A Preview Of Upcoming Infrastructure Projects In India
India intends to start a number of infrastructure projects that will accelerate the nation’s economic growth. The region’s access to important national and international trade and commerce hubs would be greatly enhanced by initiatives like the construction of Navi Mumbai International Airport & Noida International Airport. Additionally, they will stimulate the construction industry and create jobs. Continue reading as we go over the key information on the impending infrastructure projects in India and how they will affect real estate.
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One of the key indicators of a nation’s progress is its infrastructure. Being a developed nation, India has started a number of infrastructure projects that would raise living conditions and create jobs for citizens. Putting money into infrastructure projects like ports, airports, railroads, and roadways advances the nation’s overall development and increases its competitiveness abroad. The real estate industry is anticipated to benefit from these projects as well, which will raise demand for both residential and commercial real estate. Continue reading this article to learn more about some of the forthcoming infrastructure projects in India, along with their specifics:
Upcoming major infrastructural projects in India
International Airport of Navi Mumbai
Situated on roughly 2,860 acres, the Navi Mumbai International Airport project is being constructed by the City and Industrial Development Corporation of Maharashtra (CIDCO). The project’s initial phase will entail building two runways with a maximum capacity of 80 aircraft per hour. The project site is close to Ulwe and Panvel in the Raigad district, roughly 18 km east of Mumbai. An approximately 767 km high-speed rail line between Mumbai and Hyderabad will link the airport to the current Chhatrapati Shivaji Maharaj International Airport in Mumbai.
The Lotus, India’s national flower, served as inspiration for the architecture of the terminal structure, which promises an amazing overhead perspective. The Ulwe Airport is projected to service 9.5 crore passengers a year and handle about 2.5 million tonnes of cargo by 2032.
The impact on real estate
From the project’s launch in 2018, Panvel and Ulwe have grown by over six and four percent, respectively. Additionally, there’s a prospect for a future appreciation of another 10% to 15%. Multinational corporations (MNCs) will be drawn to the surrounding areas of Kamothe, Kharghar, and Taloja by the continued development of infrastructure & the seamless connection from the airport to other sections of the city.
Airport International in Noida
By relieving the Indira Gandhi International Airport in New Delhi of its heavy and increasing traffic load, the Noida International Airport (NIA), also called Jewar Airport, will act as an alternative. The airport, which would service the National Capital Region (NCR), is slated to be the biggest in Asia and India. Airport was built under a public-private partnership model (PPP) and is located in the newly planned city of YEIDA. The airport is expected to accommodate up to 6–12 crore passengers annually after initially handling 1.2 crore.
The Delhi-NCR NIA will have connections to the Delhi-Ghaziabad-Meerut Motorway and the NH-34. In addition, the Delhi-Mumbai Motorway is being built by the NHAI and would span 31 kilometres, connecting Jewar Airport and Faridabad.
Impact on real estate
Within the following year and a half, the government of Uttar Pradesh expects the showpiece project. The Noida International Airport, to cause a significant increase in land values of between thirty and forty percent. The airport is anticipated to give the area’s connectivity a much-needed boost, which will likely improve sentiment towards real estate across a range of asset classes.
Aqua Line 3 of Mumbai Metro-Network
Mumbai Metro Rail Corporation Ltd. is building Mumbai Metro’s Aqua Line 3, a 33.5 kilometre metro line (MMRCL). The Colaba-Bandra-SEEPZ Corridor will be the route of the proposed metro line. The hubs of Nariman Point, Bandra, Worli, Lower Parel, & Goregaon will be connected by the metro line.
With a total cost of Rs 30,000 crore, the project is a collaborative effort between the governments of Maharashtra and India. Mumbai Metro Rail Corporation Ltd (MMRCL), Padeco, Mumbai Metropolitan Region Development Authority (MMRDA), China Railway Engineering Corporation (CREC), and Japan International Cooperation Agency (JICA) are the five main funding sources for the project. Over 16 lakh passengers a day would be served by the Mumbai Metro line, cutting down on overall travel time & the load on Mumbai’s local trains.
Effect on real estate
The neighbourhoods surrounding the Metro stations are predicted to appreciate by a staggering 20 to 25 percent. Furthermore, properties located along the route will rent for 15–18% more money.
