SCLR facilitate increase in real estate prices
Whilst the India’s first double-decker flyover— Santa Cruz-Chembur Link Road (SCLR) — has started providing much-needed east-west connectivity, experts suggest that around the stretch the real estate market is most likely to go up, which is being seen as a good sign. There has already been a jump of close to 25 per cent in Chembur’s property prices — an impact attributed to the cumulative effect of mega-projects like the Eastern Freeway, monorail, Metro and SCLR— and experts are of the view that Kurla, Sion, Vidyavihar and Chembur may see a significant surge in developer interest.
According to a study conducted by JLL India, an international property consultancy firm, it was found that since SCLR has significantly reduced the commuting time from the eastern suburbs to BKC, demand for properties in BKC, its adjoining areas and CST Road is already rising. “For commercial projects around SCLR the significant decongestion of Western and Eastern Express Highway is turning out to be a game-changer. In fact, on the property market in the western suburbs and BKC the reduced load on JVLR and Sion-Dharavi Link Road will have a positive impact. The fact that commuters from the western suburbs will now wish to use the SCLR to commute to Navi Mumbai, Panvel and other areas and back is an important and positive change for these markets, from a real estate perspective,” says the study.
Ramesh Nair, COO (business) JLL India said, “Demand for real estate will boost and the liveability quotient will increase due to reduced traffic congestion at Amar Mahal Junction in Chembur, Vakola in Santa Cruz, parts of Sion and Kurla in eastern suburbs. In terms of residential, retail and commercial projects the overall development potential of areas near the access points of SCLR will also shoot up.”
A reputed builder, who has a few projects in Kurla (east), confirming the study said, “For the buyers in this stretch the property rates, of course, will go up as SCLR would be an added advantage. We hope that we now get serious buyers for our unsold flats.”
Source: Asian age
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