Infrastructure projects driving the real estate sector Latest News

In an effort to provide a much-needed fillip to the liveability quotient of the heavily populated Mumbal city, the government is focusing on Improving Its Infrastructure, which is one of the key drivers for real estate growth In any city. In Mumbal, It is particularly Impor tant because buyers look for good connectivity to different parts of the city same time. they assess a property's potential for price appreciation based on factors such location, amenities and so on. before buying it.

IMPROVING THE QUALITY OF LIFE
Recognising the growing need for better living conditions. developers launched residential projects that offered a better lifestyle. Over the years, the contribution of the real estate and construction sectors towards Maharashtra's GDP has grown exponentially. The state is home to several world-class infrastructure proj ects that have unlocked new micro markets.

The most talked-about among the city's large-scale infrastructural projects is the ambitious Mumbal Coastal Road Project linking South Mumbal with North. Once completed, an 8-lane freeway will ease commuting problems of the people travelling between Nariman Point and Kandivall. It is expected to help traffic conditions in the city and reduce travel time. The completion of the project will result in a surge in property prices in the suburbs.

Also on the anvil Is Marine Drive 2.0; as part of this project, the Mumbal Port Trust plans to rede velop 350 hectares of land area, along with a 7-km-long promenade extending from Mazgaon Docks to Wadala on the eastern front. The project has impacted the real estate outlook In Byculla Sewri and Wadala, escalating residential, commercial and retall demand along with price appreciation in these areas.

BRIDGES OF THE FUTURE
Following the success of the Bandra Worll Sea Link, the government sanctioned the construction of the Mumbal Trans Harbour Link, also known as the Nhava-Sheva Trans Harbour Link be tween Navi Mumbal and Sewri. It acted as a booster shot for the realty segment of Navi Mumbal.

Simultaneously, the Navi Mumbai International Airport will provide another impetus to realty in the area.

The much-awaited Virar-Allbaug Multimodal Corridor funded by the World Bank is another ambitious project that will provide seamless connectivity to Thane, Palghar and Ralgad districts. It will lower travel time from Virar to Alibaug by over 50 percent. The project is expected to generate massive employment opportunities In Virar, Bhiwandi and Dombivall, which will further drive housing demand in these areas.

Another game changer for the city's real estate is the Versova-Bandra Sea Link (VBSL), as it will improve connectivity between the suburbs and the commercial business district on this route. A marginal property price Increase was noticed in Goregaon, Andheri, Kandivall and Borivalo when the VBSL project received environment clearance. Subsequently, the rise will become more noticeable once there's progress on the construction front.

THE CITY AND BEYOND
The government's ambitious project, the Delhi Mumbal Industrial Corridor (DMIC), which has mobilised the residential development in and around Munbai, will reduce the travel time between the two citles by at least eight hours. Thus, property prices in this high-speed corridor will move northwards.

The Mumbai-Ahmedabad and Mumbai-Nagpur High-Speed Rall Corridors will change the real estate scenario between Mumbai and the cities enroute. The ra corridors will usher in a new age of growth in outlying suburbs of Mumbal such as Virar, Bolsar and Thane. The local economy and domestic In dustries will grow via Job creation, which in turn will boost the demand for housing.
While the pandemic initially protracted progress on Infrastructure projects in Mumbal and Its adjoining areas, the Indian real estate sector made an Impressive comeback. Needless to say, robust infrastructure has a positive effect on a nation's economy. In the coming years, the city will witness new growth In the supply and demand of real estate In the locations around the completed mega infrastructure projects. Naturally, this will give the realty sector more cause for celebration.

Source: Mumbai Mirror