Chinchwad, Nigdi Among Localities Favourably Impacted By Pune Metro’s Extension
Line 1 of the Pune Metro, running between Pimpri Chinchwad and Swargate, will now be extended to Nigdi. The Detailed Project Report (DPR) of this new seven-kilometre stretch, submitted on October 3, reveals that the new corridor will be constructed at a cost of Rs 1,500 crore. Slated to be launched in 2021, the MahaMetro has claimed that the deadline will not be missed even though the route has been extended.
The extended route will, according to the DPR, have three stations – Chinchwad, Akurdi and Nigdi. It will run parallel to the Pune-Mumbai Highway.
In one-of-a-kind situation, Line 1 was extended till Nigdi after a signature campaign run by the residents. The residents have been demanding a Metro in these areas.
This has been a clear example of how Metro can positively impact the lives of the residents and also, boost the potential of the locality on various fronts, including real estate.
Falling on the extended route are three localities that are likely to witness a boost in real estate as the Metro makes way here. These localities have witnessed a stagnation in property prices in the past one year.
With a livability score of 9.2 on a scale of 10, Chinchwad is a suburb with various automotive plants. At present, it is connected by road and local rail. However, the locality is well-equipped with infrastructure and is developed as a residential area and so the upcoming Metro would only add a feather to its cap.
With properties starting at Rs 27 lakh, the property prices here have fluctuated between Rs 6,000 per square foot and Rs 6,200 per sq ft. However, now that a Metro route has been announced, the property rates may see a gradual rise.
Another suburb in Pune, Akurdi is also emerging as a hub for commercial as well as residential properties. A livability score of 9.1 on the scale of 10 makes it an excellent locality to live in. Although it boasts easy access to road and rail transport, the locality by 2021 will have faster connectivity to some of the prime areas of Pune.
With properties starting at Rs 32.49 lakh, the locality has not witnessed a significant growth in property prices. However, now with the proposal to have a Metro connectivity, the demand for real estate here will rise among those working in and around Akurdi. This would give a substantial boost to the existing property price of Rs 5,694 per sq ft
With only a 0.16 per cent rise in property prices in the past one year, Nigdi could witness a fast-paced growth after the DPR for Metro’s Line 1 extension was submitted. Once the work on this project begins, the property prices, now standing at Rs 4,980 per sq ft, will see an upward movement. With already well-developed commercial and residential infrastructure, the locality needs a Metro push to further trigger property prices in the locality.