All You Need To Know About Versova-Bandra Sea Link Project
Anil Ambani-led Reliance Infrastructure on June 26, 2019 bagged the contract to develop the Versova-Bandra Sea Link. The project aims to provide ease of connectivity between Versova and Bandra by cutting down the travel time between the two points, from 90 minutes to 10 minutes. To be developed at an estimated Rs 7,000-crore budget, the project is expected to be completed in the next five years.
Here is all you need to know about this infrastructure project that would significantly impact the way people travel in the Maximum City.
The Versova-Bandra Sea Link
The Versova-Bandra Sea Link was planned with a need to develop a peripheral road that could help ease traffic from north to south and from east to west of the city. With the development of suburban localities such as Borivali, Bandra and Goregaon, the burden on existing infrastructure increased, prompting the Maharashtra State Road Development Corporation (MSRDC) to plan the link.
The proposed ring road, which will be a 17.17-km stretch, three times the length of the Bandra-Worli Sea Link, would be a connect between the Eastern Freeway and the Western Freeway at Nariman Point. The corridor would also serve as an extension to the existing Bandra-Worli Sea Link. Commuters travelling to the south of Mumbai from the western suburbs could avoid the Western Express Highway once the new route becomes operational. They could then use sea links that would have connectors at Bandra, Otters Club, the Juhu Link Road and the Versova Link Road. These connectors, according to the MSRDC, will help ensure fewer jams at the points where vehicles enter and exit the corridor.
Impact of Versova-Bandra Sea Link on the property market
The project that is aimed at easing traffic woes will have a positive impact on the popular suburbs of the city. These include Andheri, Bandra, Goregaon and Borivali. All the four localities are known to be the prime property markets of Mumbai that are surrounded by some of the key commercial centres.
For instance, Andheri, which is divided into east and west, is a combination of a commercial and residential property market. Similarly, Bandra is considered to be the residential hub for many working at Mumbai’s CBD Bandra-Kurla Complex.
Once the project becomes operational, the property markets of these localities will see more potential homebuyers, who have been shying away from investing here due to traffic issues. This will also have a positive impact on property prices here.
Locality | Average price (in Rs psf) | Average rent (in Rs per month) |
18,465 | 46,304 | |
23,020 | 83,400 | |
15,938 | 28,000 | |
15,627 | 39,686 |
Source: Makaan.com
The timeline for the Versova-Bandra Sea Link
Year | Development |
2009 | The Cabinet Committee on Infrastructure approves the project. The Maharashtra government appoints the MSDRC as the nodal agency to develop the link. |
2013 | The project receives a clearance from the Coastal Regulation Zone and the environment ministry. |
2018 | The state government gives administrative approval to carry out the project.
|
2019 | Reliance Infratech bags contract to construct the sea link at a cost of Rs 7,000 crores. |
