The City of Dreams is also the most densely populated city in India. Even today hundreds of people enter the city every day to fulfil their dreams and ambitions. Due to this continuous influx of people, the infrastructure has always been under great pressure. Although Mumbai has one of the best suburban railway and road networks it is falling short of fulfilling the increasing demand of this dynamic city. To overcome these challenges the city is currently amid an infrastructure revolution. Anyone who lives in Mumbai or has visited the city will notice the furious pace at which the metro railway system, wide roads, the Navi Mumbai Airport, and other projects interconnecting the city are advancing. These projects are aimed to improve the interconnectivity and ease of travel within the city by a huge factor. But more significantly, they will propel Mumbai real estate market enhancing the value proposition of Mumbai as a premiere real-estate hub.
Let us have a look at the progress of some of the major projects that are going on now:
1. Mumbai Coastal Road
The Mumbai Coastal Road Project is an approximately 30 km road project that will connect Princess Street in South Mumbai to Kandivali, a northwestern suburb of Mumbai. The road which is under construction aims to ease traffic congestion and reduce travel time from 2 hours to 40 minutes. It will also offer a mesmerizing sea view to the commuters making it an icon of Mumbais public transportation system. As per the government officials, 82 % of the coastal road project is completed. The project is on track for completion by June 2024, as four infrastructure firms have been awarded contracts to complete the final leg of the project from Versova to Dahisar.
2. Goregaon Mulund Link Road (GMLR Project)
Connecting the eastern and western corridors of Mumbai is crucial for better mobility within the city. Currently, three road projects connect the two corridors: the Jogeshwari-Vikhroli Link Road, Ghodbunder Road, and the Santacruz Chembur Link Road. However, these roads are insufficient to meet the demands of the peak-hour traffic causing regular blockages. The purpose of GMLR is to create another east-west corridor connecting the Western Express Highway at Goregaon to the Eastern Express Highway at Mulund. The Brihanmumbai Municipal Corporation (BMC) has proposed the construction of two tunnels below the Sanjay Gandhi National Park as a part of the 12.2 km project. The project is expected to be completed by 2028. The project will boost the demands for residential and commercial spaces in the Mulund to Bhandup to Nahur belt due to their seamless connectivity with Western suburbs. The project Sarova in Kandivali East enjoys excellent connectivity to every major hub in Mumbai, an ideal abode to settle down in.
3. Mumbai Metro
The Mumbai Metro will ease the pressure on the road and rail networks in the city. Mumbais lifeline, the suburban railway network, is under tremendous pressure operating at many times over its capacity. The metro project will have 14 metro lines spanning 350 kilometers connecting every nook and corner of the city which will ease the mobility for commuters significantly. It will also improve the quality of travel for people in Mumbai, Navi Mumbai, and Thane with its wide coverage, comfortable AC coaches, state-of-the-art stations and facilities, and easy booking options. These projects are expected to be completed in a decade as the construction is going on at a fast pace.
The completion of the metro projects will change the real estate landscape as new pockets that were inaccessible before will see the development of commercial and residential properties. Businesses will be able to choose offices at convenient locations easing the burden on the select few business districts where offices are currently concentrated. It will also attract more businesses to set up offices as many commercial properties will be available.
Professionals will have a better work-life balance as the commute will be easier with reduced travel time. The number of residential projects is already picking up along the routes where the metro lines are being developed. It has opened new markets for more projects across price segments. A project like
Sarova by Shapoorji Pallonji offers a premium lifestyle in a 55-acre township in Kandivali East.
The infrastructure projects are a win-win situation for both the stakeholders of the real estate industry that is the project developers and end-users. Good infrastructure fosters foreign and domestic investments in the real estate industry. It also paves the way for healthy competition amongst developers and builders which will ultimately benefit the homebuyers and end users.