In the current real estate news in Pune, Metro rail launched to boost real estate in Pune, Maharashtra. It is good for connectivity and increases the business and value of real estate builders. Metro rail in Pune is a golden opportunity for builders to take advantage of growth.
The Metro Rail launch in Pune is projected to increase real estate development in the city. The introduction of metro service is expected to boost real estate in Pune development along the city’s metro lines.
With a higher floor space index (FSI) allowed in these areas, real estate builders in Pune are exploding to take advantage of the new mass transit infrastructure and fuel Pune’s next phase of growth.
Let’s have a look at infrastructure and connectivity with this project:
The Pune Metro started a 12-kilometer leg on Sunday, with the metro rail network expected to encompass the whole city eventually. According to Anil Pharande, chairman of Pharande Spaces and president of CREDAI-Pune Metro, the city is primed for vertical expansion along the metro line.
The transit-oriented development (TOD) plan allows for greater FFSI and population density within a 500-meter radius of metro stations. At the same time, the Maharashtra government has declared an FSI of 4 along TOD zones within a 500-meter radius.
Pharande feels the government needs to tweak some of the criteria to make TOD zone real estate developments more viable and affordable for buyers.
Property development projects planned along the Pune Metro route by MahaMetro Corporation, the corporation that is executing the Pune Metro, including Swargate (1.99 million sq ft), Civil Court (1.92 million sq ft), Range Hills (3.4 million sq ft), and Hill View Vanaz (2.2 million sq ft).
Imperium Gateway, by Gera Developments, would be one of the first metro-connected workplaces. It is divided into three sections: office, retail, and food & beverage. According to Rohit Gera, managing director of Gera Developments, the project sold 500 commercial and retail flats within 45 days of its opening.
It is a two-million-square-foot project acquired for ‘160 crore on a 12-acre plot of land in Kasarwadi, Mumbai-Pune Road, located near the Metro Station. According to Gera, the stations will guide the expansion of commercial space in Pune. According to Gera, offices near metro stations are a great investment, especially now that petrol costs are rising, and the Metro gives an alternative way of commuting to work.
Kohinoor Group Investment
The Kohinoor Group invests Rs 2,100 crore in the 1.8 million sq. ft. Kohinoor World Towers project in Pimpri Chinchwad. The Pune metro was conceived and planned throughout the planning stage to consider the challenges of parking and public transportation demand over the next ten years.
As a result, various commercial developments will be developed, especially in Pimpri-Chinchwad, Kalyani Nagar, and Baner. According to Goyal, these are the new residential and business zones in Pune.
According to Knight Frank India, consumers would benefit from improved connectivity and a higher FSI along the Pune metro line. However, beginning April 1, 2022, the government will collect a 1% property cess on property purchases, effectively raising the stamp duty to 7%, which he believes will have a temporary effect.
“Sales in the Pune market remained strong despite the end of the stamp duty reduction.” “In February 2022, sales climbed faster than in the same month last year when eliminating stamp duty,” Paul said.
Metro rail project is a good sign of increasing the value and demand of property in Pune, Maharashtra. Many builders take advantage of this project. It helps to explore Pune in the workplace, residential, commercial, etc.