Category : Infrastructural development

Infrastructural development Real Estate Real Estate News

Will Versova-Bandra Sea Link impact the Mumbai Real Estate Market?

Dec 19,2017 / By / No Comment

Maharashtra government has given administration approval to the much-awaited Versova-Bandra Sea Link. The proposed sea link would be 9.2 km long and would serve as an extension to the existing Bandra-Worli Sea Link. Once the sea link is operational, the commuters traveling to south Mumbai from Western Suburbs can use the sea link to travel which would have connectors at Bandra, Otters Club, the Juhu Link Road and the Versova Link Road and can skip the Western Express Highway

Sea Link to reduce the traffic congestion

Currently, commuters have to take the Western Express Highway to reach south Mumbai from the western suburbs and have to pass through choked areas such as Andheri, Borivali, Juhu, Mahim, etc. Usually, the commuting time is around 60-90 minutes during peak office hours. It is expected that the traveling tome will reduce to 12 minutes with the new road coming in. The connectivity is projected to develop further by a sequence of roads and tunnels.

The construction work would begin in the first half of 2018 as the bids for the tenders have been invited from the qualified bidders. A special purpose vehicle will be formed to raise loans from banks and non-banking institutions.

VBSL will be built at a cost of Rs 7,502 crore. It would be a toll-route which will be valid until 2052. The Maharashtra State Road Development Corporation (MSRDC) will employ two separate independents for toll collection and repairs and maintenance of VBSL, as per the government resolution.

Timeline

The sea link was approved eight years back in 2009 by the Cabinet Committee on Infrastructure. The original cost of the project was Rs 5,975 crore which has now been accelerated to Rs 7,502 crore. The state government took four years to get the clearance from the Coastal Regulation Zone (CRZ) and Environment Ministry, which was finally declared in January 2013. After that, CM Devendra Fadnavis on April 29, 2016, directed the MSRDC to construct the VBSL on an engineering, procurement and construction basis.

How VBSL will impact Mumbai’s property market

VBSL can be a game changer for Mumbai real estate market as it would improve connectivity between the suburbs and the main commercial business district. With traveling time coming down with an estimated toll tax of Rs 60, mid-segment buyers would make way to housing hubs near Versova such as Kandivali, Borivali and Mira Road.

Here the property prices have already crossed Rs 9,000 per sq ft, the growing connectivity would further increase the property prices. With the sea link coming in, the crowded areas of Andheri, Chembur, Ville Parle are projected to be relieved from congestion and the excessive pressure on the express highways would be released.

A marginal property price surge was noticed in localities like Goregaon, Andheri, Kandivali, Borivali as the VBSL project entered the final stage and got environment clearance. The rise would be visible once the construction begins.

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How Jewar airport going to impact the NCR real estate market?

Dec 13,2017 / By / No Comment

Recently, the Uttar Pradesh government gave its approval for the second airport in Nation region Capital which will be built at Gautam Buddha Nagar’s Jewar in four phases

The state government has estimated that approximately 3,000 hectares of land would be required for the airport development. In the first phase, development work will be carried out across 1,206 hectares which is worth Rs 3,000 crore approximately.

The Jewar airport will be opened to the public in the next five to six years and the total estimated cost of the airport is around Rs 20,000 crore.

The project got a go-ahead from the Centre in June this year and a no-objection certificate (NOC) was issued on October 5 by the Centre for the project.

The state government, this August publicized that they have the plan to link Jewar with a Metro connectivity. The metro line would extend the current Greater Noida Metro Line to the airport site at Jewar which means the Metro link would be stretched further from Pari Chowk.

Will Jewar airport impact NCR real estate?

Like any other main infrastructure projects that benefit real estate markets, the Jewar airport, too, is projected to change the real estate dynamics in Noida and the neighboring areas.

A recent fall in the property market has led to a huge inventory pile-up. But after the airport project got approval, real estate developers have invested around Jewar and expected to have a positive effect on property prices.

Why is the necessity of an airport in Jewar?

Denizens living in other cities of western UP and some cities of Rajasthan have to travel to Delhi if the travelers plan an air travel. An airport in Jewar will be helpful for these people. This airport will not only serve the aviation needs of Delhi but also of cities such as Agra, Bulandshahr, Mathura, and Meerut. The civil aviation ministry expects this airport to give a boost tourism and economic potential of the region.

