Pune's International Airport Gets Go Ahead, To Boost Real Estate Market
Work on the proposed Chhatrapati Sambhaji Raje international airport at Purandar will kickstart soon as the Maharashtra Chief Minister Devendra Fadnavis has announced the creation of an ‘airport city’ near the project. Centre and civil aviation ministry has already given a go-ahead for the project in April. The state government is forming a consortium of at least three companies to drive investment in the airport city. The compensation plan for land acquisition for airport land will be announced soon
In January, the Maharashtra government received a clearance from the Ministry of Defence (MoD) for preparing a detailed project report (DPR) of the upcoming airport near Pune city. The DPR was prepared by the leading German consulting organisation, Dorsch which received the contract in March 2017. The company, which has developed airports in cities like Berlin, Munich, Kuwait and Frankfurt, will also develop this new airport in the Pune district.
To be named the Chhatrapati Sambhaji Raje International Airport, the project will be developed at an estimated cost of Rs 14,000 crore.
PropGuide brings more details on the progress of the project and its likely impact on the realty market in the vicinity:
Facts about the Pune international airport project
- The airport will be spread over an extensive area of 2,400 hectares that encompasses seven taluka villages in Purandare tehsil - Pargaon Memane, Rajewadi, Waghapur, Ambodi, Pisarve, Rajodi, Jejuri and About 1,300 hectares of the total area belongs to the government. The Airports Authority of India (AAI) has already granted approval for the site.
- The Centre has promised to invest in the project with a capital expenditure outlay of Rs 50,000 crore for six new airport projects, including the Purandar airport.
- In 2016, Chief Minister Devendra Fadnavis announced that the new airport project would be developed at Purandar.
- Situated 45 kilometre from the city centre, the upcoming facility will run both international and domestic operations.
- The airport will be developed on a public-private partnership model.
- The new airport, once operational, will take in the excess traffic currently witnessed in the existing airport at Lohegaon. Work on the project is expected to be complete in four years' time.
- The department responsible for land acquisition has prepared three different models viz. land for land, a developed plot or subsistence allowance for 10 years so that farmers can make a choice which suits them. The government had earlier revised the compensation packages for the agitating farmers.
- The airport will have two parallel runway or airstrips spanning a length of four kilometres. It will be connected via six different routes, including National Highway - 4 and National Highway - 17.
- There have been talks to provide a Metro link from Bhosari to the new airport.
The micro-markets benefitted from the new airport
Investment prospects near the airport area, including the micro-markets it will be linked to, is likely to rise when the project nears completion. As it is with any new infrastructural development, the impact will first be seen in the commercial segment - with new hotels and commercial projects, and consequently in the residential segment. Maharashtra CM has promised development of special ring roads which will connect the airport to the business and industrial hubs of the city. The areas will include Chakan MIDC, parts of Talegaon MIDC, Bhosari MIDC and Rajiv Gandhi Infotech Park.
Adjoining localities near the airport like Bibvewadi, Saswad, Dhanori and Bhosle Nagar will witness an uptick in housing demand, as per the predictions of industry experts. Also, bustling localities of the PCMC, Magarpatta city, Hadapsar and localities like Rajgurunagar, Talegaon, Chakan, Satara, Raigad, Sangli, Kolhapur are likely to benefit as the demand and prices of properties are expected to rise. Property prices presently range between Rs 2,500 per sqft to Rs 2,900 per sqft.
Ample land parcel in the area surrounding the airport have already attracted developers and investors. Social infrastructure is set to develop and thus in the initial stage, the neighbourhood is an ideal place to park your money for higher returns in the future. The locality will qualify as a perfect second home destination or a location where buyers can secure a good rental income.