In order to decongest Hinjewadi, a popular real estate hotspot, the Pune Metropolitan Region Development Authority (PMRDA) has planned the development of their first model township, Mhalunge project near Hinjewadi IT Park. It is said that following the lines of Ahmedabad city, the PMRDA is planning to develop 46 town planning schemes around the ring road in the Pune city.
The Mhalunge township project is spread over 700 acres, involves 5,200 landowners, and will be based on the land pooling model. According to PMRDA officials, majority of landowners have already signed up and handed over their plots. In return, they will be getting residential units, so that they don’t have to relocate nor the government has to incur land acquisition costs.
The project is the largest township project till date and the PMRDA is expecting an investment of around Rs 21,300 crore from both private and public investors within three years following the completion of the project.
Giving more information on the project, PMRDA Commissioner Kiran Gitte said, “The planning phase is already complete, while the infrastructure work will be completed within two years. With Hinjewadi becoming congested, such townships with both residential and commercial space will be ideal for development,”
He further said that the state Govt will pump in Rs 600 crore, on the other hand, rest of the amount can be arranged through monetization of land reserved in the town planning scheme.
Mhalunge township project is expected to serve two purposes — first to decongest the Hinjewadi area and second to build new towns on the periphery to cater to the increasing population of the Pune city. “We are expecting to generate Rs 10,000 crore in the next four to five years via this project.” added another PMRDA official.
“The township will also have 5,000 affordable housing units in the township. Around 38.4 million square feet of residential space, worth Rs 7,600 crore, and 16.5 million square feet commercial space, worth Rs 3,300 crore, would be developed here.” Gitte informed.
PMRDA said that before inviting investors to the township, they will first build roads, water supply systems, sewage lines, electrification and reserve space for social infrastructure.