SCLR: Near- term impact on real estate
The economics of transportation infrastructure have always had a positive impact on real estate values – most especially in Mumbai. Homes and offices located in the proximity of transportation infrastructure command a premium because of the increased accessibility. In fact, Kurla, Sion, Vidya Vihar and Chembur may see significant surge in developer interest. There has already been a jump of close to 25% in Chembur's property prices - an impact attributed to the cumulative effect of mega-projects like the Eastern Freeway, Monorail, Metro and now SCLR. Meanwhile, demand for properties in BKC, its adjoining areas and CST Road is already rising perceptibly.
SCLR: Mid- Term impact on real estate
As intended, the SCLR has significantly reduced commuting time to BKC from the eastern suburbs, further improving the connectivity of Mumbai's hottest new business district. The significant decongestion of Western and Eastern Express Highway is turning out to be a game-changer for commercial projects around them. In fact, the reduced load on JVLR and Sion-Dharavi Link Road will have a positive impact for the property market in the Western Suburbs and BKC.
From a real estate perspective, the fact that commuters from the western suburbs and SBD North will now prefer to use the SCLR to commute to Navi Mumbai, Panvel and other areas and back is an important and positive change for these markets. Reduced traffic congestions at Amar Mahal Junction in Chembur, Vakola in Santacruz, parts of Sion and Kurla in Eastern Suburbs, will increase the liveability quotient of these areas and boost demand for commercial as well as residential real estate. The overall development potential of areas near the access points of SCLR in terms of residential, retail and commercial projects will also shoot up.
