Pune: Real estate sector yet to pick speed along Metro corridor

PUNE: Real estate development along the Metro corridor is yet to gather momentum though 10 months have passed after the state government announced up to 4 floor space index (FSI) on the stretch.

“Only two applications have so far been approved for allotting the additional FSI,” said Yuvraj Deshmukh, a senior official in the Pune Municipal Corporation (PMC)’s building permission department.

The government had in March 2019 declared up to 4 FSI along the transit oriented development (TOD) zones within 500m radius of the Pune Metro stations. The civic administration has started giving permissions in the Metro TOD zones and the first full-fledged trial run of a Metro rake powered by electricity was conducted recently on the elevated corridor between Sant Tukaramnagar and Phugewadi stations.

Factors such as road width, plot size and distance of the plot from the station are being considered while allotting the FSI. “The two applications approved in the TOD zones in the last 10 months were processed as per the rules,” said senior PMC official.

Higher FSI is being promoted as one of the key sources of income for infrastructure improvement along the Metro corridors. The PMC is also banking much on the additional FSI along the Metro route to bolster its revenue.

The PMC has decided to check how the increased FSI would impact the city. Its standing committee had approved appointment of a consultant to assess developments in the TOD zones. The experts would study the current situation in the areas and provide suggestions for future growth.

The PMC officials claimed that many issues had cropped up related to TOD. “Since smaller societies find it difficult to go for redevelopment projects, they want smaller plots to be amalgamated. But no cluster policy is currently available for such joint projects,” an official said.

“These complications have kept the realtors and residents away from developing plots in the TOD zones. Only a few people have evinced interest in taking up constructions in these zones,” a senior PMC official said.

Activists said the civic administration should ensure proper facilities and easy access to the Metro route to encourage property buyers to invest in such projects.

“Smaller flats and affordable rates will be important factors to promote population density in the TOD zones. Studio apartments near public transport hubs have become popular in many big cities. Such a model should be implemented in the TOD zones in Pune,” said Sujit Patwardhan of Parisar, a civil society organization. He added that citizens should be able to access Metro at a walkable distance or with non-motorized transport.

Source: https://realty.economictimes.indiatimes.com/news/industry/pune-real-estate-sector-yet-to-pick-speed-along-metro-corridor/73990130

February 06, 2020

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