The Hinjewadi-Shivajinagar metro project got a major boost after the PMRDA approved the agreement for this line as a joint venture between Siemens and Tata Realty Infra. This move will not just boost overall connectivity in the city; it will also give a major boost to real estate markets near the metro railway network. Chief Minister of Maharashtra, Devendra Fadnavis, handed over the agreement letter to officials from both these companies. The metro line is estimated to cost around Rs. 8, 313 crore.
The 23 km Hinjewadi-Shivajinagar metro line, distinguished as line number three of the entire project, is based on the public-private partnership model. This will decongest several areas in Pune and lower traffic levels. Line three will also cater to the requirements of the IT industry which has a significant presence in this area. The metro network is expected to be completed in a period of 30 months starting from the beginning of construction which may start by end June 2019 as per reports.
Pune’s real estate and infrastructure markets are poised to get a huge advancement with the development of connectivity solutions like the metro railway. This network will not only make commuting easier for those travelling to the Hinjewadi IT hub, it will scale up land values and property prices in surrounding areas all throughout the 23 kilometre stretch. This may lead to several new real estate projects coming up across the entire metro corridor. Some of the top projects in Hinjewadi include Peninsula Ashok Meadows, Mittal High Mont and Paranjape Trident Towers among several others.
