News Real Estate

Mumbai Coastal Road inaugurated: Here’s how it will impact realty markets

[ad_1]

Maharashtra Chief Minister Eknath Shinde inaugurated the first phase of the Coastal Road between Worli and Marine Drive in south Mumbai on March 11. This is expected to reduce travel time between Nariman Point and Kandivali from over two hours to less than 40 minutes. Real estate experts said that the infrastructure connector is a game-changer not only for transportation but also a catalyst for the city’s real estate market.

Maharashtra Chief Minister Eknath Shinde inaugurated the first phase of the Coastal Road between Worli and Marine Drive in south Mumbai on March 11. The connector is expected to be a catalyst for the city's real estate market
Maharashtra Chief Minister Eknath Shinde inaugurated the first phase of the Coastal Road between Worli and Marine Drive in south Mumbai on March 11. The connector is expected to be a catalyst for the city’s real estate market

This ambitious infrastructure endeavor is set to rejuvenate the city’s business hubs such as Nariman Point, drive residential demand in key South Mumbai submarkets such as Peddar Road, Worli, Walkeshwar, Tardeo etc and potentially bridge the residential price gap between suburbs such as Andheri, Goregaon, Kandivali and Borivali and prime areas of the city in the long term. These areas are expected to witness a rise in housing demand for both new and redevelopment projects, said real estate experts.

Hindustan Times – your fastest source for breaking news! Read now.

Also Read: Mumbai real estate market: Here’s why listed realtors are making a beeline for redevelopment projects

About the Coastal Road project

A 10.5-kilometer-long stretch will be opened for traffic in the first phase. The work on the project started on October 13, 2018 and its projected cost is 12,721 crore. A world-class Central Park spread over several acres will come up along the road, named ‘Dharmaveer Sambhaji Maharaj Coastal Road, the CM said on March 11.

The Coastal Road will be connected to the Bandra-Worli Sea Link and there onwards it will be extended up to Dahisar, he said.

The 53-km-long Coastal Road, being constructed till Dahisar, will help the people in saving fuel and time, besides reducing pollution, the CM said on March 11.

Also Read: Maharashtra chief minister Eknath Shinde inaugurates Mumbai Coastal Road Project

“The Coastal Road connectivity between Worli and Marine lines will help reduce the congestion and commute time of South Mumbai’s high-end population. However, phase II, slated to connect Versova and Dahisar, will significantly impact and improve travel time for the masses living in the Western Suburbs of Mumbai, which accommodates the maximum population and experiences massive traffic congestion,” said Pankaj Kapoor of Liases Foras.

Impact on the real estate markets

The first phase of the project is a 10.58-km stretch connecting Marine Drive to Worli and will serve as a crucial link between the traditional Central Business District submarket and the Secondary Business District Central (Lower Parel, Worli) submarkets. Experts say that the infrastructure connector has the potential to amplify residential activity in South Central Mumbai and provide an opportunity for investors and landlords to revitalize older buildings along the stretch.

“Over time, the traditionally established CBD in Mumbai lost its appeal due to a lack of quality supply and connectivity challenges, causing business activity to shift towards the North. However, recent years have witnessed a reversal of this trend, with the front office market activity gradually moving towards South Central Mumbai,” said Samantak Das, Chief Economist and Head- Research & REIS, India, JLL.

The Coastal Road presents a unique opportunity for investors and landlords to revitalize older buildings through retrofitting, restoring their relevance and attracting businesses once again. With improved road connectivity and the availability of quality supply, the erstwhile CBD has the potential to regain its previous allure as a prime office hub, he explained.

Also Read: Mumbai’s real estate hits a 12-year high; property registrations touch 11,742 units in Feb 2024

Additionally, Phase 1 of the project also has the potential to amplify residential activity in South Central Mumbai, further narrowing the price differential observed across the southern and central submarkets, he added.

Housing demand to witness rise in both new and redevelopment real estate projects

“The commencement of Coastal Road phase -1 will drive immense potential for the real estate micro-market in the western suburbs. This landmark infrastructural development will have an immediate effect on real estate demand and prices across the Bandra-Andheri belt and to some extent, the distant Goregaon-Borivali belt as well. The housing demand will witness a rise in both new and redevelopment projects,” said Dhaval Ajmera, director, Ajmera Realty and Infra India Ltd.

Also Read: Mumbai is now among the world’s top 10 luxury real estate markets: Knight Frank Wealth Report 2024

The western belt will also see a gradual but steady strengthening of real estate micro-markets, owing to a cluster of infra-developments like twin-tunnels, ultimately giving a significant boost to the real estate prices in micro-markets like Kandivali and Borivali, he said.

Manju Yagnik, vice chairperson of Nahar Group and senior vice president of NAREDCO- Maharashtra, said that the improved connectivity facilitated by the coastal road is expected to unlock prime coastal parcels for development, paving the path for upscale residential, commercial, and mixed-use projects.

[ad_2]

Source link