Metro Rail launch to boost Pune’s real estate
Pune’s real estate market is set for a boost with the launch of the Pune Metro rail services. The launch of metro operations is expected to boost real estate development along the metro corridors in the city. Realty projects are taking off to leverage this new mass transport infrastructure and drive the next phase of growth in Pune’s real estate with a higher floor space index (FSI) allowed in these areas.
A 12-km stretch of the Pune Metro was launched on Sunday and the metro rail network is expected to expand further to reach all corners of the city.
The city is all set for vertical growth along the metro corridor, says Anil Pharande, chairman of Pharande Spaces, a realty company and president, CREDAI- Pune Metro. The transit-oriented development (TOD) policy allows higher FFSI and higher population density in the 500-meter radius of the metro stations. While the Maharashtra government had announced an FSI of 4 along TOD zones within a 500-metre radius, Pharande says for realty projects to take off in the TOD zone, the government would have to modify some of the rules to make it more viable and affordable for buyers.
