The Coastal Road project is not merely a feat of infrastructure but a catalyst for urban metamorphosis, poised to elevate residential projects in the western suburbs to new heights
India’s financial capital Mumbai is on the brink of a monumental transformation with the impending inauguration of the first phase of the Coastal Road project by Prime Minister Narendra Modi. A modern expressway stretching along the city’s western coastline, it is expected to revolutionise the urban landscape, particularly in the western suburbs.
The Coastal Road project is not merely a feat of infrastructure but a catalyst for urban metamorphosis, poised to elevate residential projects in the western suburbs to new heights. With the region already being a preferred location for luxury residential developments, the introduction of improved connectivity through the Coastal Road and existing metro networks is expected to fuel a surge in property values, attracting both homebuyers and investors.
Leading real estate developers in Mumbai are optimistic about the transformative impact of the Coastal Road project. Vedanshu Kedia, Director of Prescon Group, emphasised the project’s role as a catalyst for urban rejuvenation, foreseeing heightened demand for properties in strategic locations such as Mahim-Matunga.
Aayush Patel, Director of Atul Projects India, highlighted the project’s potential to alleviate Mumbai’s perennial traffic woes while bolstering the real estate market in the western suburbs. The enhanced accessibility and reduced travel times are anticipated to draw more residents and businesses to the area.
Recent analysis by Knight Frank India underscores the significance of the western suburbs in Mumbai’s real estate landscape, with over 75 per cent of total properties registered in January 2024 located in these areas. The availability of modern amenities and good connectivity has made these locations particularly attractive for homebuyers.
Developers anticipate a surge in property prices spurred by the Coastal Road project’s completion, coupled with the promise of an enhanced quality of life and scenic coastal views. Umesh Jandial, Chief Business Officer of Omkar Realtors & Developers, envisions a rise in demand and price appreciation, especially in luxury segments such as the Malad-Goregaon region.
Rohan Khatau, Director of CCI Projects, underscores the project’s role in unlocking new residential opportunities, particularly in areas like Borivali and Kandivali, which offer a lifestyle upgrade and seamless connectivity.
In addition to improved connectivity, the Coastal Road project includes the development of green spaces, cycling tracks, and pedestrian walkways along the coastline, enhancing the overall quality of life for residents.
However, developers and urban planners are mindful of the need for environmental sustainability, advocating for eco-friendly construction practices to balance development with ecological preservation.
As Mumbai eagerly awaits the completion of the Coastal Road project, the anticipation among residents is palpable. More than just a roadway, the project represents a new chapter in the city’s urban development, promising a brighter future for Mumbai and its inhabitants.
