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Infrastructure Trends

Saturday, November 10, 2018

By Maulik Sheth, Director, Ashwin Sheth Group

Mumbai, often regarded as the maxima city and along with the MMR region is spread across over 4,355 According to a report, in the last decade, the population in the city of dream has increased at a rate of 3.9% and 40.3% in the MMR region.

The increasing population has led to massive development of infrastructure and real estate. The city sees thousands of young migrants flocking in for better employment opportunities and approximately around over 20% of the region’s office space is in the MMR region. The area has demonstrated its pre-eminence as a commercial hub for IT through progressive initiatives and a gamut of investable options with great low-budget realty investment prospects. It stands out as one of the preferred IT destinations. The boost in demand for commercial spaces has led to the rise of residential properties in the vicinity. With a steady rise in the number of commercial properties which brings about a transformation of several locations into major business hubs. These districts are being targeted by commercial buyers and tenants for office spaces.

It is well known that infrastructure projects increase the user value of a particular area and its adjoining locations. Property prices have also known to increase to a certain extent immediately after the announcement of a proposed development.

Professionals of all age groups seek shorter commute times and prefer investing in homes around their offices or looks for jobs closer to their homes. This allows them more free times and reduces the mental agony of being stuck on the road due to congestion and losing out on productive time. To address this issue, the government is taking staunch measures to provide residents with effortless connectivity and decongest roads.

Case in point being the proposed Goregoan-Mulund Link Road. This is the Mumbai civic body’s ambitious project to seamlessly blend the eastern and western nodes of the city and make Mumbai a truly advanced city. The 13.7km connector, 4.7km of which will be through the Sanjay Gandhi National Park (SGNP), promises to cut down peak-hour travel time between Goregoan and Mulund from over two hours to just 15 minutes and the estimated cost of the project is over INR 3,800 Cr. The proposed GMLR will be in proximity to the Nahur Rail Way Station, Mulund Rail Way Station and the Industrial Area in Bhandup West. The Thane railway station will also be within a 4KM radius.

Mulund and Goregoan possess a mixed population of working class and joint families. Mulund’s real estate market has seen some significant transformation in the last 5 years with the rise of the luxury home segment by prominent developers. This has been made possible owing to the evolution of the social economic classes residing in the area.

Additionally, the mushrooming of entertainment options along with the availability of quality health care and educational institutions has made it a preferred location for residential real estate. Goregoan on the other hand sees a lot of offices ranging from SMEs to MNCs having their headquarters here. The commercial development gave rise to residential demand as well. There is a significant movement in these micro- markets service professionals, business class and NRIs. However, there was still a missing piece to the puzzle and need to connect to western and eastern nodes of the city.

We believe that the Goregoan-Mulund Link Road will open up a plethora of avenues to developers and homebuyers alike and be a new benchmark in infrastructure development in the MMR region.

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