Bharat Mala
The Indian government’s ambitious infrastructure initiative is called Bharatmala Pariyojana. The government wants to connect the 550-district headquarters to National Highways by a 4-lane roadway with this project. Additionally, 24 logistics parks, 66 inter-corridors totaling 8,000 km, 116 feeder routes totaling 7,500 km, and 7 north multi-modal waterway ports will be connected by the motorway. In 2017, the project’s anticipated cost was Rs 5.35 trillion; as of right present, it is almost at Rs 8.5 trillion.
The highway project will pass through Punjab and begin in Gujarat and Rajasthan. Additionally, it would cross through sections of Bihar, West Bengal, Sikkim, Assam, Arunachal Pradesh, Manipur, Mizoram, Jammu & Kashmir, Himachal Pradesh, Uttarakhand, and portions of Uttar Pradesh.
Effect on real estate
The real estate market next to the states the Bharatmala Project passes through will see price increases. The project’s completion will shorten commute times, increasing demand for residential and commercial real estate. In the upcoming years, there is expected to be a 5–10% increase in home values.
Mumbai Coastal Road
Brihanmumbai Municipal Corporation (BMC) Mumbai built the much-desired Mumbai Coastal Road to lessen city traffic. This coastal road, which is expected to cost Rs 13,060 crores, will provide a different route for the North South Trunk. This 29.2 km (8-lane) coastal route would supplement Mumbai Metro’s 33.5 km (3-kilometer) subterranean Aqua Line 3. The time it takes to get from South Mumbai to the Western Suburbs would drop to 40 minutes after the road is opened.
The first phase of the Mumbai Coastal Road, spanning 9.98 km from the Princess Street Flyover at Marine Lines to the Worli end of the Bandra Worli Sea Link, will be officially opened by Prime Minister Narendra Modi.
The impact on real estate
Mumbai’s real estate values have increased since the proposal was revealed. The land values in the locations where the coastal road is located will increase by five to fifteen percent. It will also result in the creation of 70 hectares of green space, which would lessen the city’s pollution.
Delhi Mumbai Expressway
With a vast length of 1,386 km, the Delhi Mumbai Motorway is one of the longest motorways in India. Six states—Haryana, Rajasthan, Madhya Pradesh, Delhi, Gujarat, and Maharashtra—will be crossed by the motorway. In the future, this 8-lane motorway will be extended to 12 lanes with 40 significant interchanges, linking important cities like Kota, Indore, Bhopal, & Vadodara.
The travel time between Delhi and Mumbai will be cut to 12 hours thanks to the Delhi-Mumbai Motorway. In addition to rainwater collection and charging stations, the motorway must incorporate an automated traffic control system.
Real Estate Impact
The travel time between Delhi & Mumbai would be shortened to 12 hours with the opening of the Delhi-Mumbai Motorway. The need for residential and commercial space will increase as a result of the time reduction. Additionally, it will strengthen the travel and hospitality industries.
The Bullet Train
The first bullet train project in India is the Mumbai Ahmedabad High-Speed Rail Corridor. The project intends to build a 320 km/h high-speed rail connection between Ahmedabad and Mumbai. The important cities of Maharashtra, Gujarat, and Dadra and Nagar Haveli are all covered by the 508.09 kilometre rail route. Twelve stations—Mumbai, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand/Nadiad, Ahmedabad, and Sabarmati—will be on this railway line. Including the cost of construction & import charges, the project is expected to cost a total of Rs 1.1 lakh crore.
The impact on real estate
The neighbourhood next to the railway line is expected to see a sharp increase in property values with the introduction of the bullet train. For example, housing prices in the areas have increased by 5 to 10 percent since the bullet train announcement. These costs will increase even more after the bullet train starts running.
Conclusion
India is poised to experience a significant transition in the upcoming years due to its planned massive infrastructure projects. By supporting the country’s economy and improving the lives of its people. The large-scale initiatives have the potential to completely transform India’s growth. These initiatives could influence the nation’s development and advancement as they go on. We hope that this insightful post gave you a thorough understanding of the impending infrastructure developments in India. If you would want to read more articles like this one, visit navimumbaihouses.com.
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