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Mumbai's Infrastructure Development And Real Estate Investment
Introduction
Mumbai has seen significant infrastructure development in the last few years. The infrastructure development has not only eased the lives of the residents but also made it a lucrative destination for real estate investment. In this blog post, we will discuss the impact of Mumbai’s infrastructure development on real estate investment.
Mumbai Metro
Mumbai Metro is one of the most significant infrastructure developments in the city. It is a rapid transit system that covers a distance of 11.4 km and connects Versova in the western suburbs to Ghatkopar in the central suburbs. The metro has reduced travel time and congestion on the roads. According to a report by Knight Frank, the metro has had a positive impact on real estate prices in the vicinity of metro stations. Properties near metro stations have seen an average price appreciation of 1.5% to 3% per quarter in 2018-19.
Coastal Road
The coastal road is another significant infrastructure project in Mumbai. The 29.2 km road will connect Nariman Point in south Mumbai to Kandivali in the western suburbs. The coastal road is expected to reduce travel time and improve connectivity. According to a report by ANAROCK Property Consultants, the coastal road is expected to increase property prices in areas like Worli, Mahalaxmi, and Lower Parel by 10% to 15%.
New Airport
The new airport in Navi Mumbai is another major infrastructure development that is expected to boost real estate investment in the region. The airport is being developed on a 1,160-hectare site and is expected to handle 90 million passengers per year. The airport is expected to create job opportunities and improve connectivity to the Navi Mumbai region. According to a report by JLL India, the real estate market in the region is expected to grow at a compound annual growth rate of 10% to 12% over the next five years.
Conclusion
In conclusion, Mumbai’s infrastructure development has had a positive impact on real estate investment. The Mumbai Metro has improved connectivity and reduced travel time, leading to increased property prices near metro stations. The coastal road is expected to increase property prices in Worli, Mahalaxmi, and Lower Parel areas. The new airport in Navi Mumbai is expected to create job opportunities and boost real estate investment in the region. Real estate investors should keep an eye on these infrastructure developments and invest in properties that are likely to benefit from them.
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