Pune is one of the major real estate destinations in the country. Off late the infrastructure development in Pune has increased. This will benefit the real estate industry to a great extent. The Metro lines in Pune are Pune Metro one Pune Metro 2 and Pune Metro 3.
Let us look at how these three Metro lines and other developments are going to influence the real estate, sector of Pune:
1. Infrastructure development
The Metro project will boost the infrastructure development in all the areas it reaches. The need for better connectivity will see the development of roads, utilities, and public spaces and create a suitable environment for real estate growth. New micro markets will be created along the Metro lines. This will help create new residential and commercial projects and the demand for quality construction will rise. Real estate builders in Pune are ready to explore new areas for development with rapid urbanisation fuelling the demand for quality housing.
2. Increase in demand
Pune Metro improves the connectivity and convenience of people who commute daily. They will be able to access the important hubs and IT parks of Pune in less time. This will also boost the development of social infrastructure in the surrounding areas. With families settling in 2 BHK flats in Kothrud, the location will have better access to good recreational avenues. This will increase the demand for residential housing in Pune along the Metro lines. Home buyers and investors will be able to invest in new projects to increase the demand for residential real estate in Pune.
3. Property appreciation
As the demand for property increases, the property value will also appreciate over time. As more projects are developed in new micro markets, the demand for housing will improve. Investors will be assured of regular rentals with the economic development. They will be interested in projects that will give them good returns in the future. This will cause property prices to appreciate in other areas too like 3 BHK flats in Sinhagad road.
4. Commercial real estate
One of the important parameters for commercial real estate is easy accessibility and connectivity. Businesses need to reach out to their customers easily. The employees working for them should have easy access to the office spaces. The development of the metro will reach out to new areas that can be explored by developers for commercial real estate. The IT hub can see the development of new IT parks and the growth of existing ones as the metro develops.
Original article published at https://www.ezeebiz.in/future-of-transportation-in-pune-and-its-influence-on-real-estate/