Real Estate Trends | 16th August, 2022
The “Queen Of Deccan” has surpassed other cities regarding housing sales, stable real estate market, career opportunities, wholesome lifestyle, and lifelong memories.
The commercial market recorded peak transaction volume in H2 2021 among the top eight cities. This exponential demand indicates that people prefer Pune for its efficiency and cost-effectiveness. However, this rapid expansion has also led to connectivity issues.
The state government and GoI have introduced Pune Metro to tackle this issue, estimating to reduce the traffic congestion by 75%. Here are a few ways how Pune Metro is transforming Peshwa’s City into a Smart City–
Statistically, physical infrastructural development is directly proportional to real estate appreciation.
For reference: In Mumbai, the Santacruz-Chembur Link Road and the Freeway were monumental for the Chembur real estate market— recording a peak of 227% in YoY (2021-22) sales since the inauguration (according to Liasas Foras report).
The city is estimating similar projections for property appreciation with the launch of the Pune Metro. Hence, several builders and developers in Pune have introduced their projects in areas closely connected to the metro stations to present better returns for investors.
Proximity to Recreational Centres and Markets
Pune is a treasure of local markets derived from the rich heritage amidst the picturesque Deccan. PCMC and PMC have mainly established several recreational; facilities and shopping centres.
The long travelling hours are the only reason dissuading people from exploring the many hidden gems throughout Pune City.
However, this rapid transit system has allowed fast connectivity within the city, interconnecting the quadrants of Pune. Due to strategic planning, business districts, commercial zones, residential hubs, and the airport are all accessible within a few minutes.
Local Advice: Aga Khan Palace, Shaniwar Wada, Sinhagad and Khadakwasla fort, David Synagogue, Rasalgad Trek, Bund Garden, and many more present a glimpse of the Pune legacy!
The scientific reason behind a metro rail is to offer more eco-friendly travel options-
● The metro trains are engineered to run on electricity, thus helping conserve natural resources. Moreover, the chemical-free and non-hazardous operations keep the environment green.
● Since metro trains stretch over 3-10 carriages, the total energy required to carry per person is considerably lesser than any other means of transport.
● The metros are generally immaculate, as people tend to abide by the “keep your surroundings clean”. The stringent security rules avoid the scrimmage, causing negligible damages thus far.
● But what makes Pune Metro precisely a green option? As per the Maha Metro-Pune Metro initiatives, the metros are efficient because of:
Clean environments are yet another incentive for the burgeoning real estate market
The main intention of a metro infrastructure is to decongest busy roads.
The elevated or underground nature of the rail tracks and stations does not obstruct the on-ground physical infrastructure, instead diverts the over-crowding streets to more organized spaces.
More people opting for such public transport will result in less traffic. The fares for Pune Metro are affordable for the middle-class to upper-class segment, reducing the crowding of local trains.
Another facet of metros is the controlled noise pollution since the traffic lights shall no longer be at the helm of impatient noisy cars. Imported rail grinding machines are in the testing phase to smoothen the tracks, thus reducing the noise.
Delhi Metro caters to over 50 lakh passengers per day. With this benchmark, Pune is set for a transport transformation!
The launch of Line 1 in PCMC has already shown favourable results, as there are a majority of commuters to the vast office space in PCMC.
Overall, the launch of metros will be a prominent addition to the list of civic amenities in Pune, subsequently influencing its real estate market.
It also indicates that Pune is gearing up for evolution into a smart city. This consistent expansion with tech parks, business districts, & infrastructural developments has propelled a high demand for residential projects in Pune.
Meanwhile, the commercial space is expanding owing to the robust civic facilities under proactive authority. Imperium Gateway, PCMC is an epitome of a commercial complex, reaping the benefits of the prime location of PCMC, with proximity to the newly launched Metro Line 1.
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