PMRDA to Allocate 9.7 Hectares of Land to Tata Group
Real Estate

PMRDA to Allocate 9.7 Hectares of Land to Tata Group

The Pune Metropolitan Region Development Authority (PMRDA) has taken a significant step towards enhancing non-fare revenue for the forthcoming 23km elevated third Metro line running from Hinjewadi to Shivajinagar. PMRDA's Chief Engineer, Rinaj Pathan, revealed that a total of 9.7 hectares of land is set to be handed over to the concessionaire, Tata Group, for commercial development purposes.

Of this land, 4.75 hectares have already been transferred to the concessionaire in Balewadi, with an additional 5 hectares in Maan slated to be allocated in the near future. This move is expected to facilitate real estate development, akin to what has been achieved for the city's existing two Metro lines.

The proximity of this land to the elevated Metro line makes it an attractive proposition for real estate developers looking to invest in the area. A senior official from PMRDA commented, "Real estate developers can invest in the land as it will be close to the elevated line."

Anticipating a substantial boost to the construction sector along the Metro routes, executive council member of Credai-National, Shantilal Kataria, expressed optimism about the transformation of Pune's cityscape. Kataria remarked, "We can anticipate high-rises and premium properties getting developed along all the three Metro lines. Increased Floor Space Index (FSI) for developers embarking on projects along the Metro route will undoubtedly support the Metro's objectives."

The allocation of land for commercial development marks a significant milestone in the ongoing expansion and development of Pune's Metro network, with potential far-reaching impacts on the city's urban landscape.

banner1

The Pune Metropolitan Region Development Authority (PMRDA) has taken a significant step towards enhancing non-fare revenue for the forthcoming 23km elevated third Metro line running from Hinjewadi to Shivajinagar. PMRDA's Chief Engineer, Rinaj Pathan, revealed that a total of 9.7 hectares of land is set to be handed over to the concessionaire, Tata Group, for commercial development purposes. Of this land, 4.75 hectares have already been transferred to the concessionaire in Balewadi, with an additional 5 hectares in Maan slated to be allocated in the near future. This move is expected to facilitate real estate development, akin to what has been achieved for the city's existing two Metro lines. The proximity of this land to the elevated Metro line makes it an attractive proposition for real estate developers looking to invest in the area. A senior official from PMRDA commented, Real estate developers can invest in the land as it will be close to the elevated line. Anticipating a substantial boost to the construction sector along the Metro routes, executive council member of Credai-National, Shantilal Kataria, expressed optimism about the transformation of Pune's cityscape. Kataria remarked, We can anticipate high-rises and premium properties getting developed along all the three Metro lines. Increased Floor Space Index (FSI) for developers embarking on projects along the Metro route will undoubtedly support the Metro's objectives. The allocation of land for commercial development marks a significant milestone in the ongoing expansion and development of Pune's Metro network, with potential far-reaching impacts on the city's urban landscape.

Related Stories

Gold Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram