Will property prices change with the Mumbai Coastal Road in November 2023?
Living in one of the most populous cities in India, Mumbai, where the excitement and buzz keep the Mumbaiites on their feet has a new development. The infrastructure in the city has changed for the better and those residing in flats in Mumbai are soon going to rejoice in a unique lifestyle.
The Mumbai Coastal Road project is slated to be completed in November 2023 as per Brihanmumbai Municipal Corporation on 19th March 2022. The Mumbai Coastal Road project has been long-awaited by Mumbaiites for it will be a relief for its ease of commute. The foundation was laid on December 16th, 2018 at Amarson Garden in Cumballa Hill, south Mumbai.
The 22.2 km long Coastal Road will add an 8.5 km long and 20-meter-wide promenade to the city between Priyadarshini Park at Nepean Sea Road, Worli side of Bandra Worli Sea Link. The first phase of the project, Bandra Worli Sea Link was completed before the second phase was commenced. Along with the sea promenade, the Mumbai Coastal Road will additionally have a butterfly garden, a biodiversity park, an open-air theatre, and an underground car parking lot that will accommodate approximately 1864 vehicles.
The reclaimed space of 111 hectares will be used for recreation spaces and amenities, 26.5 hectares used for the construction of interchanges for the project, and 14.5 hectares to construct the sea wall to protect the area from the sea waves.
This infrastructure development will not only reduce the travel woes of commuters but shall also impact the overall lifestyle. Many residing in luxury 3 BHK, 4 BHK and 5 BHK sea facing flats will find their investment in the property a value for money.
This in turn will bring rise to a demand for luxury flats in south Mumbai. Some residential projects around Worli, like Vraj Tiara, will see a surge in demand due to its prime location considering the upcoming Worli Sewri elevated corridor within 5 minutes, metro station within 5 mins, the Mumbai Coastal Road, and several amenities a few minutes from the residence beside the beautification of the promenade. The project also has amenities within the residential complex like a hi-tech gym on the 24th floor, terrace amenities like the vertical garden, leisure corners like a cafeteria, kids’ play area, barbecue area, sky lounge with a panoramic 270-degree sea view.
Thus in conclusion, the ambitious Mumbai Coastal Road will finally bring a new dimension to the residents. The lifestyle of many will change with the commute time being saved. Most would even consider moving to sea-facing homes for the new lifestyle amenities and ease of travel.
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