Mumbai's Coastal Road Project: A Game-Changer for South Mumbai's Real Estate Market?
The Mumbai Coastal Road project is expected to improve connectivity between South Mumbai and the suburbs, benefiting areas like Nariman Point, Cuffe Parade, and Churchgate. Real estate experts predict a positive impact on the market, especially for redeve
Mumbai Coastal RoadSouth Mumbai Real EstateInfrastructure ProjectsRedevelopmentCommercial MarketReal Estate MumbaiSep 14, 2024
The bridge is open to northbound traffic between 7 am to 11 pm on weekdays only from September 13. The southbound vehicles, however, will have to take the existing route till both arms of the Coastal Road are connected with the sea link.
Suburban areas like Bandra, Versova, Andheri, Malad, Kandivali, Borivali and Dahisar are expected to benefit indirectly due to the improved connectivity of suburbs with central and south Mumbai.
South Mumbai was once known as one of the costliest real estate markets in India but over the years as businesses moved out to Bandra Kurla Complex (BKC), India's costliest commercial business district, and other parts of the city, prices in the area have stabilised. The Coastal Road and other infrastructure projects such as the Mumbai Metro 3 connector between Cuffe Parade and Aarey Colony are expected to revive South Mumbai’s fortunes.
According to Savills India, a real estate consultancy firm, there will be limited impact on real estate prices due to new infrastructure projects becoming operational. However, office rentals in South Mumbai have stabilised to ₹200 to ₹240 per sq ft from ₹255 per sq ft owing to lack of quality space.
Redevelopment activity picked up in the city post COVID-19, especially in the western and central suburbs of the financial capital. However, in the last one year, redevelopment has also picked up in south Mumbai as have new project launches.
The Coastal Road project is expected to benefit the real estate market, especially redevelopment projects. On a Year-on-Year (Y-o-Y) basis, the South Mumbai real estate market witnessed a growth of 41% in terms of sales in FY’24 when compared to FY’23.
Maharashtra Chief Minister Eknath Shinde had said on September 12 that the Mumbai coastal road is a game-changer and it will be extended in the future to Bhayander, Virar and Palghar, which would benefit the mega Vadhvan port.
The distance between Marine Drive and Versova will be covered in just 40-50 minutes, down from the present 2-3 hours once the extension is complete, Shinde said.
Frequently Asked Questions
What is the expected impact of the Mumbai Coastal Road project on the real estate market?
The project is expected to benefit areas like Nariman Point, Cuffe Parade, Churchgate, Mumbai Central, Worli among several other areas of south Mumbai and Central Mumbai directly.
How will the Coastal Road project affect office rentals in South Mumbai?
Office rentals in South Mumbai have stabilised to ₹200 to ₹240 per sq ft from ₹255 per sq ft owing to lack of quality space.
What is the current state of redevelopment projects in South Mumbai?
Redevelopment activity picked up in the city post COVID-19, especially in the western and central suburbs of the financial capital. However, in the last one year, redevelopment has also picked up in south Mumbai as have new project launches.
What is the expected growth in the South Mumbai real estate market?
On a Year-on-Year (Y-o-Y) basis, the South Mumbai real estate market witnessed a growth of 41% in terms of sales in FY’24 when compared to FY’23.
What are the plans for the extension of the Mumbai Coastal Road project?
Maharashtra Chief Minister Eknath Shinde had said on September 12 that the Mumbai coastal road is a game-changer and it will be extended in the future to Bhayander, Virar and Palghar, which would benefit the mega Vadhvan port.
Tags:
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.