Mumbai’s real estate market revives on the back of major projects

mumbai’s-real-estate-market-revives-on-the-back-of-major-projects.jpg

Mumbai and the Mumbai Metropolitan Region are witnessing skyrocketing growth on the back of several big-ticket infrastructural projects. The Chief Minister’s vision is visible through the multiple infrastructure projects which will ease up connectivity hurdles and open up newer zones in the peripheries of Mumbai. Projects like the proposed 6 metro routes which will lead to the addition of railway lines spanning 170 km and the high speed railway corridors are fueling real estate growth in the market. Projects like the Mumbai-Trans Harbour Link, Coastal Roads and the RO-RO ferrylink for Alibaug and South Bombay and also the new international airport in Navi Mumbai promise to revitalize the sector even further. The waterways linkage to Thane Creek from Borivali is another major project that will boost the realty sector tremendously.

These projects will facilitate better connectivity for residents and the homeseekers will be the biggest beneficiaries of these projects, particularly those seeking affordable housing options. These developments will lead to the growth of several new micro-markets for real estate and these will witness the development of affordable housing projects along with enhanced connectivity. In the past, the Jogeshwari-Vikhroli Link Road created the artery catering to the SEEPZ with abundant human resources, enabling swifter growth and this also led to the growth of Powai as a major IT and ITeS hub. The Jogeshwari-Kanjurmarg metro project will also spark an increase in overall housing demand. The Navi Mumbai International Airport will also offer growth prospects for Panvel. The Trans-Harbor Link will also create more business opportunities in Raigad.

The Housing for All by 2022 vision is doing wonders for the real estate sector along with the increase in allocation of rural funds. The $1.3 trillion boom in housing is expected to be a major driver of growth for the country as per several reports. 60 million new housing units should be added to the country over the next 6 years after 2018 and 2 million jobs will also be created every year in the sector. All in all, Mumbai’s real estate sector is poised to reap the benefits like never before.