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.