An upcoming international airport near Pune has started talks about not just improved connectivity but better road infrastructure and better prospects when it comes to real estate in and around Purandar
The Maharashtra Airport Development Corporation (MADC), which has been appointed as the nodal agency for implementing the international airport project at Purandar, has received Rs 45 crores from the state government. It is now looking at Rs 600 crore more in the upcoming state budget. On May 8, 2018, the Civil Aviation Ministry had given site clearance for the construction of a new international airport near Pune. Here’s what you need to know about the upcoming international airport near Pune:
When was the Purandar international airport proposed?
This proposed airport near Pune was announced in October 2016. The Maharashtra cabinet, on March 5, 2019, granted its approval for setting up of a special purpose vehicle (SPV) for the proposed Purandar international airport in Pune. The City and Industrial Development Corporation of Maharashtra (CIDCO) will be a major stakeholder in the SPV. The CIDCO will hold 51 percent stake in the SPV, while MADC’s stake will be around 19 percent.
How will Pune benefit from the airport turning into a reality?
Purandar is roughly 40-45 km away from Pune. The proposed airport for which land has been earmarked in Pargaon, Ekhatpur, Munjwadi, Kumbharvalan, Udachiwadi, Vanpuri, and Khanavadi will help those travelling in and out of Pune and the nearby areas largely. It will also take some of the load that currently, the Lohegaon airport has to bear.
Passenger traffic at the existing airport at Lohegaon, which is controlled by the Indian Air Force and operated by the Airports Authority of India (AAI), surged by 20.6 percent to 8.16 million in fiscal 2017-18, compared to 6.76 million in fiscal 2016-17, as per AAI data. The new airport is expected to come up at an estimated cost of Rs 14,000 crores and will be spread across an area of 2,400 hectares.
Property markets in and around Purandar
Property markets in the city have a good chance to mature given this development. Not just connectivity, the realty market is going to benefit from the planned road infrastructure too. In 2018, the Pune Metropolitan Region Development Authority was in the process of enhancing road connectivity by building roads from Wadki to Pargaon Memane.
“Infrastructure-building always goes a step ahead of housing demand,” says Naman Puranik, a real estate agent in Pune. “The proposed international airport can give a chance to many small villages in this area to come within the developmental cycle. Property investments are sure to pick up. East Pune’s Wagholi is a good example of how real estate feeds on jobs and investment opportunities,” he adds.
Land acquisition for Chhatrapati Sambhaji Raje Airport
The airport was first proposed in 2016, but land acquisition and related issues delayed it. About 2,000 hectares of land is required for the effort but 45 acres are still with the various government agencies. The remaining is privately owned. Hence, the delay was inevitable. To top it, there were protests from farmers and environmentalists as well. As of now, the MADC is awaiting funds from the state so that it can push other agencies to release their share as well. A land acquisition may begin in the next six months.
The authorities have also decided that they would compensate private owners on a full cash basis given that neither providing an alternative plot nor a technical job looks like a feasible option. As for compensation, the Land Acquisition Act, 2014 states that the compensation amount should be four times of the ready reckoner rate.