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.
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