Santacruz-Chembur Link Road to Lead Impact on Property Prices
The first double-decker flyover of the country, Santacruz-Chembur Link Road (SCLR) has been undertaken under MMRDA, Mumbai’s Urban Transport project and it will provide much-needed connectivity from east to west of Mumbai. From Western Express Highway to Amar Mahal Junction around Eastern Express highway, the six-lane road of 6.45 km has been opened to the public last week. The transport infrastructure always had a great impact on the realty market, particularly in Mumbai. Office spaces and homes in the vicinity of transport facilities led to a premium due to great connectivity.
Actually, Sion, Kurla, Chembur and Vidyanagar have seen great surge in the interest of the developer. There has been a hike of around 25% in the property prices of Chembur area and the impact has attributed to great effect of major projects like Monorail, Eastern Freeway, Metro and SCLR. In addition, the demand for real estate properties in BKC, adjoining areas, and in Chembur-Sion road has been increasing tremendously. As expected, the SCLR has successfully reduced travel time from eastern suburbs to BKC. It further improved connectivity to the whole new business district in Mumbai. The tremendous decongestion of Eastern and Western Express highways is all set to be a game-changer for the upcoming commercial projects. The reduced load on Sion-Dharavi Link Road and Jogeshwari-Vikhroli Link Road will lead to a positive change for real estate market in BKC and western suburbs.
From the perspective of real estate prices, the commuters from the Suburban Business District (SBD) and western suburbs will commute to Navi Mumbai by using SCLR, Panvel and various other areas and it leads to positive and major change for such markets. At Vakola in Santacruz, Amar Mahal Junction in Chembur, and major parts of Kurla and Sion, reduced traffic congestions will improve quality of life in such areas and improve demand for residential and commercial properties. Overall, the development potential of these areas is huge. The companies will become employee-friendly over the long term and BKC seems to gain huge potential with this trend. The residential absorption is all set to hike in eastern suburbs.
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