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Future Developments and Its Effects on Mumbai Real Estate

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India’s economic situation has seen a significant change since the past decade. This gradual growth can be credited to the prosperity brought about by private equity and foreign investments. Needless to say, the major regions of the country such as Maharashtra have witnessed change through the development of substantial infrastructure projects. Not only have they changed the landscape of major cities but they have also helped in reducing pollution as well as crowdedness.

Whenever a project aims to change the infrastructural layout of an area, there are many developments that eventually follow. Suffice it to say, the best real estate developers in Mumbai always make sure that they’re making the most of the changing geography.

To help understand how this happens in a better way, let’s take a look at some infrastructural developments investors and buyers can look forward to:

Metro Line Projects

The government has taken the initiative to lay down almost 246km of metro lines in the MMR region. Particularly connecting the peripheries of Mumbai, the transportation system aims to reduce travel time throughout the city by 50-75%. Moreover, this will ultimately mean that the area surrounding these projects will become ripe for further development.

Real estate developers are already locking down areas that will mark the commencement of their next residential or commercial projects. Taking in the projects at face value, one can easily assume that the many slums of Mumbai will need to be developed. That’s precisely what these infrastructural changes will encourage.

There are three metro lines:

  • Metro Line – 2A: Dahisar ß à DN Nagar
  • Metro Line – 7: Dahisar ßà Andheri East
  • Metro Line – 3: Colaba ßà Bandra ßà Seepz

As one can easily understand, these metro lines will have many stations in between their final destinations. These stations will inevitably be crucial to local commuters. Since there are surrounding land masses that are either undeveloped or classified as slums, these projects will encourage developers to take the initiative.  

 

To name some, Charkop and Ekta Nagar are slums that fall under the Metro Line 2A’s map. These land parcels will witness a boom as the value of land skyrockets. Similarly, falling under the Metro Line 7, empty areas of Mahanand Metro Station and the slum clusters of Malad East and Kandivali East belt will witness significant growth. In addition to this, there is also anticipation that developers will make available a plethora of commercial office space for sale in Mumbai.

Lastly, Metro Line 3 will make sure that the empty land parcels in Lower Parel witness development and prosper as a successful market. Other than that, although the areas of BKC, Dharavi and more are already notable landmarks, the value of real estate in these areas will significantly increase.

Trans Harbour Link

Keeping in view the increasing traffic and pollution problems manifesting the region, the government has taken steps for swift reduction. This will lessen the travel time across the islands of Mumbai, namely Sewri ßà Nhava Sheva. Moreover, it will also redirect traffic from crowded areas of the city.

The Trans Harbour Link stretches across from Sewri to Nhava Sheva in an elevated position for about 21.8km. The estimated capacity reports claim that the project will support almost 40,000 vehicles in 2022. With future developments, it will handle almost 100,000 vehicles in 2032 and 150,000 in 2042. In this way, the bridge will reduce the total travel time by almost 20 minutes.

Consequently, the entrance at Sewri and exit at Chirle will inevitably affect the residential and commercial landscape. Ripe for development, land parcels will prove great for greenfield development, especially in the nearby area of Ulwe.

Navi Mumbai International Airport

The Navi Mumbai International Airport is another massive project that will change Maharashtra. It has also planned to be constructed in the area of Ulwe Kopar-Panvel. The airport will work with the existing CSIA to function together as the country’s first urban multi-airport system.

The project will launch with an initial capacity to handle 20 million passengers per annum. Developments will go on till it can handle almost 90 million passengers. Almost Rs 16,700 crore has been set aside for the project till now. Moreover, this project aims to cover an area of 4.5 sq miles and will reach completion in 2023.

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