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Mumbai developers upbeat on clearance to infra projects
The Hindu Business Line  |  May 14, 2019

Our Bureau Mumbai

The developer community in Mumbai feels that the Supreme Court order that cleared the way for execution of Mumbai’s ambitious infrastructure projects &ndash the Coastal Road and the Bandra-Versova Sea Link (BVSL) &ndash will bring about a sea change in the land-starved city.

 

The slew of infrastructure projects will improve connectivity and decongest prime locations of the city, said Abhinav Joshi, Head of Research at CBRE India.

 

‘Shot in the arm’

 

Responding to a survey by bizbuzzindia.com, Joshi said it would also significantly impact the property prices in the vicinity besides giving a fillip to the demand for commercial and office spaces in the area.

 

The new corridor will be a shot-in-the-arm for connectivity between suburbs and the main commercial business district. It will reduce travelling time to 12 minutes from 60 minutes. Due to improved connectivity from the distant suburbs, the crowded areas of Andheri, Chembur, Ville Parle are expected to be decongested and the excessive pressure on the express highways will be relieved, he said.

 

Ashwin Sheth, CMD of Ashwin Sheth Group, said the coastal road, a 29-km-long freeway along Mumbai’s western coast will reduce the travel time by 20 minutes and a vehicle taking the highway would save a third of the fuel, which will in turn reduce the carbon footprint by 1,826 tonnes a year.

 

“Homebuyers will have more options and with the upcoming metro lines, they will have access to every corner of the city,” he said.

 

Another project, the proposed Goregaon-Mulund link road, will cut peak hour travel from Goregaon and Mulund from over 2 hours to 15 minutes. Similarly, various projects are to be taken up by the government to improve connectivity that will decongest roads, and make travelling faster and easier, Sheth said.

 

Seamless connection

 

With the population now standing at 22 million, there is a need for expansion and newer markets to be integrated into one large metropolis. Infrastructure projects will seamlessly connect the zones together and fuel growth, Om Ahuja, Chief Operating Officer, Residential Business at K Raheja Group, pointed out.

 

According to Shailesh Puranik, Chairman and Managing Director at Puranik Builders, projects such as the Mumbai metro lines and the coastal road will make commuting much easier and provide comfortable access to the island city from the suburbs.