MUMBAI: In their latest report, global real estate consultants, Knight Frank India estimates that Mumbai’s current transit infrastructure development is expected to unlock the development potential of 12.63 million square meters (sqm) or 136 million square feet (msf). This was revealed in the latest report “India Urban Infrastructure Report 2020 – Special Focus on Mumbai Transport Infrastructure with Key Impact Markets”, which assesses the impact of the massive INR 1.8 trillion worth transport infrastructure (metro and road) projects currently underway in the Mumbai Metropolitan Region (MMR).
It is estimated that 246 kilometers (km) of metro lines and 68 km of road projects are under various stages of construction in the MMR. While some of these projects would be operational in the next 3 years and will have an immediate impact on the neighboring real estate, other projects are expected to complete over the next 4-8 year period.
“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.
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