The under-construction National Highway (NH) 66, aka Mumbai-Goa Highway, has finally reached its last leg of completion after a decade. The four-lane highway has been making a buzz w.r.t residential real estate expansion across Maharashtra and Goa after the newly announced completion date.
Mumbai-Goa Highway (NH-66) is a 471 km-long project in western India that has been delayed by approximately 10 years. The four-lane highway will connect Panvel in Mumbai to Pollem in South Goa to provide more ease to the commuters. The project commenced in 2011 and is expected to end by May 2023, as per the recent update by the Central Government.
Mumbai-Goa Highway: Current status
From delayed forestland acquisition to compensation issues besieging the acquired land, numerous reasons mired the timely completion of the Mumbai-Goa Highway. Nonetheless, as per the recent revelation from the Public Works Department, the project is in its last stage of completion. About 67 percent of the stretch is complete, while work in the remaining part is in full swing.
The project includes widening the existing highway into a four-lane road that will pass through Raigad, Ratnagiri and Sindhudurg. For over a decade, several contractors have been replaced to expedite the entire project and meet the deadline.
Mumbai-Goa Highway: Route
It starts from Panvel and passes through Pen, Mangaon, Mahad, Poladpur, Khed, Chiplun, Sangameshwar, Ratnagiri, Lanja, Rajapur, Kankavli, Kudal, Sawantwadi, Panaji, Canacona, Margao.
Mumbai-Goa Highway: Benefits
The Mumbai-Goa highway project is expected to reduce the travel time between Mumbai and Goa to six hours. The key benefits of the project include creating a safer route for the commuters by reducing accidents and boosting tourism in the western coastal cities and States of India.
Since the project’s inception, the highway has witnessed many incidents and controversies. The majority of debates were related to the quality of the road. However, some also involved forest land acquisition, toll taxes and traffic jams.
The Maharashtra High Court has been actively involved in monitoring the project. It has periodically intervened to address concerns raised by political parties, public interest litigations (PIL), and incidents due to bad road quality and construction.
Cities covered by the Mumbai-Goa Highway Project
The Mumbai-Goa Highway project will link the most prominent cities and towns along the western coastal area of the country. These include:
| Maharashtra | ||||
| Goa | ||||
| Panvel | Poladpur | Rajapur | ||
| Pen | Khed | Kankavli | ||
| Nagothane | Chiplun | Kudai | ||
| Kolad | Savarda | Sawantwadi | ||
| Indapur | Sangaeshwar | Sindhudurg | ||
| Mangaon | Hathkhamba | Banda | ||
| Mahad | Lanja | |||
| Pernem | Panjim | Cuncolim | ||
| Mapusa | Margao | Canacona | ||
The highway continues to the country’s southern coastal areas and connects other significant States like Karnataka, Kerala and Tamil Nadu, ending at Kanyakumari.
Expected Ribbon Development on Mumbai-Goa Highway
Maharashtra
The announcement of the project completion date has sparked demand for residential lands and farmhouses in and around the adjoining areas of the Mumbai-Goa Highway like Raigarh. According to Pankaj Sharma, Broker, PV Enterprises, “The demand for residential units has been stable in the region as potential buyers are more focused towards residential lands like farmhouses and agricultural lands along the highway. There has been about 25 percent increase in demand for land parcels which is easily met by the ample supply of large land tracts available for sale. The average land rates in and around Raigarh are pegged at 12-15 lakh per acre.”
“The property along the Mumbai-Goa Highway has been a favourite place to invest for real estate investors since the entire project incepted.”
Goa
Contrary to Maharashtra, the real estate landscape in Goa has remained nonchalant since the recent development of the Mumbai-Goa Highway. According to industry experts, the Mumbai-Goa Highway could not create any buzz in the city’s real estate sector. The real estate in North and South Goa is still at its prime as before because of its culture and stardom, inviting tourists and real estate investors to the region.
However, the announcement of Mopa International Airport has influenced the real estate in North Goa as prices in many areas have seen an upward trend. Besides, the limited availability of land and properties against the high demand has also been the major growth driver.
The impact of the Mumbai-Goa highway on residential real estate has been moderate in recent years. However, with the completion date coming closer and developers showing interest along the highway, gradual development in the adjoining areas of the Mumbai-Goa highway might be expected. (INFORMATIONS ONLY.COM)