Upcoming Mumbai infrastructure projects that will transform the city and its impact on Mumbai’s real estate market.
Mumbai, the financial capital of India, is one of the major contributors to India’s GDP. Currently, Mumbai is undergoing an infrastructure boom. With the development of metro facilities across the town, world-class roads, a state-of-the-art upcoming airport in Navi Mumbai and much more, all these upcoming infrastructure projects will further escalate the economic growth of Mumbai and Maharashtra.
Apart from reducing travel time and making Mumbaikar’s life easy & convenient, these infrastructure projects will also have a considerable impact on Mumbai’s real estate market. These projects will further enhance the value proposition of Mumbai as a go-to residential and commercial hub in India.
Even undervalued areas in Mumbai like Bhandup, Dombivli, and Kalyan-Shil Road will witness development, leading to a surge in housing demand.
- Mumbai Metro
The upcoming metro projects in Mumbai are expected to reduce the city traffic and ease the heavy workload of the railway network. Once completed, the Mumbai metro will span across 350 kilometres, connecting every nook and corner of the city. In total, there would be 17 metro lines and over the next decade, Mumbai is most likely to see completion of all these metro lines. Commercial real estate will benefit a lot because of this extensive metro project. In terms of residential real estate, metro rail is likely to push the demand for both affordable and luxurious housing projects.
- Navi Mumbai International Airport
The under-construction Navi Mumbai International Airport is one of the landmark projects of the city. Once completed, the Navi Mumbai airport can pave the way for Mumbai’s development into an aerotropolis (an urban city centred around an airport).
The under-construction Mumbai Coastal Road will be toll-free which is executed by the BMC, will connect South Mumbai and the Western suburbs. The Coastal Road is expected to open in phases wherein phase 1 will run between Worli and Marine Drive and phase 2 will start from the Bandra end of the Bandra-Worli Sea Link and end at Kandivali. The operation of this road project will reduce this travelling time to 40 minutes.
Impact on Real estate
The Coastal Road would benefit the city in two major aspects – reduced congestion and travel time. This means that the road would connect two opposite parts of the city. By connecting Southern Mumbai with Kandivali, it would assist the eastern freeway, western expressway, and the local railway line to decongest and improve connectivity.
The other main benefit of this project is that it would give access to the commercial hotspots of South Mumbai. With reduced commute time to employment hubs, the housing demand in the suburbs is expected to see an upward movement.
The average property prices have varied from location to location depending on multiple factors including property-type, location, builder reputation, etc. But on an average, the areas impacted by the Coastal Road have seen price appreciation of anywhere between five and 15 per cent in the last few years.
Some of the micro-markets, which are most likely to benefit from this project include Borivali, Kandivali, Dahisar, Goregaon, Mira Road, Bhayandar, Bandra, Andheri, and areas in South Mumbai.
Markets such as Colaba, Nepean Sea Road, Worli and Bandra West have premium characteristics, while markets such as Andheri West, Goregaon West and Charkop are driven predominantly by access to the employment hubs at South and Central Mumbai. Markets such as Charkop and Goregaon West to be the major beneficiaries of this project and expect increased development traction.
The demand for flexible commercial offices and affordable homes in Mumbai will skyrocket in the coming years, as these infrastructure projects offer convenience and hence investing in Mumbai will be a great decision in the coming decade.
Even the residents of areas like Bhandup, Dombivli, Byculla, and Kalyan will start enjoying superior connectivity, leading to an upsurge in the prices of housing properties in these locations.
Apart from alleviating traffic, the Mumbai Coastal Road Project is expected to reshape the city’s real estate landscape. The improved accessibility and scenic views along the coastal route will add value to properties, likely to make them highly sought after in the market.
These long-awaited infrastructure projects will forever change the way Mumbaikars commute and will also create enough traction in the real estate market.