Top 10 Events of 2014 that brought Good Luck for Mumbai's Real Estate

In the year 2013, the real estate market of the Mumbai Metropolitan Region (MMR) showed quite a few ups and downs. However, the year 2014 proved to be a year of advancement for Mumbai. With so many breakthroughs in the infrastructure norms and the revival of real estate sentiments, the year brought nothing but the best for Mumbai.

Let us talk about the top 10 events of 2014 that led to the forward movement of Mumbai real estate:

• The much awaited Mumbai Metro Rail Project finally became operational in 2014. This first line of metro from Versova to Andheri has reduced the traffic to a significant level- on the roads as well as in the local trains.
• The Monorail between Wadala and Chembur also became operational in 2014. Carrying more than two lac commuters, the monorail has been successful in reducing the traffic rabble between these two locations.
• The Navi Mumbai International Airport project is set to take off. The resolution of land acquisition issue between the Project Affected People (PAPs) and CIDCO finally removed the long standing deadlock and the construction work for the airport is likely to start from next month. Nearby localities like Ulwe, Kharghar and Panvel are expected to show significant capital appreciation. Also, Terminal 2 of the Mumbai International Airport was opened last year which enhanced traffic handling capacity of the airport.
• The civic body of Mumbai designated the Bandra-Kurla Complex, located in suburban Mumbai, as the first smart city.
• The property prices in most of the suburbs of Mumbai saw minimal increase. This gave the property buyers a respite and encouraged them to invest in the upcoming and under construction projects in Mumbai. Positive sentiments were recorded in the rental market as well. Malad West, Mira Road Goregaon East, Kandivali East and Borivali West were noted as the most affordable rental destinations in Mumbai. Kharghar, Kalamboli and Vashi came out as popular rental destinations in Navi Mumbai.
• In Boisar, around 4,500 units were launched by Mahindra Lifespaces in the affordable housing segment. This will help big time in solving one of the most detrimental issues of the Mumbai real estate market i.e., affordability.
• The commuting time between the International Airport and Vile Parle was considerably reduced as the Sahar Elevated Access Road from the Western Express Highway was opened to public.
• The bill for Maharashtra Housing (Regulation and Development) Act, 2014 was placed by the government. This made Maharashtra the first state in India to have a regulatory body for real estate sector.
• The cluster development policy for Mumbai was also cleared by the Maharashtra Cabinet in 2014. With this, the cabinet announced that the Floor Space Index (FSI) will remain unchanged.

All these events and reforms imparted positive sentiments in the realty market of Mumbai and it has already started to experience resurgence in demand.

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