Three mega projects that can spruce up Mumbai’s real estate
Editor | January 23, 2015 @ 10:48 AM
Being the financial capital of India, Mumbai also holds the tag of having the most expensive real estate offerings across the country . Unlike any other city, Mumbai's suburban areas have also gone beyond the reach of the common man. The real estate market is facing a lull as conversion rates have remained low. So, what can heat up the market once again? MagicBricks.com brings you a brief outlook on three mega infrastructure projects that can bring back the lost sheen of the city's real estate.
Navi Mumbai International Airport
This project was approved by the state government in 2008. However, delay in land acquisition and clearances from environment ministries, marked time on the airport construction. This delay also impacted the real estate market in Navi Mumbai. At the announcement, speculations drove the realty prices in Ulwe and Pan vel, but with no activity happening, the market lost serious investors.However, CIDCO vicechairman and managing director, Sanjay Bhatia, recently sent a communiqué to stakeholders, indicating that phase-1 of the Rs 14,500 crore airport project will be ready by December 2018, when flights will start landing and taking off from here. Once operational, the airport is expected to lead to job opportunities and commercial development, a major shortfall in the new town, currently . This is expected to enhance the housing demand in the area.
Trans Harbour Link Road
This is being seen as a major boost for the entire Mumbai Metropolitan Region. This sea link is proposed to connect Jawaharlal Nehru Port to Sewri, reducing the travel time between Navi Mumbai and the island city by half. Realty experts are also expecting property values to equalise in Sewri and Uran, Dronagiri, Panvel in Navi Mumbai. “At present, values in Sewri are Rs 18,000 per sq ft while those in Panvel are Rs 4,000 per sq ft.Once the connectivity is established, the equilibrium will be set,“ says Ravi Ahuja, executive director, Cushman & Wakefield.
Metro and monorail expansion
The much talked delay of phase-II of the monorail connectivity between Jacob Circle and Wadala Depot has already hampered the sentiments in areas such as Tilak Nagar in Chembur, Kurla east and west, Wadala and Sewri. The Metro expansion plans in the city are also facing delays for approvals. The Thane metro, proposed to connect Wadala and Ghodbunder Road, is being seen as a positive move, but delayed execution is raising doubts on its feasibility. Likewise, the Navi Mumbai Metro Line is already underconstruction, but delays in land acquisition and financial crunch from the government's end is creating hurdles. “The World Bank has offered to fund the Thane metro project, but no further decision has been taken. Its operation will impact the realty prices at Ghodbunder Road, as it will ease connectivity towards Thane railway station and the AndheriGoregaon Belt,“ says an industry insider.
Source: Times Property, Mumbai/MagicBricks.com Bureau