PUNE'S PULSE - Preparing THE GROUND

May 07 2016 : The Times of India (Pune)

Sneha Sharon Mammen (Magicbricks Bureau)





Sound infrastructure provides a firm foundation for the realty sector to grow and Pune is moving towards it

Jobs and infrastructure can easily be the two factors that pull people into a city. Every year, new migrant workforce enters the city premises, therefore, developed and growing infrastructure comes as good news to all.The state budget proposed this year looks into many developmental spheres from up-gradation of new roads and connectivity to accelerating the 'Smart Village' scheme. It Village' scheme. It also laid out provisions for entrepreneurship and employment. A total outlay of Rs 180 crore was allotted for Nagpur and Pune metro projects.Ladies special 'Tejaswini' buses, too, are in the pipeline.
All this and more, if executed and implemented in time, would help homebuyers across the city.Despite all this, the new international airport missed a mention in the budget and this has caused a little uneasiness. The current airport cannot serve international traffic of more than three to four flights a day; hence the need for a new one 14-kms west of Rajgurunagar.
A previous allocation of Rs 100 crore stays pending with the Maharashtra Airport Development Company. Land acquisition, clearances and rehabilitation may take a while longer. However, if the proposed airport at Rajgurunagar wakes to see the reality, there's no looking back for realty in and around North Pune. Take for example the case of Cochin international airport. The millennium woke up to a new generation of local settlers turning to the vicinity of Cochin for investments thus giving the capital, Trivandrum, a run for its money.By the year 2000, more NRI Malayalees took to investing in Cochin than before. Airports, by that measure, are going to be the next big thing in driving realty.
INFRASTRUCTURE IMPACTS REALTY Shruti Padmanabhan, five years' old in the city and working with Mphasis says, “Jobs are not near homes but in areas that are thriving with businesses.Thus, infrastructure growth is always a welcome move. An international airport in the city would help frequent flyers.“
For small time investors, the new airport and its vicinity would be a good investment ground. By 'good' we are not talking about double-your-money schemes or about immediate returns.But in the long run, infrastructure always brings about a price change and appreciation because the livability quotient goes up in and around the place.This can be learnt going by how real estate along Lohegaon and Dhanori developed post the international airport in the region. Prices have thereafter been climbing after a brief pause.
TRANSPORT NETWORK IMPROVES
The Pune Metro Rail Corridor-1 that would connect Pimpri-Chinchwad, Shivajinagar and Swargate will also smoothen connectivity between South and North Pune. Ramwadi, Pune railway station and Vanaz will also decongest the east-west corridor. This is another infrastructure development to be completed by 2020.
One can also bank on the bus rapid transit system (BRTS) with over 600 buses between Sangamwadi-Vishrantwadi corridor and the Sangvi-Kiwale corridor in Pimpri-Chinchwad. Hopefully, by year end, routes between Nashik Phata and Wakad, Nigdi and Dapodi and Nagar Road would also be completed.The Kalewadi Phata to Dehu Alandi route would be operational by 2017.
“Once the metro makes inroads, appreciation could be to the tune of 30 per cent. But the interim period between the announcement and the commencement is when the prices are most affected. Buyers can gain if they put their money just when infrastructure projects are announced,“ says Nischay Kapadia, consultant at Swayam Siddh Home.
When compared to neighbouring city, Mumbai, Pune offers more space at reasonable prices. To top it all, more jobs are queuing up for the increasing talent pool. Hence in future, the demand is not only expected to increase but also branch out into the peripheries. Keep a tag on the infrastructure progress and your real estate choice wouldn't boomerang.