As reported, the Supreme Court has given its approval for Mumbai’s Rs 140 billion coastal road project – which was put on the map to decongest traffic and provide ease of access between the northern and southern parts of the city.
The Bombay High Court recently cancelled the coastal regulation zone (CRZ) clearances granted to the ambitious Rs 140-billion Mumbai Coastal Road Project, reasoning that there was serious lacuna in the decision-making process and lack of proper scientific study. The decision is likely to impact the order book of large construction players such as Larsen & Toubro (L&T) and HCC, who are involved in the construction of the project.
Due to confusion over new development rules, the Mumbai Metropolitan Region (MMR) will see fewer project launches and land deals in the year ahead. The expected decline in future launches comes on the back of a sluggish June quarter in which only 5,059 housing units were launched, which is less than half of the 11,041 units a year ago.
The traffic woes in Mumbai seem to be a never ending saga. But the solution to this could be a strong corridor. In this context, Ajoy Mehta, Municipal Commissioner, Municipal Corporation of Greater Mumbai, at an interactive meeting at Indian Merchant Chambers in Mumbai yesterday, pointed out to the 32 km coastal highway, stating that, “It is likely to get clearance soon”.