Better connectivity will boost property prices
With the rise in demand for better transportation facilities the new metro lines, roads, highways, bridges, trans harbor links etc reduce the commute times bringing different parts of the city closer to each other. Remote areas in the outskirts are now turning into residential hot spots due to the easy accessibility. The rise of these spots drives residential property prices as they develop better facilities and social infrastructure. For example, the development of the eastern freeway led to the rise in property prices in Chembur and Wadala.
New prime locations
South and the central suburbs of Mumbai are now challenged by the upcoming suburbs. These promise a balanced life capturing the best of both worlds – the city life and the tranquil natural surroundings. These new locations are taking over as the prime locations offering a better work-life balance as well as comparatively lower property prices. As Mumbai's prime locations get decentralized the choices for buyers and investors are opening like never before.
Commercial Property Demand
Projects like the Navi Mumbai Airport and Mumbai Metro ensure the development of new business districts and commercial property clusters. Businesses now have the option to move to cheaper locations like the northern and central suburbs of the city with better connectivity and centrally located areas that are conducive to businesses. There is a boom in office spaces, warehouses, retail properties, and commercial real estate in the emerging locations connected by the infrastructure projects. A good example is the development of locations like Ulwe adjoining the upcoming airport project.
Cluster developments
Infrastructure developments facilitate the development of cluster developments like residential townships, special economic zones, and large mixed real estate developments. The townships offer holistic living experiences with residential and commercial areas within them with green zones and serene surroundings that add to their allure. They are well planned and maintained and easily accessible from the main hubs of the city attracting home buyers a wholesome lifestyle.
Mumbai’s infrastructure development is poised to decentralize and unburden the current one creating new property markets and residential clusters. This will benefit the real estate industry in developing properties in new zones using innovative construction practices and modern designs equipped with the latest technology within sustainable environments.
