Mumbai: With the government planning major infrastructure projects in the Mumbai Metropolitan Region, the area is emerging as a growth centre for real estate sector, CBRE said in a report.
According to the property consultancy firm, there has been a significant increase in demand for commercial and residential properties in areas where major infrastructure projects are planned.
“There has been a significant development in real estate along the Eastern Freeway. Housing prices in locations such as Chembur and Ghatkopar increased by around 28–30 per cent over the last two years,” CBRE South Asia Co-head – Capital Markets India & Head West India–Nikhil Bhatia said in a statement.
The Mumbai Metropolitan Region (MMR) is a metropolitan area consisting of the metropolis of Mumbai and its satellite towns.
The Eastern Express Highway, which connects south Mumbai to eastern suburbs and stretches all the way to Thane, has benefited areas like Mulund, Bhandup, Kanjurmarg and Vikhroli due to improved connectivity, he said.
Mumbai Metro’s Phase I has enhanced east–west
connectivity and also improved the real estate profile of locations like Ghatpokar, Vidyavihar and Vikhroli. The Chembur-Wadala-Jacob Circle monorail has also improved real estate activities in these areas.
In addition, the Vikhroli–Jogeshwari Link Road has accelerated real estate activity, especially in the commercial segment, in the markets of Powai, Vikhroli and Kanjurmarg.
Besides the current projects, the government has planned various other infrastructure including international airport and metro rail for Navi Mumbai, the Mumbai Trans–Harbour Link, Elevated Eastern Freeway, Virar–Alibaug Multimodal Corridor, Churchgate–Virar Elevated Rail Corridor and the Western Dedicated Freight Corridor, among others.
However, Bhatia said that though infrastructure projects are improving Mumbai’s real estate market, it will be necessary to ensure their timely implementation.
“Infrastructure projects have provided a perfect backdrop for realty growth in the MMR, but to emerge as a truly world-class city it will have to rise to the challenge of augmenting its infrastructure development with accelerated implementation of these policies within a clear timeline,” he added.