Between Worli and Marine Drive, the Mumbai Coastal Road has cut the drive from around 35 to 40 minutes to less than 10 to 15 minutes in normal traffic, according to real estate consultancy JLL. That time saving sits behind a new JLL estimate: Mumbai’s coastal luxury redevelopment pipeline has a gross development value of about Rs 6,000 crore.
JLL expects 75 to 80 redevelopment projects to reach the market over the next eight to nine quarters. Ritesh Mehta, JLL’s senior director of residential advisory services in India, said the projects include more than 250 residential units.
Why the coast
Bandra, Juhu, Worli and South Mumbai already carry a premium for being near the sea, and JLL says they have absorbed a large share of the city’s luxury housing demand. The consultancy argues that poor connectivity long held down the value of other coastal locations, and that investors are returning as roads improve. Demand for larger homes and waterfront living is growing as well.
The Versova-Bandra Sea Link, still to open, is expected to cut that trip from 45 to 60 minutes to about 10 to 15 minutes.
Heading north
JLL sees the next wave beyond the established luxury areas, in Malad, Borivali and the extended western corridor. Larger land parcels, waterfront views and infrastructure upgrades give developers room there, and more Grade A developers are taking part.
The market behind the forecast is already busy. JLL said earlier that luxury sales have been strong despite limited supply, and that half-yearly sales value for premium homes hit its highest ever.
Sources
- Mumbai coastal road sparks Rs 6,000 cr luxury housing boom
- Mumbai's coastal luxury redevelopment pipeline reaches ₹6,000 crore: JLL
