The new 16.8 km-long Eastern Freeway connecting P D’Mello Road to the Eastern Express Highway at Ghatkopar has caught the attention of builders. A study has found that the number of inquiries for residential and commercial spaces close to the Eastern Freeway have gone up. Developers have kbegun marketing their projects with an emphasis on proximity to this route.
The study, conducted by international property consultancy firm Jones Lang LaSalle, India, found that in Chembur, property prices have risen by as much as 25 per cent over the past two years, primarily because of its proximity to the Eastern Freeway. It also hinted that there will be further eastward movement of real estate developments. However, the areas closest to the Eastern Freeway’s entry and exit ramps — specifically Orange Gate, Anik Junction, Chembur-Mankhurd Link Road and Panjarpol Link Road, will emerge as the stronger locations.
“For the new impetus, the real estate markets in these areas, which see high residential property absorption, will also see greater demand and consequently upward pricing momentum,” said Ramesh Nair, COO, operations, Jones Lang LaSalle India. He further added, “We are witnessing increased momentum in new developments in the eastern suburbs where land parcels are still available and prices are more affordable.”
“Markets like Kanjurmarg, Kurla, Powai and Ghatkopar have witnessed residential property prices up by 32, 29, 27 and 23 per cent respectively in 2012. This year-on-year increase in prices is also attributable to reasons such as the increase in superior quality projects,” the study said.