New Delhi: The Mumbai Metropolitan Region (MMRongoing )’s transportation infrastructure projects, which are estimated to be worth roughly Rs 2.5 lakh crore, will increase the availability of office space by 127 million square feet, according to a study by the industry.
The MMR is experiencing the largest-ever push for transportation infrastructure, including close to Rs 2.5 lakh crore spent on 14 metro lines, a new international airport, a trans-harbour bridge linking south Mumbai to the new airport across the sea, and a lengthy west coast road project connecting the city’s southern and northern ends.
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Just 2.1 lakh crore of this amount is allocated to metro developments. In the space-starved megapolis, the planned metro lines alone will contribute over 127 million sqft of commercial real estate, according to an assessment by real estate consultant Knight Frank India.
According to the report, Metro Line 2A will add an estimated 11 million square feet of office space to the Malad-Kasturi Park belt alone, Metro Line 3 will expand the already established business districts of BKC and Lower Parel by 2.8 million square feet, and Metro Line 4 will increase connectivity and real estate supply in this area by about 50 million square feet.
Of this total, only 2.1 lakh crore is earmarked for metro construction. According to an analysis by real estate consultant Knight Frank India, the projected metro lines alone will bring nearly 127 million sqft of commercial real estate to the space-starved megapolis.
The report states that Metro Line 3 will add 2.8 million square feet to the already established business districts of BKC and Lower Parel, Metro Line 4 will boost connectivity and real estate supply in this area by about 50 million square feet, and Metro Line 2A will add an estimated 11 million square feet of office space to the Malad-Kasturi Park belt alone.
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The Navi Mumbai international airport and other transportation infrastructure worth roughly Rs 2.5 lakh crore are being provided for the MMR. With investments totaling Rs 7,400 crore, the Bandra-Worli Sea Link, the Eastern Freeway, and Metro Line 1 were the major projects finished in the Mumbai region since the turn of the century. However, this represents just 4% of the investments currently committed.
The most notable of the 14 metro lines is Metro Line 3, which connects Navy Nagar in the far south of the city with the SEEPZ in Bandra. It is the only fully underground line and travels 33.5 km beneath the city, costing an astounding Rs 32,000 crore, up Rs 10,000 crore from the initial estimate because the line encountered numerous obstacles.
With 27 stations connecting six business sectors and the airport, Metro Line 3 is the city’s first underground metro system.
The over Rs 31,000 crore coastal road, which is due to be finished next year, will connect Marine Lines in the south with Kandivali in the northwest, reducing the distance to just 29.8 kilometres.
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