Impact On Infrastructure
And Real Estate Initiatives
by Mr. Ramesh Nair, JLL India
With Bharatiya Janata Party's (BJP) remarkable show in Maharashtra, the state is likely to fuel a fresh lease of life in its infrastructure projects across all sectors.
The
projects which are being monitored by the state government are likely to get
accelerated with the BJP government set to assume power in Maharashtra.
With BJP controlling the two biggest markets in India - Mumbai and Gurgaon, the government has to focus on 3 I’s - infrastructure, interest and income. We have seen the Central Government take a keen interest in the real estate sector.
It is evident that the government has
understood that enhancement in real estate can act as an impetus for growth
across various sectors, and therefore, give a boost to the entire economic
condition of the country. The BJP led Maharashtra State government can be seen
drawing lines along the same goal.
 |
| Mr. Ramesh Nair, JLL India |
Infrastructure and real
estate
With many infrastructure and real estate initiatives mentioned by BJP in its manifesto and with the intent to facilitate projects worth Rs. 11 lakh crore, the major infrastructure projects in Maharashtra are likely to get a push in the coming days.
The
BJP led state government plans to have a business district like BKC in all the
municipalities within MMR. With a business district in each one of the seven municipalities
within MMR, namely, Greater Mumbai, Navi Mumbai, Thane, Kalyan-Dombivali,
Vasai-Virar, Mira-Bhayandar, Bhiwandi-Nizampur and Ulhasnagar, the state will
receive quite a few Peripheral Business Districts (PBD) in MMR and enable the
denizens to get jobs closer to their homes.
The
elevated railway, water transport, metro and monorail projects envisaged long
back will again be in the spotlight as it will enhance connectivity in all
micro-markets of Mumbai.
The
Thane - Navi Mumbai market will witness extremely accelerated growth if the
feasibility studies favours the setting up of an airport in the
Kalyan-Ambernath belt and a secondary airport at Pune.
As
far as water transport is concerned, Mumbai will be an important hub for the
water transport initiative along the Konkan coast.
This
will benefit CBD and SBD North, as Juhu and Girgaon are the prospective areas
from where Mumbai will be connected.
With
the state governments’ proposal to establish 10 smart cities in Maharashtra,
the commercial capital of India will definitely benefit from this development.
However, Mumbai might be a net loser as quite a few businesses will choose to
set their base in these upcoming smart cities.
Make
in Maharashtra, an offshoot of the Make in India initiative by the Prime
Minister Narendra Modi will be a major game changer for the Delhi-Mumbai
Industrial Corridor (DMIC) and the manufacturing hub of Pune. Mumbai will be
the logical choice for almost all the MNC companies for establishing front
offices to complement any investment in Maharashtra.
The
IT industry will be promoted in a big way to attract business parks and IT jobs
into the state to compete with destinations like Bangalore and Hyderabad. IT
Industry Area Development Authority will be established to promote IT sector in
Pune, Nagpur, Nashik, Aurangabad and Kolhapur. However, Mumbai may lose out as
the focus will be more on Tier II cities.
Governments’
move to digitise public and land documents such as 7/12 forms and provide their
online availability will not only improve transparency but also enhance quick
approvals and land transactions.
The
Government plans to widen Mumbai-Goa Highway to a 4-lane highway and the area
surrounding the Mumbai-Pune Expressway will be taken up for development, which
will have positive impact on Navi Mumbai as it is the micro-market in the
vicinity.
The
Governments’ initiative to install CCTVs at Mumbai, Pune, Nashik, Aurangabad
and Nagpur will not only increase the security but also present a favourable
image of Maharashtra, especially to the MNC clients.
Apart
from this, several other initiatives such as fast broadband for the entire
state and IT hardware production, mobile app and gaming development industry,
cyber security industry, fabrication (chip) hardware hub to be promoted. These
industries will give a fillip to the real estate demand.
About the author..
Mr. Ramesh Nair is COO (Business
& National Director) at JLL India
For
media contact
Arun
Chitnis
Head
– Corporate Communications
JLL
India, Pune - 411001.
TelE:
020 30930441
Fax:
(020) 40196101
Mobile:
+91 9657 129999
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