Areas along the Ahmedabad-Mumbai Expressway, are gradually becoming sought-after locations, for residential real estate development. Before the Expressway came up, development along this route was restricted to Vasai and Virar, points out Diipesh Bhagtani, executive director of Jaycee Homes. “The Expressway has given a fillip to the development of areas beyond Virar, up to Dahanu, in Maharashtra and along Vapi, Valsad and Vadodara, up to Ahmedabad, in Gujarat. This development was also boosted by the extension of Mumbai’s western railways’ local train services up to Dahanu. Several large, affordable housing townships, have come up on this stretch and have sold well,” he adds.
In Gujarat, industries and warehouses have come up along the Expressway. Over the short-term period, areas near the Expressway are likely to witness mixed-use developments, as these areas are far from the developed suburbs, which are closer to stations. However, this scenario is expected to change, as connectivity improves.
The Expressway is expected to reduce the travelling time between Mumbai and Ahmedabad, to five hours. Wayside amenities will be set up every 50 kms along the Expressway, and smaller parking areas with toilet facilities, will be provided every 25 kms, the official revealed. Both sides of the Expressway will be fenced and each junction will have a flyover or an underpass, for residents to cross over. “All major cities will be connected with a bypass road. These cities will be at a distance of about 5-10 kms from the Expressway,” explained an official spokesperson of the National Highways Authority of India.
The Expressway has created an alternative route for travelling, says Manan Choksi, regional owner, RE/MAX Gujarat. “Earlier, people travelling between Ahmedabad and Mumbai had to rely on railways or airways, as roads were not really an option. With the Ahmedabad–Mumbai Expressway, road transport has improved, thereby, also creating opportunities for businesses, such as recreation, food, lodging, etc.,” he points out.
Real estate opportunities
With opportunities for the development of townships and smart cities along the Virar-Dahanu Road, there is ample potential for the real estate industry and the stretch could mirror the Mumbai-Pune Expressway. The presence of factories along the Expressway, is expected to fuel demand for townships. “The residential market will see a boom but projects will be restricted to the affordable housing segment, beyond Vasai and Virar. The area will also witness bungalow-style developments, due to the large availability of land and lower FSI. Prices in these areas are typically hovering around Rs 3,000 to Rs 4,000 per sq ft in the affordable housing segment,” elaborates Sandeep Ahuja, CEO of Richa Realtors.
Experts foresee an appreciation of 10% in the capital values of residential projects near highways, over the next five years. However, given the present scenario of large inventory being available on this stretch, such investments should be only long-term and not short-term.