Realty experts at RNA Corp predict an upward trajectory in Mumbai’s real estate segment. They are hopeful that the BMC’s announcement to disburse Rs 1,000 crore for the development of Mumbai’s coastal road along its western sea front will boost the city’s real estate sector. Consequently, prices of the suburbs, which were once considered distant due to lack of the shoreline’s connectivity with the city, are expected to escalate significantly.
Maharashtra Chief Minister, Mr Devendra Fadnav is came up with a state-of-the-art project to facilitate the movement of vehicles along the 35.6 km arterial stretch connecting Nariman Point in South Mumbai to the city’s western suburb of Kandivali. The experts at RNA Builders believe that the move is likely to smoothen the progress of establishing residential and commercial activities, thus converting its suburbs into new-found Mumbai’s premium locations. BMC authorities look forward to increase the connectivity between south-north through the coastal road development in different phases.
Prakash Javadekar, the Union Environment Minister, has already approved the MCRP (Mumbai Coastal Road Project) in June 2015. Estimated to be Rs 15,000 crore approximately, the project is expected to be completed in four years by the civic body. It has also increased the demand of the surrounding locations significantly.
Anubhav Agarwal, the Managing Director of RNA Corp said, “Mumbai has experienced remarkable change in its realty market right from the time city first developed. Locations that were in the close proximityof railway stations were considered prime, thus major commercial activities flourished around those areas to tap into public commotion at railway stations. However, around several decades ago, we observed these locations sharing its premium tag with the development that took place by the Western Express Highway stretch, starting from Bandra reclamation to spreading all the way till Dahisar.”
“Banking on the highway’s connectivity and ease of traffic then, developers banked on the abundance of opportunity for real estate need and launched some of the best residential projects offering a better living in the chaotic city. Eventually, with the ever growing population, commercial activities took-off, leading to rise in property rates around the railway stations. Following the trend, in the past decade Mumbai developed its link road that stretched from Dahisar to Bandra, enveloping the outlying areas. As an effect, we saw acceleration in urbanizing these areas with commercial setups, such as shopping malls, corporate houses, schools, luxury showrooms, etc., which led to increase in its real estate demand, and its prices,” he added.
According to reports, the coastal freeway project will require reclamation of land at several locations inMumbai. Industry experts at RNA Corp highlight that the route from south Mumbai begins at Manora MLA hostel on JagannathBhosale Road, only to get converted into a tunnel from NCPA to Priyadarshini Park at Napean Sea Road via Marine Drive-Princess Street-Malabar Hill.
As a matter of fact, three routes are planned for the coastal road: Nariman Point to Eastern Freeway, Nariman Point to Kandivali and Gorai to Virar. At present, the state authorities are looking forward to implement the Nariman Point to Kandivali Coastal Road.
The residents of Mumbai prefer to stay in areas that have greater city connectivity to save commuting time. The current trends in the city’s realty segment show that it will witness a major growth in supply and demand of real estate in the locations around MCRP, to accommodate its increasing population in the upcoming years.