We look at the status and the proposed route of the Pune Ring Road, which was planned in 2007 and try to gauge the impact it will have on the city’s real estate market, once the project is developed
The Pune Ring Road was conceptualized in 2007, to boost connectivity in the city and its suburban areas. However, lack of funding put the project on the back-burner. According to recent media reports, the Pune Metropolitan Region Development Authority (PMRDA), the implementing agency appointed by the state government, is awaiting the center’s assistance of Rs 2,468 crores, to reimburse landowners for the acquisition process. This amount would be released, once it acquires 80% of the total required land. This catch-22 situation has delayed the project endlessly.
Pune Ring Road route and connectivity
The circular, 128-km route of the road, is not only expected to improve the poor commuting conditions across the city but also open investment avenues in 29 real estate markets that lie along the approved alignment of the Ring Road. Once the road is operational, these micro-markets are likely to come up as housing hubs, with easy connectivity across the city. This could also cool down property prices in the main hubs such as Kalyani Nagar, Koregaon Park, Viman Nagar, Magarpatta, etc. Apart from this, the Ring Road will connect six major highways passing through the city:
- Pune-Bengaluru Highway (NH-48)
- Pune-Nashik Highway (NH-60)
- Pune-Mumbai Highway (NH-48)
- Pune-Solapur Highway (NH-65)
- Pune-Ahmednagar Highway (NH-753F)
- Pune-Saswad-Palkhi Marg (NH-965)
Pune Ring Road development phases
The Pune Ring Road is planned to be delivered in four phases, for which the total projected cost is Rs 17,328 crores. Out of this, three-fourths will be provided by the central government under the Bharatmala Pariyojana, a centrally-sponsored and funded road and highways project of the government of India. The remaining amount will be raised through town planning schemes and other means. These town planning schemes will be implemented from Wagholi to Vadichiwadi and from Vadichiwadi to Katraj.
Around 24% of the land has already been acquired for the first phase of the Ring Road, for which the total cost is Rs 518 crores. Rs 300 crores have already been allotted by the PMRDA. The total land required for the project, which will have six bridges, eight flyovers, three road over-bridges, and a 3.75-km tunnel road, is approximately 1,430 hectares.
Impact of the Pune Ring Road on real estate prices
The Pune Ring Road will pass through some of the fastest-growing suburban areas of the city. These include Pimpri-Chinchwad, Pirangut, Sivapur, Lonikand and others. Out of these, Pimpri and Pirangut already have some of the biggest township projects, attracting affordable home buyers and investors alike. While the infrastructure and amenities are not up to the mark yet, the situation is expected to improve, once the population moves in. With such a bankable project on hold, Pune’s real estate market can only hope for better days ahead.