25 October, 2023
4 mins read
Mumbai, the financial capital of India, is currently going through an infrastructural overhaul. For close to five years, gigantic construction sites with barricades, excavators, and bulldozers have mushroomed all over the city. It is being built for a better tomorrow.
The list of the top ongoing projects in Mumbai comprises world-class roads, metro facilities across the town, a state-of-the-art airport in Navi Mumbai, and much more. The state government has further announced the acceleration of several upcoming projects in Mumbai, aiming for completion by November 2023 to early 2024.
Should the government achieve this target, it can surely bring a huge respite for Mumbaikars. Apart from making their lives easier and more convenient, the Mumbai infrastructure projects can bring a huge boom in the city’s real estate market.
So now is the perfect time to invest in the new residential projects in Mumbai.
Mumbai currently boasts some of the best upcoming projects in India by 2025. Here’s more on these projects that can transform this city into one of the best infrastructure cities not only in India but across the globe:
The Mumbai Trans Harbour Link (MTHL), also called the Sewri-Nhava Sheva Trans Harbour Link, is an under-construction six-lane road bridge touted to connect Mumbai with Navi Mumbai. With a total length of 21.8 kilometres, the MTHL will become the longest sea bridge in India once completed. More than 95% of the work has already been done, and this bridge can be open for public use by December 2023.
The Coastal Road is one of the most ambitious projects among the upcoming road projects in Maharashtra in 2023. Being built by the BMC, it is a four-lane by four-lane highway that will connect the marine lines in South Mumbai with Kandivli in the north. Once completed, this road is expected to reduce the commuting time between the two points from over two hours to less than 40 minutes.
The upcoming metro projects in Mumbai are expected to reduce the city traffic and ease the heavy workload of the railway network. Once completed, the Mumbai metro will span across 350 kilometres, connecting every nook and corner of the city. In total, there would be 17 metro lines that are expected to be completed by the end of this decade. The entire project is being built at an estimated budget of ₹1.4 lakh crores.
The under-construction Navi Mumbai International Airport is one of the landmark projects of the city. The estimated cost for the completion of this project is a whopping ₹16,700 crores. Once completed, the Navi Mumbai airport can pave the way for Mumbai’s development into an aerotropolis (an urban city centred around an airport).
The government has already released tenders for the construction of offices, shopping malls, educational institutes, and hospitals around the designated airport city.
Currently, to reach the Mumbai-Nashik highway, the residents of Dombivli have to pass through Kalyan. For them, the Dombivli-Thane Link Road will provide a massive boon. This new road will ensure seamless and efficient connectivity between the two locations, reducing commuting to just 20 minutes. According to the Mumbai Metropolitan Region Development Authority (MMRDA), the project is nearing its completion and may be inaugurated by November 2023.
The commuters taking the Santacruz-Chembur Link Road (SCLR) face heavy traffic congestion at the Chheda Nagar Junction. To improve this, the Maharashtra government has proposed a second-tier flyover from Mankhurd to Thane. The new project will offer a 3-kilometre signal-free passage to commuters travelling directly to Thane. The commuters can skip the congested Chheda Nagar Junction.
As we approach the completion of such ambitious future projects in Mumbai, the real estate rates in the city can spike significantly. Even the residents of areas like Bhandup, Dombivli, Byculla, and Kalyan will start enjoying superior connectivity, leading to an upsurge in the prices of housing properties in these locations.
Many real estate investors will find this the ideal time to invest in not just real estate but luxury real estate. Constructed in one of the most developing areas of Mumbai, projects like Piramal Aranya have become a preferred choice for investors and homebuyers. The luxury housing offers 2,3, and 4-BHK flats in the heart of South Mumbai. Click here to take an e-tour of the project.
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05 June, 2023