Nav­i­gat­ing life in the sub­urbs of Mum­bai now eas­ier

MI­CRO-MAR­KET SPLIT OF LAUNCHED UNITS

HT Estates - - HTESTATES -

While the state of af­fairs of the Mum­bai re­gion’s real es­tate mar­ket con­tin­ued to re­main in the dol­drums in the first half of 2014, this pe­riod has seen sig­nif­i­cant com­ple­tion of tran­sit in­fra­struc­ture that has the po­ten­tial to al­ter the dy­nam­ics of the re­gion’s prop­erty mar­ket, the most sig­nif­i­cant be­ing the com­ple­tion of the Verso­vaAnd­heri-Ghatkopar cor­ri­dor of the city’s first metro rail. Cov­er­ing a dis­tance of 11.4 km, this ef­fi­cient and com­fort­able ur­ban trans­port sys­tem has boosted the west-east con­nec­tiv­ity in the city con­sid­er­ably by re­duc­ing the travel time from 1–1.5 hours to 21 min­utes. An­other sig­nif­i­cant project that has reached com­ple­tion is the Chem­bur-Wadala cor­ri­dor of the city’s first mono­rail. An ef­fi­cient and con­ve­nient form of trans­port, the mono­rail is suited to op­er­ate in crowded and nar­row roads where the metro can­not be im­ple­mented. The ben­e­fit of this first phase, which cov­ers a dis­tance of 8.9 km, is limited at present be­cause it does not con­nect any em­ploy­ment hubs. How­ever, once the sec­ond phase of 11.2 km con­nect­ing Wadala and Ja­cob Cir­cle is op­er­a­tional by 2016, this mono­rail link will be­come an im­por­tant tran­sit cor­ri­dor from the per­spec­tive of the re­alty mar­ket,ac­cord­ing to Knight Frank In­dia Real Es­tate Out­look re­port Jan­uary-June 2014.

The East­ern Free­way, a 16.8 km con­trolled-ac­cess high­way con­nect­ing the Ghatkopar-Mankhurd Link Road to PD’Mello Road, also be­came op­er­a­tional in the first half of 2014. The first of its kind, this tran­sit project has en­hanced the con­nec­tiv­ity of the cen­tral sub­urbs with south 25% Pe­riph­eral Cen­tral Sub­urbs 19% Western Sub­urbs 19% Pe­riph­eral Western Sub­urbs 11% Navi Mum­bai 11% Cen­tral Sub­urbs 9% Thane 6% Cen­tral Mum­bai <1% South Mum­bai Mum­bai sig­nif­i­cantly. Im­prov­ing con­nec­tiv­ity with the em­ploy­ment hubs of Na­ri­man Point, Co­laba and Cuffe Pa­rade, this in­fra­struc­ture devel­op­ment has in­creased the north-south con­nec­tiv­ity of the re­gion.

The San­tacruz– Chem­bur Link Road (SCLR), a 6.5 km ar­te­rial road con­nect­ing the cru­cial Western Ex­press High­way (WEH) and East­ern Ex­press High­way (EEH) at San­tacruz and Chem­bur, re­spec­tively, is an­other mile­stone project that be­came op­er­a­tional in the first half of 2014. The SCLR has im­proved the west-east con­nec­tiv­ity sig­nif­i­cantly by cut­ting the travel time between San­tacruz and Chem­bur from an hour to 20 min­utes.

While th­ese four im­por­tant pro­jects have come up within the Mum­bai city lim­its, they are re­defin­ing the prop­erty mar­ket dy­nam­ics of the en­tire metropoli­tan re­gion. On ac­count of high res­i­den­tial prop­erty prices in and around of­fice mar­kets, a large sec­tion of the re­gion’spop­u­lace trav­els from the sub­urbs and pe­riph­eral sub­urbs to their work­places. The travel time in most cases ranges from 30–60 min­utes for road travel and 60–120 min­utes in the case of subur­ban train travel. Th­ese new in­fra­struc­ture pro­jects have shrunk travel time for peo­ple who stay in the af­ford­able pe­riph­eral sub­urbs and com­mute to work in the city. In ef­fect, they have in­creased the ac­cept­abil­ity of res­i­den­tial mar­kets in the pe­riph­eral sub­urbs. An­other crit­i­cal fac­tor that has con­trib­uted to the ac­cept­abil­ity of the pe­riph­eral sub­urbs is the devel­op­ment of new of­fice pro­jects to­wards the north of the city, mainly in the western and cen­tral sub­urbs. Hence, th­ese two dom­i­nant fac­tors of in­fra­struc­ture devel­op­ment and ac­cess to em­ploy­ment op­por­tu­ni­ties will de­ter­mine the fate of the res­i­den­tial prop­erty mar­ket in the fore­see­able future.

With a new, sta­ble gov­ern­ment at the Cen­tre, stake­holder sen­ti­ment has wit­nessed re­mark­able im­prove­ment. The first bud­get un­der the lead­er­ship of prime min­is­ter Naren­dra Modi of­fered sev­eral pos­i­tive sur­prises to the re­alty sec­tor, with spe­cial fo­cus on hous­ing. The BFSI and IT/ITeS sec­tors – dom­i­nant em­ploy­ers in the re­gion – have in­di­cated their in­creas­ing op­ti­mism for busi­ness in the fi­nan­cial year 2015. Con­sid­er­ing th­ese fac­tors, af­ter a dull first half, there is ev­ery pos­si­bil­ity of new launches.

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