MUMBAI: City’s Western Express Highway (WEH), touted as the next real estate growth centre mainly due to the improved connectivity to the other centres of the megapolis, is currently sitting on an inventory of over 5,100 residential units worth more than Rs 10,000 crore launched in last 12 months, which are awaiting buyers.
“With an eye on the developments along the Western Express Highway and the ongoing metro projects, many developers have launched projects adjacent to the highway in recent years,” JLL India national director research Ashutosh Limaye told PTI here.
As many as 112 residential projects with an inventory of 7,827 units in all the configurations right from 1 to 4 BHK in the price range from Rs 35 lakhs to upto Rs 3 crore were launched between March 2017 and February 2018.
Of these units launched, more than 2600 units were sold generating revenues to the tune of over Rs 3,380 crore.
The developers are now sitting on an inventory worth over Rs 10,082 crore.
Among the developers who launched projects during the period include Omkar’s Alta Monte (Malad), Oberoi Realty’s Sky City (Borivali East), Oberoi Esquire (Goregaon East) Joy and Sayla Realtor’s Callista (Andheri East), and A&O Realty’s Palazzio (Jogeshwari East).
Other names include Kanakia Group, JP Infra Mumbai, Sheth Creators and Transcon Developers.
“These launches have boosted the attractiveness of north Mumbai, which has been popular due to its rapid civic infrastructure deployment, good social infrastructure and proximity to commercial establishments and retail markets,” Limaye added.
JP Infra Mumbai Head-Marketing Deepak Nair observed that in metropolitan cities like Mumbai, since intra-city traffic congestion results in excessive consumption of time and fuel, living near the highway is highly advantageous especially if the project is a gated community or township.
Source: Press Trust of India