6 Ways How Mumbai-Nashik Expressway Will Benefit Realty Home Buyers

There is no denying the role connectivity plays in the real estate industry, forming one of the foundation pillars of a potential buyer's decision-making process. Especially for those living in the densely populated city of Mumbai, the ordinary citizen today spends a sizeable portion of their time commuting in the Maximum City, leading to not only a waste of resources but also the mental health of an individual. Despite having an area of 603.4 sq. km, the commercial capital faces a massive space constraint, with the realty sector being one of the worst affected. 

One of the top 10 financial centres globally, Mumbai contributes 6.16% of India's GDP and 25% of its industrial output. Those living in the financial capital know how scrutinous it could get to find a roof over your head, with the current average price per sq foot being ₹19,540, with a 13.58% rise in property prices. Nonetheless, the authorities and government have been pouring in efforts and resources to simplify life for the Mumbaikars, greenlighting hundreds of real estate and infrastructure-related projects. 

There has been an evident show of efforts in developing the city's counterparts, collectively called MMR, providing luxury living with spacious flats, world-class amenities, and developing social infrastructure. To improve connectivity between Mumbai and other cities of Maharashtra, the government has been pacing up the development process, especially in the transportation department, one such project being the Mumbai Nashik Expressway. 

Stretching over 150km, the expressway connects the two prominent cities of Maharashtra, with it previously awarded the largest BOT road project in India. The long highway will be completed at an estimated cost of ₹40 billion. The Mumbai Nashik Expressway Private Ltd has engineered, designed, and constructed this ambitious project and is responsible for toll collection, operation, and maintenance of the expressway. 

The MNE transverses through alignments that include rolling, plain, and terrain. The 99km Vadape-Gonde segment on the expressway has been upgraded to four lanes, running as a four-lane divided expressway. Some prominent areas around the highway have district borders to Kalyan, Thane, Ahmednagar, Palghar, and Pune. The types of industries alongside the route include industrial pipe manufacturing, stone quarrying, and logistics. The project road has also been shaping itself into a hub for warehousing, with large spaces being set up near Padgha and Shahpur. The expressway has its toll plazas at Arjhunali near Kalyan and Ghoti near Nashik. 

Offering smooth commuting to Nasik, an emerging BPO destination in the IT sector. The city is also known for its engineering, manufacturing, and wine industry. Adding another facet is the Land of Godavari city’s proximity to Pune via NH 50. The Maharashtra government has initiated a promising project of developing the Golden Triangle with Biotech, IT, and Agriculture as the economic zones to boost the economy. 

Here are some more ways realty buyers could benefit from the Mumbai-Nashik Expressway.

1. Greater Connectivity: The expressway will help save time and other resources, reducing the distance between the two major cities of Maharashtra and helping people commute for work or other purposes, helping increase the demand for real estate. 
2. Infrastructure development: The ambitious roadway project would also help aid surrounding infrastructure with the opening up of schools, colleges, medical centres, and recreational spaces, making it an attractive destination for investment. 
3. Better quality of life: With time-saving and price effectiveness as its dual benefits, the expressway will make lives easier for the common person, who can then spend time in hand with their families and friends or pursue hobbies. Hence, making it a desirable location to live. 
4. Opening up investment opportunities: The onset of an expressway will lead to the opening up of further investments, with real estate being a front runner, courtesy of the increasing inflow of people, generating demand for residential and commercial spaces.
5. Increase in business activities: Smooth transportation will facilitate improved movement of goods and services, helping boost the economy and leading to further employment and investment opportunities.  
6. Increase in competition among developers: As developers hope to outdo each other, it's a great time to be a customer, given that the increased competitiveness will lead to every builder striving to provide the best amenities and lifestyle at affordable market rates. 

Final thoughts

Well, there is no doubt that the Mumbai-Nashik Expressway will act as a catalyst in Maharashtra’s economic growth for the years to come, making lives easier, primarily for the middle-segment income group. While Mumbai continues to be the financial capital, the highway project will help open-up opportunities for Nashik, making it an attractive location for homebuyers and increasing demand for housing. The development of new amenities and affordable housing options will further add to the area's appeal. Hopefully, the above blog has helped shed some light on how roadway projects positively impact real estate.