Jun 22, 2023Mumbai Real Estate

Pune Ring Road Project |Overview, Current Status & Latest Updates

by Godrej Properties Limited

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The ambitious Pune Ring Road project is expected to boost real estate development in Pune, especially along the city's periphery. As per the Pune ring road update, the long-awaited project, conceived in 2007, now has a December 2026 deadline. Here we review the impact of the 170 km-long ring road in Pune on the city’s real estate market.

Pune Ring Road: Latest news, current status and progress report (July 2023)

As of the latest updates, the State government has announced that work on the Pune Ring Road will commence in December 2023 and is anticipated to conclude by the end of 2026. The land acquisition process is expected to be finalized by September 2023, with the construction commencing a few months later.
 

The total estimated cost for the Pune Ring Road project stands at Rs 18,000 crore, with an estimated completion timeline of 30 months from the start of construction, divided into nine packages.
 

The MSRDC has confirmed that land acquisition will span 32 villages in four talukas of the region at a projected cost exceeding Rs 2,600 crore. Landowners will be compensated at five times the prevailing Ready Reckoner Rates (RRR) or the highest property transaction rate over the last three years.
 

Approximately Rs 11,000 crore has been allocated for land acquisition, and the State has secured a Rs 35 billion loan from the Housing and Urban Development Corporation (HUDCO) for the project. Nearly 90% of the land measurement work has been completed, and the valuation of land parcels earmarked for acquisition is underway.
 

Pune Ring Road Overview

Estimated to be constructed at a cost of Rs. 17,000 crores, the proposed ring road in Pune will connect significant highways such as Pune-Nashik (NH-50), Pune-Ahmednagar, Mumbai-Pune-Solapur (NH-9), and Pune-Satara. These are the construction phases:
 

  • Phase 1 Route: Theurphata - NH 9 - Kesnand - Wagholi - Charholi - Bhavdi - Tulapur - Alandi – Kelgaon Chimbli - NH 50
  • Phase 2 Route: NH 50 - Chimbli Moi - Nighoje - Sangurde - Shelarwadi - Chandkhed - Pachne - Pimploli - Rihe - Ghotawde - Pirangut phata.
  • Phase 3 Route: Pirangut Phata - Bhugaon - Chandni Chowk - Ambegaon – Katraj
  • Phase 4 Route: Ambegaon - Katraj - Mangdewadi - Wadachiwadi - Holkarwadi - Wadkinaka - Ramdara - Theur Phata - NH 9

Thus, the circular Pune ring road map will traverse Pune’s outer towns and villages. Hence, it is also commonly called the Pune Outer Ring Road. Currently, the Pune new ring road map project plan includes a six-lane road with two service lanes, 13 tunnels, four bridges over railways, eight flyovers, 14 subway roads, and seven viaducts.
 

Impact of Pune Ring Road on Real Estate

The construction and revival of the Pune Ring Road have set in motion a significant transformation in the city's real estate landscape. This development is especially noteworthy for those looking to invest in or buy property in Pune. Let's break down the impact of the Pune Ring Road on the real estate sector, without delving into specific names or figures.
 

  • Expanding Horizons: The Pune Ring Road has triggered real estate expansion across all corners of the city. This means that prospective homebuyers now have a broader spectrum of choices when it comes to location. The development of several townships in various parts of Pune has opened up new possibilities for those seeking homes.
  • Township Boom: The Pune Metropolitan Region Development Authority (PMRDA) has initiated town planning schemes in areas like Mahalunge and Mann. These townships are set to sprawl over hundreds of acres, echoing the success of the Hinjewadi IT Park. The massive infrastructure investment, amounting to around Rs 450 crore, in the proposed ring road, is expected to generate substantial economic activity in the coming years.
  • Many Townships, One Ring Road: The 32 km-long Phase 1 of the ring road is slated to host close to 15 townships. These projects will be strategically located in outlying areas, including Avatalewadi, Wadachi Wadi, Wadki, Holkarwadi, Phursungi, Manjri Budruk, Yevalewadi, Urali Devachi, Handewadi, and Pisoli. As a result, there will be a surge in residential opportunities in these regions.
  • Cooling Effect on Premium Areas: The expansion of Pune's real estate landscape is not limited to the outskirts; it will also influence the property market in premium micro-markets like Viman Nagar, Kalyani Nagar, Koregaon Park, Kharadi, and Magarpatta. The current high property prices in these areas have been a concern for potential homebuyers. However, the emergence of new townships is expected to alleviate this issue, offering more affordable choices.
  • Infrastructure Enhancement: Presently, many peripheral areas of the west, northwest, and north Pune face infrastructure challenges. Nevertheless, the substantial investment by the PMRDA is poised to address these concerns. Improved infrastructure will not only make these areas more attractive for residents but also enhance the overall quality of life.

Pune Ring Road Challenges

Being an ambitious project, the PRR has run into numerous challenges. Some of these are:
 

  1. The project’s deadline has moved many times since 2007 due to several constraints. Furthermore, its multiple phases will be developed over a number of years.
  2. Acquiring land has been a major challenge. This process takes time and needs to be done properly.
  3. Increased traffic congestion, noise, and pollution due to construction.

Once completed, the Pune Ring Road will certainly boost real estate, enhance connectivity and improve Pune's overall living standard.


Frequently asked questions

1. Who will develop the Pune Ring Road?

Ans: The Pune Metropolitan Region Development Authority (PMRDA) will develop it.
 

2. When will the MSRDC Pune Ring Road be completed?

Ans: The Pune Ring Road’s latest deadline is December 2026.

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