Mumbai's Light Vehicle Toll Waiver to Boost Real Estate in Key Suburbs
This decision is expected to benefit over 600,000 vehicles that pass through Mumbai daily, with 80% being light motor vehicles like cars, vans, and small trucks. The toll waiver will make travel more convenient and affordable, enhancing the real estate ap
MumbaiToll WaiverReal EstateSuburbsDiwaliReal Estate MumbaiOct 16, 2024
The five toll booths that will be affected by this waiver are Dahisar, LBS Road-Mulund, Eastern Express Highway-Mulund, Airoli Creek Bridge, and Vashi. Commuters have long complained about the lengthy wait times at these toll booths, and this initiative is expected to alleviate travel difficulties, especially as the Diwali festival approaches.
The toll exemption is likely to have a positive impact on the real estate market in key suburbs like Thane, Airoli, and Vashi. By making travel to and from these areas more convenient and affordable, the suburbs are expected to become more attractive to potential homebuyers. During the festive season, developers can anticipate a surge in interest in their projects across these regions.
Thane, in particular, has been rapidly transforming from a suburban area into a self-sufficient city within the Mumbai Metropolitan Region (MMR). The toll waiver will significantly improve travel times and accessibility, further enhancing the appeal of these suburbs to prospective residents. Overall, this move is likely to boost the real estate markets in Thane and its neighboring areas, making them more desirable for both living and investment.
However, activists have pointed out that the maintenance costs for these toll booths were recouped over a decade ago, and the government continued to collect tolls. The Maharashtra government had extended the toll tax recovery period until 2027, with the aim of collecting approximately INR 11,000 crore.
In conclusion, the toll exemption for light motor vehicles in Mumbai is a notable development that promises to enhance commuter convenience and stimulate the real estate market in surrounding suburbs. While the timing and intent of this move may be viewed with skepticism as a pre-election tactic, the true impact on voter sentiment and long-term real estate trends will become clearer as the election unfolds and residents assess the lasting effects of this policy change.
Frequently Asked Questions
Which toll booths will be affected by the waiver?
The toll waiver will affect the Dahisar, LBS Road-Mulund, Eastern Express Highway-Mulund, Airoli Creek Bridge, and Vashi toll booths.
When does the toll exemption for light motor vehicles start?
The toll exemption for light motor vehicles will start from midnight on October 15.
How many vehicles are expected to benefit from this toll waiver?
The toll waiver is expected to benefit over 600,000 vehicles that pass through Mumbai daily, with 80% of them being light motor vehicles.
Which suburbs are likely to see a boost in the real estate market due to the toll waiver?
The suburbs of Thane, Airoli, and Vashi are likely to see a boost in the real estate market due to the toll waiver.
What is the estimated amount the Maharashtra government aimed to collect through toll taxes?
The Maharashtra government had aimed to collect approximately INR 11,000 crore through toll taxes until 2027.
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