What is Bharatmala Pariyojana? And how is it supporting the real estate investments in the connecting cities?
Bharatmala Pariyojana
- Overview: The Bharatmala Pariyojana is an ambitious highway development project launched by the Government of India in 2017, aimed at improving road infrastructure across the country. The project focuses on optimizing the efficiency of road transport, enhancing connectivity between economic hubs, and reducing transportation costs. It aims to build approximately 34,800 km of highways, including expressways, national highways, and border roads over a period of several years. The project is part of the National Infrastructure Pipeline (NIP) and seeks to enhance road connectivity for both economic and strategic purposes.
- Components of Bharatmala Pariyojana:
- Economic Corridors: The construction and expansion of highways connecting major ports, industrial corridors, and trade hubs to improve logistics efficiency.
- Inter-Corridor and Feeder Routes: Linking rural and semi-rural areas to major economic corridors, thereby improving accessibility.
- Border and International Connectivity: Expanding roads to improve border connectivity and strengthen cross-border trade.
- Coastal Roads: Construction of roads connecting coastal areas to improve accessibility and boost tourism and port operations.
- Expressways: Development of dedicated expressways to provide faster routes for long-distance travel.
The Bharatmala Pariyojana also focuses on the implementation of intelligent traffic management systems, toll collection systems, and the upgrade of road safety standards across the country.
Impact of Bharatmala Pariyojana on Real Estate Investments:
The Bharatmala Pariyojana will have a significant impact on the real estate market in India, especially in areas connected by economic corridors, expressways, and national highways. Here’s how the project will boost real estate investments:
- Increased Connectivity and Real Estate Growth: One of the major goals of the Bharatmala project is to enhance road connectivity between major cities, industrial hubs, and border areas. With improved access to key locations, residential, commercial, and industrial real estate markets in areas along these corridors will benefit. Cities and towns along the new or upgraded highways will experience a surge in property demand as more people and businesses flock to these well-connected regions.
- Boost to Industrial and Logistics Real Estate: The economic corridors developed under Bharatmala will enhance access to ports, industrial hubs, and manufacturing regions. This will lead to a rise in demand for warehouses, logistics parks, and distribution centers. Cities like Mumbai, Chennai, Kolkata, and Bangalore, as well as towns along the industrial corridors, will see growth in industrial real estate.
- Improved Connectivity for Residential Real Estate: With better connectivity to major cities, rural and semi-rural areas that were previously isolated will now become more attractive for residential development. Affordable housing projects in regions with improved connectivity will see increased demand as urban migration increases. Cities like Nagpur, Bhopal, Indore, Surat, and Vadodara will experience growth in residential projects as better connectivity encourages relocation to these cities.
- Boost to Tourism and Hospitality Real Estate: The Bharatmala project’s focus on developing coastal roads and connecting tourist destinations will lead to an increase in tourism and demand for hospitality real estate. Improved connectivity will attract more tourists to previously remote areas, thereby driving the growth of hotels, resorts, and tourist accommodations. Popular tourism regions like Goa, Rajasthan, and Himachal Pradesh, as well as coastal areas, will benefit from this development.
- Rise in Property Values: As towns and cities benefit from better connectivity, property values in these regions are expected to rise. Areas connected by major highways or expressways will see appreciation in land prices and real estate values. Investors will look to capitalize on this appreciation by purchasing land and properties in developing regions along the Bharatmala corridors.
- Increased Demand for Mixed-Use Developments: The development of economic corridors will lead to growth in mixed-use developments, which combine residential, commercial, and retail spaces. These developments will attract both residents and businesses seeking convenient access to transportation and employment hubs. The real estate market will shift towards more integrated urban planning as a result of the improved road networks under Bharatmala.
Cities and Areas Benefited by Bharatmala Pariyojana:
- Delhi-Mumbai Corridor: This key corridor will enhance connectivity between the two major economic hubs, leading to a surge in demand for residential and commercial real estate in Delhi, Mumbai, and cities like Vadodara, Surat, and Indore.
- Chennai-Kolkata Corridor: This corridor will improve access to the east coast, driving demand for industrial and commercial real estate in cities like Chennai, Bhubaneswar, and Kolkata.
- Amritsar-Kolkata Corridor: The development of this corridor will improve accessibility between the northern and eastern regions, benefiting cities like Amritsar, Ludhiana, Patiala, and Kolkata, boosting residential and industrial real estate demand.
- Bangalore-Mumbai Corridor: This corridor will enhance connectivity between Bangalore, a major IT hub, and Mumbai, India’s financial capital. It will boost the real estate markets in Bangalore, Pune, and Mumbai, encouraging growth in both residential and commercial real estate.
- Mumbai-Goa-Kochi Corridor: This coastal corridor will improve accessibility to Goa and Kerala, enhancing tourism-related real estate opportunities in these popular tourist destinations.
- Border and Remote Areas: The Bharatmala project will improve road connectivity in border areas such as North Eastern states, Ladakh, Jammu and Kashmir, and Rajasthan, leading to increased infrastructure development, residential, and commercial real estate opportunities in these strategic locations.
- Economic Zones: The industrial zones along the Eastern Peripheral Expressway, Western Peripheral Expressway, and Delhi-Mumbai Industrial Corridor will benefit from the enhanced road infrastructure, leading to growth in industrial real estate.
Conclusion:
The Bharatmala Pariyojana is a transformative highway development project that will revolutionize India’s road infrastructure. With improved connectivity, efficiency, and access to key economic regions, this project will stimulate the growth of real estate markets across the country. Cities and towns along economic corridors, tourist destinations, and industrial hubs will see a surge in demand for residential, commercial, tourism, and industrial real estate. Investors should look to capitalize on these developments, as better connectivity will lead to property value appreciation and open up new opportunities for real estate development.