Mumbai Eastern Freeway: Will it boost the real-estate market?
In a landmark move that is expected to influence the commercial real-estate of Mumbai, the Government has recently inaugurated the (much awaited!) Mumbai Eastern Freeway, to facilitate the commuters. In the last two decades, Mumbai has witnessed a sudden rise in infrastructure development that was previously limited to prime locations in Mumbai.
The recently inaugurated Freeway affirms that the government is trying its best to promote convenient transportation and aid real estate development in the city. The Freeway connects south Mumbai to Chembur and promises to offer international quality of transportation to the commuters.The road is aimed to weed out the transportation problem to help people reach office on time.
Raising the cap
The inauguration of the Freeway has injected new hopes among the de-motivated realty developers to come up with new projects in certain locations. The establishment of the 13.9 km freeway will help revive the real estate sector of the city and take it to new heights.
The new freeway is expected to offer a supporting hand to the realty sector, which is burdened with tax and regulations. Easy accessibility offered by the road that increases the demand for property near the suburbs definitely does the trick. Consequently, the bar for per square foot area will rise significantly.
Market reports further state that key construction companies and developers are keen on investing into realty projects near Wadala, which is a prime investment destination. With the inauguration of the Eastern Highway, developers can set up a residential settlement near Wadala, which is close to the premium business hubs of Mumbai.
The launch of the Eastern Freeway, is expected to raise the stakes of the sale value of the properties near suburbs. With numerous projects in the pipeline along the route of Vikhroli and Chembur, the real estate sector in Mumbai is expected to regain its previous position. Due to the Freeway, the property prices in Chembur will witness a tremendous hike of around 24% and will rise to Rs 13000-Rs 26000 per sq ft. This can be affirmed from the Metro project in Andheri, where the price for residential spaces have jumped to 25%. Now that’s a mouth-watering treat for the realty developers!
Upcoming Infrastructural projects
Mumbai Metropolitan Regional Development Authority has sanctioned further infrastructural development in the city that will certainly add value to real estate. With the commission of Metro Corridor (Versova to Ghatkopar) and Monorail (connecting Chembur with Wadala) the rates of property in such areas will be triggered significantly.
The coming years will give the realty sector an extra push that was long needed. Demand for a reasonable space near the eastern and western suburbs will reach its peak with the construction of Santacruz-Chembur Link road. Other upcoming realty developments which has jumped on the band wagon include-elevated road between Worli and Sewri, multi-modal corridor between Virar and Alibag and a Colaba-Bandra-Seepz underground Metro corridor.
In regard to JLL studies, such infrastructural developments will usher the city into the future and drive it towards real estate developments. With nearly 5 years in the making, the Eastern Freeway includes two 550 m tunnels that will promote easy access to prime locations of Mumbai.
According to property consultants, such a facility is quite likely to create an upswing in the real estate market and will create an interest for the buyers to buy properties near the eastern and western suburbs.
