How Pune International Airport Impact on Real Estate MarketSamar Javed19 August 2019
Airports always prove to be beneficial for cities because they give a boost to overall economic activities and real estate development. Airports improve business activity, and therefore, in a bigger demand for commercial real estate. Commercial activity and the housing market in a city are closely linked, a business gives rise to employment, and employment boost buying power, and so it increases. It also increases the demand for rental houses for workforces.
Pune will soon have work start on the new Chhatrapati Sambhaji Raje international airport to be located at Purander. The civil aviation ministry and the center have given a go-ahead for this project in April. Three companies will form a consortium and be responsible for investment in the airport city, that will be created near the airport. The project will be developed at Rs.14,000 crore approximately.
Some Quick Facts
- The Pune new airport will cover a huge area of 2400 hectares that will include seven villages in Purander tehsil – Rajewadi, Pargaon Memane, Ambodi, Waghapur, Pisarve, Jejuri, and Rajodi. The government owns about 1300 hectares of the land. The site has already been approved by the Airports Authority of India or AAI.
- The center has made a promise to invest a capital expenditure outlay of 50000 crore INR for six new airport projects, of which the Purander airport is one.
- The airport location is 45 km from the center of the city, and the new facility will have both domestic and international operations.
- The Purander airport will be built using a public-private partnership model.
- The project is expected to be completed in four years.
- The new Pune international airport will have two parallel airstrips or runways of four kilometers. It will be connected from six different routes, that include National Highway 17 and National Highway 4.
Read this also- 1260 Crore Fund To Be Released By UP Government For Land Acquisition Of Jewar Airport
Impact of Pune airport on Real Estate Market
There will be a two-fold impact of the new Pune international airport on real estate:
- At first, it will increase the viability of the city of Pune as a destination for business. This will, in turn, increases interest because more and more international and domestic companies will start operations in the city or expand their existing setup. This will have an exponential effect on the residential real estate market as well.
- Secondly, the overall real estate profile of Pune will change, because the demand will move towards areas that are near the site of the new airport. Airports result in huge infrastructure undertakings that produce residential demand from people who are employed there, and also the various associated services that exist.
There will be a huge demand for quality housing in locations that have ready access and good connectivity to both the new location and Pune. Areas like Charoli have already become Pune’s new township region by building an extremely modern more than 400 acres integrated township. Also, an important thing to note is that Charoli and nearby areas like Dhanori have good access to both the new international airport and the existing one.
01 Jan 2019- Chief Minister of Maharashtra mr. Devendra Fadnavis cabinet passed a proposal to build a SPV (special purpose vehicle) to facilitate investment in the New International Airport development project in Pune.
10 Nov 2018- State Government of Maharashtra reported the land acquisition process for the New International Airport in Pune development project will coming Soon.
02 Apr 2018- Announced new pune international Airport by Maharashtra Airports Development Company (MADC) received in principle amount and site clearance approval from an Indian centeral Government.
24 Jan 2018- Guruprasad Mohapatra chairman of Airports Authority of India (AAI) reported the Indian Air Force (IAF) approved the AAI to proceed with master plans to develop New Pune International Airport.