Thane and Pune Metro extensions to enhance connectivity and boost real estate markets
August 27th, 2024
Listen to this News
The Union Cabinet has officially approved two significant metro rail projects in Maharashtra, set to transform transportation and boost real estate in the cities of Thane and Pune. Valued at over INR 15,000 crore, these projects are expected to enhance connectivity and ultimately benefit local businesses and property markets.
In Thane, the cabinet has approved a 29-kilometre ring corridor that will feature 22 stations. This corridor will run along the western perimeter of the city, with the scenic Ulhas River on one side and the Sanjay Gandhi National Park on the other. The project aims to connect key business areas and residential hubs, providing a much-needed transport solution for the growing workforce in the area. The completion date for this corridor is projected for 2029.
Real estate experts anticipate that the new metro line will have a considerable impact on Thane's property market. Currently, property prices range from INR 10,000 to INR 25,000 per square foot, depending on the location. Rentals for two-bedroom apartments are typically between INR 20,000 and INR 45,000 per month. The introduction of the metro is expected to drive demand, as seen in past infrastructure projects that resulted in property price increases of 10-20%.
Meanwhile, Pune is also set to benefit from improved transportation with the approval of the Swargate to Katraj underground metro line, an extension of the existing Pune Metro Phase-I project. This new line will cover 5.46 kilometers and connect critical areas such as Market Yard and Bibwewadi, enhancing links between northern and southern Pune. Experts expect this project to be completed by February 2029, further facilitating economic activity in the area.
Property prices in Katraj currently average around INR 6,000 per square foot, with two-bedroom apartments renting for approximately INR 20,000 to INR 25,000 monthly. According to Aditi Watve from ANAROCK Group, the new metro corridor is likely to boost connectivity between significant commercial zones like Hinjewadi and South Pune, fostering economic growth.
The anticipated metro projects not only aim to improve public transportation but are also expected to decongest Thane significantly. Vimal Nadar, Senior Director at Colliers India, emphasised the metro's potential to connect major residential and commercial areas, thus facilitating smoother commutes and increasing real estate demand. As these metro projects progress, increased connectivity and property value appreciation in Thane and Pune appear on the horizon, making these areas even more attractive to investors and home seekers alike.
In addition to the approved projects, there is potential for further infrastructure developments in Maharashtra, which could enhance the state's overall transport network. The planned metro projects are part of a larger push towards urban mobility solutions, aiming to reduce traffic congestion and promote sustainable modes of transport in some of India's rapidly urbanising regions.
As these metro projects move forward, Thane and Pune are poised for significant transformation, with potential impacts not only on the real estate market but also on the daily lives of residents through improved access and reduced travel times. The future of urban commuting in Maharashtra looks promising, with these developments laying the groundwork for more integrated and efficient urban areas.
Source: propnewstime.com
Read all Thane Real Estate Latest News
To Know About Thane Real Estate Development Contact Us at 022 2580 6868
