In an exclusive interview, NAREDCO national vice chairman Niranjan Hiranandani shares his views on the Maharashtra government’s renewed efforts to boost infrastructure development by its periodic monitoring by CM directly.
Q: Maharashtra government has proposed to put on fast track transport infrastructure projects and it will be reviewed by the DG war room in the Chief Minister’s Office. What is your take?
A: Expediting all the means of infrastructure projects will act as a growth catalyst for bolstering the state's economy. The multiplier effect of these exponential growth projects will attract robust investment, generate employment and help in raising the per capita income in the state. Infrastructure being the backbone of economic growth, the end to end connectivity will open up vast tracts of untapped land for real estate development. Industry players can foray into the new micro markets and development nodes with well-planned smart cities concepts. This will result in holistic real estate development with residential, commercial, healthcare, sports & recreation, entertainment, educational, hospitality and retail to enhance the quality of life. Thus, industry will witness the rise of new suburbia and peripheral business districts as new livewire centres across the state.
Q: How will this help Maharashtra to become a trillion-dollar economy?
A: All the major infrastructure projects like Navi Mumbai International airport, Mumbai-Trans Harbour Link, Metro, RoRo, Coastal road, Hyperloop and bullet train, tunnels and elevated freeway corridors were embedded in the Vision 2030 mission of the state government. Now, the given impetus by dedicated fund allocation is intended to strengthen the state’s economy and assure improving ease of living index. This will help the state to earmark its target of 12% growth rate and rise in per capita income up to 6 lacs by 2030 as per media reports.
The slew of infrastructure development will foster notable growth of Industry, Services and Manufacturing sectors. This will lead to an attractive commercial real estate development in the state making it more competitive and competent across India. Thus, the progressive growth of state’s GDP in the coming years will uplift the state of Maharashtra in leadership position. The fabricated seamless connectivity will reinstill the business conducive environment to attract rapid industrialization and urbanisation. Therefore, it is a great opportunity for the state to reinvent its captainship in achieving the target of a $1trillion economy.
Q: How will these projects boost the realty sector which is on a revival path after two years of pandemic?
A: The new infrastructure projects will be pivotal for redefining the real estate landscape across the state and will be poised as an attractive investment destination. New infrastructure framework will be a gamechanger for the realty landscape across Mumbai, MMR and state of Maharashtra.
The new connectivity will complement the decentralization of commercial real estate and fuel the rise of new economic corridors in peripheral suburbs of metro cities. The remote and hybrid work culture attracts new age homebuyers to desire a well-balanced lifestyle with spacious apartments, quality of social fabric and robust civic infrastructure that enable better standard of living. Therefore, demand for the affordable mid-luxury home buying segment will continue to pick up the steam and register an uptick in the sales velocity. The festive tailwinds will generate deal sweetener to cool off the heat of commodity inflation and upward price revision impacting the homebuyer’s sentiments.
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