PNN
Mumbai (Maharashtra) [India], July 31: In the recent Budget 2024-25 announcement, Finance Minister Nirmala Sitharaman highlighted urban development and infrastructure as key priorities under the Viksit Bharat initiative. Infrastructure development is pivotal for the housing sector's growth, as it enhances connectivity, streamline travel, and bring essential amenities closer to residents, thereby redefining urban living.
For instance, Mumbai's western suburbs, traditionally recognized for its vibrant residential areas and commercial centers, are now experiencing an intense transformation due to various ongoing infrastructure projects. According to proptech firm Square Yards, in terms of registered home sales value, Mumbai's Western Suburbs claimed the highest 31 per cent share i.e. Rs 14467 crore of the overall Rs 46,833 crore during April-June 2024 period.
"Homebuyers often prioritize project connectivity, easy access to metro lines or highways, quality social infrastructure, and proximity to parks. Mumbai's western suburbs excel in these areas, making them highly desirable," said Rohan Khatau, Director of CCI Projects.
"Areas like Borivali and Kandivali benefit from improved infrastructure, offering lifestyle upgrades and seamless connectivity. This is attracting residents from south and central Mumbai, enhancing the western suburbs' appeal as prime residential destinations," added Khatau.
Umesh Jandial, Chief Business Officer of Omkar Realtors & Developers, echoed similar sentiments, saying, "The western suburbs offer well-developed conveniences, making them a top choice for modern homebuyers. The Western Express Highway micro-market is strong on rental yield and ROI. With excellent connectivity to the airport, metro lines, and the upcoming Coastal Road, this area, especially Malad-Goregaon, is seeing high demand for residential housing."
As per a recent report by CREDAI-MCHI and CRE Matrix, for western suburbs of Mumbai, sales of housing surged by 13 per cent in FY'24 but the housing launches declined by nearly 35 per cent in FY'24, compared to the previous year. Also, it is noteworthy that housing unit value in western suburbs enjoyed a decent appreciation of 3 per cent in FY'24, compared to the previous year.
Vedanshu Kedia, Director of Prescon Group, noted, "The coastal road project and upcoming Metro Line 3 (Colaba - Bandra - SEEPZ) have the potential to boost property prices along their routes. Areas like Worli, Mahim, and Bandra will benefit greatly from their proximity to the Metro. For example, Mahim is experiencing high demand for luxury housing due to its close proximity to the WEH, Bandra-Worli Sea Link, upcoming Metro Line 3 and the new Coastal Road. This micromarket of Mumbai has seen relatively low activity in the past and has substantial aging housing stock, making it very well positioned for substantial growth."
The expansion of Mumbai's Metro network, including Metro Line 2A (Dahisar to DN Nagar) and Metro Line 7 (Dahisar East to Andheri East), has revolutionized daily commutes. These lines aimed to reduce traffic congestion, improve travel times, and boost productivity, significantly enhancing the quality of life for residents.
Additionally, the Coastal Road Project will create a high-speed, multi-lane road along the coastline, easing traffic congestion and providing scenic views and recreational spaces. The Western Express Highway (WEH) is also undergoing major redevelopment to improve capacity and functionality, including new flyovers, widened lanes, and dedicated bus lanes, further supporting economic growth and accessibility.
As these infrastructure projects progress, they are not only improving connectivity and functionality but also redefining urban living, setting new standards for quality of life in Mumbai's western suburbs.
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