Upcoming Infra Projects Will Change Mumbai Real Estate
The beginning of the year 2016 saw the launch of many ambitious infrastructural projects in Maharashtra. When completed, these projects would bring a sea change in the city and its public transport system.
PropGuide lists you some of the major infrastructure projects that will start off this year.
Mumbai Metro Line-3
This mega Metro project would connect the Cuffe Parade business district in the extreme south of the city to SEEPZ in the north-central with 26 underground and one at-grade station. The corridor will start from Cuffe Parade passing through Nariman Point, Churchgate, CST, Girgam, Worli, Mahim, Kalina University, Dadar, Bandra, Bandra-Kurla Complex, Santacruz East and past the domestic and international terminals of Mumbai Airport, through Andheri MIDC and terminates at SEEPZ. The line-3 is expected to reduce congestion on the Western Line between Bandra and Churchgate. The cost of this corridor is estimated at Rs 23,136 crore. Apart from bringing down the congestion of the roads, the Metro would considerably decrease the travel time. The real estate in adjoining areas has already stared witnessing value appreciation.
Navi Mumbai International Airport
The international airport in Navi Mumbai is slated to be operational by 2019. The upcoming airport would lighten the burden faced by the existing Chhatrapati Shivaji international Airport. Initially, the airport would see an annual footfall of three million passengers, which would go up to 10 million by and by. The impact of this project on property prices have been huge; lands costs in adjoining areas have sky rocketed.
Mumbai Coastal Road (MCR)
The 35.6-km long coastal road connecting the south and the north Mumbai has been given nod by the forest advisory committee. The project would require 168.8 hectares of land and 91 hectares of this land would be developed into a green space. This would boost the connectivity in Mumbai to a great extent.
Mumbai Trans-Harbour Link (MTHL)
The 22-km Mumbai Trans-Harbour Link, which will be the country's longest sea link, will give citizens more access to the mystique of the eastern coast. The Rs 11,500-crore project will be constructed in a phased manner, and the first phase would be completed by 2020.
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