Pune, which was once a sleepy pensioners paradise is now a bustling IT hub and metropolis of Maharashtra. In the past few years, it has seen an unprecedented development of infrastructure placing it among the top real estate destinations. The development of better roads, the Pune Metro Smart City tag, and the Purandar airport have placed Pune on the map of the Indian growth story. Projects in Pune boast of the best residential apartments for new home buyers.
Impact of Pune Metro development
The Pune Metro project with a budget of 11,500 crores, has the first segment from Kalyani Nagar to Shivaji Nagar and the second segment from Pimpri to Swargate. These two Metro lines have improved the connectivity extending to the outskirts of the city. The infrastructure development at every station has resulted in better facilities for the residents, in these new localities, and this has boosted the development of residential and commercial projects in these areas. The creation of new markets will further boost the development of infrastructure in these micro markets, resulting in better residential and commercial real estate. This will also cause a boost in property prices for 2 BHK flats in Pune as competition increases.
Smart city development
Pune is now among the 98 cities that have been chosen under the Smart City mission by the Indian government. The smart city mission will put special emphasis on the development of a long list of facilities and services like parks, highways, metro railways, and cost-effective transportation. The quality of life and performance of the metropolitan services like transportation, energy, and utilities, will be optimized to lower total consumption, prices, and waste. This will enhance urbanization as more people would want to live in a city with better services. The real estate development will improve, resulting in the development of more housing options like the 3 BHK flats in Pune.
Purandar airport development
The upcoming international airport in Pune will boost housing demand in locations like Hadapsar, Kharadi, New Kalyani Nagar, and Magarpatta city. The airport will also ensure the development of social infrastructure near it which has been a common occurrence in many cities. This will benefit the real estate industry as the demand for housing and commercial properties in the surrounding areas will be multiplied. The modern amenities provided by any new township project in Pune improves the quality of life of residents. Initiatives like sustainable development and nature conservation are being adopted in many residential projects.
Original article published on https://www.ezeebiz.in/impact-of-infrastructure-development-on-pune-real-estate/