Pmrda Plans To Monetize 9.7 Ha Land Along Metro Line, Real Estate News, ET RealEstate

October 8, 2023

PUNE: The Pune Metropolitan Region Development Authority (PMRDA) will hand over 9.7 hectares of land to concessionaire Tata Group for commercial development in its bid to generate non-fare revenue for the 23km elevated third Metro line from Hinjewadi to Shivajinagar.

PMRDA chief engineer Rinaj Pathan told TOI that of the 9.7 hectares of land, 4.75 hectares has been handed over to the concessionaire in Balewadi, while another 5 hectares will be allotted soon in Maan.

The concessionaire, which has established Pune IT City Metro Rail Limited, can use the land for real estate development as has been done for the other two Metro lines in the city. “Real estate developers can invest in the land as it will be close to the elevated line,” a senior PMRDA official said.

Real estate developers said the development would provide a boost to the construction sector around the Metro routes. Executive council member of Credai-National Shantilal Kataria said Metro development would surely change the skyline of Pune city. “We can anticipate high-rises and premium properties getting developed along all the three Metro lines. Increased FSI to developers for projects along the Metro route will help support the intention of the Metro,” he said.

The government had started levying 1% property cess on the stamp duty on the purchase of property from April 1 to fund the Pune Metro. Besides non-fare revenue, transit-oriented development, property business spaces within stations, property development on standalone plots, co-branding rights of Metro stations are proposed for the Metro lines.

Another developer said having commercial properties near the Metro route would help reduce office-to-home travel time for people investing in these projects. “Big commercial and residential projects along the Metro line will definitely change the face of the city. At the same time, it will help the employees working in companies to use this public transport,” said a developer, who is planning to invest in land close to the Metro lines.

The third Metro line from Hinjewadi to Shivajinagar is to become operational by April 2025.

  • Published On Oct 8, 2023 at 12:00 PM IST

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