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8 Best Locations For Real Estate Investments In Mumbai In 2018
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Infrastructure and construction activities provide direct & indirect employment to more than 20 lac people in India, it also forms around 10 percent of India’s GDP. As we know, infrastructural development not only improves connectivity but also pushes commercial and industrial development in the city.
Mumbai is one such city that is scaling new endeavors in terms of infrastructural development with the help of aspiring projects that are in the process of being delivered in the near future. Change is the new constant and Mumbai city is all set to make a transformation, in terms of mobility, with projects ranging from an underground metro and a sea bridge, to coastal roads, a new airport, and suburban trains.
The following projects have passed the conceptual stage and are currently under construction:
Mumbai Trans Harbour Link
The Mumbai Trans Harbour Link (MTHL), also known as the Sewri-Nhava Sheva Trans Harbour Link, is a proposed 21.8 km, freeway road bridge connecting the city of Mumbai with Navi Mumbai. Eastern Suburbs will connect Mumbai mainland across the harbour through a 16.5 km sea bridge. The road will be linked to the Mumbai Pune Expressway in the east, and to the proposed Western Freeway in the west. The ruling government is also building a Rs 3600 crore grand memorial of Chhatrapati Shivaji in Mumbai.
How is it going to shape Mumbai? Well, it will ease the increasing traffic in Mumbai and also significantly boost the real estate appreciation of the connecting parts like Wadala/ Dadar East with Navi Mumbai. MTHL would reduce the commuting distance from Churchgate to Navi Mumbai from 40 minutes to 20 minutes. MTHL will allow both vertical and horizontal growth of the city.
Navi Mumbai International Airport
A project which was abysmally delayed by land acquisition and environmental issues has been cleared and the work has been put on a fast track. Mumbai Airport has always been considered the busiest and most congested one, and it was necessary to think of a better alternative to ease out the air traffic.
How would it help Mumbai? The airport will act as a breather for the choked single runway Chhatrapati Shivaji International Airport in Mumbai and also improve the real estate scenario for the economic development of the city. CIDCO expects it will generate over 4 lakhs of jobs, direct or indirect, booming the peripheral area’s real estate.
Delhi Mumbai Industrial Corridor
This project aims to create seven smart cities. The smart cities will be evenly distributed along a dedicated corridor between the large cities Delhi and Mumbai. Once completed Delhi Mumbai Industrial Corridor is supposed to be developed as a Model Industrial Corridor of international standards. It will focus on expanding the manufacturing and services base and develop DMIC as the ‘Global Manufacturing and Trading Hub’. The project is expected to generate 3 lac job opportunities in manufacturing, processing and services sectors.
The Navi Mumbai Metro
The Navi Mumbai Metro system is an urban Mass Rapid Transit System (MRTS) that is being built to serve the area of Navi Mumbai in Maharashtra. Construction for its 11.10 km first phase from CBD Belapur to Pendhar with 11 stations started in November 2011 and is expected to be completed by 2018/19.
The work on 6 stations, including CBD Belapur (outside Belapur railway station towards Sion Panvel highway), Kharghar Hill, Bharti Vidyapeeth, Utsav Chowk, Kendriya Vihar and Kharghar village 9, will be carried out by a Nashil-based Prakash Constrowell. Remaining 5 that will be dealt by the first consortium are situated near Central Park, Pethpada/Owe village, Rapid Action Force campus, Taloja Panchanand and Pendhar.
Underground Metro
With a target of completing the Phase I (Aarey-BKC) by June 2021 and Phase II (BKC-Colaba) by December 2021, the underground metro work has been initiated in the month of March 2018, the challenges of underground Metro construction in Mumbai compared to other cities in the country is altogether different as Mumbai is a linear city and so there are not too many alternate roads to divert traffic so the project is about to get delayed but definitely the fruits of patience and determination will make us achieve this goal in the near future.
The upcoming development in the Mumbai’s infrastructure will ensure less congestion and more sophistication in living by augmenting the transportation ways so that the mainland becomes viable for residential as well as business decision making.
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