The Role of Coastal Roads in Reshaping Mumbai’s Property Landscape

Mumbai, the city of dreams, is known for its bustling streets, sky-high buildings, and magnificent sea. The coastal city has always been a hub of economic activity and with the development of new highways, the property landscape of Mumbai is changing fast. Coastal roads are playing a major role in shaping Mumbai's property landscape and transforming this financial center of India.

The coastal road project, which will provide a long stretch of uninterrupted road from Marine Drive to Kandivali, became functional in February 2021. The road construction work was initiated in 2017. The coastal road project is not only intended to reduce traffic congestion but will also address the chronic problem of waterlogging in the low-lying areas of the city. With this newly developed infrastructure, the coastal areas of Mumbai are undergoing a facelift, and the property market is ablaze with possibilities.

The Coastal Road: A Game Changer for Mumbai’s Property Landscape

The coastal road project is bringing significant changes to the cityscape. With a four-lane, 8-lane elevated section, dedicated bus rapid transit system (BRTS), cycling and walking tracks, and landscaping, this road shows immense potential in redefining the real estate market of Mumbai. The project is expected to provide new commercial and residential spaces, which will be in high demand due to the unparalleled, panoramic sea views.

Luxury developers are already capitalizing on the potential of the coastal road and investing in coveted locations. The wealthy coastal neighborhoods like Worli, Cuffe Parade, and Marine Drive, will be hotspots for premium residential units. These new developments will feature state-of-the-art amenities like swimming pools, spas, and fitness centers, all designed to provide the ultimate luxury experience.

Rise in price of coastal properties

The combination of exclusivity, views, and infrastructural advancements has led to a significant surge in coastal property values. The price of properties in Marine Drive, Worli, and Bandra has skyrocketed, with prices starting at INR 50,000 per square foot to a whopping INR 1,00,000 per square foot in the coastal BKC-Bandra stretch. According to reports, the prices are expected to rise by at least 10% to 15% in the coming months.

The coastal road has also positively impacted the commercial and office market of Mumbai. With attractive connectivity, state-of-the-art infrastructure, and a unique ambiance, coastal areas are ideal for high-end office spaces. Marquee developers and corporate houses are already queuing up to invest in commercial properties on the coastal belt.

Environmental concerns

While the coastal road offers boundless potential, there are serious environmental concerns that need to be addressed. The project threatens to cause significant harm to the delicate ecosystem of Mumbai's coastline. Besides, environmental groups have also raised concerns about the impact of construction activities on the marine life and breaches of Coastal Regulation Zone (CRZ) rules. The reclamation of land, which is a part of the project, also poses a risk to the coastal ecology of Mumbai.

Conclusion

The coastal road is a game-changer for Mumbai's Property Landscape. The city's wealthiest areas will become more exclusive and desirable thanks to the new infrastructure and stunning views. While the potential is significant, developers must balance the benefits with environmental concerns of the local ecosystem. It is crucial to keep a balance between development and environmental sustainability for the coastal regions' longevity.

In India, the real estate landscape is dynamically shaped by the rapid expansion of its economy and the bustling growth of urban centers like Mumbai, Delhi, and Bangalore. This surge in economic activity has led to an unprecedented demand for both residential and commercial properties, creating a fertile ground for investment opportunities. Fueling this growth further is the infusion of cutting-edge technologies like virtual reality and augmented reality into the real estate sector. These innovations have revolutionized the way properties are marketed and showcased, providing potential buyers with immersive experiences and a deeper understanding of their prospective investments. Despite occasional hurdles such as regulatory changes and market fluctuations, the Indian real estate market remains resilient and continues to be a promising arena for investors. The sheer size of the population, coupled with the ongoing urbanization trend, ensures a sustained demand for housing and commercial spaces. Moreover, government initiatives such as "Housing for All" and the development of smart cities further bolster confidence in the market's long-term potential. These initiatives not only stimulate demand but also create opportunities for developers and investors to participate in large-scale infrastructure projects. Additionally, the emergence of real estate investment trusts (REITs) has provided retail investors with access to the commercial real estate market, previously accessible only to institutional investors. This democratization of real estate investment opens up new avenues for individuals to diversify their portfolios and potentially reap the rewards of the sector's growth. In essence, while challenges persist, the Indian real estate market's dynamism, coupled with technological advancements and supportive government policies, underscores its resilience and attractiveness for savvy investors seeking long-term growth opportunities.