New Delhi, August 18, 2021: In 2006, buoyant on-demand to convert defunct industrial properties for commercial and residential development, Lal Bahadur Shastri Marg or LBS Marg, on the eastern fringes of Mumbai, witnessed a sudden increase in real estate expansion.
Notwithstanding, the LBS Marg conversion from an industrial zone to a mixed-use district had started six years before the property boom in this belt. The stretch is a 21 km long, major arterial road that connects Sion in Mumbai with the neighbouring Thane. It passes through thickly populated areas of the eastern suburbs where lakhs of vehicles ply daily. The authorities are tackling this congestion through the LBS Road widening project.
LBS Marg has several malls, apartment complexes and corporate offices along the way. Some of Mumbai’s most prominent malls including Phoenix Market City at Kurla, the largest shopping mall in India, occupy this route. Bhandup has Asia’s biggest water filtration plant and was also one of the first railway stations in India whereas Kanjurmarg railway station gives access to IIT Bombay, Hiranandani Gardens and Powai. Offices of several IT firms, corporates, and some notable residential complexes as well are located here. The Kanjurmarg, Bhandup, Mulund corridor covering the entire stretch of LBS Road has been positively impacted due to the development. It comprises an upwardly mobile, educated, middle-income group engaged in business and white-collared jobs.
Located along LBS Marg is the flourishing area of Mulund, the only planned suburb of Mumbai. Nestled in the foothills of the Sanjay Gandhi National Park, it accords easy access to the Eastern Express Highway and Navi Mumbai through the Mulund-Airoli Bridge. The other major road development is the Mulund-Goregaon Link Road that will connect Film City in Goregaon to the Eastern Express Highway in Mulund. It will reduce the traffic on the JVLR considerably.
According to JLL India, new launches in the Mumbai residential market increased by 33 percent to 6,143 units in the second quarter of 2021 from 4,616 units in the first quarter. The eastern suburbs accounted for 25 percent of the new projects, followed by the western suburbs with 22 percent.
Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, the LBS Marg corridor offers good returns on investment and is likely to see rapid growth in real estate development in the future.
Corporate Comm India (CCI Newswire)
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