Mumbai Realtors Use Eastern Freeway As Marketing Tool
Realty developers in Mumbai are increasingly using the Eastern Freeway as a marketing tool to promote their properties. The areas where the freeway has been actively used for marketing are Chembur-Mankhurd Link Road, Orange Gate, Anik Junction, Panjarpol Link Road and other areas which are close to the entry and exit ramps of the freeway.
Chembur is an area in the eastern suburb which has already seen the effects of its proximity to the Eastern Freeway. The land prices have shot up by 25% here in the last two years. The eastern suburbs are also seeing increased momentum in land development as the western suburbs are already almost saturated in terms of development while the eastern suburbs have still some land parcels available and the rates are comparatively low.
The Eastern Freeway connects the Eastern Express Highway in Ghatkopar to the P D’Mello Road in South Mumbai. According to Jones Lang LaSalle India, this has huge implications in terms of supply, demand and property prices, and developers are effectively using this marketing strategy of highlighting the proximity to the freeway as there are already increasing inquiries for residential and commercial spaces near the freeway’s entry and exit ramps.
Though reports say that there will be real estate development further east towards Sewri, areas closest to the freeway’s entry and exit points will see higher demand and higher absorption.
The Eastern Freeway
The Eastern Freeway is a 16.8 km controlled-access freeway which connects P D’Mello Road in South Mumbai to the Eastern Express Highway in Ghatkopar. The freeway was built by the MMRDA. A 13.59 km stretch of the freeway was operational from June 2013 and the remaining stretch is expected to become operational from December 2013.
The primary intention of the freeway is to reduce commute time between the eastern suburbs and South Mumbai. It is also expected to ease traffic on P D’Mello Road, Eastern Express Highway, Dr. Ambedkar Road and Mohammed Ali Road. Apart from easing the traffic flow and reducing commuting time, it is expected to decongest Dadar, Chembur and Sion.
