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Will Metro Rail bring property prices down in Pune?
Pune
If you are looking to buy an under-construction property in Kalyani Nagar, Pimpri, Chichwad, Vanaz or Swargate, you may not get many options in the near future as the number of new projects is likely to come down and the current projects may be delayed. Why? Real estate developers in Pune are waiting for the new Floor Space Index (FSI) norms under the new Pune Municipal Corporation (PMC) Development Plan, which is under the pipeline.
The provisions for additional FSI may brings property prices a bit down as developers will be able to construct more on the land available to them.
Why Pimpri, Chinchwad, Vanaz and Swargate? These are the areas proposed to be covered under the first phase of Metro Rail. “The areas in localities which fall around the Metro Rail line are likely to get more FSI,” says Abhijit Pardeshi of Samriddhi Estates.
This expectation is backed by reason and logic. Cities such as Noida and Gurgaon, which have the Metro Rail up and running, already have provisions for extra FSI around the localities around the line.
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For that matter, the phase I of the Metro Project would cover Ramwadi, Kalyani Nagar, Yerwada, Bund Garden, Ruby Hall, Pune Station, Poolgate, Mangalwar, Peth, Civil Court, Deccan Gymkhana, Nal Stop, Ideal Colony, Anand Nagar and Vanaz.
In its recent report to the Maharashtra government, the Delhi Metro Rail Corporation (DMRC) stated that an additional FSI of 4 shall be provided for about 10.4 hectare of land around the proposed Metro Rail Stations in Pune. The draft Development Plan of the PMC also looks for additional FSI around every metro station.
However, the proposal is under consideration as the fractions of the government believe that it would result in population overload in select areas and will thus increase pressure on infrastructure and other civic amenities.
According to a report from Jones Lang LaSalle, the State government has instructed the PMC to draw up a plan for extending the Pune Metro link to Rajiv Gandhi Infotech Park (RGIP) at Hinjewadi.
Vikram Jethwani, Magicbricks.com Bureau
Vikram is an integrated communications professional with diverse experience in journalism, research and analysis. His focus areas include real estate, infrastructure and urban management.
