5 infrastructure projects that will transform realty in MMR
Five prominent infrastructure projects undertaken by the Mumbai Metropolitan Region Development Authority (MMRDA) have provided the perfect backdrop for realty growth in the MMR. The economics of transportation infrastructure have always had a positive impact on real estate values – most especially in Mumbai. Homes and offices located in the proximity of transportation infrastructure command a premium because of the increased accessibility. The Versova-Andheri-Ghatkopar metro rail, Eastern Freeway, Mono rail, Santacruz-Chembur Link Road and Sahar Elevated Access Road have changed the way Mumbai commutes and propelled real estate development in neighbouring areas.
1. Versova-Andheri-Ghatkopar Metro rail
The Mumbai Metro Rail Corporation’s (MMRC) 11 km operational stretch (Line I) of Phase I, connecting Versova in the Western Suburbs to Ghatkopar in the Eastern Suburbs, passes through one of the most important commercial and residential hubs of Mumbai. MMRC’s Phase I stretch has further enhanced the city’s East–West connectivity bringing down travel time by almost 75 per cent. Apart from easing traffic, metro has also improved the real estate profile of locations like Ghatpokar, Andheri (E) and Vikhroli that have got re-rated as residential and office space destinations.
Implementation of Phase II and III by 2021 will connect Charkop in the North to Mankhurd in the East and Colaba in the South to Seepz in North Central Mumbai.
2. Eastern Freeway
The Mumbai Eastern Freeway is a 16.8 km- long highway designed especially for high-speed vehicular traffic constructed between Fort in South Mumbai and Eastern Express Highway in Ghatkopar. The Eastern Freeway is a signal-free stretch of land and has cut down travel time between Shivaji Chowk in Chembur and Mumbai CST by 25-30 minutes The Eastern Freeway led to prices zooming in the Wadala-Sewri belt and turned Chembur into a gateway to Navi Mumbai and South Mumbai.
“Real estate development along the Eastern Freeway increased significantly over the past few years. Due to the reduced commuting time to South Mumbai, demand for commercial and residential properties went up, and housing prices in locations such as Chembur and Ghatkopar increased by approximately 28–30 per cent over the last two years,” says Nikhil Bhatia, Co-head – Capital Markets India & Head West India
CBRE South Asia
3. Mono rail
The Mono rail project has improved much-needed accessibility to the Eastern and South-Eastern regions of Mumbai. The 8.93-km-long line between Wadala and Chembur inaugurated last year ended the city’s 88-year wait for a new mode of public transport. With the advent of mono rail connectivity, residential real estate prices in the Harbour regions of Mumbai have witnessed appreciation.
The planned roll out of Phase II of Monorail will help in improving connectivity of this area with Lower Parel, the other emerging CBD of Mumbai. This phase, which should become operational in 2016, will provide very effective connectivity between Wadala and Lower Parel, Jacob Circle and Mahalaxmi and will play a big role in price appreciation.
4. Santacruz Chembur Link Road
India’s first double-decker flyover, Santacruz-Chembur Link Road (SCLR), undertaken under the Mumbai Urban Transport Project (MUTP) of MMRDA, has provided much-needed East-West connectivity in Mumbai. Starting from Vakola Junction on Western Express Highway (WEH) and extending up to Amar Mahal Junction near the Eastern Express Highway (EEH), the 6.45 km six-lane road was thrown open to commuters last year.
“From a real estate perspective, the fact that commuters from the western suburbs and SBD North will now prefer to use the SCLR to commute to Navi Mumbai, Panvel and other areas and back is an important and positive change for these markets. Reduced traffic congestions at Amar Mahal Junction in Chembur, Vakola in Santacruz, parts of Sion and Kurla in Eastern Suburbs, will increase the liveability quotient of these areas and boost demand for commercial as well as residential real estate. The overall development potential of areas near the access points of SCLR in terms of residential, retail and commercial projects will also shoot up,” says Ramesh Nair, COO-Business, Jones Lang LaSalle India.
5. Sahar Elevated Access Road
The Rs 400- crore project offers seamless and signal-free connectivity from Western Express Highway to Chhatrapati Shivaji International Airport (CSIA). The 2.2 km long road has enabled motorists to traverse the distance of 4-5 km from the highway to CSIA in five minutes instead of the 40-45 minutes it took earlier. The road has also eased traffic congestion on Western Express Highway, more importantly at the Andheri-Kurla road junction. The earlier route which is mostly used by those wanting to travel towards SEEPZ and Andheri-Kurla Road has been decongested, as the airport-bound traffic is being entirely serviced by the elevated road.
Another project which is going to change the connectivity in MMR is the proposed multi-modal Virar-Alibaug corridor and will incorporate metro lines, lane for vehicular traffic, dedicated bus lanes, cycling track and pedestrian walkways. Similarly the proposed Mumbai Trans Harbour Link will provide connectivity to Mumbai with Navi Mumbai. Experts feel that to emerge as a truly world-class city, Mumbai will have to rise to the challenge of augmenting its infrastructure development with accelerated implementation of these policies within a clear timeline.
