The Powerful Boosters (Article by Nandan Piramal in Construction & Architecture Magazine)

Industry Insights

Proper connectivity and infrastructure development have a multiplier effect on the economy. It is highly responsible for propelling India’s overall growth. The Infrastructure sector plays a key developmental goal in the progress of the country. The industry enjoys intense focus from the Government for initiating policies that boost the time-bound creation of a world-class infrastructure in the country. Even in the recently announced Budget 2019-20. the government has given a massive push to infrastructure and connectivity. These factors will help to steer the economy away from unfavourable headwinds to become the fifth-largest economy in the world. Infrastructure development further helps in the fundamental development of the overall location, thus boosting the real estate development of any city.

An infrastructural development has the power of not only improving the liveability quotient of the city but also to make the conditions suitable for housing and commercial purpose. Homebuyers today are continually looking for easily accessible homes which offer excellent connectivity to arterial roads, railways, etc. Sound infrastructure, with functional connectivity, can also lead to the development of healthcare and educational facilities along with social infrastructural development. Along with the presence of massive infrastructure that has improved the connectivity to other cities, Mumbai is now ready to witness some of the upcoming infrastructure developments that will change the face of Mumbai. The Mumbai Coastal Road, Marine Drive 2.0, Mumbai Trans Harbour Link (MTHL), Navi Mumbai airport Metro Rail, etc, are landmark projects that will shape the future of Mumbai city.

These new infrastructure developments are in close proximity to the two main pockets of Mumbai, Byculla and Sewri. These two locations are set to change the skyline of Mumbai, considering the recent infrastructure developments and its impact on real estate. More and more developers are shifting their focus to upcoming micro-markets like Byculla, Sewri and Mazgaon. It will further change the standard of living of the upcoming home buyers, thus providing them with projects that ease their connectivity and save travel time. With several new infra developments in the area, Byculla and Sewri will emerge as the cultural nerve centre of the city.

We foresee it becoming the new hubs for Mumbai’s elite. We have instances of recent completed infrastructural projects that have resulted in a surge in residential developments. Projects like the Eastern Freeway have ensured easy connectivity between Chembur and South Mumbai that have boosted residential developments in and around Chembur. Also, the Santacruz Chembur Link Road has positively impacted the property market in the western suburbs and BKC. We are expecting that the areas like Byculla, Sewri, Mazgaon, pockets of Navi Mumbai, Uran, etc will emerge as preferred residential hubs with the upcoming infrastructural development. This will also improve the connectivity from Mumbai to other parts of the city. Moreover, these infrastructure developments can result in a surge in property prices in these locations in the next few years.

A look at the upcoming infrastructure development that will enrich the city –

Mumbai Trans Harbour Link (MTHL):

MTHL is an important project to decongest the city, uniquely South Mumbai. A 22km stretch is expected to reduce vehicular congestion in several areas, especially the arterial roads connecting South Mumbai with the eastern or central suburbs and the Sion-Panvel expressway. It will also connect South Mumbai to the proposed Navi Mumbai Airport With the development of MTHL it will also reduce the travel time from Navi Mumbai to South Mumbai resulting in the boosting the residential development at both the locations.

Marine Drive 2.0:

Marine Drive 2.0 will become Mumbai’s first cruise destination that will have the capacity to accommodate around 300 yachts. This plan is undertaken by Mumbai Port Trust and would revamp 350 hectares of land along the eastern waterfront between Mazgaon Dock and Wadala. A 7-km long promenade will feature a stylish marina, a redesigned jetty with water transport lines to Navi Mumbai and Mandwa and a maritime museum.

Underground Metro Rail Project:

A much-awaited metro rail project three will run through Colaba up to SEEPZ (Santacruz Electronics Export Processing Zone, a special economic zone), making halts at 27 stations, out of which 26 will be underground. This infrastructure development is making a promise to be a game-changer in terms of transportation scenario in the country’s financial capital.

Navi Mumbai International Airport:

The area of this project is 2.867 acres of land in Navi Mumbai and can carry at least one crore passengers a year With this, we believe that the housing prices in Navi Mumbai are likely to see an upward trend. Also, it will generate direct or indirect employment opportunities to around four lakh people Further, this development will give a significant boost to the peripheral areas. To sustain the needs of rapid urbanisation, corresponding infrastructure development is a must. We certainly feel that infrastructure development will not only enhance connectivity but will unlock realty potentials in terms of better growth in the coming years.