The Pune Metropolitan Region Development Authority (PMRDA) has taken a significant step towards securing funding for the Pune Metro Line 3 (Hinjewadi to Shivajinagar) by opting to lease prime land in Shivajinagar adjacent to the old Pune-Mumbai highway. This decision is anticipated to yield substantial revenue, with estimates exceeding ₹500 crore.
The PMRDA, in collaboration with the state government, has leveraged available land resources as an alternative funding mechanism for the crucial metro rail project. By allocating 7.14 hectares of land, initially designated for government institutions, for long-term lease, the PMRDA aims to meet a significant portion of the project’s financial requirements.
An official from the PMRDA highlighted the proactive approach adopted by the state government, which opted to provide land assets valued at ₹1,200 crore instead of direct financial assistance. This strategic decision underscores a commitment to innovative financing solutions to propel essential infrastructure development initiatives forward.
The identified land parcel, situated in Shivajinagar’s Bhamburda area, has been cleared of existing structures, paving the way for the tendering process initiated by the PMRDA. With the tender published on March 12, 2024, the authority is poised to capitalize on the commercial potential of this prime real estate asset.
The land allocation from the state government encompasses diverse parcels, including areas originally earmarked for educational, agricultural, and law enforcement purposes. This holistic approach reflects a concerted effort to optimize available resources in support of critical urban development endeavors.
As progress continues on the Pune Metro Line 3, spanning a 23.3 km route from Mann village to Shivajinagar via Hinjewadi, Deputy Chief Minister Ajit Pawar has emphasized the importance of expediting project timelines. With approximately 40% of the work already completed, the metro line promises to significantly enhance connectivity and reduce travel times across key urban centers.
In addition to facilitating smoother intra-city travel, the Pune Metro Line 3 is expected to catalyze economic growth and urban development along its corridor. The integration of modern transit infrastructure is poised to unlock new opportunities for residents and businesses alike, underscoring the transformative impact of strategic infrastructure investments.
