Pune Ring Road Project Set to Transform Real Estate Landscape and Drive Growth

Pune is rapidly advancing its infrastructure landscape, resulting in significant enhancements to its liveability quotient. In the first eight months of 2024, the residential sector witnessed a remarkable surge, with 127,108 properties registered—a 40% increase compared to the same period in 2023. This uptick is mirrored in stamp duty collections, which surpassed ₹4,736 crores, indicating an impressive 47% year-on-year growth, according to data from Maharashtra’s Inspector General of Registration (IGR), as reported by Knight Frank India.

Pune is solidifying its position as a premier real estate destination, driven by significant infrastructural advancements and a steady influx of professionals. Renowned for its rich cultural heritage and thriving IT sector, Pune has rapidly emerged as one of India’s fastest-growing cities. However, this growth has also highlighted challenges such as traffic congestion and air pollution that require strategic development. At the forefront of this transformation is the Pune Ring Road, a 128-kilometre expressway designed to ease traffic by providing alternative routes and linking 29 nearby villages. Although initially announced in 2016, the project faced delays due to land acquisition issues. Recent state cabinet approvals, including an additional ₹20,375.21 crore, have revitalised progress, raising the total project cost to ₹42,711.03 crore.

The Pune Metropolitan Region Development Authority (PMRDA) is prioritising land acquisition in its 2024-25 Budget to expedite construction. The Ring Road aims to enhance connectivity between major industrial hubs, stimulate economic growth, and improve safety by diverting heavy traffic from residential areas. Complementing this project are initiatives under Pune’s Smart City mission, further positioning Pune as a sustainable urban hub ready for the future.