Mumbai Coastal Road to give fillip to western suburbs realty: Realtors
The city that never sleeps is on the cusp of a significant transformation. Maharashtra Chief Minister Eknath Shinde, Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar inaugurated the Mumbai Coastal Road Project (MCRP) and opened 9.5 kilometres of its entire stretch of 10.58 kilometre for vehicular movement, at Worli today in Mumbai. The project, a state-of-the-art expressway stretching along Mumbai’s western coastline, is poised to be a major game changer, especially for residential projects in western suburbs.
The Coastal Road which will be an another infrastructural marvel, envisioned to ease traffic congestion and enhance connectivity between the northern and southern parts of the city, is also expected to have far-reaching impacts on the real estate landscape of the western suburbs, an area known for its high-end residential properties and bustling commercial hubs.
Speaking on its potential impact on the real estate market, Prashant Sharma, President, NAREDCO Maharashtra said, “This development is expected to bolster the real estate sector in the neighboring areas, making them more attractive to both investors and homebuyers. Improved accessibility can enhance property values, stimulate economic activities, and provide a fillip to the housing, hospitality and retail sectors along the route.”
The Coastal Road project is expected to significantly impact the residential real estate market in the western suburbs. Developers predict a rise in property prices, spurred by the improved infrastructure. Moreover, the enhanced quality of life, coupled with the scenic coastal views, is likely to attract a more affluent demographic, leading to a shift in the area’s socio-economic fabric. Leading real estate developers in the region have voiced their optimism regarding the project’s impact.
Vedanshu Kedia, Director, Prescon Group anticipates a surge in demand for residential properties in Central-South Mumbai especially in Mahim-Matunga due to its close proximity to the Sealink and reclamation – a core connector to the coastal road plan..
Umesh Jandial, Chief Business Officer of Omkar Realtors & Developers, commented, “We foresee a surge in demand and price appreciation for residential properties in the Malad-Goregaon region, especially luxury segments, given the improved accessibility and scenic locales.”
Similarly, Rohan Khatau, Director of CCI Projects, believes that the project will unlock new opportunities. He said, ” With the Coastal Road, there’s an added advantage of reduced commute times and enhanced connectivity to key business districts, making it an even more desirable location for residential investments. Areas like Borivali and Kandivali are particularly attractive, offering a lifestyle upgrade and seamless connectivity, drawing residents from south and central Mumbai.”
As per a recent Knight Frank India analysis, of the total properties registered in February 2024, Central and Western suburbs together constituted over 73% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb consumers opted to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.
The Coastal Road project also includes the development of green spaces, cycling tracks, and pedestrian walkways along the coastline, adding to the quality of life for the city’s residents. These features are expected to complement the high-end residential projects, offering a blend of luxury and sustainability. While the project promises numerous benefits, it also brings challenges, particularly in terms of environmental sustainability. Developers and urban planners are advocating for eco-friendly construction practices and emphasizing the need to balance development with ecological preservation.
The Coastal Road is set to be a transformative force for the western suburbs, offering a blend of improved connectivity, enhanced real estate value, and a better quality of life. This project is more than just a roadway; it represents a new chapter in Mumbai’s urban development, promising a brighter future for the city and its residents.
