund Garden, Yerawada, Kalyani Nagar and Ramwadi.
Line 3: The foundation stone of this route was laid down by PM Modi in 2018 and construction is about to begin. The length of this stretch will be 23.3 km and it will link Hinjewadi and Shivaji Nagar. The work on this line is taken care by PMRDA. The stretch will have 23 stations and the construction will be done in two phases. While the Civil Court will be the interchange station between all the three lines, there are many proposed extension in the loop.
Impact on Real Estate Market
With every infrastructural development, the realty market of any city witness a boom, same is the case with Pune too. With the commencement of metro, the property prices in various localities with taking a steep jump. The Pune city has registered many new housing project launches in recent time due to which it has become a buyer’s favourable market mainly in the affordable housing category. With metro reaching to every nook and corner of the city, professionals working in IT Hubs like Hinjewadi with getting a lot of relief.
Also, the key area on all the three lines will be going to have a positive impact on the prices as well as the demand and supply too.