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Maritime Gateway- Mumbai coastal road project to change the face of Mumbai realty

April 21, 2017

Following a BMC budget announced of Rs 1,000 crore for current fiscal year towards the development of Mumbai’s coastal road along the city’s western seafront, the experts foresee a dramatic change in the city’s realty scene. Suburbs once considered far-flung due to lack of shoreline’s connectivity with the urbanized city, will now witness a surge in its real estate popularity as well as its price.

The project proposed by Hon’ble Chief Minister, Shri. Devendra Fadnavis to ease vehicular movement along 35.6 km arterial stretch that connects Nariman Point in South Mumbai to the city’s western suburb of Kandivali, will concurrently smooth the progress of establishing residential and commercial activities thus making its remote suburbs into new found Mumbai’s premium locations. BMC authorities plan to enhance connectivity between south-north through the coastal road development in different phases.

The MCRP (Mumbai Coastal Road Project) has already received green nod from the Union Environment Minister, Shri. Prakash Javdekar in June 2015. The project that is estimated for the cost of Rs 15,000 crore is planned for an ambitious completion in four years by the civic body, leading to developers eyeing the surrounding locations of MCRP as viable in its real estate demand.

Mr. Anubhav Aggarwal, 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 proximity with the 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 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 property rates on par with once premium locations 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 set ups such as shopping malls, corporate houses, schools, luxury showrooms, etc which led to increase in its real estate demand, and its prices,” he further adds.

As per the reports, the coastal freeway project will require reclamation of land at several locations of Mumbai. The route from south Mumbai begins at Manora MLA hostel on Jagannath Bhosale Road, only to get converted into a tunnel from NCPA to Priyadarshini Park at Napean Sea Road via Marine Drive-Princess Street-Malabar Hill.

There are three routes planned for the coastal road: Nariman Point to Eastern Freeway, Nariman Point to Kandivali and Gorai to Virar. At the moment, state authorities are working to implement the Nariman Point to Kandivali Coastal Road, a 35.6 km stretch.
Saving on commute time has always been a priority for the people of Mumbai, thus preferring to reside in the areas that have greater city connectivity. In coming few years, the city that is ever so struggling with its congested suburbs to accommodate its increasing population and their needs for better living will soon see a sudden sprout on supply and demand of real estate in the locations around MCRP.

Moneycontrol – Here’s why you must plan to invest in Mumbai

April 21, 2017

Some of the other affordable areas poised to become profitable owing to much-needed infrastructure initiatives are Chembur, Mulund and Ghodbunder Road in Thane.

Here's why you must plan to invest in Mumbai

Anubhav Aggarwal

Considered to be the most expensive city of India and one of the top expensive real estate in the world, Mumbai’s real estate has always been under scanner for property investment. Despite its premium property rates, Mumbai’s property market is still considered as a bankable decision to turn your investments into.

But, the question remains, is the city with 20 million population and counting, has reached its saturation when it comes to offering good ROI (return on investment)?

For decades, the city has been struggling to keep up its infrastructure to match population. Although the strength of population for any town can become its strength, overcrowding, lack of open spaces, traffic jams, insufficient parking spaces and other population-based problems have become true to the personality of Mumbai City.

In such a time, the city has extended to new locations for affordable housing in areas within its geographical reach such as Navi Mumbai & Thane.

Some of the biggest real estate industry players are developing the finest property projects offering self-contained features that are well worth the investment as well as relocation. Both these areas may witness increase in property rates in the next two-three years. Both Navi Mumbai and Thane are emerging as popular investment areas in suburbs.

Thane & Navi Mumbai today stand as one of the fastest developing city of India, be it in terms of some of the best schools, colleges, luxury projects, malls, commercial spaces or its easy connectivity with the city of Mumbai.

The residential areas are already offering play parks and shopping attractions. These two locations are offering promising ROI for investors who are ready to look beyond Mumbai.

Mumbai has always been challenged with its population, with growth rate of 2 percent per annum. The city’s geographical constraints and rapid population growth, road and rail infrastructure development has not been able to keep pace with growing demand over the last 4-5 decades.

However, with the introduction of Mumbai Metro due for completion by 2021, prices around metro line locations are likely to go high significantly.

There are no two ways about popularity of Mumbai on the basis of its real estate value. Even the areas like Santacruz East, Vile Parle (East)BKC, Mira Road East, Sewri can be viewed as promising ROI for this year. Premium developers have launched luxury residential projects in these areas offering better living and an option of lucrative choice for investment.

Some of the other affordable areas poised to become profitable due to much-needed infrastructure initiatives are Chembur, Mulund and Ghodbunder Road in Thane.

Mumbai has always witnessed re-development project as an answer to shortage of land. Developers have turned into redevelopment projects to meet the increasing residential property demands. Many low demand areas and patches of suburbs in east have undergone make-over through redevelopment projects.

Developers are turning cheap and polluted realty pockets into great residential complexes offering better lifestyle, thus, much of the population who previously resided in the west parts of the suburbs are now relocating to east for better life and connectivity with national highway. One such great example is BKC.

Several new redevelopment projects are launched while various housing societies are undergoing re-development that makes great investment option.

The Central Line of the city has witnessed upward trend in development of office complexes. Many companies are now having their offices in Mulund, Bhandup, Ghatkopar, Kanjurarg and other locations. This has led to an increase in residential projects as people now prefer to live near their workplaces, saving them travel time.

Parallel to development in office complexes and residential projects, these areas have witnessed development in good schools, hospitals, malls and overall infrastructure. Property costs in these area are also comparatively lesser than western suburbs.

Other areas that are seeing an upward trend in real estate tied to job opportunities nearby are Chembur, Bandra East and Wadala.

With so many profitable investment options that city offers and an announcement by the Finance Minister Arun Jaitley during the Budget that National Housing Bank will refinance individual loans worth Rs 20,000 crore this year, residents have been given an opportunity to finally consider investing in their dream home in favourable parts of Mumbai city.

With constant developments and launch of new projects almost every week, Mumbai’s real estate scene is very unpredictable for investors. The city is caught in the vicious cycle of developing itself to keep pace with growing number of citizens’ needs, while the development and opportunities itself attracts more and more people every year from other towns and rural regions.

 (The writer is Managing Director of RNA Corp)

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