Infra push to Mumbai`s Eastern Coast will boost residential developments
Some ambitious infrastructure projects in the pipeline include the Marine Drive 2.0, Mumbai Trans Harbour Link (MTHL), Navi Mumbai airport, Metro Rail etc. which will not only change the skyline of the city but also give a lift to Mumbaikars’ liveability quotient.
Proper connectivity and infrastructure development is a fundamental step for overall location development. These are crucial factors that boost real estate development of any city. The demand for real estate largely depends on the accessible infrastructure facilities. While, investing in residential or commercial properties, a buyer looks for these factors as they play a vital role in the decision making process. Infrastructural development not only improves the liveability quotient of the city but also makes housing and working conditions comfortable.
A good infrastructure has good connectivity, healthcare and educational facilities coupled with social infrastructural development. To ensure fast-paced growth, the Government is now providing a thrust to infrastructure through various initiatives that will provide a huge push to residential developments.
With rapid and haphazard urbanization, the quality of life in cities is either worsening or improving at a slow pace. Thoughtful urbanization is the need of the hour where urban planning and design play a very crucial role. Also, the concept of satellite cities is trending now. These cities are either smaller in area and are close to larger metropolises or they might be on the outskirts of metropolitan areas. In order to cope up with the rapid and haphazard urbanization, developers are leveraging these satellite cities by launching affordable luxury projects and are also offering amenities that suit the expectation of the home buyer
Mumbai is one such city that has presence of massive infrastructural development that has not only improved connectivity to other cities but also unlocked many untouched pockets. With these infrastructure upgrades, it will change the face of Mumbai in the coming years, also, it will change the standard of living of the residents
In order to boost connectivity to these pockets and uplift the liveability quotient, the Government has announced many upcoming/ongoing projects on the eastern front of Mumbai. Some ambitious infrastructure projects in the pipeline include the Marine Drive 2.0, Mumbai Trans Harbour Link (MTHL), Navi Mumbai airport, Metro Rail etc. which will not only change the skyline of the city but also give a lift to Mumbaikars’ liveability quotient. We have instances of the recent infrastructural development like the Eastern Freeway which has ensured easy connectivity between Chembur and South Mumbai that has surged residential developments in and around Chembur. Also, Santacruz Chembur Link Road has positively impacted the property market in the western suburbs and BKC. Similarly, with the upcoming infrastructural development, areas like Byculla, Sewri, Mazgaon, pockets of Navi Mumbai, Uran etc. will emerge as preferred residential hubs. With these infra developments, there would be easy connectivity to Mumbai and other parts of the city. We also believe that these developments will result in surge of property prices in these locations in the next few years.
A look at the upcoming infrastructure development that will enrich the city:-
Mumbai Trans Harbour Link (MTHL) A 22km stretch, which promises to reduce the commuting distance between South Mumbai and Navi Mumbai to just 30 minutes. It will connect Sewri in the island city to Nhava Sheva in Navi Mumbai. It will connect from the central and southern Mumbai to the proposed Navi Mumbai airport. The authority has already completed 80 per cent of the soil testing work for erecting the pillars to construct the bridge. This may decongest Mumbai not only by diverting traffic but due to reduced travel time to Mumbai many people may opt to shift to Navi Mumbai. Thus, boosting residential development at both the locations.
Marine Drive 2.0 will become Mumbai’s first cruise destination and have its own marina which will offer a parking space for around 300 yachts. The Mumbai Port Trust plans to revamp 350 hectares of land along the eastern waterfront between Mazagaon Docks and Wadala. It also includes a 7-km long promenade. This waterfront will feature a stylish marina, a redesigned jetty with water transport lines to Navi Mumbai and Mandwa and a maritime museum. This regeneration of an 11 km stretch along the Mumbai Eastern coastline will be on the line of Port Miami which is also known as the ‘cruise capital of the world’. This could revamp the eastern seafront of the maximum city.
The underground Metro rail project which is expected to be 100 feet below would be the game changer for Mumbai in the coming years. The Metro-3 corridor will zip through Colaba up to SEEPZ (Santacruz Electronics Export Processing Zone, a special economic zone), making halts at 27 stations, out of which 26 will be underground. This metro will subside the burgeoning load over the local rail. Eventually, this is going to be a game-changer in terms of the transportation scenario in the country's financial capital.
Also, with the upcoming Navi Mumbai International Airport, touted as India’s first Greenfield International Airport is likely to complete soon. The area of this project is 2,867 acres of land in Navi Mumbai and has the capacity to carry at least 1 crore passengers a year. With this construction, it has also brought on the development of Navi Mumbai in terms of its infrastructure and aesthetics.
It can be felt that with cities growing more populous and more congested, residents will find themselves time-constrained and difficult to move around. With these infra developments coming in Mumbai, it is likely believed that it will create a boost for residential homes in and around this area providing homebuyers the choicest homes with great connectivity.
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