The Coastal Road is a crucial step towards decongesting Mumbai's perennial traffic issues. It will not only benefit daily commuters but also boost the real estate market along the western suburbs. The enhanced accessibility and reduced travel time are likely to attract more residents and businesses to the area.
As per a recent Knight Frank India analysis, of the total properties registered in January 2024, Central and Western suburbs together constituted over 75% as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. 86% of Western suburb consumers opted to purchase within their micro market. This choice is influenced by the familiarity of the location, along with the availability of products that align with their pricing and feature preferences.
The Coastal Road project is expected to significantly impact the residential real estate market in the western suburbs. Developers predict a rise in property prices, spurred by the improved infrastructure. Moreover, the enhanced quality of life, coupled with the scenic coastal views, is likely to attract a more affluent demographic, leading to a shift in the area's socio-economic fabric.
