How upcoming infra kept residential real estate markets going during Covid

01 Sep 2021 CW Team

As the centre promised Rs 102 lakh crore infusion in infrastructure over the next five years and states push project completion to get the economy back on rails, new localities across cities see a fresh interest from end user buyers. Good planning and research can help maximise these gains, says E Jayashree Kurup.

“Infrastructure and real estate are married.” A dramatic statement by Dr Niranjan Hiranandani, Managing Director, Hiranandani Group, is borne out by the fact that the city has a slew of new projects capable of changing the way a city lives and moves. With the opening of the Ghatkopar-Mankhurd flyover in early August 2021, travel time to Navi Mumbai has been reduced to two minutes from the earlier 30 minutes. In Mumbai infrastructure projects include, 300 km of metro, the Mumbai Trans-Harbour (MTHL) bridge, the coastal road from Princess Street Flyover in South Mumbai to Kandivali in the northern suburbs, the picturesque Mandwa and Alibaug, the Navi Mumbai Airport, the Jawaharlal Nehru Port Trust (JNPT) SEZ, IT SEZs and the extension of the Western Railway lines towards Navi Mumbai. They will have a multiplier effect on the market as they open new segments of the city for development.

A fact that southern cities like Bengaluru and Hyderabad are familiar with. The two cities had one thing in common – a conscious policy by the state and city governments to periodically create new ring roads which would open up new tracts of land for development.