14 Major Breakthroughs in Mumbai in 2014
The Mumbai Metropolitan Region (MMR) witnessed quite a few breakthroughs this year. The Mumbai Monorail and the Mumbai metro are only a couple of these breakthroughs, which already showed their effect on the Mumbai real estate. Following are some of the major breakthroughs the city witnessed this year.
1) The much awaited Mumbai monorail between Chembur and Wadala became operational this year. The monorail is expected to carry more than two lakh commuters every day. This is expected to significantly reduce the traffic snarls between these two areas.
2) The first line of Mumbai metro from Versova in Andheri to Ghatkopar too was opened up this year. The metro will augment the road and rail services in the Mumbai suburbs.
3) The Terminal 2 of Mumbai International Airport was opened this year. This increased the traffic handling capacity of the Mumbai’s International Airport.
4) The Sahar Elevated Access Road from the Western Express Highway in Vile Parle to the International Airport was opened to public this year. This is a signal-free elevated highway and reduces the commuting time between these two points.
5) The Navi Mumbai International Airport moved further with the deadlock between the project affected people (PAP) and CIDCO was broken.
6) Kalyan and Dombivli, areas just beyond Thane, became some of the most sought after areas in MMR.
7) For home buyers, there was a slight respite as property prices in some major suburbs remained almost stagnant or had very marginal increase.
8) The Bandra-Kurla Complex in suburban Mumbai was earmarked as the first smart city by the city’s civic body.
9) Kharghar, Kamothe, Kalamboli, Vashi and Kopar Khairane emerged as the top five rental destinations in Navi Mumbai
10) Mira Road, Goregaon East, Malad West, Borivali West and Kandivali East emerged as the most affordable rental destinations in Mumbai.
11) According to a press release, the new Union Railway Minister stated that a bullet train will become operational between Ahmedabad and Mumbai. The feasibility study for this will be completed by July 2015.
12) Mahindra Lifespace, the realty arm of Mahindra and Mahindra Group, launched about 4,500 houses in the affordable segment this year in Boisar. This led to the availability of a good number of affordable house in an expensive city.
13) The Bill for the Maharashtra Housing (Regulation and Development) Act 2012 has been placed by the Maharashtra government. With this, the state government became the first state in India with a regulatory body in the real estate sector. This means that Mumbai real estate will also be regulated.
14) The Maharashtra cabinet also cleared the cluster redevelopment policy for the city of Mumbai this year. Under the policy, the cabinet took a decision to keep the floor space index (FSI) unchanged.
