MUMBAI: Infrastructure growth has given impetus to the real estate market across India. The widening of the eastern express highway and construction of a number of flyovers on this stretch led to the increased accessibility of Thane and adjoining areas to south and central Mumbai, resulting in rapid development of Thane and adjoining areas. Similarly, the areas along the National Highway 3 (NH3) are also likely to see considerable transformation, due to its widening into a four-lane highway.
Citing example of the Mumbai-Pune western express highway and other highways, Venkatesh Gopalkrishnan, EVP and CIO, Shapoorji Pallonji explains, “With the development of NH3 which is further northwards of Mumbai, we are bound to see this development extend beyond Thane. Areas such as Vasind, Asangaon and further up to Shahapur, are certainly poised to benefit from the connectivity NH3 will offer. We have already seen a good change in the Mumbai Pune belt with the construction of the Mumbai-Pune expressway and prices in these areas have increased considerably in the past few years. On the other hand, locations such as Shahapur, which offer a green environment and a good climate, alongwith an affordable price to the buyer, will definitely grow to be a first home destination for the budget buyer.“
According to Nayan Bheda, chairman and managing director, Neptune Group, Mumbai, Pune and Nashik, is a golden triangle. “Mumbai-Pune highway was built long back, but Mumbai-Nashik highway was always required. Widening of the NH3 will definitely prove beneficial. It doesn’t pass directly through all the suburbs like Ambivali, Titwala, among others and the connected road to Kalyan suburbs should also be widened, as this will help the area to develop like Vashi, Mumbai and Thane in the future,“ says Bheda.
Hiral Sheth, director marketing, Sheth Creators, is of the view, “The NH3 will definitely boost the real estate sector in central suburbs. Locations like Kalyan, Dombivali, Ambernath, Badlapur, which are adjacent to NH3, will witness a substantial growth in the real estate market.
Kalyan and Dombivali, have seen an increased amount of traction due to the development of metro projects which has improved the connectivity of the region. These destinations will be of colossal interest to homebuyers and investors, as they possess decent infrastructure development with an attractive price range. The demand for housing in this belt will see a rise in the forthcoming years. The NH3 will also further aid in enhancing the social infrastructure of the areas. This four lane express way shall also assist in the progress of commercial and retail establishments. There will be a significant demand for housing projects and this will attract many migrants with the added advantage of housing being reasonable and cost effective, compared to other areas of Mumbai.“
The widening of this national highway has had a positive impact on the connectivity between Mumbai and Nashik. Subhankar Mitra, director strategic consulting (West), JLL India, says, “Earlier, the travel time between these two cities was 4-5 hours, which has now reduced to less than three hours. Movement of goods has become easier; as a result, a lot of warehousing has come up in the fringe areas of the MMR, around Kalyan and the Bhiwandi connector. In addition, many residential projects have also been launched, some of which are second home projects in remote areas like Shahapur, Atgaon, Karjat, etc.
There has been a good impact on the real estate market of Nashik, as well developers there are now marketing their projects to Mumbai’s investors, on the basis of the travel time between the two cities having significantly reduced.“ Mayur Shah, managing director, Marathon Group, adds, “Unprecedented development in the real estate sector in the adjoining areas of NH3 in the recent past, is an ideal example of infrastructure development driving the growth of real estate. The widening of the NH3 and Mumbai Nashik Express way after the widening of Kasara Ghat section, has converted NH3 into a new growth corridor. It has encouraged investors and builders to invest and make property on the outskirts of the cities because of the ease in accessing the location through NH3. Also, the widening of NH3 has increased tourism in a way which in turn, will also push the growth of real estate development.“
Shailesh Puranik, managing director, Puranik Builders, concludes, “With the widening of the NH3, we have seen an upward trend in both, residential and commercial property markets, in and around the area. Also, NH3 which is considered as a major Indian national highway is well-connected to other states. This has significantly resulted in creating an impact on the real estate development in the nearby areas.
In the near future, we see good amount of real estate development taking place along this corridor. It has provided good opportunities to the builders and also to home buyers.“