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Mumbai (Maharashtra) [India], February 28: The city that never sleeps is on the cusp of a momentous change. The much-awaited and ambitious Coastal Road project, a state-of-the-art expressway stretching along the western coast of Mumbai, is poised to be a major game changer for residential projects, especially in the western suburbs. Already a favorite location for luxury residential projects, the western suburb of Mumbai is expected to see a rise in property values. The better connectivity provided by the coastal road, along with metro connectivity, will make it an even more attractive destination for potential home buyers and investors.
The completion of the Coastal Road is expected to boost property values, attract investment and spur a new wave of urbanization in the western suburbs. Leading real estate developers in the area have expressed optimism regarding the impact of the project.
Mr. Vedanshu Kedia, Director, Prescon Group, a leading real estate developer in Mumbai, commented, “The Coastal Road is not just an infrastructure project; It is a catalyst for urban change. We expect an increase in demand for residential properties in Central-South Mumbai, especially in Mahim-Matunga, due to its proximity to Sealink and Reclamation – a key connector of the coastal road scheme. Due to this infrastructure upgrade, our project – Prescon Midtown Bay at Mahim, will not only redefine the skyline of the city but also provide its members unmatched connectivity to all parts of Mumbai.
The Coastal Road, which will be another infrastructural marvel to reduce traffic congestion and enhance connectivity between the northern and southern parts of the city, is also expected to have a far-reaching impact on the real estate landscape of the western suburbs, an area that . For its high-end residential properties and bustling commercial centres.
Mr. Ayush Patel, Director, Atul Projects India Pvt. Ltd. said, “The Coastal Road is an important step towards reducing Mumbai’s perennial traffic problems. This will not only benefit daily commuters but will also boost the real estate market in the western suburbs. The increased accessibility and reduced travel time is likely to attract more residents and businesses to the area.
According to a recent Knight Frank India analysis, of the total properties registered in January 2024, the share of central and western suburbs was over 75%, as these locations are home to new launches offering a wide range of modern amenities and good connectivity. There is a center for. 86% of consumers in the western suburbs chose to shop at their micro market. This choice is influenced by the familiarity of the location as well as the availability of products that suit their pricing and convenience preferences.
The coastal road project is expected to have a significant impact on the residential real estate market in the western suburbs. Developers anticipate that property prices will increase due to improvements in infrastructure. Furthermore, the enhanced quality of life, coupled with the beautiful coastal scenery, is likely to attract a more affluent demographic, thereby changing the socio-economic fabric of the area.
Mr. Umesh Jandiyal, Chief Business Officer, Omkar Realtors & Developers, commented, “Coastal Road is more than just an infrastructure development; It is a vision that will redefine living in the western suburbs. Projects here offer ease of commute to business districts like BKC and Andheri, and hence, the location is witnessing a premium quotient and strong demand. For example, we expect an increase in demand and price growth for residential properties, especially the luxury segment, in the Malad-Goregaon region, given better accessibility and scenic locations.
Similarly, Mr. Rohan Khatau, Director, CCI Projects, believes that the project will open up new opportunities. “The western suburbs have always been attractive to homebuyers. Along the Coastal Road, there is an added benefit of reduced commute time and increased connectivity to key business districts, making it an even more desirable location for residential investment. “Areas like Borivali and Kandivali are particularly attractive, attracting residents of South and Central Mumbai, offering improved lifestyle and seamless connectivity,” he said.
The project also includes the development of green spaces, cycle tracks and pedestrian pathways along the coastline to enhance the quality of life for the city’s residents. These amenities are expected to complement high-end residential projects, offering a blend of luxury and sustainability. Although the project promises many benefits, it also brings challenges, especially in terms of environmental sustainability. Developers and urban planners are advocating eco-friendly construction practices and emphasizing the need to balance development with ecological conservation.
Coastal Road is set to be a transformative force for the western suburbs, offering a blend of improved connectivity, increased real estate values and improved quality of life. As the project progresses, the anticipation among Mumbaikars is palpable. This project is more than just a roadway; It represents a new chapter in Mumbai’s urban development, promising a brighter future for the city and its residents.
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