12:39 AM
Mumbai
Infrastructure growth has given impetus to the real
estate market across India. The widening of the eastern express highway
and construction of a number of flyovers on this stretch led to the
increased accessibility of Thane and adjoining areas to south and
central Mumbai, resulting in rapid development of Thane and adjoining
areas. Similarly, the areas along the National Highway 3 (NH3) are also
likely to see considerable transformation, due to its widening into a
four-lane highway.
Citing example of the Mumbai-Pune western
express highway and other highways, Venkatesh Gopalkrishnan, EVP and
CIO, Shapoorji Pallonji explains, “With the development of NH3 which is
further northwards of Mumbai, we are bound to see this development
extend beyond Thane. Areas such as Vasind, Asangaon and further up to
Shahapur, are certainly poised to benefit from the connectivity NH3 will
offer. We have already seen a good change in the Mumbai Pune belt
with the construction of the Mumbai-Pune expressway and prices in these
areas have increased considerably in the past few years. On the other
hand, locations such as Shahapur, which offer a green environment and a
good climate, along with an affordable price to the buyer, will
definitely grow to be a first home destination for the budget buyer.“
According
to Nayan Bheda, chairman and managing director, Neptune Group, Mumbai,
Pune and Nashik, is a golden triangle. “Mumbai-Pune highway was built
long back, but Mumbai-Nashik highway was always required. Widening of
the NH3 will definitely prove beneficial. It doesn’t pass directly
through all the suburbs like Ambivali, Titwala, among others and the
connected road to Kalyan suburbs should also be widened, as this will
help the area to develop like Vashi, Mumbai and Thane in the future,“
says Bheda.
Hiral Sheth, director marketing, Sheth Creators, is of
the view, “The NH3 will definitely boost the real estate sector in
central suburbs. Locations like Kalyan, Dombivali, Ambernath, Badlapur,
which are adjacent to NH3, will witness a substantial growth in the real
estate market.
Kalyan and Dombivali, have seen an increased
amount of traction due to the development of metro projects which has
improved the connectivity of the region. These destinations will be of
colossal interest to homebuyers and investors, as they possess decent
infrastructure development with an attractive price range. The demand
for housing in this belt will see a rise in the forthcoming years. The
NH3 will also further aid in enhancing the social infrastructure of the
areas. This four lane express way shall also assist in the progress of
commercial and retail establishments. There will be a significant demand
for housing projects and this will attract many migrants with the added
advantage of housing being reasonable and cost effective, compared to
other areas of Mumbai.“
The widening of this national highway has
had a positive impact on the connectivity between Mumbai and Nashik.
Subhankar Mitra, director strategic consulting (West), JLL India,
says, “Earlier, the travel time between these two cities was 4-5 hours,
which has now reduced to less than three hours. Movement of goods has
become easier; as a result, a lot of warehousing has come up in the
fringe areas of the MMR, around Kalyan and the Bhiwandi connector. In
addition, many residential projects have also been launched, some of
which are second home projects in remote areas like Shahapur, Atgaon,
Karjat, etc.
There has been a good impact on the real estate
market of Nashik, as well developers there are now marketing their
projects to Mumbai’s investors, on the basis of the travel time between
the two cities having significantly reduced.“ Mayur Shah, managing
director, Marathon Group, adds, “Unprecedented development in the real
estate sector in the adjoining areas of NH3 in the recent past, is an
ideal example of infrastructure development driving the growth of real
estate. The widening of the NH3 and Mumbai Nashik Express way after the
widening of Kasara Ghat section, has converted NH3 into a new growth
corridor. It has encouraged investors and builders to invest and make
property on the outskirts of the cities because of the ease in accessing
the location through NH3. Also, the widening of NH3 has increased
tourism in a way which in turn, will also push the growth of real estate
development.“
Shailesh Puranik, managing director, Puranik
Builders, concludes, “With the widening of
the NH3, we have seen an
upward trend in both, residential and commercial property markets, in
and around the area. Also, NH3 which is considered as a major Indian
national highway is well-connected to other states. This has
significantly resulted in creating an impact on the real estate development in the nearby areas.
In
the near future, we see good amount of real estate development taking
place along this corridor. It has provided good opportunities to the
builders and also to home buyers.“
Source: Times Property, The Times of India, Mumbai
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