The Maharashtra government has granted the Maharashtra Metro Rail Corporation (MahaMetro) special planning authority status, giving it control over the development of property along the Metro Rail track in Pune and allowing it to earn its income. To begin commercial land development for the Nagpur Metro project, MahaMetro has already been granted SPA status. A sizable portion of Pune Metro’s anticipated non-fare box income comes from Maharashtra metro real estate development. This will increase the 33-km, 11,420-crore Pune Metro project’s financial feasibility. The project is expected to start working in December.
So, let’s discuss deeply how real estate development plans for the Maharashtra metro are ahead.
MahaMetro is permitted to plan the development of Metro-owned areas without the Pune Municipal Corporation’s consent. As per the report, Hemant Sonawane, executive director of MahaMetro says that we do not need to go to PMC for plan sanction, start, and completion certificates.
The MahaMetro rail project’s two lines travel through prominent areas in the center of Pimpri Chinchwad and Pune. To create 10 million square feet of commercial space at the major Shivaji Nagar, Civil Court, Swargate, and Kothrud stations, MahaMetro has developed plans for these locations.
Real estate would be developed using a PPP model and revenue-sharing agreements. Real estate projects will be constructed at the metro stations in Swargate (1.99 million square feet), Civil Court (1.92 million square feet), Range Hills (3.4 million square feet), and Hill View Vanaz as part of MahaMetro’s 9.54 million square feet of commercial space development plans along the Metro corridor (2.2 million sq. ft).
Metro rail alignment, station buildings, control centers, vehicle depots, commercial and residential structures, and real estate property in Maharashtra are all on land that is related to metro rail projects. MahaMetro authorities have emphasized the necessity of increasing non-fare box earnings because fares would not be sufficient to operate the metro and pay off debt at the same time. They have a goal of generating 50–60% of their non-fare revenues.
New private real estate developers have popped up close to Metro stations even before MahaMetro projects can get going. To pay for the Pune Metro, the Maharashtra state government started charging a 1% property cess on stamp duties on property purchases on April 1.
Maha Metro expects its non-fare box revenue to come from transit-oriented development, property business spaces inside of metro stations, property development on standalone plots, co-branding rights of metro stations, train wrapping advertising, connectivity to metro stations, offering premises and a train for group tours, pre-wedding photo shoots, filming of films, commercials, and birthday parties.
Due to the attention being placed on the projects as well as the metro stations and its route, this metro construction will undoubtedly alter the skyline of Maharashtra. High-rise buildings and upscale residences are likely to be built in these areas.
Additionally, this infrastructure improvement will alter how the city runs because it will significantly cut down on commuting time between home and work. The new business corridor has gained momentum thanks to the Maharashtra metro real estate.
With significant firms like Kohinoor, Runwal, Gera, Kolte-Patil, and many more developing large commercial and residential developments along the metro line, Pimpri-Chinchwad in particular will be the next major business destination.
The employees of businesses like Force Motors, the Tata Group, a consortium of the Siemens Group, and others would greatly benefit from it at the same time. As a result, Pimpri Chinchwad might be anticipated as the next business location for both commercial and residential ventures.
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