Mumbai Coastal Road Project (MCRP) to change the face of Mumbai Realty Forever
Following the BMC budget announcement of Rs 1,000 crore for current fiscal year towards the development of Mumbai’s coastal road along the city’s western seafront, the experts foresee a dramatic change in the city’s realty scene. Suburbs once considered far-flung due to lack of shoreline’s connectivity with the urbanized city, will now witness a surge in its real estate popularity as well as its price.
The project proposed by Chief Minister Devendra Fadnavis to ease vehicular movement along 35.6 km arterial stretch that connects Nariman Point in South Mumbai to the city's western suburb of Kandivali, will concurrently smooth the progress of establishing residential and commercial activities thus making its remote suburbs into new found Mumbai’s premium locations. BMC authorities plan to enhance connectivity between south-north through the coastal road development in different phases.
The MCRP (Mumbai Coastal Road Project) has already received green nod from the Union Environment Minister, Shri. Prakash Javdekar in June 2015. The project that is estimated for the cost of Rs 15,000 crore is planned for an ambitious completion in four years by the civic body, leading to developers eyeing the surrounding locations of MCRP as viable in its real estate demand.
Anubhav Aggarwal, Managing Director of RNA Corp said, “Mumbai has experienced remarkable change in its realty market right from the time city first developed. Locations that were in the close proximity with the railway stations were considered prime, thus major commercial activities flourished around those areas to tap into public commotion at railway stations. However, around several decades ago, we observed these locations sharing its premium tag with the development that took place by the Western Express Highway stretch, starting from Bandra reclamation to spreading all the way till Dahisar.”
“Banking on highway’s connectivity and ease of traffic then, developers banked on the abundance of opportunity for real estate need and launched some of the best residential projects offering a better living in the chaotic city. Eventually, with the ever growing population commercial activities took-off leading to property rates on par with once premium locations around the railway stations. Following the trend, in the past decade Mumbai developed its link road that stretched from Dahisar to Bandra, enveloping the outlying areas, as an effect we saw acceleration in urbanizing these areas with commercial set ups such as shopping malls, corporate houses, schools, luxury showrooms, etc which led to increase in its real estate demand, and its prices,” he further adds.
As per the reports, the coastal freeway project will require reclamation of land at several locations of Mumbai. The route from south Mumbai begins at Manora MLA hostel on Jagannath Bhosale Road, only to get converted into a tunnel from NCPA to Priyadarshini Park at Napean Sea Road via Marine Drive-Princess Street-Malabar Hill.
There are three routes planned for the coastal road: Nariman Point to Eastern Freeway, Nariman Point to Kandivali and Gorai to Virar. At the moment, state authorities are working to implement the Nariman Point to Kandivali Coastal Road, a 35.6 km stretch.
Saving on commute time has always been a priority for the people of Mumbai, thus preferring to reside in the areas that have greater city connectivity. In coming few years, the city that is ever so struggling with its congested suburbs to accommodate its increasing population and their needs for better living will soon see a sudden sprout on supply and demand of real estate in the locations around MCRP.
In view of the past real estate development trends in Mumbai, it can be concluded that the areas that were once considered remote and outskirts along its coastline will now be tagged as premium locations of Mumbai, thus changing its realty face forever.