PMRDA plans to lease prime land in Shivajinagar to generate funds for Hinjewadi to Shivajinagar Pune Metro line

The Pune Metropolitan Region Development Authority (PMRDA) has opted to lease out valuable land situated in Shivajinagar, alongside the old Pune-Mumbai highway, as a means to generate funds for Pune Metro line 3 (Hinjewadi to Shivajinagar). With a base price set at INR 396.50 crore, PMRDA aims to utilize this resource to finance the project. This decision follows the allocation of three government land parcels within Pune city to PMRDA by the state cabinet, forming part of the financial backing for the proposed Pune Metro line 3. After clearing structures on the designated land, PMRDA issued a tender on March 12, 2024, for Plot No. 20 and Final Plot No. 19 at Bhamburda in Shivajinagar, TPS01, Pune.

An official from PMRDA stated, “The state government has entrusted PMRDA with land initially earmarked for government polytechnic, dairy development, and police department purposes. We have commenced the process of leasing out 7.14 hectares of dairy development land for an extended duration of 80 years. This land, situated adjacent to the old Pune-Mumbai highway, is anticipated to yield over INR 500 crore through long-term leasing. Instead of a direct financial grant of INR 1,200 crore, the state government has opted to provide land to aid in fundraising for the PMRDA metro rail project.”

News Source – e-Auction Notice