Pune is surely India’s fastest-growing city, renowned for its world-class educational institutions, vibrant IT sector and rich cultural heritage. Despite the lively atmosphere it has, some of the areas have brought up several challenges. The Pune Ring Road is one such area that has highly impacted urban life. However, significant improvements have been made to the city’s infrastructure.
The infrastructural project of reshaping Pune is currently focused on Pune Ring Road. Its major goal is to provide current citizens with a comfortable lifestyle and improved business opportunities. With the planned project, the Maharashtra Government is taking further action to alleviate the problems. Furthermore, let’s dive deep into it.
The Need for the Pune Ring Road Infrastructure Project
A crucial identity of any location’s future real estate growth is its physical infrastructure. Pune has been a hub for academics and jobs for both Indians and foreigners. Due to the immense opportunities it offers, the city has a sizable migrant population. Despite the growth, there is still room for infrastructural development, as traffic problems are a major issue here.
The need for the Pune Ring Road project was to prevent traffic problems caused by the increased population. Upgrading the infrastructure has become necessary to get rid of the crumbling conditions and excessive road congestion. This is where the Pune Ring Road project enters to get this issue resolved. The project will also support seamless operations of business and tourism.
What Changes Will the Pune Ring Road Project Involve?
The Pune Ring Road project was envisioned by the Maharashtra State Road Development Corporation Limited in 2007. In addition to infrastructure growth, the project also focuses on the regional economic corridor. Over Rs 18,000 crores will be spent on the project out of which 3/4th of the entire cost would come from the Central Government and the remaining from the PMRDA. However, the total project cost would fluctuate depending on the development requirements.
Talking about the changes, the 128-kilometer Pune Ring Road would have six lanes. In addition to connecting several major highways, including Mumbai-Pune-Solapur, Pune-Nashik, Pune-Ahmednagar and Pune-Satara, the Pune Ring Road route will also cover 29 villages across the city. There will be a total of 4 phases in a wise manner.
It is intended to accommodate vehicles travelling up to 120km/h and will have a designated corridor for future metro expansion. Overall, by reducing the traffic, the project aims to lessen the strain on Pune’s city centre.
Impact of Pune Ring Road on Housing Trends
When purchasing a home or shop, the very least buyers desire is a decent road to facilitate an easy commute. Better road connectivity has a direct effect on the area’s real estate development. Also, when an area is easily accessible, the residential or commercial projects there happen to sell quickly. However, the question remains- how will the Pune Ring Road project impact the community?
The Pune Ring Road project will have a significant impact on housing trends on both residential assets. Additionally, leisure and entertainment facilities will also come up in a big way gradually. However, for your better understanding, here is how this project will impact the housing trends:
1. Better Connectivity
All of the main highways, including the NH4, NH9 and the Mumbai-Pune expressway, will be connected via the Pune Ring Road route. As a result, it will improve accessibility to Pune’s surrounding areas. Also, the route optimization map will help to improve traffic flow and drastically cut down on travel time.
2. Improved Infrastructure
To manage the rise in traffic, the MSRDC Pune Ring Road Map intends to build smart infrastructure. This includes underpasses, flyovers and bypasses. As a result, it enhances urban connectivity as well as encourages the development of outlying areas.
3. Increased Value
Another impact of the Pune Ring Road project on housing trends is the increased value. Property values will increase and the previously undeveloped areas will become desirable real estate. As a result, it will attract both buyers and investors. Therefore, the Pune Ring Road Map will identify the areas that have significant potential for future development, especially in the residential sectors.
4. Development of Peripheral Area
Another major impact of the Pune Ring Road project is the development of peripheral areas. Infrastructure has already started to expand in villages that are included in the Pune Ring Road Villages List. As a result, these better road connectivity will result in many new constructions. This includes homes, schools, hospitals, retail establishments, etc.
For instance, phase 1 of the ring road, which is 32 km long, is expected to include over 15 townships. Some of the peripheral locations where these projects will be strategically located are:
Pisoli
Avatalewadi
Wadachi Wadi
Yewalewadi
Phursungi
Handewadi
This as a result will increase the residential opportunities in this area dramatically.
5. Expanded Choices
The Pune Ring Road has impacted the housing trends in a positive way all around the city by expanding choices. For potential homeowners, there are now more options in terms of locations. For people who are looking for a place to call home, Pune Ring Road is their best choice. Thanks to the construction of numerous townships in different sections of Pune.
Increased Township
The impact of the Pune Ring Road project is not limited to the outskirts only. Yes, it will also impact the properties in the premium micro-markets. This includes locations like:
Kalyani Nagar
Viman Nagar
Magarpatta
The high property prices have led to an issue among potential buyers. However, these new townships would alleviate the problem by offering more reasonably priced options.
A Step Towards Changing the City’s Infrastructure
Overall, the Pune Ring Road project not only aims to make the areas attractive but also aims to enhance the quality of life for residents. Despite the challenges, once the project is over, it will expectedly boost housing trends and improve Pune’s living standard in a good way. Additionally, it will also reshape the growth patterns in the future for the long term.