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Impact Of Metro on Pune and Its Real Estate Market
Metro Rail Project in a city should not only be considered as one of the strongestdriver of real estate prices along the corridor but also as a catalyst for sustainable development of the City adding to the living standard, ease and convenience to the population in general in the large urban areas. It does so by saving upon the travel time, saving in terms of cost and operation of personal vehicles, adding transit option value, benefitting the environment etc.
In terms of Real Estate the effect of Metro Transport has been positive in almost all the Cities where it is already been implemented and in use. The presence of Metro connectivity has direct impact in terms of increase in the land value, change in the usage of land, demographic densification around the Metro station. Another major benefit is that it brings improvement in access to jobs and critical locations thus increasing productivity, this is due to its major contribution in solving the traffic woes of large urban areas.
The relationship between the Metro and the city of Pune is going to be no different, in-fact Metro is looking like the only solution to the infrastructural and issues pertaining to traffic and accessibility that the City is facing right now. As of Now there are three metro corridors which are underway right now as illustrated below :-
Corridor 1 from Pimpri Chinchwad Municipal Corporation To Swargate. This stretch will have 15 stations and will cover 16.65 KM once complete. However this stretch may be extended uptoNIgadi.
Corridor 2 will start from Vanaz Corner in Kothrud and will go until Ramwadi comprising of 16 stations covering 14.7 Km in all.
Corridor 3 is starting from Hinjewadi Phase 3 and will end at Shivaji Nagar. This will be the longest route of the current sanctioned work covering 23.3 Km with 23 stations in all.
The Civil Court Station at Shivaji Nagar is the intersection point of all the three routes approved till now and will serve as the central nodal point of this whole layout of mass transit system.
The effect of such a massive infrastructure imputes provided by this mass transit system will be positive for the real estate sector of the City in confirmation with the other mass urban areas where this has happened in the past like with Delhi or Chennai in India. The Metro will result in the increase of the land prices in the vicinity of the stations resulting in the increase of the prices of the end product however people will be ready to pay an increased amount due to the convenience it will bring to their lives and saving that will come in terms of travelling cost and time. In Fact, such projects which will be within the walking distance from the Metro Stations will be ones which are most in demand. However,there can be a certain apprehension towards the land and the projects immediately next to the station specially for the residential and office space users. The reason being that the immediate proximity can be very dense in terms of people density and noise.
However, the most premium will be taken by the properties whether residential, retail or office space which are within the 500 meters of perimeter from the Metro Station, their will be a slight premium up to a distance of a kilometer after which their will be little to no impact of Metro Station in terms of prices.
Pune Metro Shall also bring a vast change in terms of land usage along the corridor and specially around the station. The Grapevine is that their will be a separate governing body created for the specific purpose of dealing with the development of land within the periphery of 500 meters from Metro Station. There are clear indications that the potential of these lands shall be increased by increasing the FSI within the said perimeter. This will result in construction of new business hubs along the corridor as well as redevelopment of existing plots changing the usage pattern. This will lead to the high level of demographic densification around the Metro. Actually with the increased connectivity and the convenience this radius will be most sought after for the purpose of residence, work spaces, retail and entertainment.
A Mass Transit system in Pune will also give more viability and imputes to affordable housing. With Easy and Convenient access to Work and Job Locations more people shall be in a position to purchase a residence in the extended suburbs and work in Central business district. A person Living in Hinjewadi and commuting to Shivaji Nagar or Bund Garden shall become a realty with the Metro Coming in keeping both the travel time and delays due to traffic in check. This for some will be the most important impact that the Metro is going to bring to the City. The Degree and the benefit of the impact will further keep on growing as this Net of Transit system grows further enhancing the livability index of the City we call Pune.
