The Pune Metropolitan Region Development Authority (PMRDA) is touted as one of the country’s best planning and development bodies due to its past successes. The authority is implementing several plans to boost the real estate growth in Pune. The additional areas put under its jurisdiction are also expected to see sustained development.
The Maharashtra government has recently appointed the Pune Metropolitan Region Development Authority (PMRDA) as the special planning authority for the 23 villages merged into the Pune Municipal Corporation (PMC). Given the track record of PMRDA, this is only good news for the entire Pune Metropolitan Region (PMR), including Pune, Pimpri-Chinchwad and its surrounding areas. We can now look forward to fast-tracked development backed by adequate infrastructure.
PMRDA was formed only in 2015, yet, in these six years, it has earned the distinction of being one of the most dependable development authorities within the country. It operates on perfect development models, ensuring transparency and governance. PMRDA has been instrumental in facilitating integrated planning while at the same time guaranteeing both economic and ecologically sustainable development.
In the last six years, the PMRDA has given shape to numerous infrastructure projects vital for the growth of Pune and its surrounding areas. It is in charge of major developmental activities as per the development plan and Town Planning schemes in PMR, the largest municipal corporation in India. Some of these key infrastructure projects include the Metro Rail project, the Bus Rapid Transit System (BRTS), Pune Ring Road, and the township planning schemes.
PMRDA has already fast-tracked two of these projects - the Pune Ring Road and Shivajinagar-Hinjewadi Metro line. PMRDA is also the executing authority of the Pradhan Mantri Awas Yojana (PMAY) under its region, covering approximately 842 villages.
If we look at the progress of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) scheme in the Pimpri Chinchwad region, Pune and Pune Cantonment Board together, nearly 1.6 lakh homes have been sanctioned by the Central Government so far. Of these, almost 83,000 homes have been already completed.
For its township planning schemes, PMRDA is replicating the model of development used in Ahmedabad, Gujarat. Accordingly, the Authority has developed the first Town Planning (TP) program for Mhalunge-Maan. The scheme kick-started with much fanfare in late 2018, but COVID-19 derailed its progress. However, PMRDA now aims to speed up the work on this mega high-tech city located in the vicinity of the Hinjewadi IT Park.
According to the plan, PMRDA will obtain a loan of around Rs 600 crore from the Housing and Urban Development Corporation Limited (HUDCO) to develop basic infrastructure facilities, including roads, water, and drainage, among others. Once the support infrastructure is operational, private plot owners can develop their land. This scheme would spread across 700 acres. It will be divided into nine sectors with integrated programs for schools, gardens, roads, drainage and water. PMRDA also has plans to come up with 46 similar TP schemes. These shall be situated around the Pune Ring Road.
All this is a blessing for Pune’s overall real estate growth. It will help the city and its surrounding areas to expand systematically and also attract significant investments. With high-quality infrastructure and essential utilities like public roads, running water, electricity, proper waste, and telecommunications, readily developed, future investments are assured. To illustrate, more than USD 1.5 billion has already been pumped into Pune by institutional investors between 2016 and 2021. This investment is spread across all real estate segments, including office, residential, retail, logistics and warehousing.
