The Pune Metropolitan Region Development Authority expects the proposed Mhalunge town planning scheme to attract investment of around Rs.21,300 crore from private and public investors within three years following the completion of the project.
Chief minister Devendra Fadnavis will launch the scheme on Friday at Balewadi stadium. The launch will be followed by the infrastructure work for the town planning scheme that was featured at the threeday Magnetic Maharashtra Summit held in February.
PMRDA commissioner Kiran Gitte said 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 said.
The government will currently pump in Rs.600 crore and the rest of the amount for the infrastructure work can be arranged through monetization of land reserved in the town planning scheme. Spread over 700 acres and involving 5,200 landowners, the project will be based on the land pooling model.
After the planning stage, nearly 28 roads will be taken up in the township and its formal launch will be an opportunity to have the landowners and the possible investors on the same platform. “The planning phase is complete and it’s now the execution phase. The township will be open for the investors and we will ensure all infrastructure,” Gitte said.
PMRDA officials said the project was expected to generate roughly Rs.10,000 crore in the next four to five years. The town planning scheme is expected to serve two purposes — decongest the Hinjewadi area and build new towns on the periphery to cater to the increasing population.
Once the Mhalunge project is completed, PMRDA will work on more than 20 town planning schemes in areas such as covering 9,000 hectares along the proposed ring road. The town planning model is the financial model for the 129-km ring road project. The entire project will be completed in three years, Gitte said. After Mhalunge, there will be similar schemes in Dhayari, Urali Kanchan and Wagholi.