Considering multiple indicators, the real estate industry of Mumbai has gone through exhausting challenges to earn its reputation in the Indian real estate market. Over the past three years, the financial capital of the country has been afflicted with copious unsold stocks integrated with multiple slowed down and shut down projects in the suburbs. Yet, the last two quarters of 2019 showed promising progress in the sector which gave a ripple of security to the aspiring real estate developers. The recent infrastructural developments had a substantial influence on the transformation of the real estate sector in the city.
The Neral-Karjat Subdivision
This precinct of the MMR has been resurrected with the continuing advancement of the railway system which currently boasts of 88 local trains connecting the region with all parts of the city. This development has acted as a bait to the home-seeking Mumbaikars and has added value to the existing properties there since it makes it economical for them to commute to any region amidst the ugly road traffic the city experiences on all working days.
There is a spike in the rental prices which are directly proportional to the growth the area is undergoing right now.
Mumbai Metro System
Regions like Wadala, Charkop,Goregaonetc had often been excluded from the list in the past but currently, there are being covered and considered with the expansion of the Metro system which might also alleviate the traffic congestion in the city roads as well the jam-packed Mumbai Suburban Railway network during peak hours and construction is moving on full swing like oberoi elysian price, oberoiskycity, oberoi maxima and more.
Mumbai-Trans Harbor Link
The upcoming Mumbai-Trans Harbor Link is highly expected to curb the hassle one had to face while traveling between Mumbai and Navi Mumbai. It is designed as a 21.8 km log six-lane sea bridge which will reduce the current travel time between two regions by an hour. This freeway will be integrated with Mumbai-Pune Expressway and Western Freeway and is also expected to be utilized with full potential by an estimated 70000 vehicles every day.
Other Noteworthy Factors
The contemporary innovations in shaping the infrastructure have the potential to attract millennials as they are the target group for most of the affordable housing developers. Like oberoi upcoming up oberoi elysian price and many other projects. This base mostly seeks areas with great connectivity and transportation system while choosing a home. Expansion of metro lines in the city and introduction of water taxis between Mumbai and Navi Mumbai has been initiated to ease commutation.
Navi Mumbai Airport
The working on the construction of the upcoming Navi Mumbai International Airport started in February 2018 in the Ulwe-Kopar-Panvel area of Maharashtra with plans of the realignment of areas in proximity accordingly. This project has the potential to trigger the development of landholdings in Panvel and surrounding areas.