How Will Mumbai's Real Estate Market Fare Once the Coastal Road be Fully Functional?

By Lodha

Mumbai, often touted as the city of dreams, is a metropolis where opportunity lurks around every corner. However, time is the most precious commodity in the city, and hours spent commuting are hours wasted. Thankfully, the city's robust infrastructure has helped residents traverse its landscape with ease. Along with public transport like railway and metro lines, the bus network, and rickshaws and kaali peelis, the Coastal Road is all set to help commuters travel from Nariman Point to Kandivali in less than 40 minutes. Apart from streamlining transport across the city, the Coastal Road is also expected to have a profound impact on Mumbai's real estate market.

The Coastal Road is an 8-lane expressway that will eventually stretch over 29.2 km, connecting Mumbai's western coastline from the south to the north. The expressway will reduce travel time and funds spent on fuel, congestion, and carbon emissions. The road's first phase, stretching from the Princess Street flyover to the Worli side of the Bandra-Worli Sea Link, was inaugurated in early 2024. Here's how experts believe the Coastal Road will affect the city's real estate landscape:

Residential Price-bridge:

Areas like Nariman Point and Lower Parel are renowned commercial hubs home to most of the city's businesses. The area's commercial appeal has also driven up demand for residential spaces located at Peddar Road, Worli, Tardeo, etc. Lodha Marq at Tardeo and Lodha Park in Worli, with spacious apartments, ample amenities, and open spaces, are some of the most sought-after residential properties in South Mumbai. However, as the Coastal Road cuts down on the time taken to travel between Nariman Point and the northern suburbs, it will also help bridge the price gap between the two ends of the spectrum. Soon, apartments in Andheri, Goregaon, and Kandivali and residences in prime areas of South Mumbai will be similarly priced, allowing homebuyers to invest in spaces at relatively reasonable rates. The bridging of prices set in motion by the Coastal Road will create a rise in housing demand for new and redeveloped properties.

Intra-city Link:

The first phase of the Coastal Road has already come into operation and connects Marine Drive to Worli. It also acts as a link between the traditional Central Business District in and around Nariman Point and the Secondary Business District centrally located in Lower Parel and Worli. Industry experts believe that the Coastal Road will serve as a connector and amplify residential investments in South Central Mumbai. This uptick in demand for residential property will create a unique opportunity for investors and landlords to redevelop older buildings along the stretch. The Coastal Road is also expected to bring the traditional Central Business District back to life by addressing long-held connectivity concerns. With greater connectivity, older buildings in the Central Business District can be revitalised to attract businesses back to the hub.

Greener City:

On a broader level, the Coastal Road will be the catalyst for decongesting Mumbai's roads and will address the most pressing traffic concerns. Apart from relieving commuters, it will also boost the real estate market along the western suburbs due to improved accessibility and reduced travel time. The development of the expressway along the coastline will also act as an impetus for the construction of green spaces, pedestrian walkways, cycling and jogging tracks, and parks. The addition of such features is likely to complement luxury residential spaces along the coastline, creating a confluence of opulence and sustainability. Various Lodha projects along the Coastal Road, from Lodha World in South Mumbai to Lodha Woods in Kandivali, all boast sprawling green spaces that will only be further enhanced by the lush greenery enveloping the Coastal Road, creating a greater demand for housing across the stretch.

Just like Lodha, the Coastal Road is here to transform the way Mumbai residents commute and help them build a better life.