Flying affordability

Being built as part of the government’s regional connectivity scheme, the planned airport in Jewar is expected to provide travelers reasonable options.

Windfall for landowners

As the state government is intense to develop infrastructure, the land acquisition process will be easy further, resulting in bigger financial benefits for Jewar’s landowners. Around 2,378 acres of land has already been attained to develop the airport. Plans for providing the area with a Metro connectivity are likely to develop the prospects for investors.

The state government earlier has selected the Yamuna Expressway Industrial Development Authority (YEIDA) as the nodal organization to set up the airport.

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Hennur flyover to be ready by December end

Dec 11,2017 / By / No Comment

Work on the Hennur flyover, which leads towards Geddalahalli in Bengaluru began in 2009, with the Bangalore Development Authority (BDA) promising to open the flyover to the public by July 2010. The Hennur flyover, which is not even a kilometer long, is still showing no signs being anywhere close to completion. But recently, the Bengaluru Development Minister KJ George, Mayor R Sampath Raj, and officials from the Bangalore Development Authority (BDA) visited Hennur flyover to scrutinize the work in progress.

KJ George said it was not possible to complete the work by the projected time due to land acquisition issues. Now, things are in place. The flyover work will be finished by end of December.

Work on the flyover was taken up eight years ago by BDA, but it was hindered midway in 2012. However, in 2016, Minister KJ George at an event publicized that the flyover work would be completed by November 2016, but the work was stopped by the authority due to many issues.

One of the reasons causing a delay in the completion of the flyover has been problems with land acquisition, mainly after the new Land Acquisition Act came into effect in 2013.

However, reports say that the shifting of underground pipes by the Bengaluru Water Supply and Sewerage Board has also delayed the work on the flyover.

The 920-meter-long flyover which was supposed to be completed within 18 months of commencement in 2009, but it never happened. The revised project cost of the flyover went up to Rs 55 crore in 2016, but still, no progress was seen.

The completion of the Hennur flyover is essential for the nearby areas. The flyover is estimated to reduce travel time to and from Kempegowda International Airport for residents of east and southeast Bengaluru.

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Bengaluru city that is struggling to get skywalks constructed, will any of these projects see the light of the day

Dec 6,2017 / By / No Comment

Consider three mega infrastructure projects, Bengaluru Development Minister, Mr. K.J. George has been pushing for: a) determined network of elevated corridors of over 100 km in the city at an assessed cost of ₹25,000 crore.
b) Proposal to build four tunnels in the city adding up to a length of 17.65 km at an expected cost of over ₹10,000 crore.
c) Pod taxis on six stretches in the city at a cost of over ₹1,700 crore.

With the city government aggressively pushing these mega projects to smoothen the traffic, the question on the decision-making process and the lack of funding model have again come to the front.

There was no public meeting held before choosing the projects. The cash-strapped government companies, reluctant to spend a rupee on them, want to execute the projects through the Build Own Operate and Transfer (BOOT) model under public-private partnership (PPP). However, till date, none of the projects has received any funding from interested parties.

Though the pod taxis and the tunnels are comparatively new, the city authorities have been pitching the network of elevated corridors at multiple routes for two years now, including at Invest Karnataka 2016, but failed to receive any interested bidders.

Pod taxis
The Bruhat Bengaluru Mahanagara Palike (BBMP) has called for an Expression of Interest (EoI) for pod taxis on six stretches totaling to 35.5 km at an approximate cost of over ₹1,700 crore. BBMP Commissioner, N. Manjunath Prasad, said while a private firm had come forward to do a small pilot project as proof of concept; the project was yet to receive bidders.

Skywalks in the city
However, the city authorities have not succeeded in attracting private investment for infrastructure projects. For example, the BBMP has circulated multiple tenders to build over 100 skywalks in the city with no success. In the recent State budget, the State government has released a gap funding of Rs 80 crore.

PPP projects
V. Ravichandar, member, BBMP Restructuring Committee, said that nowhere in the country had PPP projects been doing well in the city center, except the Worli Sea Link in Mumbai. He also pointed out that the successes have mainly been in the highways sector.

Urbanist Ashwin Mahesh had a different take on the issue. He disagreed that the problem was in the choice of projects. None of the projects for which the government was seeking private investments were conceptualized following the classification of a gap in the infrastructure and a successive study on the possible result, he pointed out. Like the steel flyover, megaprojects are being moved from drawing boards to implementation without any discussion, he said.

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