Pune Metro Gets Centre Nod, To Boost Real Estate
Real estate in Pune, a city that witnessed a 20 per cent surge in property sales in the month of September according to PropTiger DataLabs monthly report, got a boost when the Union Cabinet's recently gave its go ahead for the construction of the first phase of the Pune Metro.
A Metro connectivity has been instrumental in the growth of real estate in other major cities, including the national capital region, Mumbai, Bengaluru, Kolkata, and Chennai, and is expected to show its magic on Pune's real estate market, too.
The first phase
The first phase of the Metro will cover a distance of 31.25 km and will have two stretches — from Pimpri Chinchwad Municipal Corporation to Swargate (16.6 km) and from Vanaz to Ramwadi (14.7 km). Of this, the first corridor will be a mix of elevated and underground networks, and the second will be completely elevated. Work on the project will be completed over a period of five years at an estimated cost of Rs 11,420 crore.
Once constructed, the Metro link will provide a new commuting method to as many as 50 lakh people in the Pune metropolitan area.
The biggest beneficiaries
The first corridor will connect some of the key commercial and residential areas of Pune, including Swargate, Dapodi, PCMC, among others. These areas are mostly flooded with IT parks, special economic zones and key government offices. The second corridor that will connect Vanaz to Ramwadi will cut through the first corridor and will run from the west to the east of the city. It will intersect with the first corridor at ASI. This line will have more residential localities, including Kalyani Nagar, Mangalwar Peth, Anand Nagar, Ideal Colony, Kothrud, among others.
While the first corridor will be concentrated more on commercial destinations, the second corridor will be capturing the residential localities.
Property prices of key residential areas
Here is the price trend of some of the residential areas falling on the Metro route:
Pimpri: With a liveability score of 9.4 on the scale of 10 on PropTiger.com, the average property price in this area at the end of October was Rs 5,749 per sq ft.
Chinchwad: With a liveability score of 9.2 on the scale of 10 on PropTiger.com, the average property price in Chinchwad at the end of October was Rs 6,028 per sq ft.
Pimple Saudagar: With a liveability score of 9.4 on the scale of 10 on PropTiger.com, the average property price in this area at the end of October was Rs 6,460 per sq ft.
Dapodi: Home to Dapodi Railway Station a part of Central Railways has a liveability score of 8.8 and had an average price of Rs 6,304 per sq ft at the end of October.
Shivaji Nagar: One of the top residential localities that will have a Metro station, has a liveability score of 9.3. The average price of property here stood at Rs 15,695 per sq ft.
Kothrud: Known as the fastest developing suburb of Asia, Kothrud offers a liveability score of 9.3. The average property price at the end of October was Rs 9,099 per sq ft.
Kalyani Nagar: One of the best localities to reside in Pune, Kalyani Nagar enjoys a liveability score of 9.7. Property here was priced at an average of Rs Rs 14,166 per sq ft at the end of October.
Sangamwadi: Lying close to Mangalwar Peth station, Sangamwadi is one of the oldest localities and has a liveability score of 9.6. It had an average property price of Rs 19,067 per sq ft at the end of October.
Deccan Gymkhana: With a station at the Metro line the locality a prime residential area in Pune. It has a liveability score of 9.2. The average property price that was prevalent here at the end of October was Rs 12,835 per sq ft.
Viman Nagar: In proximity to Ramwadi station, this locality is known for elite educational institutions and key IT offices. The liveability score of this area is 9.2 and average property price is Rs 8,884 per sq ft (October end).
Note: Livability score is a score given to a locality on the scale of 10.
Tags: News And Views, Kalyani Nagar, makaaniq, Central Government, Pimpri-Chinchwad Municipal Corporation, Metro Rail Network, Pune Metro, Swargate, Ramwadi, Vanaz, Kothrud, Deccan Gymkhana, Transit Network