by DigitechThe Impact of Pune Metro Expansion on Residential Real Estate
Pune has seen a rapid growth as it comes under metropolitan cities. This city has always been a favorite destination for both residential and commercial real estate investors. With the city evolution, the demand for excellent public transportation and modern infrastructure has reached at its pinnacle. With the ongoing construction of the Pune metro network, the demand for residential properties in the area has experienced a significant transformation. In this blog we will know how the expansion of Pune metro will impact the real estate market both in lifestyle and property value.
Also, you will understand why Pune is ideal for real estate investment in 2024.
Improved connectivity and accessibility
The significant impact of Pune metro expansion on residential properties is enhanced connectivity. With the increase in urbanization in Pune, the demand for efficient public transportation has been increased. With the development of multiple metro corridors that covers Hinjewadi to Shivaji Nagar stretch, the Pune metro will make it easy for people living in the vicinity or across the city to commute. Also, the metro work is proposed till Chandni Chowk which will allow residents of Bavdhan and Bhugaon to get metro connectivity within reach.
Hence the areas near to metro stations will enjoy a great demand. These areas have now become more accessible and strategically located. This expansion of metro is estimated to boost the prices of residential properties leading to price appreciation. This rise has already been experienced in areas like Shivaji Nagar, Hinjewadi, Kothrud and Hadapsar. Such appreciation is expected because of improved connectivity.
For instance, a person living close to Hinjewadi may find it easy to commute to other part of the city like Shivaji Nagar or Koregaon Park, as these areas have major IT business hubs. Hence this easy mobility will make the areas close to metro stations a lucrative option for professionals who focus on convenience to approach workplace, schools, entertainment and shopping areas.
Rise in residential property values near metro corridors
The vicinity to metro areas will have positive impact on real estate values. As per studies in many metropolitan cities like Delhi, Bangaluru and Mumbai, the residential properties close to metro stations have high value.
The same trend is continued in Pune too. The properties close to proposed metro station has experienced a greater demand. The metro network is likely to integrate Wakad, Hadapsar, Balewadi and Kothrud and thus these areas are experiencing a surge in real estate activity. Many developers are taking advantage of this opportunity by launching residential projects near these areas to meet the growing demand of homes with easy public transportation.
Moreover, the metro connectivity promises less traffic congestion and reduced travel time and thus many peripheral Pune areas that previously considered as less desirable for real estate are now enjoying greater demand.
Emerging trends in residential preferences
With the expansion in Pune Metro, there is a shift in residential preferences. Earlier people used to prefer only prime locations like Koregaon park, Camp, Shivaji Nagar where there was excellent connectivity with schools and workplace. However, with the metro expansion, people have not started giving preference to areas that were considered as peripheral, but offer better value for money.
The increase in metro stations means the areas which were previously considered as outskirt are now becoming viable living options.
Thus, many working professionals are now giving preference to areas that have quick access to metro stations. These places make it easy for professionals to travel without any traffic and hence developers are now giving priority to high-rise buildings and complexes that are near to metro corridors.
In near future the trend of mixed-use developments will become common where all the residential, commercial and retail spaces will be developed near metro stations. These developments will promote “work-live-play” culture, as it will make their life convenient.
Increased demand for affordable housing
The metro corridor is also expected to increase the demand of affordable housing. With efficient commutation facility may people will prefer to live in outskirts and still can access key locations like business districts, hospitals, educational institutes in a reasonable timeframe. This is good news for low and middle income homebuyers that prefer affordable homes but don’t want to keep connectivity at a stake.
Localities that are on fringe of the city like Kharadi, Wagholi, Charholi etc will also enjoy the boom due to metro connectivity. People here can buy affordable homes and can approach prime locations in less time. As the developers are now focusing on these areas, the real estate market is now expected to thrive, giving home seekers an opportunity to find their dream home.
Final Takeaway
To conclude, the metro expansion has not only resulted in infrastructure upgrade, but it has also brought transformation in residential real estate market. Enhanced connectivity and accessibility has increased the demand of properties near metro corridor and even many peripheral areas. This revolution in the city is poised to shape the real estate market and will make the city more livable, and connected.
