One of the greatest development projects that have taken place in the city of Pune is the Pune Ring Road, which is aimed at improving the transport sector, reducing traffic, and also boosting business. Therefore, it is anticipated that the current housing and real estate development trend within the city will be severely affected. Today the essentials are easily accessible and the connectivity is good hence new residential and commercial localities are coming up making Pune an ideal investment and residential city.
In this blog, we have seen the impact of Pune Ring Road on housing and real estate and opportunities and challenges.
What is the Pune Ring Road?
Pune Ring Road is an under-construction expressway of 172 km, which will connect major highways and important areas of Pune. This project is being implemented by the Maharashtra State Road Development Corporation (MSRDC) and is connecting important zones such as Hinjewadi, Kharadi, Wagholi, Baner, and Pune-Solapur Road.
This project is being developed in two phases:
- The Eastern Ring Road: A proposal for a link between Pune-Nashik Highway and Pune-Solapur Highway.
- The Western Ring Road: Connection between the Pune-Mumbai Expressway and the Pune-Satara Highway.
This is set to change the nature of traffic flow, connectivity, and hence the time taken to travel, which in turn will have an impact on the real estate scenario on the outskirts of Pune.
Housing Developments and the Role of Pune Ring Road
The Pune Ring Road will change the way housing is done in many ways, from property value to the new residential city.
A. Rising Property Prices in Key Areas
As a result, the Pune Ring Road has been linked with several impacts, the most visible of which is the higher property values in areas near the proposed road. According to real estate experts:
- Of the four areas of Pune identified, Hinjewadi, Wagholi, Kharadi, and Baner, property prices may rise by 15-20% by 2025.
- The prices may go up by 10-15% in other localities along the Ring Road, especially in Shirwal, Chakan, and Uruli Kanchan, as infrastructure is being developed.
- The development of commercial centers along the Ring Road will also lead to an increase in demand for shelter in the adjacent regions.
This simply means that homebuyers and investors can buy real estate development properties along the Pune Ring Road and make a handsome profit in the near future.
B. The Rise of New Residential Hubs
With increased accessibility, many areas that were previously considered undevelopable are now becoming prime residential zones. Townships, gated communities, and mixed-use developments are being planned in areas like:
The area is close to IT parks and is believed to be experiencing a fast pace of urbanization.
- Hinjewadi Phase 3 – New residential projects catering to IT professionals.
- Wagholi – Emerging as an affordable housing hub for middle-income buyers.
Since then, developers are now moving to current and even better housing projects that will attract first-time homebuyers and investors.
Commercial Real Estate Development Along the Ring Road
Apart from residential spaces, the Pune Ring Road is also helping in the growth of commercial spaces.
- IT and Business Parks Expansion: Therefore, with better connectivity, areas like IT parks – Hinjewadi, Kharadi, Magarpatta, etc. will grow even bigger.
- Growth of Warehousing & Logistics Hubs: Demand for logistics parks and warehouses is already being seen in places around the Ring Road, like Chakan and Shirwal.
- Retail and Hospitality Boom: With the population density rising in newly developed regions, more malls, entertainment areas, and hotels have been proposed to be developed.
Again, the increase in commercial real estate development is again demanding more and more housing in the nearby localities, which supports the trends in housing by the Pune Ring Road.
Challenges and Considerations
While the Pune Ring Road brings significant benefits, there are a few challenges to consider:
A. Affordability Concerns
But as property prices rise, the ability to pay may be a problem for middle-income earners and first-time homeowners. Some of the affordable markets are Wagholi, Uruli Kanchan, and more, but the prices are expected to rise in the next few years.
B. Infrastructure Development Delays
Time overruns are a common feature of infra projects, primarily due to problems in acquiring the right of way, funds, or problems with the environment. Some investors may be subjected to longer time horizons for project returns in cases where the implementation of the Ring Road project is affected.
C. Balancing Urbanization with Sustainability
Questions about sustainable development arise from the general increase in the rate of urbanization, especially around the Ring Road. Proper urban planning in the future will be useful with an appropriate drainage system, open spaces, and sustainable infrastructures.
Future Outlook for Pune’s Real Estate Market
The future of real estate development in Pune looks bright with the help of Pune Ring Road. Here’s what we can expect:
A. Increased Interest from Investors
The increasing housing market in Pune has buyers within the country and outside eager to tap into it. The proposed project Ring Road is expected to be a new revolution in the real estate sector of Pune and will be a perfect investment point.
B. Smart Cities and Township Developments
With connectivity, large-scale township development is expected to rise. Today, developers are more interested in smart city elements such as green energy, digital structures, and sustainable housing.
C. Higher Demand for Rental Properties
The demand for rentals is likely to rise since employment opportunities are likely to rise in areas around the Ring Road. This is good news for any real estate investor who wants to make returns from rental income revenue.
Conclusion
Pune Ring Road is going to be the game changer in Pune’s housing and real estate market. It is opening up new possibilities for investors and owners by improving accessibility, increasing property values, and developing more residential and commercial zones.
While the short-term problems of affordability and infrastructure development delays still exist, it is anticipated that in the long run, more benefits will be derived from the project. As the city grows, the Ring Road will play a major role in deciding the future growth of real estate in Pune. If you are interested in buying property in Pune, then you can think of investing in new locations on the Pune Ring Road as the demand in the real estate sector is increasing day by day.
Contact Pyramids Properties today to know more about real estate properties in and around Pune Ring Road.