New Delhi: The undergoing infrastructure projects in Mumbai will unlock development potential of 136 million square feet, according to property consultant Knight Frank.
In the office markets of Bandra Kurla Complex (BKC), Goregaon West – Malad West and Goregaon East, an estimated supply of office space to the tune of more than 7 million square feet, 12 million square feet and 10 million square feet respectively would come up.
This potential new supply is more than half the office stock presently existing in these places. In addition to office space, residential and office space supply of 18 million square feet is expected in the FCI warehouses of Borivali, provided Government decides to monetise the land parcels.
Wadala Truck Terminus (WTT) is now under MMRDA which wants to develop this place on the lines of BKC. About 50 million square feet of residential and office space supply is expected in this region if the FSI is kept at 4. The metro lines 2 and 4 which are the longest (42 km) and the second longest (35 km), metro lines in the city will pass through this region.
An estimated 246 kilometers of metro train lines and 68 kilometers of road projects are being implemented in the city. Some of these would be completed in the next 3 years while the others will be operational in about 4-8 years.
“Infrastructure development and connectivity to employment hubs of the city play a crucial role in determining the fortunes of a real estate market. While most infrastructure projects in Mumbai are playing catch-up with real estate development, the scale of upcoming transit-oriented projects across the MMR will open up possibilities for heightened real estate participation,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.