Mumbai Goes Toll-Free: A Boon for Eastern Suburbs' Real Estate?

This decision to waive tolls for light motor vehicles in Mumbai is expected to boost the real estate market in suburbs like Thane, Airoli, and Vashi, making them more attractive to homebuyers. The timing, just before the Maharashtra Assembly polls, has ra

MumbaiReal EstateTollfreeEknath ShindeAssembly PollsReal Estate MaharashtraOct 14, 2024

Mumbai Goes Toll-Free: A Boon for Eastern Suburbs' Real Estate?

Real Estate Maharashtra:In a significant move ahead of the Maharashtra Assembly elections, Chief Minister Eknath Shinde announced that light motor vehicles will no longer need to pay tolls at Mumbai's five major toll booths, effective midnight, October 15. This decision is expected to bring relief to over 600,000 vehicles that cross Mumbai daily, 80% of which are light motor vehicles such as cars, jeeps, vans, and small trucks.

The five toll booths affected are Dahisar, LBS Road-Mulund, Eastern Express Highway-Mulund, Airoli Creek Bridge, and Vashi. Commuters have long complained of long waiting times at these booths, and this move should ease their travel woes, especially ahead of Diwali.

Good News for Eastern Suburbs Real Estate

This move is expected to boost the real estate market in suburbs like Thane, Airoli, and Vashi. Traveling to and from these areas will become more convenient and cost-effective, making them even more attractive to potential homebuyers. The ongoing festive season is likely to add more traction for real estate projects in these regions.

Thane, in particular, has been growing rapidly, transforming from a suburban location to a self-sustained city within the Mumbai Metropolitan Region (MMR). The toll waiver will improve travel times and make these suburbs more accessible, increasing their appeal to potential residents. Overall, the toll waiver is a welcome move for Thane and nearby regions, likely to propel their real estate markets forward and make them even more desirable places to live and invest.

The Election Gimmick or Strategic Move?

Activists have pointed out that the maintenance costs for these toll booths were recovered ten years ago, yet the government continued to collect tolls. In fact, the Maharashtra government had extended toll tax recovery for another three years until 2027, expecting to collect around Rs 11,000 crore.

This toll-free move is being seen as a pre-poll stunt by Maharashtra's government to woo voters as it comes just before the elections. The opinions vary some view this as a short-term gimmick rather than a lasting solution, while others state that this toll-free move could be part of a broader strategy. However, its impact on the election outcome and real estate remains to be seen.

Frequently Asked Questions

When will the toll waiver for light motor vehicles in Mumbai take effect?

The toll waiver for light motor vehicles in Mumbai will take effect at midnight on October 15.

Which toll booths are affected by this toll waiver?

The toll booths affected are Dahisar, LBS Road-Mulund, Eastern Express Highway-Mulund, Airoli Creek Bridge, and Vashi.

How is this toll waiver expected to impact the real estate market in eastern suburbs like Thane and Vashi?

The toll waiver is expected to boost the real estate market in eastern suburbs like Thane and Vashi by making travel more convenient and cost-effective, thereby increasing their appeal to potential homebuyers.

Why is the timing of this toll waiver seen as significant in the context of the Maharashtra Assembly polls?

The timing of this toll waiver is seen as significant because it comes just before the Maharashtra Assembly polls and is being viewed by some as a pre-poll stunt to gain favor with voters.

What is the impact of the toll waiver on daily commuters?

The toll waiver is expected to bring relief to over 600,000 vehicles that cross Mumbai daily, particularly light motor vehicles, by reducing long waiting times at toll booths and making travel more convenient.