It’s the Universal truth that airports make potential developments around themselves that lead to overall economic growth and an increase in real estate demand.
It’s been more than a decade when the government entities planned to develop an international airport in Pune. The wait has now ended since the Maharashtra Chief Minister Devendra Fadnavis declared the beginning of Pune International Airport’s construction. The airport is planned in Purandar region of Pune and the suggested name is after a great Maratha warrior, Chhatrapati Sambhaji Maharaj. This airport project is going to open many doors for the upcoming years and will surely house a great blessing to the Pune’s pleasant real estate market. Let’s have a quick look into the project and our findings on how it would create an impact on this sector.
About the new Chhatrapati Sambhaji Raje International Airport, Pune
- The airport will cover an area of 2,400 hectares and will encircle seven talukas in Purandar tehsil namely, Pargaon Memane, Waghapur, Rajewadi, Ambodi, Rajodi, Pisarve, and Jejuri.
- The airport will be located 40 km far from the main city in the North.
- The main aim of the project is to divert the excessive air traffic from current Lohegaon International Airport, Pune.
- The proposed airfield is expected to have 2 landing strips for a smooth take-off
- The construction of Pune Metro is proposed from Bhosari to the new airport.
- The approximate project cost is around Rs. 14,000 crores. The actual cost will be in the picture after the statistics are revealed.
- The project will be handled by Dorsch, a German Consulting Company.
On 30th April 2018, the project received an official green signal and thus the Ministry of Civil Aviation gave a site clearance to the project on 8th May 2018. The airport will be developed on a PPP i.e. Public-Private-Partnership model.
What are the different investment opportunities?
With the new airport arising, the demand for commercial as well as residential properties is going to be higher in Purandar and nearby localities close to the airport like Saswad, Bibvewadi, Dhanori, and Bhosale Nagar can go upward in housing demand.
The proposed metro project will also be an added advantage to the infrastructural development that is probably going to increase new employment opportunities and property development in Pune.
According to real estate developers and experts in the niches, long-term investment opportunities in these areas seem to allow a high return on investment.
Sufficient land in the areas close to the airport has already lured many developers and investors here. Social infrastructure is already to boost and thus in the primary phase, the neighborhood is a good place to park your investment for better returns in the coming days. The locality can qualify as a perfect location where consumers will secure a decent income or a perfect second home destination.
The Future of realty In Pune
After the prime amalgamation of the international airport, the real estate sector of Pune can be strongly estimated to upscale rapidly. It’ll entirely remodel the real estate of the adjoining areas. The high demand for the residential townships and alternative infrastructural development is probably going to unlock the doors of Pune real estate. In other words, the development of the airport can create a demand for residential and commercial properties.
On an Ending Note…
The construction of Chhatrapati Sambhaji Raje International airport will be helpful for Pune real estate. As per the proverb ‘Rome wasn’t built in a day’, the changes and development can take time however they’re going to be worth at the end. So why not invest in an area that might prove a goldmine in the near future? If you are planning to invest in the city like Pune, one of the most happening places in India right now, start your search today!