Some big ticket best property in Pune may emerge from the future actions of the Pune Metropolitan Region Development Authority. The state government has plans to transfer 7,800 hectares of land to the PMRDA with the goal of making the land financially sustainable under the aegis of the PMRDA. In common parlance this means the PMRDA will explore ways to earn revenue from the land.
There are investment proposals from big name suitors who wish to invest in this region of Pune. Companies from countries such as Korea, Japan, and China have strongly expressed an interest in establishing offices or factories within the 7,800 hectares of land that the PMRDA is now responsible for and is creating a development plan for. With large foreign companies ready with investment proposals for this land, there has emerged a special drive to fence the land and keep it free from encroachments.
Emulating Other Development Authorities
The Mumbai Metropolitan Region Development Authority (MMRDA) already has a financial model which includes planning and executing similar development projects, the PMRDA will emulate this pre existing model as it pertains to the 7,800 hectares of land that is now under its care.
The financial model that has been mastered by the (MMRDA) is heavily driven by the land bank because the Authority uses the land to raise funds and to implement various projects. In following the example of the revenue model that has been mastered by the MMRDA, the Pune Metropolitan Region Development Authority shall also raise funds by using the land bank to raise funds. If the land bank is utilized with care, many of the top builder in Pune will have the chance to construct elegant structures for foreign and domestic companies.
In the Words of the PMRDA Chief
The chief of the PMRDA stated that he has a plan to seal off the land for a period of one year even if it means that the PMRDA will incur an expenditure of up to five crores to do so. He also revealed that he has plans to make the plots on the land commercially viable for such projects as a ring road and a metro rail.
Monetizing the Land
PMRDA’s goal, after basic civic amenities such as sewage, electricity, water, and roads are developed on the land, is to sell the land because after the completion of the basic civic amenities, land prices are bound to rise. The income that is generated by the sale of plots on the 7,800 hectares of land will be used for further development. Numerous Real estate project in Pune will be built on this land which had been slotted to serve as a land bank since the formation of the PMRDA in 2015.